Snam revises upwards the objectives of the business plan to 2021, which it now envisages investments for 5,2 billion (+10% compared to the previous plan), of which 4,6 billion in transportation and 0,6 billion in storage and regasification. Among the investments "360 million are also planned for innovation for the low-emission economy, mainly internal energy efficiency and reduction of emissions".
An average annual growth of the RAB by 2% and an increase in efficiency with over 40 million in savings at the end of the plan (+60%). With regard to the net profit the average annual growth is expected to be 4,5% (from 4% in the previous business plan) while the dividend policy will see an annual increase of 2,5% extended to 2019 with "a floor in real terms until the end of the plan".
"Possible new value creation opportunities not envisaged in the plan by new development projects will be evaluated, also for the safety and flexibility of the system". The assembly will also be asked to authorize a new one buyback of 500 million euro.
“2017 was a very positive year for Snam – declared the CEO of Snam, Marco Alvera – A solid investment program and a renewed focus on being an agile, innovative and efficient company allow us to improve the objectives of the plan presented last year, guaranteeing attractive returns for our shareholders".
As for the 2017 accounts, Snam closed the last year with total revenues at 2,44 billion (+1,1% compared to the total pro-forma adjusted revenues of 2016) "thanks to the continuous investments and the higher volumes of gas injected", a adjusted operating profit of 1,363 billion (+2%) impacted by cost reduction actions and a adjusted net profit of 940 million (+11,2%), "thanks also to lower net financial expenses which benefit from the reduction in the average cost of debt".
Il gross operating margin rose by 1,8% and exceeded 2 billion, while technical investments were brought to 1,034 billion with a net cash flow thus equal to 423 million. There net financial position as at 31 December last year, it amounted to 11,55 billion euro. The board also resolved to propose to the shareholders' meeting the distribution of a dividend of €0,2155 per share, of which €0,0862 per share already distributed as an interim dividend in January 2018.
Among the main operational highlights to report one demand for natural gas equal to 75,1 billion cubic meters (+6,0% compared to 2016, up for the twelfth consecutive quarter) and gas injected into the transportation network for 74,6 billion cubic meters (+5,6% compared to 2016).
