The board of Snam approved the 2016 accounts, which must be read in the light of the separation of the gas distribution business (Italgas was previously 100% controlled, only 7% from last November 13,5th). Taking into account the so-called "continuing operations" i revenues total reached 2,56 billion (-2,6%), the adjusted EBITDA 1,987 billion (-3,4%) and theNet income it settled at 845 million, above the 800 million estimated last June by the company, while the net debt is 11,056 billion.
To calculate profits, a 13,5% stake in Italgas was assumed from 2016 January 2015. In 100, when Italgas itself was 1,238% controlled, net profit stood at XNUMX billion.
The board of directors resolved to propose to the shareholders' meeting the distribution of a dividend equal to 0,21 euro per share.
"The 2016 results confirm the effectiveness of our growth strategy, we continue to guarantee our shareholders a profitable and remunerative growth", commented the CEO of the group, Marco Alvera.
Snam's board of directors has also approved the new 2017-2021 plan, that sees investments up to 5 billion (+400 million from the previous plan), of which 4,7 billion in Italy, and an average annual growth of the Rab of 1%.
THEincrease in net profit is 4% on average per year – 2017 profits are estimated at 900 million – while the dividend policy is confirmed with annual growth of 2,5% from 2016 to 2018 (next year's coupon is used as a "reference also for the years later").
It is also being introduced the interim dividend on the 2017 coupon with payment of 40% in January 2018 and the remaining 60% in June. Of the 5 billion in investments, Snam will aim 4,7 billion "to further develop the Italian gas infrastructures and their interconnections with the European ones" and "a further 270 million in the Tap gas pipeline", which will arrive in Puglia.
Finally, the group will support “the realization of 300 methane filling stations for automotive in Italy” and innovation and the adoption of new technologies to increase the efficiency of gas pipelines”, to which over 200 million will be dedicated.
