The accounts for the first quarter of 2022 are positive for Snam, with revenues increasing thanks to the growth of regulated businesses and energy transition businesses.
The Milanese energy infrastructure company, which in a statement recalls that it is not "active in the Russian market and does not hold shares, even in joint ventures, in Russian companies", also confirmed the quidance on 2022 net profit of approximately 1,1 billion euros.
New rise in gas prices this morning, but flows without interruptions
This morning the price of Russian gas has seen a new uptick. The streams from Russia”at the moment they continue without interruption” but “uncertainty and fear of possible implications on the supply front have triggered a significant increase in gas and oil prices,” Snam said in a statement. In particular, this morning the reference contract for European gas, traded in Amsterdam, made a leap of 9% settling at 102,50 euros.
In the morning the Snam stock on the Stock Exchange loses 1,03% to 5,19 euros when the FTSE Mib loses 1,78%.
Ebitda grows by 5,2%, net profit +3,8%
In the first quarter of the year Snam recorded total revenue equal to 808 million euros, an increase of 14,8% compared to the first quarter of 2021, with a gross operating margin (EBITDA) at 588 million euros (+5,2% compared to the first quarter of 2021).
THEgroup adjusted net profit is equal to 325 million euros, up 3,8% compared to the first quarter of 2021, due to the "positive operating performance and the growth in the contribution of investee companies", says the note.
Venier signs the first balance sheet after his very recent entry
“The first quarter results show the solidity of the core business of Snam, the positive operational performance and the greater contribution of investee companies, elements that have made it possible to offset the effects deriving from the provisions of the new regulatory period on the subject of return on capital for the characteristic activities – says Stefano Venier, newly appointed managing director and general manager, taking over from Marco Alverà.
“Our transport, storage and regasification infrastructure confirms its centrality in the current complex geopolitical context. This is why we are also working to take the necessary initiatives to contribute to safety and to allow the diversification of supplies in Italy and in the territories in which we operate, while remaining committed to enabling the energy transition and to achieve our goals carbon neutrality, in the interest of all our stakeholders”, concludes Venier, former CEO of the multi-utility Hera.
Debt down, guidance confirmed
THEnet financial debt of 12,6 billion euros is down compared to 14 billion at the end of 2021, thanks above all to the temporary change in working capital connected to the balancing activity, specifies the note.
“Based on the information available and management's estimates, the company “expects an overall limited impact with respect to the economic and financial results for the current year, which allows us to confirm the guidance on 2022 net income of around €1,1 billion, assuming the stability of the stake in De Nora and the contribution of the Austrian subsidiaries and a constant gas demand”.
