Snam closes the first 9 months of 2022 with revenues beyond the Present in several = 10% e stable net income: on the one hand it confirms its guidance and distributes a dividend, on the other it sees its own for the future leading role after the decision on regasifiers.
The Milanese energy infrastructure company one-third controlled by CDP closed the first nine months of 2022 with total revenue (net of energy costs) equal to 2,400 billion, up by 224 million euros (+10,3%) compared to the first nine months of 2021. The business revenues of the energy transition, for a +89,4%, mainly for the development of energy efficiency, especially in residential area. Regulated revenue, net of energy costs, amounted to 1.871 million euros, down by 40 million euros (-2,1%) compared to the first nine months of 2021.
Il adjusted EBITDA for the first nine months of 2022 amounted to 1.706 million euros, substantially in line (-0,6%) with the corresponding value for the first nine months of 2021. TheNet income adjusted group balance for the first nine months of 2022 amounted to 932 million, down by 0,6% compared to the first nine months of 2021, "in line with expectations, due to the solidity of the gas infrastructure business and the positive performance of investee companies” says a note from the company.
Il Snam title in Piazza Affari in the late morning, 4,66 euros, down by 1,48%
Interim dividend 2022: €0,11 per share
The company based on these data confirmed the guidance on 2022 net profit ad “at least” 1,13 billion euros and will distribute an interim dividend for 2022 equal to € 0,11 per share, with payment starting from 25 January 2023. “The results for the first nine months of 2022 confirm the solidity of the Group's path even in an uncertain scenario. There good performance of all the business in Italy, despite the reduction in the regulated tariffs in the gas business, the contribution of our foreign subsidiaries and of the new businesses linked to the energy transition contributed to the earnings stability and allow us to confirm the Group's guidance at the end of 2022,” he said Stefano Venier, Snam Chief Executive Officer.
Snam has recently obtained the authorizations for the commissioning of regasification ships (Fsru) in Piombino (Livorno) e Ravenna. In this way "the first step in the remodeling of national energy security takes shape" Venier continues, "which will soon have to be accompanied by a strengthening of transport and storage infrastructure and by an acceleration of transition initiatives, on which Snam counts on playing a leading role. Only in this way will we be able to transform the current crisis into an opportunity for the construction of the future energy paradigm” Venier said again.
The key role of the decision on regasification terminals, Venier's statements
- technical investments in the first nine months of 2022 they amount to 883 million euros, an increase of 17 million euros (+2,0%) and essentially refer to the transportation segments (682 million euros; 697 million euros in the first nine months of 2021) and storage of natural gas (114 million euros; 104 million euros in the first nine months of 2021), while investments relating to businesses linked to the energy transition reached 59 million euros.
Snam ended the campaign at the end of October natural gas filling negli storage of the subsidiary Stogit. The operation made it possible to reach the 95,2% fill equal to 11,2 billion cubic meters of gas. This storage reserve adds to the strategic one which amounts to approximately 4,5 billion cubic metres.
Snam expects them to change market conditions and the scenario of interest rates and credit spreads, “although significantly deteriorated, have a limited impact in the remaining part of the year”, thanks to the funding actions on the capital market and the liability management exercise concluded at the beginning of 2022, as well as revolving credit lines stipulated during the second and third quarters of 2022.
Gas demand expected to decrease compared to 2021, but the impacts are not significant
“The most recent estimates on the evolution of demand for natural gas in Italy for the current year they expect a decrease compared to 2021, in particular due to the effect ofrising energy prices in the industrial sector and less rigid temperatures up to now, as well as the measures envisaged by the 'National plan for the containment of natural gas consumption'”, underlines the note. “Despite the reduction in Russian gas import flows to Italy, recorded in particular in the third quarter, no significant impacts are expected on the company's results for the current year”, underlines Snam again.
