Ebitda a +4,1% on 2018, revenues up +4,3% on the same period and technical investments of 650 million euros, including investments in innovation and energy transition for 113 million. Snam's Board of Directors chaired by Luca Dal Fabbro approved the consolidated results for the first nine months of 13 on Wednesday 2019 November. It also decided to distribute an advance on 2019 dividend of €0,095 per share, payable starting January 22, 2020.
Total revenue they amount to 1,95 billion, an increase of 81 million, compared to the first nine months of 2018. The increase is due to the higher regulated revenue essentially attributable to the natural gas transportation business. Net profit was worth 867 million, up by 74 million euro, and nearly +10% compared to the adjusted net profit achieved in the first nine months of 2018, equal to 793 million.
- technical investments for the first nine months of 2019 they are worth a total of 650 million, up by 86 million on last year and equal to 15,2%. Spending was concentrated above all on the transport sectors, to which 556 million were allocated, and storage, for 77 million. Investments relating to Snamtec, the new project launched by Snam aimed at innovation and energy transition, in the first nine months of 2019 amounted to 113 million.
“Our infrastructures play a central role in the decarbonization process, guaranteeing flexibility to the system and security of supplies, as highlighted in the nine months by the 16% increase in volumes in the thermoelectric sector, also thanks to a favorable trend in prices which has pushed the replacement of coal-fired generation with gas-fired generation. Our focus on innovation and energy transition is ever stronger, with approximately 20% of our investments dedicated to Snamtec. We are working for the energy network of the future, more modern, integrated with the territories and sustainable and by the end of the year we will double the experimentation on hydrogen, bringing the mixture to 10%”, said the managing director Marco Alverà, commenting on the data.
The gross operating margin amounts to 1,66 billion, an increase of 65 million, equal to +4,1%, compared to the corresponding adjusted value of the first nine months of 2018, which remained at 1 billion. The higher revenues were partly offset by the increase in operating costs, equal to +59 million, net of the components that have a counterpart in revenues.
The operating profit, on the other hand, is equal to 1,12 billion, up by 35 million (+3,2%), compared to the corresponding adjusted value of the first nine months of 2018, while net financial expenses amounted to 126 million, down by 19 million euros (-13,1%) compared to the first nine months of 2018 thanks to the benefits of the optimization of the financial structure implemented and of the positive market conditions. Net financial debt as at 30 September 2019 amounted to 11.871 million.
In terms of forecasts relating to the Italian gas market and the direction it will take in the near future, according to the data that emerged during the board meeting the end of 2019 will be characterized by a slight increase in demand compared to 2018 values. As regards investments for 2019, they are expected to be around 1 billion euros.
On the positive mid-morning Milan Stock Exchange, the Snam share is up +0,3%.
