Snam closes the first nine months of 2021 with a adjusted net profit amounted to 938 million euros, up 7,4% on an annual basis. The result, writes the company, was achieved thanks to "the positive operating performance, the contribution of the investee companies and the continuous optimization of financial management, with an average cost of debt of less than 1%".
I revenues totals instead amount to 2,334 billion euro, +14,9% over the year, "due to the increase in investments in the regulated core business" and to the growth "of the energy efficiency business".
EBITDA (Adjusted Ebitda) reached 1,716 billion (+2,8%), while the technical investments they rose to 866 million euros (+13,6%; of which +11,8% relating to the core business).
As far as the 'net financial debt, grew to 13,806 billion, 7,1% more than the 12,892 billion of 31 December 2020, for various reasons: "the acquisition of the stake in De Nora - the company continues - a seasonal effect due to the balancing and growth of the investment plan and working capital linked to the development of the energy efficiency business”.
Snam also announces new methane emission reduction targets: -55% by 2025 on a 2015 basis (from -45% of the previous target).
The Board of Directors then approved the distribution of an interim dividend for 2021 equal to 0,1048 euro per share, with payment starting from 26 January 2022.
“The results for the first nine months show the solidity of our core business, the growth of new equity investments such as De Nora and the continued focus on optimizing the financial structure – comments the CEO, Marco Alvera – In a phase of sharp increases and volatility in gas prices and global procurement difficulties, Snam is increasing its investments to contribute to Italy's energy security, which today is in better conditions than other European countries thanks to its storage capacity and the entry into operation of the Tap. The development of new energy transition businesses continues with investments and projects in hydrogen, biomethane, energy efficiency and sustainable mobility. Our ESG commitment in favor of territories, communities and the environment is strengthened, with a new target for the reduction of methane emissions in view of the objective of net zero direct and indirect emissions by 2040”.
