Snam expects to achieve an operating profit of "about 1,8 billion" in 2016, in line with last year which recorded record results. The announcement came from the former CEO Carlo Malacarne who from today becomes president of the group, answering questions from shareholders during the year-end meeting. The shareholders approved the budget 2015, closed with 1,2 billion of adjusted net profit and debts below 13,8 billion, and given the green light to the dividend of 25 cents per share. Malacarne also estimated "a demand for natural gas in 2016 substantially in line with 2015", while as regards this year's investments, he said that "the company's commitment remains towards the challenging four-year plan" which includes investments "for 1,2 -1,3 billion this year”, in line with the previous one, and which will be presented in June precisely to allow for the change of baton with the new CEO Marco Alverà, appointed by the Board of Directors immediately after the meeting.
Alverà himself underlined that Snam intends to maintain a foothold in Italgas, retaining a minority stake. The summit also confirmed its commitment to growth abroad on the East-West and North-South lines with participation in the tenders to acquire Gas Connect in Austria and Thyssen Gas in Germany.
ITALIGAS
The Snam group aims to maintain a minority stake in Italgas. In fact, the sale "is not to get rid of Italgas, in which we intend to maintain a minority stake, but it is to increase the value of both Italgas and Snam", said Alverà answering questions from journalists. “We are carrying out a study on Italgas which should be completed by the end of July. An Italgas capable of managing a strong management and able to go on the market has more chances in a process of tenders that will start”, added Malacarne. When asked if the marriage project between Italgas and F2i Reti Gas has failed, the new president specified that the summit is “following another path, it is not that one. More details on the direction the company intends to follow will be known at the end of June with the presentation of the new industrial plan.
GROWTH BY ACQUISITIONS
“We are looking at the development of the two corridors east-west and north-south. We are monitoring the evolution and evaluating whether to participate” when the tender is made official. This is what Malacarne replied to journalists who asked him if Snam is interested in taking over the stake in the sale of the Austrian Gas Connect and the German Thyssen Gas. There is certainly interest in those areas: "We are looking at the strategic corridors for us on the gas infrastructure market - he added - and we keep under monitoring the countries that we consider strategic such as France, Austria and Germany". Malacarne also indicated that a possible acquisition “depends on timing and opportunities. We are following the process”, but he said that “for now we have not submitted any binding offers”. As for an interest in the Greek Desfa, Malacarne indicated that “it is on the corridor. We are also watching the evolution in Greece with interest”. The Trans Adriatic Pipeline, in which Snam holds a 20% stake, is the gas pipeline that will bring gas to Italy from Azerbaijan.
Growth abroad is the result of lengthy work by Snam which last year placed some significant pieces in its strategy, launched in 2012 by Malacarne, whose objective is "to guarantee the security and diversification of the sources of supply of the natural gas". Last year, the acquisition of the stake in Tap was added to the acquisitions of stakes in Tag Austria and Tigf in France, made in 2014 and 2013, together with the development investments in gas pipelines in Italy to increase the gas export potential towards Northern Europe. Together they "follow our strategic line of transforming Italy from a market for consumption only to a market also for gas transit" said Malacarne. With the latest acquisition, "not only Snam, but Italy assume a stronger role in Europe and a more prominent position in the geopolitics of European energy through the development of a new gas supply corridor", added Malacarne .
