Snam is not affected by the coronavirus crisis, which indeed in the first quarter of 2020, a period already affected by the global pandemic, has growing accounts. Revenues are now approaching 700 million, rising 8,1% year-on-year to 691 million, with net profit at 298 million (+5,3% compared to the first quarter of 2019) and Ebitda in turn up by 4,6% to 567 million euro. The difficult scenario has not even prevented the increase in technical investments, which at this stage amounted to 220 million euros (166 million in the first quarter of 2019), including investments in innovation and energy transition (SnamTec) of 24 million. The quarterly report is not displeasing the markets either: around 10 am, in a slightly positive session for the Ftse Mib, the Snam share gained almost 1% over 4 euros per share.
The positive results are due, according to what Snam communicates, "to the higher revenues linked to investment activities, to a positive seasonal - and therefore temporary - effect of energy costs and to the continuation of the operational efficiency program which has reached 53 million euro ( operating costs basis 2016). The initial contribution of companies active in the energy transition, which entered the scope of consolidation at the end of 2019, also had a positive impact on the operating margin". All of this net of a difficult phase for the gas market, obviously negatively influenced by the context: “The demand for natural gas in Italy in the first quarter of the year – explains the note – amounted to 23,94 billion cubic meters, down by 6,7% (-1,71, XNUMX billion cubic meters) compared to the same period of the previous year. The decrease is due, in addition to the milder temperatures recorded in the first two months of the year, to the effects of the lockdown measures starting in March".
Precisely on the Covid-19 emergency, Snam was keen to reaffirm its commitment both in terms of safety and solidarity contribution: Snam donated 20 million for the healthcare system and “has taken protective measures since last February 21, gearing up to implement all the necessary initiatives to protect the safety of its people, both in compliance with the restrictions and by adopting further precautions. From the very first days, Snam secured the control rooms, plants and local offices to ensure normal operations and the country's energy security. As regards the impacts of the crisis on the 2020 targets, forecasts are cautious: “To date, the company is unable to reliably determine the impacts deriving from COVID-19 on the targets for 2020 and subsequent years. But we wait limited impacts on the economic targets and on the investment programme“, the group led by Marco Alverà specifies in the press release.
The managing director of Snam himself commented that “the results of the first quarter confirm the solidity of our business and the value of the development and efficiency actions carried out in recent years, even in difficult market contexts. In recent months Snam has never stopped, working with great commitment and with extraordinary measures to guarantee its essential energy security service. At the same time, we have made a contribution to supporting the healthcare system with solidarity initiatives and with the purchase of ventilators and masks, also supporting the non-profit sector through the Snam Foundation and fundraising for our people. Despite the context, we confirm our 2019-2023 investment plan to support the restart of the territories in which we operate: we are restarting our construction sites, with all the necessary measures to guarantee the safety of employees and contractors".
