Snam's shareholders' meeting approved the 2016 financial statements with a very large majority, which closed with a net profit of 760,9 million euros at the spa level and 845 million adjusted at group level. Green light also for the distribution of a dividend of 0,21 euro per share which will be paid from 24 May 2017, with coupon detachment on 22 May. The shareholders' meeting also approved the 2017-2019 long-term stock incentive plan, the authorization for the purchase and disposal of treasury shares also to service the incentive plan, and a non-binding resolution on the remuneration policy.
As regards the Tap question, "our ambition is to be able to explain the advantages of the work on the territory and to bring the environmental burdens back into the right dimension, which are almost nil - said Marco Alverà, CEO of Snam - I speak in quality shareholder of Tap, given that we hold 20%. Yesterday in Rome, at the Energy G7, the strategic importance of the Tap was reaffirmed to diversify routes and increase the security of supplies, as well as to reduce the cost of gas and obviously, from a climate perspective, to reduce emissions of carbon dioxide. We have 600 building sites open throughout Italy, our infrastructures are mostly invisible and we tend to leave the landscape better than we found it".
Meanwhile, in Piazza Affari, the Snam share is up 0,5%, to 4,044 euros. Jefferies raised its target price from 3,7 to 3,9 euros, confirming the "hold" recommendation. The shares of the company led by Marco Alverà are also benefiting from two other news yesterday: the agreement for the modernization of the gas pipeline network in Ukraine and the start of coverage by Société Générale with "hold" recommendation and target price 4,27 euros.
