Terna closes 2022 "in a very challenging context" with revenues up by 13,8% to 2,964 million euros, ebitda at 2,059 billion (+11%), net profit at 857 million, up by 8,6% and "accelerating, for the tenth consecutive quarter, the pace of investments". Thus Terna's CEO, Stefano Donnarumma, comments on the company's results in 2022. But the accounts do not support the stock in Piazza Affari which sells 0,54% at 7,30 euros per share.
“During 2022 – continues Donnarumma – we strengthened Terna's role as a real director of the energy transition, increasingly enabling the development and dissemination of renewable sources. We have achieved significant progress for the most important works of our plan such as the Tyrrhenian Link and the Adriatic Link and we have laid the foundations for making Italy an energy hub in the Mediterranean with the start of the authorization procedure for the Tunisia-Italy connection which received an important funding from the European Union: it is the first time that EU funds have been assigned to an infrastructure developed by a Member State and a non-EU Member State”, concluded the CEO.
Terna: the results for 2022
I revenues of 2022, equal to 2.964,5 million euros, recorded an increase of 359,7 million euros (+13,8%) compared to 2021. This result is mainly due to the growth in Regulated Activities, mainly attributable to the greater incentive mechanisms output-based and the increase in the regulated asset base (RAB), net of the reduction in the WACC recognized for 2022. Revenues from Non-Regulated Activities also increased, reflecting in particular the contribution deriving from the LT Group's activities in the smart grids and the major contribution of the Tamini Group and the Brugg Cables Group.
THEebitda of 2022 stands at 2.059,2 million euros, up by 11%. L'Net income is equal to 857 million euros (+8,6%). L'net financial debt it stands at 8.576,3 million euros, a significant improvement compared to the 10.002,5 million at the end of December 2021.
- net financial charges of 2022, equal to 100,1 million euros, up by 21,2 million euros compared to 78,9 million euros in 2021, mainly due to the increase in inflation, partially offset by higher capitalized financial expenses.
Strong investment growth
Terna underlines the strong growth of investments in the core business of electricity infrastructures. Furthermore, in 2022 Terna obtained the authorizations to carry out 29 development projects on the national transmission grid for a value exceeding 2,5 billion euro: more than doubled the record figure of 2021 and almost tenfold the value of 2020. Total investments amounted to 1,7568 billion, up by 15,5% compared to the 1.520,7 million euros in 2021.
The dividend goes up
The Board of Directors will propose the approval of a dividend total for 2022 of 631.941.484,80 euros, equal to 31,44 euro cents per share (+8% compared to 2021, in line with the dividend policy) and the distribution - net of the interim dividend ordinary payment relating to the 2022 financial year equal to 10,61 euro cents per share already paid from 23 November 2022 - of the remaining 20,83 euro cents per share, to be paid from 21 June 2023 with ex-dividend date 19 June 2023 .
Guidance 2023
During 2023, the Group will continue to focus on implementing the provisions of the update of the 2021-2025 "Driving Energy" Business Plan and on 2023-2032 Development Plan, recently presented, which foresees over 21 billion of investments in the next ten years. With specific reference to the Investment Plan, expected to total 10 billion in the five-year period 2021-2025, the Group has a 2023 target of approximately 2,2 billion euro.
For 2023 it is expected that Terna will be able to achieve revenues for 3,11 billion euros, an ebitda of 2,12 billion euros and an eps of 0,43 euros.
