Terna e Snam to the test of accounts show good health. If the CEO of Snam Stefano Venier he said he was "satisfied" with the "solid results" achieved in the first six months of 2023, despite the "uncertain context", Terna's EBITDA - signed Josephine of Foggia – for the first time in its history it exceeded one billion euros in the first half and also set another record for the period: investments in the network reached 830,5 million, up by 25,7%.
After publication of the accounts, a Business Square, title Terna gains 0,92% at 7,86 euros per share. More tonic, the title Snam which gains 1,33% at 4,94 euros per share.
Terna's results for the first half of 2023
Terna archived the first six months of 2023 with revenues equal to 1.485,3 million euros, an increase of 154,5 million euros (+11,6%) compared to the first six months of 2022. This result, explains a note from the national electricity operator, is mainly due to the growth of revenues from Regulated Activities, thanks to the increase in the regulated asset base (RAB) and the effects of the output-based incentive mechanisms, as well as the contribution from Non-Regulated Activities which mainly reflect the increase in revenues in the industrial area of the Brugg Cables Group and the Tamini and, in the Energy Solutions sector, of the LT Group.
THEebitda, the protagonist of this quarterly report, stands at 1.019,2 million euros, up by 72,3 million euros (+7,6%) compared to the 946,9 million euros of the first half of 2022. The net profit which stands at 411,4 million euros compared to 398,1 million in the first half of 2022 (+3,3%).
Finally, thefinancial debt net amounted to 9.458,4 million euros, compared to 8.576,3 million euros at the end of 2022, supporting the growth in investments in the period.
“The results approved today by the Board of Directors confirm Terna's central role in achieving our country's decarbonisation and energy independence objectives. The more than 830 million euros invested in the half year represent a record for the period, confirming Terna's ability to achieve its economic and financial objectives. We are determined to carry out the investments in the grid, within the timescales envisaged in the plan, to favor the integration of renewable energies into the electricity system", he declared Josephine of Foggia, CEO and general manager of Terna.
Snam's results for the first half of 2023
I total revenue amounted to 1.889 million euros, up by 294 million euros (+18,4%) compared to the first half of 2022. The growth in regulated revenues linked to the realization of investments and the "output- based” and for the significant contribution of the energy efficiency business (245 million euros; +88,8%), especially in the residential sector.
THEadjusted ebitda it grew by 5,7%, equal to 1.221 million euros, due to the increase in regulated revenues and the contribution of businesses linked to the energy transition.
in flexion theadjusted net profit by 25 million euros (-3,9%), equal to 621 million euros. The energy group attributes this decline to various factors: the increase in depreciation due to the entry into operation of the investments, the increase in financial charges linked to the increase in interest rates and the lower contribution of foreign equity investments. While the adjusted operating profit for the first half of 2023 amounted to 766 million euros, up by 38 million euros (+5,2%) compared to the corresponding value for the first half of 2022.
THEfinancial debt net amount settled at 14.609 million euros (+2.686 million euros compared to 31 December 2022), an increase mainly due to the expected evolution of working capital connected to the balancing activity, for financial investments and for the payment of the dividend. In the entire six-month period, Snam's operating activities absorbed cash of 719 million euro, while the investments totals amounted to 734 million euros (955 million euros in the first half of 2022, including the purchase of the Fsru Golar Tundra), of which 714 million euros in capital expenditure (+4,7%). Of the total investments, 56% are aligned with the Sustainable Development Goals and 37% with the European Taxonomy. To these investments are added 409 million euros relating to the acquisition of 49,9% of SeaCorridor.
Snam has confirmed the guidance 2023 and stated that the natural gas storage system in Italy is 87% full, which allows our country to look to the coming winter with greater confidence than last year. “At the beginning of July, the Fsru vessel Golar Tundra in Piombino was put into operation and the storage capacity is currently around 87%. Furthermore, we have achieved important progress in the implementation of the security and energy transition projects of our strategic plan and in the reduction of methane gas emissions with a -32% compared to the same period of 2022 – commented Venier -. This allows us to confirm the financial targets at the end of the year and look forward to next winter with greater serenity while remaining focused on medium-long term objectives.”
