Snam, 2022 profit down but above guidance at 1,163 million. Dividend on the rise

Snam 2022 profit down but above guidance at 1163 million

(Tiper Stock Exchange) – snaman energy infrastructure company listed on Euronext Milan, closed 2022 with total revenue equal to 3,317 million euros, an increase of 331 million euros (+11.1%). The revenues of the business grew energy transition (+325 million euros; +87.8%), mainly due to the development of energy efficiency, particularly in the residential sector. With reference to the business of gas infrastructurerevenues increased by 6 million euros.

L’Adjusted EBITDA it amounted to 2,237 million euro (-0.6%). The decline in regulated revenues, linked to the reduction in the WACC (equal to 130 million euros), and the increase in utility costs were largely offset by additional revenues and the greater contribution of the businesses linked to the energy transition. L’adjusted net profit it amounted to 1,163 million euro (-4.5%).

“Let’s finalize this 2022 with satisfaction and a pinch of pridebut at the same time with the awareness that the path to equipping the country with infrastructures capable of guaranteeing full energy security has just begun – commented theCEO Stefano Venier – In the last 12 months we have faced an extremely volatile scenario which has introduced profound changes in the energy markets and in the structure of the national system, forcing us to react quickly and effectively to guarantee the availability of gas in the immediate and medium term”.

“We presented today to the Board of Directors solid economic and financial results, while realizing investments 50% higher than the previous yearmostly aligned with the European Taxonomy and the Sustainable Development Goals – he added – Significant progress was also achieved in 2022 on key ESG and operational performance indicators, both for gas infrastructure and in the energy transition businesses”.

L’net financial debt is equal to 11,923 million euros (14,021 million euros at 31 December 2021), down mainly due to the change in working capital connected to the balancing activity.

The BoD proposes to the shareholders’ meeting on 4 May the payment of a dividend balance of 0.1651 euro per share, to be paid starting from 21 June 2023 (record date 20 June 2023), with coupon detachment date of 19 June 2023. The dividend for the 2022 financial year is therefore equal to 0.2751 euro per share, of which €0.1100 per share already distributed in January 2023 as an advance (€369 million). The overall dividend is up 5% compared to 2021.

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