While the Golar Tundra regasification terminal travels towards the Piombino route, where it is expected to arrive within days to be operational in May, Snam goes on the stock exchange after presenting the 2022 results, judged to be better than expected, and which partly reflect the new geopolitical situation of the gas, the raw material that the group led by Stefano Venier has the task of transporting to our country. According to data provided by Snam, during the presentation of the 2022 financial results to analysts, there was a jump in flows of 249.9% from Passo Gries (via Holland and Norway) and +11.3% from Mazara del Vallo (Algeria) . On the other hand, methane imports from Tarvisio (Russia) and 18.9% from Gela (Libya) fell by 51.9%. On the other hand, LNG imports increased by 45.5%, from 9.8 billion cubic meters in 2021 to 14.2 billion.
Net profit at 1.16 billion
The changed scenario following the conflict in Ukraine, which caused a significant decrease in gas flows from Russia to Europe, affected the reported net profit which stopped at 671 million, down by 825 million euros (- 55.1%), compared to the reported net profit of 2021. The reduction mainly due to the write-down of Snam's investment in Tag (340 million euros) following the effects of the Russia-Ukraine conflict and the consequent changes in the macroeconomic context and in relation to the associated company Adnoc which was affected by the increase in interest rates. Adjusted net profit decreased by 4.5% to €1.163 billion, due to the slight decline in the adjusted EBITDA, higher amortization and depreciation and the increase in net financial expenses, partially offset by the positive performance of the investee companies. Adjusted Ebitda decreased by 0.6% to 2.237 billion euro: the decline in regulated revenues and the increase in utility costs were largely offset by additional revenues and the greater contribution of businesses linked to the energy transition. The board of directors has decided to distribute a dividend of €0.2751 per share, up by 5% in line with the 2022-2026 strategic plan.
Venier: authorization awaited for the Adriatic backbone
We are concluding this 2022 with satisfaction and a pinch of pride - declared the CEO Stefano Venier - but at the same time with the awareness that the path to equipping the country with infrastructures capable of guaranteeing full energy security has only just begun. 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. As far as infrastructure is concerned, Venier said he expected Arera's authorization for the Adriatic backbone by the end of the month in order to be able to submit applications to obtain funds from RepowerEu by 31 March. The backbone provides for an investment of 2.5 billion, part of which for the construction of the Sulmona thrust plant and another for 430 km between Sulmona and Minerbio (BO).
Total investments +52%
Total investments grew by 52% to 1.926 billion, of which 1.351 billion in technical investments. We presented today to the board of directors solid economic and financial results - added Venier - at the same time making investments 50% higher than the previous year, mostly in line with the European Taxonomy and the Sustainable Development Goals. Snam's commitment to helping to recompose the energy trilemma was outlined in the latest Strategic Plan and 2022 closed with an important step in that direction. Net financial debt fell to 11.923 billion from 14.021, mainly due to the change in working capital associated with the balancing activity. Snam confirms its financial targets for 2023, which provide for investments to grow by 9% compared to 2022 for 2.1 billion euro, of which 1.9 billion euro in the gas infrastructure area and 0.2 billion euro in the transition area energy.