BAKU, Azerbaijan, Nov.5
By Leman Zeynalova – Trend:
Italian Snam’s total revenue amounted to Euro 2,032 million in the first nine months of 2020, an increase of Euro 77 million (+3.9 percent) compared with the first nine months of 2019, Trend reports citing the company.
Snam is one of the world’s leading energy infrastructure operators and one of the largest Italian listed companies in terms of market capitalization.
“Regulated revenue amounted to Euro 1,910 million, up Euro 30 million or 1.6 percent, thanks in particular to the contribution of the transport business segment. Net of the effects deriving from the total coverage of energy costs, regulated revenues amounted to Euro 1,858 million, down by Euro 22 million or 1.2 percent. The higher revenues, mainly due to rate updating mechanisms and, in particular, to the increase in RAB, were absorbed from the reduction in volumes transported as a result of the health emergency by COVID-19 as well as the milder climate compared with 2019. Revenues from new businesses increased by Euro 47 million compared to the first nine months of 2019 (+85.5 percent), thanks to increased biogas and biomethane plant orders from the subsidiary IES Biogas, the companies that joined the scope of consolidation at the end of 2019, the start of activities in energy efficiency in the residential sector and sales of compressors for sustainable mobility.
“Adjusted gross operating margin for the first nine months of 2020 amounted to Euro 1,670 million, an increase of Euro 9 million, or 0.5 percent, compared to the corresponding amount reported in 2019. The positive contribution of the new businesses in the energy transition, equal to over Euro 5 million, as well as the tariff recognition of the energy costs starting from 1 January 2020 and cost reduction actions implemented as a result of the ongoing health crisis, have more than offset the decrease in regulated revenue following the lower volumes transported.
“Adjusted operating profit for the first nine months of 2020 amounted to Euro 1,105 million, down Euro 20 million (-1.8 percent) compared with the corresponding figure reported for 2019, mainly due to the expected increase in amortisation and depreciation (Euro -29 million, or 5.4 percent), resulting from the entry into service of new assets,” Snam said inn its updated report.
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