BAKU, Azerbaijan, March 19
By Leman Zeynalova – Trend:
Total revenues of Italian Snam for 2020 financial year amounted to 2,770 million euros, up by 164 million euros or 6.3 percent with respect to 2019 financial year, Trend reports with reference to the company.
Regulated revenues amounted to 2,548 million euros, an increase of 57 million euros or 2.3 percent, thanks in particular, to the contribution by the transportation sector. Net of the effects of the recognition of the energy costs, regulated revenues amounted to 2,488 million euros, mainly in line with respect to 2019.
The higher revenues mainly attributable to tariff updating mechanisms, more specifically to the increase in RAB (+16 million euros), were offset by the reduction in volumes transported as a result of the COVID-19 health emergency ( -17 million euros).
Revenues from new businesses, totalling 192 million euros, increased by 107 million euros with respect to 2019 thanks to growth in biogas and biomethane system contracts by the subsidiary IES Biogas, residential energy efficiency activities and sales of compressors for sustainable mobility, as well as the entry of new companies within the scope of consolidation at the end of 2019 and in 2020.
Adjusted EBITDA for 2020 amounted to 2,197 million euros, an increase of 28 million euros or 1.3 percent with respect to the adjusted EBITDA posted in 2019.
The positive contribution from new energy transition businesses and Snam Global Solutions (totalling approx.13 million euros overall) and greater regulated revenues from the increase in the RAB base, coupled with the continuation of efficiency plan projects (63 million euros of cost efficiencies compared to 2016) and cost containment following lockdown measures, more than offset the effects of the decrease in gas demand due to the impact from COVID19.
---
Follow the author on Twitter: @Lyaman_Zeyn