Snam reported its third quarter 2016 results, with the following highlights:
- Weather-adjusted gas demand was up 2.3% driven by a moderate recovery in industrial production and higher thermoelectric demand.
- Capex was in line with targets at €842 million, up 5% from the first nine months of 2015.
- Revenues were €2.469 billion, down 4.2% due to a new regulatory framework.
- Net profit was €783 million, down 11.8% compared to the first nine months of 2015.
- Snam confirmed its full-year 2016 guidance and announced the acquisition of a 49% stake in Gas Connect Austria GmbH.
San Donato Milanese, 29 July 2015 – The Snam Board of Directors, chaired by Lorenzo Bini Smaghi, yesterday approved the consolidated half-year report to 30 June 2015 (subjected to a limited audit) and the consolidated results for the second quarter of 2015 (unaudited).
Financial highlights
Total revenue: €1,837 million (+3.1%)
EBITDA: €1,434 million (+0.4%)
Net profit: €612 million (+9.1%)
Technical investments: €487 million
Free cash flow: €587 million
Operating highlights
Gas injected into the transportation network: 32.77 billion cubic metres, in line with the figure for the first half of 2014
Number of active meters: 6.518 million (5.911 million at 30 June 2014)
Available storage capacity: 11.4 billion cubic metres (unchanged compared with 30 June 2014)
Significant events
Completed on 9 July 2015 the activities relating to the revocation of the judicial administration order imposed on the subsidiary Italgas by the Court of Palermo on 11 July 2014
Approved on 22 June 2015 by the Snam Board of Directors the renewal of the Euro Medium Term Notes (EMTN) programme for the issuance of bonds worth a total of €12 billion, unchanged from the previous renewal of the programme
Snam’s Board of Directors, chaired by Carlo Malacarne, yesterday approved the consolidated half-year report at 30 June 2016 (subjected to a limited audit) and the consolidated results for the second quarter of 2016 (unaudited).
Operating highlights
New regulatory period with adjustments to WACC from 1 st January 2016
Gas injected into the transportation network: 34.07 billion cubic metres (+4.0%)
Number of active meters: 6.525 million (6.518 million at 30 June 2015)
Available storage capacity: 11.8 billion cubic metres (+0.4 billion cubic metres compared with 30 June 2015)
Financial highlights
Regulated revenue: €1,644 million 1 (-€78 million; -4.5%); reduction due to WACC adjustment
EBIT: €867 million (-14.3%)
Net profit: €526 million (-14.1%)
Technical investments: €526 million
Free cash flow: €508 million
Significant events
Separation of Italgas from Snam approved on 28 June 2016 by Snam Board of Directors. The closing of the entire transaction, which is subject to certain conditions precedent being met, will likely take effect by 31 December 2016
The Snam Board of Directors proposed a share buyback programme to the shareholders’ meeting called for 1 August 2016 for up to 3.5% of Snam’s share capital for a maximum amount of up to €500 million over 18 months
San Donato Milanese, 29 July 2015 – The Snam Board of Directors, chaired by Lorenzo Bini Smaghi, yesterday approved the consolidated half-year report to 30 June 2015 (subjected to a limited audit) and the consolidated results for the second quarter of 2015 (unaudited).
Financial highlights
Total revenue: €1,837 million (+3.1%)
EBITDA: €1,434 million (+0.4%)
Net profit: €612 million (+9.1%)
Technical investments: €487 million
Free cash flow: €587 million
Operating highlights
Gas injected into the transportation network: 32.77 billion cubic metres, in line with the figure for the first half of 2014
Number of active meters: 6.518 million (5.911 million at 30 June 2014)
Available storage capacity: 11.4 billion cubic metres (unchanged compared with 30 June 2014)
Significant events
Completed on 9 July 2015 the activities relating to the revocation of the judicial administration order imposed on the subsidiary Italgas by the Court of Palermo on 11 July 2014
Approved on 22 June 2015 by the Snam Board of Directors the renewal of the Euro Medium Term Notes (EMTN) programme for the issuance of bonds worth a total of €12 billion, unchanged from the previous renewal of the programme
Snam’s Board of Directors, chaired by Carlo Malacarne, yesterday approved the consolidated half-year report at 30 June 2016 (subjected to a limited audit) and the consolidated results for the second quarter of 2016 (unaudited).
Operating highlights
New regulatory period with adjustments to WACC from 1 st January 2016
Gas injected into the transportation network: 34.07 billion cubic metres (+4.0%)
Number of active meters: 6.525 million (6.518 million at 30 June 2015)
Available storage capacity: 11.8 billion cubic metres (+0.4 billion cubic metres compared with 30 June 2015)
Financial highlights
Regulated revenue: €1,644 million 1 (-€78 million; -4.5%); reduction due to WACC adjustment
EBIT: €867 million (-14.3%)
Net profit: €526 million (-14.1%)
Technical investments: €526 million
Free cash flow: €508 million
Significant events
Separation of Italgas from Snam approved on 28 June 2016 by Snam Board of Directors. The closing of the entire transaction, which is subject to certain conditions precedent being met, will likely take effect by 31 December 2016
The Snam Board of Directors proposed a share buyback programme to the shareholders’ meeting called for 1 August 2016 for up to 3.5% of Snam’s share capital for a maximum amount of up to €500 million over 18 months
San Donato Milanese, 30 July 2014 – The Snam Board of Directors, at yesterday’s meeting chaired by Lorenzo Bini Smaghi, approved the consolidated half-year report to 30 June 2014 (subjected to a limited audit) and examined the consolidated results for the second quarter of 2014 (unaudited).
Financial highlights
Total revenue: €1,782 million (+0.4%)
EBIT: €1,044 million (+2.4%)
Net profit: €561 million (+21.4%)
Technical investments: €526 million (+7.3%)
Operating highlights
Gas injected into the transportation network: 32.78 billion cubic metres (-5.0%)
Number of active meters: 5.911 million (5.915 million at 30 June 2013)
Available storage capacity: 11.4 billion cubic metres (unchanged compared with 30 June 2013)
Carlo Malacarne, Snam CEO, made the following comments on the results:
“In the first half of 2014 the EBIT growth of 2.4%, as well as the remarkable increase in net income of more than 21%, is the result of our continued focus on operating efficiency as well as the increasing contribution of associates and the on-going optimization measures in the cost of debt.
We remain committed to investing for profitable growth and value creation for our shareholders, confirming our selective capex plan”.
Immediato, sostenibile, efficiente. Il gas naturale per la decarbonizzazioneSnam
Audizione su Atto n. 932 - Affare sui profili ambientali della Strategia energetica nazionale (SEN)
13° Commissione Territorio, Ambiente e Beni ambientali
Senato della Repubblica
San Donato Milanese, 30 July 2014 – The Snam Board of Directors, at yesterday’s meeting chaired by Lorenzo Bini Smaghi, approved the consolidated half-year report to 30 June 2014 (subjected to a limited audit) and examined the consolidated results for the second quarter of 2014 (unaudited).
Financial highlights
Total revenue: €1,782 million (+0.4%)
EBIT: €1,044 million (+2.4%)
Net profit: €561 million (+21.4%)
Technical investments: €526 million (+7.3%)
Operating highlights
Gas injected into the transportation network: 32.78 billion cubic metres (-5.0%)
Number of active meters: 5.911 million (5.915 million at 30 June 2013)
Available storage capacity: 11.4 billion cubic metres (unchanged compared with 30 June 2013)
Carlo Malacarne, Snam CEO, made the following comments on the results:
“In the first half of 2014 the EBIT growth of 2.4%, as well as the remarkable increase in net income of more than 21%, is the result of our continued focus on operating efficiency as well as the increasing contribution of associates and the on-going optimization measures in the cost of debt.
We remain committed to investing for profitable growth and value creation for our shareholders, confirming our selective capex plan”.
Immediato, sostenibile, efficiente. Il gas naturale per la decarbonizzazioneSnam
Audizione su Atto n. 932 - Affare sui profili ambientali della Strategia energetica nazionale (SEN)
13° Commissione Territorio, Ambiente e Beni ambientali
Senato della Repubblica
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www.seribangash.com
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Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
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3. Weather-adjusted gas demand up 2.3%
driven by:
• Industrial sector (+3.1%) with evidence of a moderate
production recovery.
• Thermoelectric (+6%), with lower imports, hydroelectric
• Residential consumption contained by energy efficency
initiatives
3
Gas demand trends
19,1 18,4
11,9 12,3
15,2 16,2
1,4 1,5
9M 2015 9M 2016
19,9 19,6
11,9 12,3
15,2 16,2
1,4 1,5
9M 2015 9M 2016
Residential
& commercial
Industrial*
Thermoelectric
Other Sectors
GAS CONSUMPTION (bcm)
+2.3%
49.648.5
* Includes: NGV, Agriculture and Non-Energy Use
Source: National Transport Network Balance
Weather adjusted
+1.3%
48.447.7
GAS INJECTED
51.4 bcm
+3.0% vs 9M 2015
4. 4
Operational highlights
Transport
• Capex in line with targets
• New balancing regime in place
Storage
• 100% of the offered storage capacity conferred
• Record working gas storage (98% of available capacity) achieved Oct 2016
• Capacity: 16.5 bcm +3.1% vs Sept 2015
LNG
• Seasonal price differentials driving summer demand for LNG
• LNG cargoes returned to Italy and Panigaglia in the last six months
€ 512 Mn invested in the first 9
months of 2016 o.w. 47% in
development initiatives
4 LNG cargoes to Panigaglia
between May and July totalling
264.000 liquid cubic meters
+5% Working gas CAGR 2008 to
2016 (+0.5 bcm compared to
2015)
5. 5
Corporate highlights
Corporate activity
• Italgas demerger achieved
• New organization
Liability management executed in October
• Faster cost of debt reduction
• Maturity extension and lower refinancing risk
Share Buyback initiated
• Flexible instrument to optimize financial structure
• Agency Agreement signed for first 4-month tranche
6. 6
Gas Connect Austria
Rationale for the acquisition
• Consolidate Snam’s position in a key country for
the interconnection of European natural gas
markets
• Leverage on decades of experience in Austria,
TAG ownership
• Strong financial discipline applied
The deal
• Acquisition completed through a vehicle owned
60%/40% by Allianz and Snam respectively
• Acquisition price of 601 M€
• Binding non-recourse financing of 310 M€
• Closing of the transaction expected by year-end
900km gas
transmission
pipelines,
5 compression
stations
7. 7
Financial highlights
Solid 9M results
• Revenues in line with expectations (€2.469bn, -4,2% owing to new
regulatory WACC)
• Increased investments (capex €842m, +5%)
• Strong free cashflow generation (€669m)
FY 2016 (Snam pro-forma) Guidance confirmed
• 0.9bn€ capex
• 19.5bn€ consolidated RAB
• 0.8bn€ adjusted net income
11. 11
Net Profit Analysis
[ € mn ] -105 € mn
-11.8%
Net profit
2015 9M
EBIT Net Interest
Income
(expenses)
Net Income from
associates
Income taxes Net profit
2016 9M
888
783
-176
+22 +2
+47
12. 12
Snam debt structure
• Fixed/variable rate debt: 58% / 42%
• M/L Term debt maturity: ca. 4.4
years
• Bondholders’ Meeting on the
separation of Italgas from Snam
• Consent solicitation launched on
8.6bn€ outstanding bonds
• Approval of the separation with a
vast majority
• Liability management executed in
October paves the way to further cost
of debt reduction going forward
Pool banking facilities
Bilateral banking
facilities
Debt capital market
Institutional lenders
financing
EXISTING DEBT
as of 30 September 2016 (€ bn)
BOND MATURITY PROFILE
as of 30 September 2016 (€ bn)KEY FIGURES
14.0
3.2
8.8
2.7
1.6
Net debt
9M 2016
Total committed
credit facilities and
bonds
16.3
0
200
400
600
800
1000
1200
1400
1600
2016 2017 2018 2019 2020 2021 2022 2023 2024
13. 13
2016 9M: cash flow and change in net debt
783
1,686
669
-206
+683
+220
-1,017
-875
€m
Free
Cash Flow
2016 9M
Net
profit
Depreciation
& other
items
Change in
working
capital
Cash Flow
from
operation
2016 9M
Cash Flow
2016 9M
Net
investments
Shareholder's
equity
Net financial
Debt 2015
Net financial
Debt
2016 9M
Cash Flow
2016 9M
Non cash
financials
items
€m
Cash flow Change in net debt
240 €m
14. 14
Driving balance sheet efficiency
Resizing and reshaping of Snam debt structure
following the 3.6 bn€ received from repayment of
intercompany/assigned debt by Italgas
Increasing the average maturity of debt, smoothing
the Company’s maturity profile and pro-actively
managing upcoming redemptions
Taking advantage of the market conditions to reduce
the average cost of debt (from 2017 onwards)
Debt structure
Average maturity
Cost of debt
1 bn€ reduction in
ourstanding Bonds
average maturity of
M/L term debt:
from ca. 4.4 to ca. 5.4
years
Cost of new bonds
well below 1%
15. 15
Liability Management overview
Timing
• Launch: 10 October 2016
• Announcement of the Results: 18 October 2016
• Settlement: 25 October 2016
Highlights
• 2.75 bln€ bonds buyback (3.1 bln€ of cash spent)…
• Average residual maturity: ca. 3.3 years
• Average yield: ca. 3.8%
• …financed via a mix of existing credit lines and new
bonds:
• 1.25 bln€ 10Y Oct- 2026 - 0.875% coupon
• 0.5 bln€ 4Y Oct- 2020 - 0% coupon
• ca. 1.35 bln€ from already available banking lines
average yield:
0.7%
average maturity:
8.3 years
Residual Amount
outstanding
Oct -16 New issues Amount repurchased
Bond Maturity Profile after October 2016
0,0
0,5
1,0
1,5
2,0
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
(bln €)
Liability Management Transaction
18. 18
GCA overview
• Founded in Jan 2012 as wholly
owned subsidiary of OMV
• One of the two Transport System
Operators (TSO) in Austria
• Owns and operates 886 km of
high pressure pipelines linking
Germany, Hungary, Slovenia and
Slovakia
• Plays an important part in the
Austrian and European gas
supply network
• Holds equity stake in several key
infrastructure companies
CGA
at a
glance
2012
Certified ITO and
market area
manager for the
Eastern market
area by Austrian
regulator
September
2014
GCA’s Trans Austria
Gasleitung (TAG)
pipeline transferred to
Austrian TSO Trans
Austria Gasleitung
GmbH
September
2016
Agreement for the
sale and purchase of
a 49% minority stake
in Gas Connect
Austria GmbH (GCA)
signed by OMV and
the Consortium
composed of Allianz
and
Snam S.p.A.
19. • Competitive auction process for the 49% stake in GCA
started by OMV in Q2-2016.
• Snam and Allianz Capital Partners (ACP) formed a
Consortium in Q3-2016 to jointly bid for GCA.
• Total cash consideration paid to OMV equal to 601 M€,
including 147 M€ pro-quota reimbursement of existing
GCA shareholder loan
• Binding non-recourse financing of 310 M€ granted to
the Consortium by a pool of international banks
• Acquisition completed through a jointly controlled
vehicle owned 60%/40% by Allianz and Snam
respectively
• Closing of the transaction expected by year-end
Ownership Transaction structure
19
vehicle
60% 40%
Senior
Loan
financing
49%
GCA
51%
Pool of
banks
TAG GmbH
15.5%
84.5%
Transaction structure
20. 9M 2015 9M 2016 ∆ %
Transport Gas injected into the network (bcm) 49.9 51.4 +3.0
Gas pipeline network (km in operation) 32,454 32,455 - -
Storage Storage capacity (bcm)
• Modulation
• Strategic
16.0
11.5
4.5
16.5
12.0
4.5
+3.1
+4.3
- -
Gas moved through storage system (bcm)
• Injection
• Withdrawal
16.52
9.32
7.20
15.85
9.31
6.54
-4.1
-0.1
-9.2
Distribution Gas distributed (bcm) 5.09 4.96 -2.6
Active Gas Metering at redelivery points (# mln) 6.52 6.52 +0.1
20
Operational data
21. 21
Income Statement
[ € mn ] 2015 9M 2016 9M Change
Revenues 2,748 2,586 - 162
Operating expenses - 640 - 618 +22
EBITDA 2,108 1,968 - 140
Depreciation & amortisation - 636 - 672 - 36
EBIT 1,472 1,296 - 176
Net interest income (expenses) - 277 - 255 +22
Net income from associates 97 99 +2
EBT 1,292 1,140 - 152
Income taxes - 404 - 357 +47
NET PROFIT 888 783 - 105
24. 24
Balance Sheet
[ € mn ]
Dec, 31
2015
Sep, 30
2016
Change
Net invested capital 21,365 21,524 +159
Fixed capital 22,121 22,610 +489
Tangible fixed assets 15,396 15,808 +412
Intangible fixed assets 5,275 5,275 -
Financial receivables held for operating activities 78 164 +86
Equity-accounted and other investments 1,372 1,363 -9
Net working capital -607 -938 -331
Receivables 2,092 1,751 -341
Liabilities -2,699 -2,689 +10
Provisions for employee benefits -166 -166 -
Assets held for sale and directly related liabilities 17 18 +1
Net financial debt 13,779 14,019 +240
Shareholders' equity 7,586 7,505 -81
25. 25
Disclaimer
This presentation contains forward-looking statements regarding future events and the future results of Snam that are based on current expectations,
estimates, forecasts, and projections about the industries in which Snam operates and the beliefs and assumptions of the management of Snam.
In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs, return on
equity, risk management are forward-looking in nature.
Words such as ‘expects’, ‘anticipates’, ‘targets’, ‘goals’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, variations of such words, and similar
expressions are intended to identify such forward-looking statements.
These forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate
to events and depend on circumstances that will occur in the future.
Therefore, Snam’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors that might
cause or contribute to such differences include, but are not limited to, economic conditions globally, political, economic and regulatory developments in Italy
and internationally.
Any forward-looking statements made by or on behalf of Snam speak only as of the date they are made. Snam does not undertake to update forward-looking
statements to reflect any changes in Snam’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such
statement is based.
The reader should, however, consult any further disclosures Snam may make in documents it files with the Italian Securities and Exchange Commission and
with the Italian Stock Exchange.