Snam SpA (OTCPK:SNMRY)

$ 9.29 0.115 (1.25%) Market Cap: 15.58 Bil Enterprise Value: 32.76 Bil PE Ratio: 13.50 PB Ratio: 1.93 GF Score: 75/100

Q3 2022 Snam SpA Earnings Call Transcript

Nov 10, 2022 / 01:30PM GMT

Release Date Price: $9.79 (+4.26%)

Transcript

Operator

Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Snam 9 Months 2022 Consolidated Results Conference Call. (Operator Instructions).

At this time, I would like to turn the conference over to Mr. Stefano Venier, CEO of Snam. Please go ahead, sir.

Stefano Venier

Snam S.p.A. - CEO & Director

Ladies and gentlemen, good afternoon, and welcome to Snam 9 months results presentation.

Page 1, gas prices, volatility continued with peaks during August, September, followed by a sharp decline from October on the back of mild winter -- mild weather, sorry, the end of EU storage infilling campaign and recession fears. Italian demand was down 3% in 9 months, driven by decline of residential demand by minus 5%, due to mild weather and a drop by 9% in industrial demand due to high prices, while thermoelectric sector was up 3% as effect of low hydro production.

Exports to Northern Europe continued reaching 2.7 bcm, confirming Italy's role as a transport hub. Q3 demand was down by 7% year-on-year,

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