Snam SpA Strategic Plan Call (2019-2023) Transcript
Ladies and gentlemen, good morning, and welcome to Snam's 2019-2023 Strategy Presentation. Thank you to all of those who've joined us here at our Milan headquarters and to those who are following us remotely.
In 2019, for the 12th year in a row, Snam completed our CapEx plan on time and on budget. Over the last 4 years, we've consistently delivered on our strategy. We've grown our asset base, delivering almost 900 kilometers of new pipelines. We've acquired regulated businesses in Italy, Austria and Greece,and substantially derisked the on-time completion of the TAP project. Our efficiency plan has contributed to an overall reduction in core business costs of almost 9% since 2016. And as the energy transition becomes more crucial, we are increasing our role and exposure and have in-sourced distinctive competencies and technologies that have allowed us to launch 3 new businesses where we are making good progress. Meanwhile, we've reduced the cost of financing by 40% and increased our cash return to shareholders. Whilst we're executing our strategic
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