Italgas: co-optation of a director

Milan, 28 July 2017 – The Board of Directors of Italgas S.p.A., on the proposal of the Appointments Committee, in compliance with the quota reserved for the less represented gender, has co-opted Federica Lolli as a non-executive director to replace the outgoing Barbara Borra.

The Board of Directors has ascertained the existence of the legal and independence requirements set forth in the Corporate Governance Code of Listed companies. The Board of Statutory Auditors has confirmed that the criteria and the ascertainment procedures adopted to assess the independence requirements have been correctly applied.

The co-opted Director, pursuant to art. 2386 of the Italian Civil Code, will remain in office until the next shareholders’ meeting.
The full text of the curriculum vitae of Federica Lolli is available at the registered offices and on the website of the Company www. in the section

The Company specifies that, as far as it is aware, as of today Federica Lolli does not hold shares in Italgas S.p.A.

Italgas: approved results for the first half 2017

Milan, 28 July 2017 – Italgas Board of Directors, met yesterday, approved the Consolidated Half-Year Report as at 30 June 2017*.

Key figures

Consolidated economic and financial highlights:

  • Total revenue: €565 million (+9.5%)
  • EBITDA: €390 million (+21.9%)
  • EBIT: €204 million (+14.6%)
  • Net profit: €140 million (+23.1%)
  • Net cash flow from operating activities: €329 million (+12.7%)
  • Technical investments: €243 million (+59.6%)
  • Net financial debt: €3,682 million

Operating highlights (including affiliates):

  • Gas concessions: 1,581
  • Number of active meters: 7.4 million
  • Gas distribution network: more than 65,000 Km

Paolo Gallo, CEO of Italgas, commented:
We are closing the first half of 2017 with growth in all our economic and financial indicators, thanks to the positive effects of programmes to streamline processes, manage operating costs and optimise finances launched in recent months. This has resulted in increases of approximately 22% in EBITDA and 23% in net profit. These results enable us to pursue our strategic objectives with a commitment to sustainable and profitable growth for our stakeholders. In particular, we will continue with implementing the planned investments in the meter replacement, the network development and replacement initiatives and the application of digital technology solutions that will allow us to generate efficiencies and benefits for the entire Italian distribution gas system”.

*Subject to a limited audit


The results for the first half of 2017 are in line with stated market objectives and confirm that the Group has made good progress along its path of steady and profitable growth. The financial results show a 14.6% increase in EBIT and 23.1% in net profit, achieved through the optimisation of company structures and internal processes, the progress of efficiency gains, maintaining the cost of debt below 1%.

Technical investments made in the half totalled €243 million, a 60% increase compared with the same period in 2016, and in line with the objective of more than €500 million in investments by the end of 2017. Nearly 50% of the investment went towards the implementation of the replacement programme of traditional meters with electronic smart meters. In the first half of the year, over 800,000 smart meters were installed, accounting for 12% of the total meter of the Group. To date, following considerable technical, organisational and financial efforts, approximately 2 million smart meters were installed, with the aim of completing the replacement of all the meters between 2019 and 2020.

Operating free cash flow amounted to €329 million in H1, which supported the financing of the investment programme and the dividend payment for the 2016 fiscal year, while maintaining a net financial position below €3.7 billion as at 30 June 2017.

Italian companies join forces to support gas heat pumps as a solution to reduce emissions and improve energy efficiency

Milan, 28 July 2017 – Combating air pollution, improving energy efficiency and promoting the use of renewable sources in air conditioning. These are the main objectives shared among Italian companies and associations, with the contribution of the Politecnico di Milano University, aiming to promote gas heat pumps as a modern, environmentally friendly and cost-effective solution in line with strategies targeted to reduce emissions in the heating sector.

This partnership has been detailed in a position paper jointly developed by the gas heat pump industry (Maya, Panasonic Heating & Cooling, Robur, Tecnocasa Climatizzazione), the Climgas association and the main gas infrastructure operators in Italy (Snam, Italgas, 2i Rete Gas). The paper identifies the advantages of a technology that leverages transportation, storage and distribution infrastructure to enhance the role of natural gas – and eventually biomethane – in enabling the use of renewables in buildings, in line with the COP 21 targets.

Gas heat pumps, in particular, allow primary energy savings of more than 40% compared to conventional gas boilers. This is also achieved through the recovery of renewable energy from the external environment. They are also one of the most cost-effective energy options, cutting over 30% of heating operating costs for final customers and easily integrated into existing plants, which are the most energy-intensive sectors in Italy.

In addition, gas heat pumps allow for a substantial reduction in greenhouse gas emissions (carbon dioxide) which can also be completely eliminated when they are fuelled with renewables such as biomethane and bio-syngas obtained from Power-To-Gas plants. The same reduction occurs for health-damaging emissions such as nitrogen oxides, particulate matter and organic gaseous compounds.

Further benefits include high performance both in intense cold conditions and during the summer thanks to the total recovery of residual heat and the optimization of energy network utilization. A greater spread of gas heat pumps would in fact prevent expensive electricity grid reinforcements by exploiting existing gas infrastructure.

In light of the recent public consultation on Italy’s National Energy Strategy, the position paper intends to boost this technology by leveraging a leading infrastructure system at the European level and combining primary energy efficiency, viability and convenience for consumers.

Today, promoting the use of gas heat pumps is the simplest and most immediate way to improve efficiency and reduce heating power consumption without invasive plant modifications or increasing energy efforts, and to significantly reduce emissions.

Conference Call: 2017 First Half Results

Paolo Gallo, Italgas CEO, and Antonio Paccioretti, Italgas General Manager, presented 2017 First Half Results.

Conference Call for the presentation of results to the community was held on Friday, July 28th, 2017 at 2:00 pm CEST.

Italgas: Ms Barbara Borra resigned her office as member of Board of Directors

Milan, 20 July 2017 – Italgas announces that as of today, the independent member of the Board of Directors of Italgas S.p.A., Ms Barbara Borra, resigned her office with immediate effect.

Ms Borra was also Chair of the Compensation Committee and was a member of the Control, Risk and related-party Transactions Committee of Italgas S.p.A.

The decision is due to supervening professional commitments, incompatible with the current office held on the Board.

As far as it is aware, the Company specifies that, as of today Ms Barbara Borra does not hold shares in Italgas.

The Company wishes to express its deep gratitude to Ms Barbara Borra for her hard work and the results achieved during her time in office.

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