March 2022 - Italgas.it

Italgas signed the agreement for the new Smart Working model

Posted on March 16, 2022 by adigiuseppe

Milan, 16 March 2022 – Italgas has signed an agreement with all the Trade Unions for the introduction of the new Smart Working model, which will be effective after the period of health emergency experienced over the last two years.

From next April, all Group employees will be able to take part in agile working on a voluntary basis, with the sole exception of those who carry out operational activities.

Italgas adopted two organisational models, which take into account the different types of activities carried out and their suitability for remote working:

Weekly, for technicians working on networks and plants throughout the country who may opt for remote work up to one day per week.
Monthly, for all other employees, allowing smart working for up to ten days a month.

A series of practical measures have been identified as part of the agreement, with the aim of concretely improving work-life balance. Each employee will be able to agree with his or her supervisor on the time slot between 8 a.m. and 7 p.m. within which he or she can work and will also receive a “Smart Ticket” for the days when he or she chooses to work remotely.

The company has also introduced the possibility of benefiting from an additional 40 days of smart working per year to support parenting, protect the vulnerable and assist relatives.

Peter Durante, HR Director of Italgas, commented: “One of the lessons we learned from the health emergency is that we need to contribute to the well-being of our people, and this agreement will certainly improve their work-life balance. We strongly believe in goal-oriented work and in empowering each employee, and we are convinced that reconciling life and work generates a virtuous mechanism with a positive impact also on results. I am particularly proud of the potential 40 extra days of smart working per year available to our colleagues: an opportunity that allows them to better manage challenging moments in life“.

GD4S presents its first Sustainability Charter. Defines the Association’s commitment across the three pillars of sustainability

Posted on March 15, 2022 by adigiuseppe

Brussels, 15 March 2022 – GD4S, the association that brings together the main gas distribution operators in seven European countries, today presented its Sustainability Charter entitled “Decarbonising the gas grid as a key enabler for a climate neutral society”, which defines the collective approach and commitments of the association’s members across the three sustainability pillars of Environmental, Social, and Governance, contributing to the European objective of carbon neutrality by 2050.

Drafted jointly by all GD4S members over the last 18 months, the Sustainability Charter represents the key initial step on a collective journey aimed at positioning gas DSOs among the promoters of a cross-cutting commitment to sustainability and among the key players on the EU energy transition path.

The Association’s members presented 9 long-term commitments:

Reduce greenhouse gas and methane emissions in their operations and improve energy efficiency
Contribute to the development and distribution of renewable energy sources in their grids
Preserve resources and protect biodiversity
Promote a corporate culture that fosters equal and fair treatment of their workers, and their continuous development in a safe workplace
Provide quality service and a safe supply of gas that meets the needs of their customers
Strive to positively impact society in the territories where they operate
Practise fair and transparent advocacy and prevent corruption
Disclose performance transparently
Enhance dialogue with stakeholders

“Presenting the Association’s first Sustainability Charter – commented Paolo Gallo, CEO of Italgas and former President of GD4S – we formalise our commitment to building a better future for the environment, for our people and for all our stakeholders. A carbon-neutral future that is also characterised by transparency, loyalty and fairness in our relations with the world around us. The definition of specific shared commitments is the first step for further increasing our sustainability performance and effectively supporting the achievement of the net zero target. We hope that our commitment will foster positive change and inspire other players in the energy sector”

Building on that, Narcís De Carreras current President of GD4S declared “We are convinced about the fundamental role gas distributors have in achieving the EU’s climate objectives. Enhanced underground distribution networks coupled with renewable gas (biomethane and green hydrogen), represent a key asset for today’s European energy system and a secure and fair migration towards energy decarbonisation. We also want to strengthen collaboration with other associations in the hope that all European stakeholders can take advantage of the full potential of gas networks for the energy transition”.

Italgas: The Board of Directors convenes the Shareholders’ Meeting on Tuesday 26 April 2022

Posted on March 10, 2022 by adigiuseppe

Milan, 10 March 2022 – Italgas’ Board of Directors, which met on 9 March 2022 under the chairmanship of Alberto Dell’Acqua, resolved to call an Ordinary Shareholders’ Meeting on 26 April, at 10:30 a.m., in a single call, to resolve on the approval of the 2021 Financial Statements, the proposed profit allocation, the report on the remuneration policy and compensation paid, as well as the appointment of the corporate bodies.

The Board has resolved to propose to the Shareholders’ Meeting the distribution of a dividend of 0.295 euros for each Company share. The dividend will be paid out on 25 May 2022, with coupon date of 23 May 2022 (record date 24 May 2022).

The Board of Directors will also submit to the Shareholders’ Meeting its own proposals on the determination (i) of the duration in office and compensation of the Directors, as well as (ii) the compensation of the Chairman of the Board of Statutory Auditors and of the Standing Auditors.

In compliance with the provisions of Legislative Decree 58/98 (“CLF”) and the New Corporate Governance Code, the Board of Directors also assessed the independence of its Directors as at 9 March 2022. The Board of Directors, having duly acknowledged the check of its members carried out by the Board of Statutory Auditors, also assessed on the same date whether the members of the Board of Statutory Auditors still meet the independence requirements, also in accordance with the New Corporate Governance Code.

In execution of the 2018-2020 Co-Investment Plan approved by the Ordinary and Extraordinary Shareholders’ Meeting of 19 April 2018, the Board resolved on the free allocation of a total of 477,364 new ordinary shares of the Company to the beneficiaries of said Plan (second cycle of the Plan) and started the execution of the second tranche of the capital increase resolved on by the aforesaid Shareholders’ Meeting, for a nominal amount of 591,931.36 euros drawn from retained earning reserves. The Company will provide accurate information in the manner and within the terms prescribed by law on the implementation of the Plan and the share capital resulting from the execution of said increase.

The Company has decided to make use of the option provided in art. 106, subsection 4, of Decree-law 18/2020, converted with amendments into Law no. 27/2020, as extended by Decree-Law no. 228/2021 converted by Law no. 15/2022, establishing that those entitled to participate in the Shareholders’ Meeting may only do so through Georgeson S.r.l., with registered offices in Rome, Via Emila 88, which has been named as the “Designated Representative” of the Company under art. 135-undecies of the CLF. For more information in this regard, see the call notice of the Ordinary Shareholders’ Meeting of Italgas which will be published by the Company in the manner and within the terms prescribed by law.

As indicated in the Shareholders’ Meeting call notice, the Integrated Annual Report as at 31 December 2021, the Report on the 2022 Remuneration Policy and 2021 Compensation Paid, the 2021 Corporate Governance and Ownership Structure Report, reports on the items on the agenda, and the remaining legal documentation for the purposes of the Shareholders’ Meeting will be made available within the time period established by law.

Italgas: consolidated Results as of 31 december 2021 approved

Posted on March 10, 2022 by adigiuseppe

The Board of Directors has convened the Shareholders’ Meeting for 26 april 2022.

Milan, 10 March 2022 – Italgas’ Board of Directors, chaired by Alberto Dell’Acqua, met yesterday and approved the results as of 31 December 2021 and resolved to propose to the Shareholders’ Meeting the distribution of a dividend of € 0.295 per share (+6.5% compared to 2020).

Key figures

Economic and financial highlights¹

Adjusted total revenues: € 1,370.8 million (+2.8%)
Adjusted EBITDA: € 1,008.9 million (+4.1%)
Adjusted EBIT: € 583.2 million (+6.2%)
Adjusted net profit²: € 367.7 million (+6.0% compared to the 2020 restated result)
Technical investments: € 865.1 million (+11.5%)
Cash flow from operating activities: € 831.9 million (€ 746.6 million in 2020)
Net financial debt³ € 4,980.0 million; € 4,910.0 million excluding the effects of IFRS 16

Sustainability highlights

160.7 10³tCO₂e Scope 1 and 2, -7.3% on 2020
Volumes of gas distributed: 8,886.68 million cubic metres, +4.8% on 2020
0.067 energy intensity⁴, -4.3% on 2020
Gas leakage rate⁵: 0.087% -13.0% on 2020
Fugitive emissions/km network: 106.7 -10.3% on 2020
Grams of pollutants per km travelled by the car fleet: 0.081 gNOx (in line with 2020), 0.0003 grams particulate (-18.3% on 2020)
Employee and contractors accident frequency index⁶: 1.07 (compared with 1.41 in 2020)
22% women in positions of responsibility, as compared with 16.7% in 2020
16.4% women in the company, as compared with 15.1% in 2020
112,379 total hours of training provided (+48.0% on 2020), of which 24,832 for topics relating to digitisation

Operating highlights (including affiliates):

Municipalities in gas distribution concessions: 1,898
Number of active meters: 7.757 million
Gas distribution network: around 74,400 Km

In a context of substantial economic recovery, albeit partly limited by the ongoing health emergency and the hike in energy prices, the Italgas Group’s performance confirms the constant growth trend initiated with the return to the stock exchange in November 2016. The financial year 2021 presents extremely positive results with reference to all the main economic and financial indicators, combined moreover with the significant progress reported aimed at achieving the ESG targets established in the 2021-2027 Strategic Plan.

The integration of sustainability and economic performance targets enables the Group to contribute with its investment choices to the energy transition process, in line with EU guidelines, and to help to ensure the implementation of the Italian National Recovery and Resilience Plan.

The € 865.1 millions of investments carried out in the period (+11.5% compared to 31 December 2020) bear witness to this. These investments are devoted primarily to the digital transformation of assets and processes, the methanisation of Sardinia and the repurposing of the networks to enable them to distribute renewable gases (biomethane immediately and, in the medium term, green hydrogen and synthetic methane).

In 2021, 732 km of new pipes were laid, of which 91 km in Sardinia, where the construction of fully-digital new networks continued, including through the installation and commissioning of 50 new LNG storage plants, reaching a total length of approximately 900 km out of a total of around 1,100 km to be developed: at end 2021, a total of 3,891 redelivery points on the island are serviced with natural gas.

Cash generation has also increased considerably, with cash flow from operating activities at end 2021 totalling € 831.9 million.

The net financial position⁷ as of 31 December 2021 was € 4,980.0 million (€ 4,736.5 million as of 31 December 2020). The net financial position⁴amounted to € 4,910.0 million (€ 4,660.2 million as of 31 December 2020), net of financial liabilities pursuant to IFRS 16 of € 70.0 million (€ 76.3 million as of 31 December 2020).

The adjusted EBITDA at the end of 2021 amounted to € 1,008.9 million (+4.1% compared to 31 December 2020) and adjusted net profit attributable to the Group was € 367.7 million (+6.0% compared to 31 December 2020).

In the context of the public tender called by the Greek government for privatisation of the distribution operator DEPA Infrastructure S.A, on 9 September 2021, Italgas was declared the ‘preferred bidder’ by the Greek privatisation fund (HRADF), and on 10 December 2021 a purchase contract was signed for a price of € 733 million. The acquisition of DEPA Infrastructure S.A., which will draw to a close during the first half of 2022, will allow the Group to further strengthen its leadership position in the European gas sector, entering a market that offers significant growth opportunities and for which it will be able to make its well-known distribution network development and digitisation capacities available to support the country’s energy transition process.

Paolo Gallo, CEO of Italgas, commented:

In 2021, which saw the first significant signs of economic recovery, albeit influenced by the ongoing health emergency and the strong tensions around the costs of raw materials, Italgas was confirmed as one of Italy’s most solid industrial companies.

For the twentieth consecutive quarter since the return to the stock exchange, we recorded growth in all economic indicators, in particular the adjusted EBITDA which increased by 4.1%, surpassing € 1 billion, and the adjusted Net Profit, which at +6% came to € 367.7 million. Investments, which reached a record € 865 million, grew by 11.5% compared to the previous year and at the same time continued to be a strategic leverage in continuing the digital transformation of the network and an important contribution for the relaunch of the Italian economy.

Digitising as widespread an infrastructure as our distribution network not only corresponds to valorize an asset of the country and becoming a global benchmark for the sector; it also means ensuring that the gas networks have a central role in the ecological transition as an asset that, with a view of sector coupling, is able to guarantee efficiency and flexibility to Italy’s entire energy system and a greater diversification of sources through the progressive introduction of renewable gases like biomethane and hydrogen.

This same logic is applied to the commitment in Greece, where the acquisition of DEPA Infrastructure signed last December will allow us to work alongside the Greek government to phase out carbon and lignite and to encourage the achievement of EU net zero targets.

Technological innovation continues to be the main driver of the Italgas Group’s significant development alongside attention to people as shown by the growth in the percentage of the women working in the Group and in managerial positions, and the strong drive on training, which saw a major increase in the number of training hours delivered, also with a specific focus on digitisation.

1. For the economic and financial analyses for the financial year 2021, the company considered it more representative to comment on the adjusted results, i.e. the recurring results, comparing them with the adjusted recurring results for the financial year 2020.

2. Adjusted net profit refers to the adjusted amount attributable to the Italgas Group, net of the portion attributable to minority interests.

3. As of 31 December 2021, the net financial debt shown in the directors’ report did not consider liabilities for € 5.6 million due to Conscoop, consisting of shareholder loans disbursed by it to Isgastrentatrè, later incorporated into Medea, insofar as they were considered part of the deferred purchase price settlement.

4. Calculated as the ratio of total Group energy consumption and gas distributed.

5. Volume of fugitive emissions of natural gas/volume of gas distributed.

6. Frequency index: number of accidents recorded / million hours worked

7. As of 31 December 2021, the net financial debt shown in the directors’ report did not consider liabilities for € 5.6 million due to Conscoop, consisting of shareholder loans disbursed by it to Isgastrentatrè, later incorporated into Medea, insofar as they were considered part of the deferred purchase price settlement.

Italgas becomes a shareholder of the Californian company Picarro Inc.

Posted on March 2, 2022 by adigiuseppe

Milano (Italia), Santa Clara (California-USA), 2 March 2022 – Italgas strengthened its partnership with Picarro Inc. through the acquisition of a minority share of the US company, a leading technology start-up in the field of sensors applied to the monitoring of gas distribution networks, as well as in technologies designed for those sectors requiring extremely sensitive measurements, such as environmental measurements of the concentration of Hazardous Air Pollutants and the electronics industry for the detection of impurities in semiconductor foundries.

The equity investment was acquired for a cash payment of 15 million dollars.

Its shareholding in Picarro as the sole industrial partner (the other shareholders are founders and venture capital funds), will allow Italgas – through Mr. Paolo Gallo joining the Picarro’s Board of Directors – to contribute to the further development of the technology for the fugitive methane emissions abatement, now at the heart of European decarbonisation objectives.

Italgas, indeed, expects to reduce its greenhouse gas emissions by 30% by 2027, also thanks to the increasingly widespread use of Picarro technology, which has already shown significant advantages in terms of speed of execution of monitoring activities, accuracy of measurements and size of the areas monitored. By strengthening this partnership, Italgas confirms its commitment to reducing fugitive methane emissions, also by promoting the diffusion of CRDS (Cavity Ring-Down Spectroscopy) technology developed by Picarro to other gas distribution operators, that look to Italgas as a global benchmark for technological and digital innovation.

“Technological innovation and digital transformation – said Paolo Gallo, CEO of Italgas – are the main levers of our path to growth and decarbonisation of the economy. With this transaction, we are strengthening a strategic partnership that in recent years has enabled us to improve the effectiveness and efficiency of the monitoring of our 74,000 kilometres of networks in Italy. With Picarro, we will support the decarbonisation of our sector even more significantly, by measuring and thus reducing greenhouse gas emissions, in line with the targets set by the EU”.

“As the natural gas industry faces the imperative of a decarbonised future, Picarro is becoming the de-facto partner to the world’s leading gas distribution companies” – commented Alex Balkanski, CEO of Picarro.