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DEPA Infrastructure (Italgas Group): corporate simplification in Greece completed

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Athens, October 5th, 2023 – Italgas Group announced the successful completion of the corporate simplification process related to its operational presence in Greece.

 

Specifically, the merger by incorporation of EDA Thess and EDA Attikis, both subsidiaries of Depa Infrastructure Group into DEDA (Public Gas Distribution Company S.A.) has been finalized.

 

As a result of this merger, DEDA is responsible for the development and management of the gas distribution service in all regions of Greece where the Depa Infrastructure Group operates. It currently manages approximately 7,700 km of network and serves over half a million customers.

 

Following the merger, the Shareholders’ Assembly of DEDA has renewed the Board of Directors and appointed Alessandro Menna as the President of the company. Subsequently, the Board of Directors has appointed Francesca Zanninotti as the Chief Executive Officer.

 

Francesca Zanninotti, a management engineer, brings extensive expertise in the gas distribution sector. She has previously served as the CEO of DEDA and EDA Thess, as well as the CEO of Medea, the Italgas Group subsidiary overseeing Sardinia methanization, and AcamGas in Liguria.

Italgas: the Board of Directors approves the renewal of the EMTN programme

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Milan, 29 September 2023 – Italgas’ Board of Directors, chaired by Benedetta Navarra, met today and approved the renewal of the EMTN Programme (Euro Medium Term Notes) with a maximum nominal amount of 6.5 billion euro.

As of today, under the current EMTN Programme the notes outstanding are in nominal amount equal to 4.98 billion euro.

The Board of Directors has also approved the issue of one or more bonds to be placed only with institutional investors within one year by the signing date of the Programme. The total amount of the bonds issued may not in any case exceed the abovementioned maximum amount. The newly bonds issued may be listed on the regulated markets.

Through the EMTN Programme the Company will still be enabled to issue also Sustainability-Linked Notes, in line with Italgas’ strategy of achieving the sustainability targets disclosed to the market during the Strategic Plan 2023-2029 presentation.

Italgas in Silicon Valley: meeting at INNOVIT with Energy Start-ups

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San Francisco (USA), September 22, 2023 – As part of the internationalization program promoted by the Italian Innovation Center at INNOVIT, Italgas has officially launched its space in San Francisco and met with a curated selection of startups dedicated to energy and sustainability.

The presentation of the proposals developed by these start-ups took place during an event on the theme “Energy transition – Inventing our decarbonized future”. The aim of the event was to promote interaction between start-ups and established industrial companies and to highlight the commitment and efforts of all stakeholders in the challenge of decarbonization and the pursuit of energy transition.

Introduced by the Italian Consul General in San Francisco, Sergio Strozzi, and moderated by Alberto Acito, Director of the Innovation Center, the event was attended by Italgas CEO, Paolo Gallo. He emphasized the importance of collaboration between Italgas and the technological ecosystem of Silicon Valley, as well as the opportunity for young companies in the acceleration program promoted by INNOVIT to interact with one of the leading international energy companies.

Italgas is no stranger to engaging in the world of innovation, and its various global initiatives (“call for startup”) have allowed the identification of very effective applications, not only within its industrial processes, but also throughout the entire industry. Italgas has provided many of them with the necessary support to maximize the impact of innovations, patent ideas and apply them in other industrial sectors.

“Our efforts,” stated Paolo Gallo, CEO of Italgas, “have always been directed towards continuous scouting, both in Italy and abroad, for innovative solutions that can improve the performance of our company and, in perspective, the entire gas distribution sector and, consequently, the whole Country. We have decided to go even further by establishing a stable presence at INNOVIT, our technological outpost. We believe in the open innovation approach, which allows companies to grow faster and enhance their competitiveness”.

“Innovation and new technologies are essential for the development of sustainable, safe and accessible energy infrastructures” said Alberto Acito, Director of the Innovation Center. “The opening of Italgas’ Silicon Valley technological outpost at INNOVIT is an important signal for Italian startups in the field of clean technologies. Silicon Valley continues to be the engine of innovation, and I hope that other companies will follow Italgas’ example, both to enter the U.S. market and to accelerate the adoption of new technologies and improve their competitiveness in international markets”.

INNOVIT is promoted by the Directorate General for the Country System of the Ministry of Foreign Affairs and International Cooperation, in collaboration with the Italian Embassy in Washington and the Consulate General in San Francisco. It is managed with the support of ICE – the Agency for the Promotion of Italian Enterprises Abroad – and the Italian Cultural Institute in San Francisco. Its mission is to stimulate innovative entrepreneurial ideas, catalyze cross-border innovative projects, and accelerate their international development, enabling Italian entities to establish a stable presence in Silicon Valley and across the United States. It is a strategic initiative of the Italian government to promote innovation within the national system in the United States.

Since October 2022, the management of the Italian Innovation Center at INNOVIT has been entrusted to the Giacomo Brodolini Foundation, a think-and-do tank for innovation and local development, and Entopan Innovation, an incubator and accelerator within the Harmonic Innovation Group.

Italgas obtains UNI/PdR 125:2022 gender equality certification

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Milan, September 7, 2023 – Italgas S.p.A. has obtained the UNI/PdR 125:2022 certification for gender equality, which recognizes the ability of organizations to adopt a systemic approach and cultural change capable of creating inclusive and equal working environments.

The important result, achieved after an intensive internal audit process, was attested by DNV, an independent body operating in more than one hundred countries for certification, assurance and risk management services.

The organization’s inclusiveness and respect for gender equality were ascertained through the assessment of six specific areas: culture and strategy, governance, HR processes, opportunities for growth and inclusion of women in the company, gender remuneration equity, protection of parenthood and work-life balance.

With the UNI/PdR 125:2022 certification, Italgas reaches another important milestone on the path towards the creation of an increasingly inclusive work environment, capable of valuing the diversity of people and enabling them to develop their potential.

“Gender equality – explained Italgas CEO Paolo Gallo – is a goal we have set ourselves for some time. A focus that in the latest Strategic Plan, presented last June, has been translated into even more ambitious targets, in terms of number of positions of responsibility and equal pay. These targets are part of a sustainable growth path that relies on the irreplaceable driving force of motivated people in harmony with the context”.

Gender Equality is one of the 17 Sustainable Development Goals set by the UN (Goal 5), which is also supported by PNRR Mission 5.

The Italgas stock has been confirmed for the seventh consecutive year in the FTSE4Good Index Series.

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Milan, 27 July 2023 – The Italgas stock has been confirmed for the seventh consecutive year as part of the FTSE4Good Index Series, which globally groups the best companies distinguished for their commitment to sustainable economic development.

The current review has resulted in a sustainable performance rating of Italgas at 4.3 points (out of a maximum of 5), an improvement compared to the previous score of 4.2.

The achieved result places Italgas above the Italian companies’ average and above the international sector average, confirming the Group’s strong commitment to people’s well-being, the protection of the planet, and the promotion of partnerships for sustainable development – the pillars of its Sustainable Value Creation Plan.

Italgas: consolidated results as at 30 june 2023 approved

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Milan, 25 July 2023 – The Italgas’ Board of Directors, chaired by Benedetta Navarra, met today and approved the consolidated results for the first half of 2023.

Key figures1

Consolidated economic and financial highlights

  • Total revenues: 931.8 million (+31.7%)
  • EBITDA: 607.0 million (+18.3%)
  • EBIT: 358.8 million (+21.2%)
  • Adjusted net profit attributable to the Group: 213.2 million (+14.9%)
  • Technical investments: 398.2 million
  • Cash flow from operating activities: 319.6 million
  • Net financial debt (excluding the effects pursuant to IFRS 16)2: 6,230.7 million
  • Net financial debt3: 6,314.8 million

The item expresses net financial debt excluding the effects of IFRS 16 payables and the Italgas NewCo shareholder loan, inclusive of interest.

The item does not include liabilities for € 35.5 million consisting of the pro-rata share of the shareholder loan, including interest, to Italgas NewCo S.p.A, subordinated and convertible into shares, subscribed by the shareholder Phaeton Holding SA, deemed not to be financial debt.

Operating highlights4

  • Municipalities in gas distribution concessions: 2,045
  • Number of active meters: 7,959,758
  • Gas distribution network: 81,582 km

Sustainability highlights

  • 59.3 103 tCO2 eq Scope 1 and 2 (+8.4%)
  • Net energy consumption: 257.2 TJ (-14.7%)
  • 53,752 km of network inspected (+12.8%)
  • Fugitive emissions/km of network inspected: 50.16 smc/km (+2.3%)

In the first six months of 2023, Italgas Group’s operational activities aimed at achieving the goals of digital network transformation, the main enabler of the energy transition, and the targets set in the Strategic Plan 2023-2029 and the Sustainable Value Creation Plan continued. Italgas’ distribution networks – smart, digital and flexible – are ready to accommodate renewable gases, such as biomethane and synthetic methane, and to support a safe and cost-competitive green transition for industries and citizens.

During the first six months of the year, 398.2 million euros of investments were made and those investments were dedicated mainly to the extension, digital transformation and repurposing of networks. More specifically, 478 kilometers of new pipelines were laid in the first half of 2023. A significant contribution was dedicated to Greece, where were carried out activities worth an investment of about 50 million euros, for the completion of 311 kilometers of new pipelines, more than half of which related to the methanization plan in DEDA’s sphere of responsibility.

EBITDA for the first six months of the year amounted to 607.0 million euros (+18.3% compared to June 30, 2022) and net income attributable to the Group was 213.2 million euros (+14.9% compared to June 30, 2022).

With reference to sustainability goals, the significant contribution of the various innovation, digitisation and energy efficiency initiatives, both in the industrial and civil sectors, as well as the training activities aimed at informing employees on energy efficiency issues, have allowed the Group to continue on its path towards reducing net energy consumption (-14.7%) and related emissions (-12.0%), even against the inclusion of the DEPA Infrastructure Group’s contributions related to 2023.

Paolo Gallo, CEO of Italgas, commented:

The first half of 2023 shows a trend in continuity with past years, under the banner of steady growth and performance of excellence at the service of development in the countries where Italgas is present and operates.

The results achieved confirm the centrality of gas networks – smart, digital and flexible – and the Italgas Group in achieving the REPowerEU targets and, through them, a safe and competitive ecological transition.

All economic indicators showed double-digit growth with EBITDA reporting an increase of 18.3% to more than 600 million euros and Group Net Income of 213.2 million euros, up 14.9 % compared to the first half of last year, thanks in part to the development of activities in Greece and those in the field of energy efficiency.

With nearly 400 million euros invested in the first half of the year, the Company is confirmed as one of the leading industrial entities in terms of its ability to invest and ground projects that can help improve people’s quality of life. We have laid the foundations to play our part in the management of water services as well: by taking advantage of the technologies developed for gas and applying them to this sector, it will be possible to achieve immediate results in terms of efficiency and cost-effectiveness of the service for territories and communities.

The goal of carbon neutrality to 2050 is achievable through progressive reductions in net energy consumption and Scope 1, 2, and 3 emissions, and the results we achieve quarter after quarter prove it. Not only that. To actively promote further change, we have also introduced new targets referring to gender pay equity and the development of skills and enhancement of resources: actions that are indispensable for continuing to focus on innovation and putting it to value for the entire Group.

1 Data as of June 2023 includes the Greek DEPA Infrastructure group.

2 The item expresses net financial debt excluding the effects of IFRS 16 payables and the Italgas NewCo shareholder loan, inclusive of interest.

3 The item does not include liabilities for € 35.5 million consisting of the pro-rata share of the shareholder loan, including interest, to Italgas NewCo S.p.A, subordinated and convertible into shares, subscribed by the shareholder Phaeton Holding SA, deemed not to be financial debt.

4 Data as of June 2023 includes the Greek DEPA Infrastructure group

In San Francisco, Italgas has established a technological outpost

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In San Francisco, Italgas has strengthened its presence in the heart of Silicon Valley by opening a “technological outpost” at INNOVIT, the Italian Innovation and Culture Hub in San Francisco. The new Italgas desk in the US will facilitate interaction between the company and the Silicon Valley ecosystem.

Italgas CEO Paolo Gallo emphasized how this outpost will offer significant advantages due to its proximity to the world’s leading center for innovation and business opportunities. At the same time, Italgas will become a reference point for start-ups interested in developing cutting-edge solutions in the energy sector.

The opening of the technological outpost in San Francisco confirms Italgas as a pioneer in the global energy sector, able to take advantage of the opportunities offered by innovation and lead the transition to a sustainable future.

Italgas: 2023 return for Greek DSOs set at 8.57%

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Milan, 13 July 2023 – Italgas informs that RAEWW, the Greek Regulatory Authority for Energy, Waste, and Water Regulation, has disclosed the return (WACC – Weighted Average Cost of Capital) on the RAB (Regulated Asset Base) for 2023 for EDA Thess, EDA Attikis and DEDA (Italgas’ Greek DSOs), setting it at 8.57% (compared to 7.03% in 2022).

The decision was taken in accordance with the provisions of article 260 of Law 5037/2023.

The full document in its original language from RAEWW is available at the link https://www.rae.gr/apofaseis_/67961/

Sustainability for SMEs

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Free training opportunities for companies with fewer than 250 employees.

The growing attention to sustainability issues and the need to measure, manage and mitigate ESG (Environmental, Social and Governance) risks have always driven Italgas to promote and foster a sustainable approach not only for the Group, but also for its suppliers.

The issue of sustainability is a key success factor for the Group and it is an increasingly important and prioritized issue for value creation.

It is a priority objective of the Group to promote the development of our suppliers, supporting practical initiatives to qualify, empower and develop Small and Medium Enterprises, in line with the guidelines set out in the Sustainable Value Creation Plan 2022- 2028.

To this end, we promoted an initiative by Sustainability Makers, an Italian association that has been working for more than 15 years on the definition and implementation of sustainability strategies and projects, for a sustainability training course for those who manage sustainability issues in companies with fewer than 250 employees.

Interested suppliers who subscribed and will attend at least 80% of the course will receive a certificate of attendance.

Valore D – gender equality

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How inclusive is your company? – engagement project for all companies that want to map and measure Diversity, Equity and Inclusion policies.

For Italgas Group, social sustainability is a key success factor and it is an increasingly important and prioritized issue for value creation.

According to the United Nations Global Compact, social sustainability in business is about identifying and managing business impacts, both positive and negative, on people within the company, in the supply chain, and in the community in which the company operates. Inclusive growth means reducing inequality of income and opportunity and promoting empowerment and equal opportunity.

To this end, we are committed to fostering a culture in which people recognize the value brought by diversity, and we are developing new programs and initiatives dedicated to inclusion in the most diverse meanings, not only for Group employees, but also towards our suppliers.

Thanks to the collaboration with ValoreD, the first Italian association that for over 10 years has been committed to spreading a culture of inclusion and gender equality, we are now offering you the compilation of the Inclusion Impact Index Plus, a free and digital tool, able to analyze inclusion in all its forms.

At the end of the self-assessment, a report will be released that summarizes your performance with respect to diversity, equity and inclusion issues and allows you to compare your results with the industry benchmark and the market. The Index allows a structured and measurable approach of the company on inclusion issues and it is a useful support to consciously start the process of certifying gender equality, introduced by Law 162/2021 in implementation of the NRP.

Thus, two training and awareness-raising meetings on the importance of social sustainability in business are planned, since positive impact on the community can be increased only by joining forces.