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Cini Foundation for Heritage Lab

The Historical Archive of Italgas becomes Heritage Lab thanks to the partnership with the Giorgio Cini Foundation

The Italgas laboratory of knowledge, experimentation and above all innovation applied to historical and cultural heritage is born. Two centuries of history look to the future thanks to digitization.

Turin, July 9, 2020 – Italgas and the Giorgio Cini Foundation announce a partnership aimed at transforming Italgas’ Historical Archives and cultural heritage into a “Heritage Lab”, a laboratory equipped with the most advanced technologies for the 2D and 3D digitization of the historical, industrial, artistic and cultural heritage that the Company has collected and preserved during its almost two centuries of history. An experience that dates back to the first half of the nineteenth century, is intertwined on several occasions with the history of the country and whose deepening will allow an increasingly wide audience to observe from unprecedented angles many of the events that have marked the social, economic and technological evolution of the nation.

The agreement was approved today by the CEO of Italgas, Paolo Gallo, and the President of the Giorgio Cini Foundation, Giovanni Bazoli.

The Giorgio Cini Foundation is a cultural institution that stands out for being, at the same time, a centre of studies, a place of meeting and debate but also a space in which multidisciplinary research projects are developed, aimed at providing new tools for analysis and understanding of the reality around us.

In this sense “Heritage Lab” wants to be a model, unique in Italy, of a digitization archive-laboratory whose aim is not only the recovery and systematization of the historical archive of a large company but also its conversion into a big date of the past and, in this form, its sharing with the community interested in deepening its contents.

The Italgas Archives will thus be able to expand the opportunities for collaboration on a national and international level by developing new archival and historiographical activities and skills, as well as access to important circuits such as the ARCHiVe project (“Analysis and Archiving of Cultural Heritage in Venice”) created in 2018 by the Giorgio Cini Foundation, in collaboration with Factum Foundation and Digital Humanities Laboratory of the École Polytechnique Fédéral de Lausanne, thanks to the support of the Helen Hamlyn Trust, or even the large Time Machine consortium, which includes over 14.000 institutions representing more than 100,000 professionals committed to investigating the past with the aim of mapping Europe’s social, cultural and geographical evolution.

A radical paradigm shift aimed at making the most, thanks to technology, of Italgas’ entire cultural heritage: from the historical library to the newspaper and periodicals library, from museum collections to documentation on the archaeological heritage found during the laying of the gas infrastructure.

Today the Italgas Historical Archive consists of an original nucleus of more than 1,000 linear metres of documents, 6,000 volumes, pamphlets and magazines, 35,000 prints, photographs and posters, 350 period equipment and instruments declared of considerable historical interest by the Italian State and subject to notification and preservation. An ever-growing heritage whose study makes it possible to reconstruct not only the history of the Company and the people who worked there, but above all the links with the country’s main events and the world of energy, the role played in Italy’s industrialisation process, urban development and public services.

“The digital world and the materials stored in museums and historical archives – commented Italgas CEO Paolo Gallo – may seem to be at odds with each other: on the one hand, modernity and dematerialization, on the other hand, material evidence of a past that reaches the present day. The challenge of digital transformation is to identify a path that allows these two worlds to meet and enhance a history that is not only of Italgas but of the entire country. Thanks to the partnership with Fondazione Giorgio Cini, Heritage Lab becomes another important part of our deep digital transformation and with it Italgas confirms itself as a company where innovation is not only applied but also created“.

“We are proud of this prestigious collaboration ” – said the president of the Cini Foundation Giovanni Bazoli. “Two years ago, when we launched ARCHiVe, we set ourselves the goal of transforming it into a national and international reference centre for the conservation and enhancement of Cultural Heritage. The announcement of the Heritage Lab project by Italgas confirms the validity of our decision to promote the creation of ARCHiVe, in the belief that the development of theories and practices for digital enhancement can be a new mission of the Cini Foundation, as a leading institution in the conservation, promotion and dissemination of the values of Italian civilization in the world“.

Italgas: 500 million euro bond issuance successfully completed

NOT TO BE PUBLISHED OR DISTRIBUTED IN THE UNITED STATES, AUSTRALIA, CANADA AND JAPAN

 

Italgas: 500 million euro bond issuance successfully completed

 

Milan, 17 June 2020 – Today Italgas S.p.A. (rating BBB+ by Fitch, Baa2 by Moody’s) successfully priced a new fixed rate note, with June 2025 maturity for an amount of 500 million euros with an annual coupon of 0.250% under its EMTN Programme (Euro Medium Term Notes).

Today’s issuance provides a pre-funding for the financial needs linked to the Group growth strategy, confirms the solidity of its business model and the capacity to attract funds at competitive conditions.

The transaction has gathered a demand of almost 2 billion euros from a high quality and geographically diversified investor base.

Joint Bookrunners of the placement, restricted to institutional investors only, were Banca IMI,Barclays, BNP Paribas, Goldman Sachs, JPMorgan, Mediobanca, SocGen and UniCredit.

The bond will be listed on the Luxembourg Stock Exchange.

Details are as follows:

Amount: 500 million euro

Maturity: 24 June 2025

Annual coupon: 0.250%

Issue price: 99.205%

DISCLAIMER

This announcement (and the information contained therein) does not constitute or form part of any offer to sell nor a solicitation of any offer to buy any securities nor shall there be any offer of securities in any jurisdiction in which such offer or sale would be unlawful. It may be unlawful to distribute this announcement in certain jurisdictions. This announcement does not constitute an offer of securities for sale in the United States, in Australia, Canada and Japan and in any jurisdiction in which such offer or sale would be unlawful and is not for publication or distribution in any such jurisdictions. The securities referred to in this announcement have not been and will not be registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This announcement is not a public offer of financial securities in Italy as per Article 2, letter d), of Regulation (EU) 2017/1129. The documentation relating to the offer has not been/will not be submitted to the approval of CONSOB.

Conference Call: 2020 Performance update

Italgas Top Management presents an update on 2020 performance and on the impact of the Covid-19 emergency on business.

Conference Call for the presentation to the community will be on Thursday June 11, 2020 – 3:00 PM CEST

Click on the following link to watch the presentation live.

WATCH LIVE

 

https://www.italgas.it/en/press-release/Italgas-The-BoD-examines-the-operating-performance/

 

Italgas The BoD examines the operating performance

Italgas: the Board of Directors examines the expected performance of operations in 2020 and the expected impact on business of the Covid-19 emergency

 

Milan, 11 June 2020 – The Italgas Board of Directors met yesterday under the chairmanship of Alberto Dell’Acqua to examine the expected operating performance in 2020 and the impact on business of the Covid-19 emergency.

 

Guidance 2020

  • Revenues: more than €1.3 billion
  • EBITDA: € 960-980 million
  • EBIT: € 530-550 million
  • Capex: more than € 700 million
  • Net Debt: approximately € 4.5 billion[1]
  • Leverage: approximately 60%

The performance achieved in recent months and the speed at which almost all the network construction sites have resumed their activities demonstrate the Company’s ability to react using all the new technologies developed by the Digital Factory.

The effects of the ongoing digital transformation are now very clear: more efficient remote management of the network and increased control on the territory served with the use of innovative technologies such as “gas leakege detection”, “shareview”, “work on site”. All this has made possible to guarantee the continuity and security of essential services in all the municipalities served.

Thanks to the use of the cloud and the availability of digital tools for all staff, the Company reduced staff mobility and adopted the smart way of working all over the territory ensuring people’s health and safety.

In this first part of the year the Company also achieved a series of important objectives; Italgas

– was awarded the tender for the Atem of Belluno, which is equivalent to an immediate growth of about 40,000 pdr served and another 38,000 in the future;

– was included in the shortlist of candidates in the international tender for the purchase of DEPA Infrastructure S.A., the Greek company that controls the country’s natural gas distribution activities;

– acquired from AEG Coop 15% of the company Reti Distribuzione, which operates in 49 municipalities in Piedmont, mainly in Ivrea and the surrounding areas;

– had its credit rating confirmed by Fitch, despite the that Italy’s sovereign credit rating has been downgraded.

Conference call – A conference call will be held at 3:00 p.m. CET today to update the financial community on the performance of operations in 2020 and the expected impact on operations of the Covid-19 emergency. The presentation can be followed by audio webcasting on the Company website (www.italgas.it). In conjunction with the launch of the conference call, the presentation support material will also be made available in the Investor Relations/Presentations section of the website.

[1] The net financial debt expected for 2020 does not consider financial debt for leasing pursuant to ex IFRS 16. Their estimate is substantially in line with the values expressed at 31 December 2019.

Italgas is awarded the concession of gas distribution service in the “Belluno” district

Plans for extending the networks to serve additional 17 new municipalities, on top of the 34 currently served with methane, increasing the number of users served from 47 thousand to about 85 thousand.

 

 

Milan, 3 June 2020 – The Belluno contracting authority has officially awarded Italgas the tender for the 12-year concession of the natural gas distribution service in the “Belluno” area. The concession awarded allows Italgas to increase the number of users served by approximately 40,000 units.

In the area there are currently 34 methanized municipalities, served by approximately 990 kilometres of networks, for a total of 47,000 end users and a RAB of over 43 million euro.

In its offer Italgas planned investments of approximately 135 million euro aimed at extending the networks – for over 300 km – to areas not reached by the service yet, at completely digitizing the existing infrastructures, at improving the quality and safety of the service and at executing energy efficiency interventions on over 60 public buildings. With the extension of the network, 17 new municipalities will be methanized, giving more than 38,000 end-users the possibility to connect to the natural gas distribution network.

Such investments will generate a strong boost for the local economy, with effects in terms of employment, and the extension of the service to new territories will also guarantee significant savings in bills and a substantial reduction in polluting emissions.

“The awarding of the Atem Belluno to Italgas – commented the Company’s CEO, Paolo Gallo – is a further confirmation of how the tenders bring significant advantages to the territory. 135 million euros earmarked for investments in new networks, their digitization, energy efficiency, improving the service where it already exists, and bringing it to new municipalities, are a demonstration of how Italgas can contribute to the development of a territory at a particularly difficult time for the country”.

Changes to Italgas’ calendar of corporate events

Changes to Italgas’ calendar of corporate events

Postponed Strategic Plan 2020-2026 and third quarter results presentations

Milan, May 28, 2020 – Italgas informs that considering the epidemiological emergency caused by the Covid-19, the presentation of the Strategic Plan 2020-2026 to the financial community was postponed to October 30, 2020. On the same date the 2020 third quarter results will be presented.

The 2020-2026 Strategic Plan will be submitted to the Board of Directors for approval at the meeting held on October 29, 2020, already scheduled to approve the third quarter results.

On June 11, 2020 at 3 p.m. a conference call will be held to update the financial community on the 2020 performance and on the expected impact of Covid-19 emergency.

The calendar of corporate events is available at the address https://www.italgas.it/en/investors/financial-calendar/

Italgas acquires a 15% share of Reti Distribuzione

Italgas acquires a 15% share of Reti Distribuzione from AEG Coop and strengthens its presence in Piedmont.

Milan, 26 May 2020 – Italgas strengthens its presence in Piedmont thanks to the agreement signed today with AEG Coop (Azienda Energia e Gas Società Cooperativa), active in the sale and distribution of natural gas based in Ivrea, for the acquisition of 15% of the subsidiary Reti Distribuzione.

Reti Distribuzione, whose share capital is entirely owned by AEG Coop, operates at the service of 49 municipalities for 32,000 redelivery points distributed mainly in Ivrea and the surrounding areas.

The amount agreed for 15% of the share capital of Reti Distribuzione is equal to 4.56 million euro.

Italgas restarts: services active in Phase 2

More than 2 months after the beginning of the Covid19 emergency, Italgas restarts at the beginning of Phase 2. From the beginning of the “lockdown” until today, in fact, the company has continued to guarantee in the field all the essential services related to the efficiency, continuity and safety of the gas distribution service.
In the same way we have carried out the new activations and reactivations in order to ensure new users the service and “normality” of life at home, thanks to the daily use of gas.

In compliance with Legislative Decree no. 33 of May 16, 2020 DPCM of April 26, 2020, the requirements imposed by the ARERA and the indications of the Ministry of Economic Development, Italgas continues to provide essential services, including activations and reactivations, also in Phase 2 and, in addition, returns to take charge of all other service requests on utilities that do not involve entry into individual private homes, such as for example:

  • New connections
  • Counter replacements
  • Deactivations
  • Suspensions and interruptions of supplies due to delinquency
  • Readings
  • Estimates for work on plants and meters and related inspections
  • Checks on malfunctioning meters

In particular emergency situations, Italgas can also intervene in private homes, to ensure the continuity and availability of the service in safe conditions for users.
The Italgas Emergency First Aid service is always active 24 hours a day, 7 days a week on the number 800-900-999.

In addition to the management of the requests on the users, the interventions in the field to extend our networks in the areas not yet reached by methane, to modernize the plants and replace sections of the grid with more modern, safe and efficient solutions are distributed throughout the country. Continuing the investments foreseen by the Italgas Industrial Plan is possible thanks to the provision of the necessary personal protective equipment, supplied to all our technicians in the field, and above all thanks to the adoption of new working methods and the use of digital tools introduced by the Italgas Digital Factory. Essential technologies to facilitate remote work and ensure the safe continuation of activities.

Phase 2 represents a fundamental moment for the restart of the country and of all the territories in which we operate. Thanks to the reorganization of activities and technologies adopted in the field we will continue to provide all users with an efficient and safe service, as Italgas has been doing for over 180 years.

Shareholders’ Meeting: 12 May 2020

The ordinary session of the Shareholders’ Meeting of Italgas is called, in a single call, for 12 May 2020, at 11.00 a.m., in Milan, Via Carlo Bo 11, to discuss and resolve upon the agenda of which at the Notice of Shareholders’ Meeting.

In view of the ongoing health emergency related to the COVID-19 epidemic, it will be possible to follow the live streaming from the link below.

Instructions to access streaming:

Starting from 11:00 a.m. you can watch the Meeting live streaming.
After clicking on the link below, you will land on the platform access page.
Once on the page, click on “Register” and fill in the required fields (as user you can enter, for example, your company email and as a password one of your choice).
After filling in the registration form, click on one of the two boxes with the preview of the live event in order to choose the language you prefer (Italian or English) and then click on the “Play” icon.

  Follow the live streaming

Italgas’ Shareholders’ meeting approves the 2019 financial statements and dividend proposal

  • Approved 2019 Financial Statements
  • Dividend of 0.256 € per share (+9.4% compared to the previous year)
  • Positive resolution on the 2020 remuneration policy and compensation paid
  • Appointed Deloitte & Touche S.p.A. to audit the accounts for the period 2020-2028.

 

Milan, 12 May 2020 –  Italgas’ Ordinary Shareholders’ Meeting was held today in Milan under the chairmanship of Alberto Dell’Acqua, recording an attendance figure of 77.17% of the share capital.

“In the health emergency we are going through – Italgas President Alberto Dell’Acqua underlined – I want to take the opportunity of this meeting to ideally thank all Shareholders for having shared our choice to play an active role in supporting the structures invested by the unpredictable shock wave of the Covid-19. We have granted aid to a number of hospitals, from North to South of the country, and to the Civil Protection Dept. conscious that each one of us – employees, company, management and Shareholders – is called to do its best to help protect and rebuild the future of the communities that we have been privileged to serve for over 180 years”.

Paolo Gallo, CEO of Italgas, commented as follows:

 “I would like to express my appreciation, that of the Board of Directors, as well as my thanks to the Italgas Shareholders for their large participation in today’s Shareholders’ Meeting despite the unusual way it had to be held. Having deliberated in accordance with the proposals presented confirms a unity of intent and a shared vision of the company and its objectives. The economic and financial strength of the Group and its growth prospects have evidently allowed the approval of the proposed dividend of €0.256 per share, up by more than 9% compared to the previous year, whereas the hard times the country is going through have led other companies to revise some objectives and especially the remuneration policy for shareholders”.   

Pursuant to Article 106, paragraph 4, of Decree Law no. 18 of March 17, 2020, the Shareholders’ Meeting was attended exclusively by the Designated Representative pursuant to Article 135- undecies of Legislative Decree no. 58 of February 24, 1998 (“TUF”).

The Shareholders’ Meeting:

  • examined the consolidated financial statements of the Italgas Group at 31 December 2019, ended with a net profit attributable to the Group of € 2 million (€ 313.7 million as at 31 December 2018) and an adjusted net profit attributable to the Group of € 345.2 million (€ 315.5 million as at 31 December 2018);
  • approved the Financial Statements as at 31 December 2019, ended with profits of € 223.6 million; (€ 7 million di euro as at 31 December 2018;
  • resolved to distribute 0.256 euro per share (+9.4% compared to the previous year) as a dividend for a total of 207,138,688.51 euro and to carry forward the remaining amount of 16,485,355.94 euro. The payment of the dividend due on each share from 20 May 2020, with coupon no. 3 on 18 May 2020 and a record date of 19 May 2020.

The Shareholders’ Meeting also approved the consensual resolution to appoint the independent auditors PricewaterhouseCoopers S.p.A. and to appoint Deloitte & Touche S.p.A. as independent auditors for nine financial years, specifically for the financial years ended 31 December 2020 to 2028.

With reference to the 2020 remuneration policy and compensation paid, the Shareholders’ Meeting approved Section I called “Remuneration Policy 2020”, pursuant to Article 123-ter, paragraph 3-ter, of the TUF, with a binding vote, and expressed a favourable opinion with a consultative and non-binding vote on Section II, pursuant to Article 123-ter, paragraph 6, of the TUF.

The Long-term Monetary Incentive Plan 2020-2022 was also approved, under the terms and conditions described in the Information Document made available to the public in the manner prescribed by law. This is a tool designed to promote further alignment of management to the interests of shareholders and the sustainability of long-term value creation.

Finally, at today’s Shareholders’ Meeting, Italgas has also presented its 2019 Non-Financial

Statement, the document describing the Company’s commitment to CSR issues, its business model and the policies applied with regard to environmental, social and personnel-related activities, respect for human rights and the fight against active and passive corruption. In compliance with the indications set out in the Legislative Decree no. 254/2016, the Non-Financial Statement was drawn up in a separate and autonomous document, submitted to the audit of the independent auditors PWC S.p.A., presented by the Sustainability Committee and approved by Italgas Board of Directors.