Italgas Top Management presents 2020 First Quarter Results.
Conference Call for the presentation of results to the community will be on Wednesday, April 29th, 2020 at 04:00 pm CEST.
Click on the following link to watch the presentation live:
Author: adigiuseppe
Italgas and the Coronavirus: the road travelled from the beginning of the emergency until today
Security and efficiency of the service have guaranteed normality in the homes of end users. The company’s commitment has, however, also extended to solidarity
Normality and safety. These are the two objectives that, almost two months after the beginning of the Coronavirus emergency, have pushed Italgas to make even more efforts to ensure the regular distribution of gas to all users, ensuring that life at home is normal. A necessary factor at such a complex time, during which many of our daily habits have been revolutionized. All this without neglecting the health of their own people and the end users themselves. Priorities and points of reference confirmed by the immediate establishment of an internal crisis committee, the re-articulation of Italgas teams on the national territory and all the arrangements that the company has put in place since the beginning of the emergency to date. The Italgas Crisis Committee, in particular, has a multifunctional composition and approach. The representatives meet daily and, monitoring day after day the evolution of the emergency in Italy, make the necessary arrangements to ensure the efficiency and safety of the service.
Italgas believes in innovation in all its dimensions. For this reason, Smart Workingwas already activein the company for some time, an agile and modern way of working which, with the arrival of the emergency, was immediately extended to the various sites in order to prevent any risk. About 2,500 employees already had all the tools needed for Smart Working (PC, smartphone, internet connection). The spread of the tools has been quickly extended to allow remote work even to those who do not have a stable connection or full equipment, such as new hires who have received the kit directly at home.
The results have been very positive: the number of users connected remotely has increased from an average of 70 to 1,800 and many of the many activities planned have been regularly carried out through a solid videoconferencing infrastructure, which in March supported about 1,600 hours of video connections, and innovative collaboration tools in the cloud that Italgas has long adopted.
The work of Italgas, however, is also and above all in the field. For this reason, the company has continued to guarantee to all end users the essential services for the gas distribution system, while at the same time ensuring the regular monitoring of First Aid activities (active 7 days a week, 24 hours a day) and maintenance activities on the network to ensure safety and continuity of service. In addition, all technicians in the field who continue to carry out essential operational activities (e.g. gas reactivations) in private homes, with commitment and responsibility, have been put in a position to carry out the work safely and equipped with the necessary personal protective equipment.
But not just operations. Italgas, in fact, has not stopped with solidarity. This is because, asItalgas CEO Paolo Gallo said in recent days,”in such a complex and critical moment for Italy we are all called to do our part, as individuals and as a company”. Precisely for this reason Italgas has decided from the beginning to stay close to those who are in the front line against the spread of Coronavirus and to offer its contribution to support the Civil Protection and important hospitals in the cities of Turin, Milan, Padua, Pavia, Piacenza, Rome and Naples. All through direct donations and internal fundraising supported by the Group’s own people. An initiative, the latter, which has just ended and which has seen Italgas personnel donate the economic equivalent of 7,000 hours of their work to the Civil Protection. A figure that has been doubled by an equal amount directly from the company.
A series of initiatives that confirm what, for over 180 years, has been Italgas’ commitment: to guarantee end users allover Italy normality, in safety and without “making noise”. Activities that are not only aimed at providing the service, but also at concretely supporting the country and the communities where Italgas is present. A way of acting that bears witness to the responsibility with which the Italgas Group has always operated towards its people, territories and end users.
Read more about how Italgas restared its services during the phase 2 >>
Italgas – Supplement to the call notice of the ordinary Shareholders’ meeting
Milan, April 16, 2020 – In accordance with Consob Communication no. 3 of April 10, 2020, in addition to the notice of call of the ordinary shareholders’ meeting of Italgas S.p.A. previously published on April 10, 2020, it should be noted that any individual proposals for resolutions on the items on the agenda pursuant to art. 126-bis, subsection 1, last sentence of the CLF, which must be submitted to the Company at least fifteen days before the Shareholders’ Meeting, i.e. by 27 April 2020, by certified e-mail to the address italgas.assemblea@pec.italgas.it, will be published by the Company on its website www.italgas.it (“Governance” – “Corporate Governance System” – “Shareholders’ Meeting 2020” section) in order to allow shareholders to vote by proxy through the Designated Representative on each resolution proposal published.”
Italgas Group employees donate the equivalent of about 7,000 working hours to the Civil Protection. The Company doubles the amount
Milan, April 14, 2020 – Italgas Group employees donated the economic equivalent of about 7,000 working hours to the Civil Protection by joining the solidarity campaign “Together for Italy, donate your day to the fight against the Coronavirus”, launched by the Group on March 27.
A gesture of solidarity to contribute directly to the fight against the spread of Covid-19, not only through the daily commitment during the lockdown to ensure continuity and efficiency of services, but also through a donation in support of Civil Protection activities.
Over the two weeks of the initiative, approximately 7,000 hours were collected, to which an equivalent amount was added by the Italgas Group.
The collection is in addition to the donations made in recent days by the Group for the Sacco di Milano, Amedeo di Savoia-Asl Città di Torino, Azienda Ospedaliera di Padova, Policlinico San Matteo di Pavia, Guglielmo da Saliceto di Piacenza, Spallanzani di Roma and Cotugno di Napoli hospitals, as well as for the Civil Defence itself.
Italgas: Board of Directors calls the Shareholders’ Meeting on 12 May 2020
Milan, 10 April 2020 – Italgas’ Board of Directors, which met today chaired by Mr. Alberto Dell’Acqua, convened the Ordinary Shareholders’ Meeting on 12 May 2020, in a single call, to resolve on the 2019 Financial Statements, allocation of profits, the remuneration policy and compensation paid, the long-term monetary incentive plan 2020-2022, as well as the consensual termination of the statutory auditor’s assignment and the conferment of the new mandate for the period 2020-2028.
In particular, the Board of Directors resolved to propose to the Shareholders’ Meeting the distribution of a dividend of 0.256 euros for each of the shares entitled to receive. The dividend will be paid on 20 May 2020, with coupon payment date 18 May 2020 (record date 19 May 2020).
In consideration of the current health emergency, taking into account the regulations issued for the containment of contagion, the Company decided to apply the option provided for by Article 106, paragraph 4, of Decree Law no. 18 of 17 March 2020, establishing that participation to the Shareholders’ Meeting by those entitled may only take place through Georgeson S.r.l., with registered office in Rome, Via Emila 88, which has been confirmed as the representative appointed by the Company pursuant to Article 135-undecies of Legislative Decree no. 58 of 24 February 1998 (“TUF”).
The Board of Directors carried out its own control and evaluations in accordance with the Legislative Decree no. 58/1998 and the Corporate Governance Code. The Board of Statutory Auditors verified that all its members met the independence requirements specified in application of the Corporate Governance Code.
The 2019 Annual Financial Report, the 2020 Remuneration Report, the Corporate Governance and Share Ownership Report 2019, the non-financial statement 2019, the information document on the long-term monetary incentive plan 2020-2022, as well as the reports on the items on the agenda will be available for further reference according to law.
Italgas and the sales companies: a link that continues
The third stage of the “Training/Information Route” took place yesterday via webinar an opportunity to strengthen the relationship with sales companies for the benefit of end users
01 April 2020 – Inform, listen and improve. All for the benefit of end users. These are the objectives that Italgas places at the basis of its relationship with the sales companies. A continuous and profitable link that sees Italgas, the first gas distributor in Italy, confront itself with about 300 sales companies that in turn manage the supplies of about 7.6 million end users. Italgas has always paid attention to the relationship with all stakeholders and in particular to the sales companies, which are the direct interlocutor of end customers. For this reason it is essential to share tools and expertise to improve the efficiency and security of the service provided to users.
In this context the “Training/information path” provided in webinar modeis inserted . A project of “virtual meetings” started in 2019 and arrived yesterday at the third appointment, designed to improve and strengthen the dialogue between Italgas and the sales companies. The main objective of these meetings is, in fact, to share new ways, new digital tools provided by Italgas that will play a decisive role in ensuring an increasingly efficient and cutting-edge service for end users. With this in mind, great attention during yesterday’s session was given to “Gasonline”, Italgas’ portal dedicated to sales companies. A decisive application in the exchange of information between operators in the gas distribution sector and which represents a great gateway for all sales companies that will be able to take advantage of innovative features, services, tools and content to support their daily work.
Innovation was one of the issues addressed during yesterday’s third meeting, a webinar event. “Even before the emergency we decided to organize this training and information path via webinar and we are happy that this decision has also met the current needs – explains Sandro Lacidogna, Italgas Sales Manager – an initiative that confirms our company vocation oriented towards digital innovation and that sees us as the first in the gas distribution sector to launch an event like this through an online platform”.
A modality that has brought, in fact, a series of benefits to all participants and that has overcome the problems that have arisen with the current health emergency. The webinar allowed everyone, first and foremost, to be present at the project despite the physical distance. It also facilitates those who, for personal or professional needs, could not be connected live but can comfortably attend the webinar at any later time. In addition to this, the webinar allowed Italgas to respond and dialogue in an interactive way both during and after the online session. All this made the webinar the one with the highest participation so far, given the more than 300 participants connected at the same time (representing the 110 related sales companies). Numbers that confirm the goodness of the path taken, both in terms of content and methods of use, and that push Italgas to continue the project with the new stages planned during the year. An initiative that, given the positive feedback received from the sales companies, will continue to represent an important opportunity to inform and compare notes.
In conclusion, the webinar allowed all participants to listen and communicate, representing an important moment of exchange and dialogue between Italgas and the sales companies. A step to continue to build together an increasingly efficient and innovative service for the benefit of end users: the real centre of the relationship between distributor and sales company.
Italgas extends donations to the Civil Defence and four other hospitals in Pavia, Piacenza, Rome and Naples on the front line in the Coronavirus emergency
Milan, 28 March 2020 – The Italgas Group’s commitment to support organisations in the front line in the fight against the spread of Coronavirus continues and extends to the San Matteo Hospital in Pavia, the Guglielmo da Saliceto Hospital in Piacenza, the Spallanzani Hospital in Rome and the Cotugno Hospital in Naples, for each of which the Company has made a donation.
These donations are in addition to those arranged in recent days for the Sacco di Milano, Amedeo di Savoia-Asl Città di Torino and Azienda Ospedaliera di Padova hospitals.
In support of the Civil Protection action, Italgas made a direct donation and also yesterday launched the solidarity campaign “Together for Italy, donate your day to the fight against the Coronavirus”, thanks to which Group employees can allocate the economic equivalent of the hours of their work. The proceeds will be supplemented by an equal amount donated by the Italgas Group and donated to the Civil Protection.
The intent of Italgas through these actions is to make available additional resources both for the Civil Protection and for the hospitals that will be able to allocate the contribution to the strengthening of the microbiology and virology laboratories, the activation of new beds or additional intensive care facilities, the purchase of medical devices and any other activity useful to improve support to the sick.
Changes to Italgas’ calendar of corporate events
Postponed Shareholders’ Meeting
Milan, March 19, 2020 – Italgas’ Board of Directors, which met today chaired by Mr. Alberto Dell’Acqua, considering the perpetuation of the epidemiological emergency caused by the Covid-19 and the recent measures adopted by the Authorities, as well as the provisions contained in article 106 of Decree Law no. 18 of March 17, 2020, postponed to a date to be assigned the Ordinary Shareholders’ Meeting initially scheduled for April 20, 2020, as communicated to the market.
At a forthcoming meeting, the Board of Directors will convene the Shareholders’ Meeting within the terms set out in the above mentioned Decree Law (180 days from the end of the financial year).
At present, Italgas foresees that the shareholders’ meeting will be convened on a date that does not require changes to the coupon payment date, to the record date and to the dividend payment date already communicated to the market on January 29, 2020 and confirmed on March 11, 2020.
The calendar of corporate events is available at the address https://www.italgas.it/en/investors/financial-calendar/
Italgas: donation for three hospitals in Turin, Milan and Padua on the front line in the Coronavirus emergency
Milan, 13 March 2020 – A contribution to support the fight against the spread of the Coronavirus. This is what Italgas decided to offer with a donation to the hospitals Amedeo di Savoia-Asl Città di Torino, Sacco di Milano and the Azienda Ospedaliera di Padova, three of the many hospitals involved in the front line of the spread of Covid-19.
A sign of solidarity towards excellent health facilities, a gesture of responsibility towards those territories where society is present and operates, allowing these facilities to have more resources to strengthen the microbiology and virology laboratories, activate additional beds or intensive care facilities, acquire medical devices or any other activity useful to cope with the state of emergency.
“In such a complex and critical moment for Italy – commented Italgas CEO Paolo Gallo – we are all called to do our part, as individuals and as a company, and to work to ensure that this challenge can be won together in the shortest possibletime. Since the emergence of the emergency Italgas has taken the necessary measures and measures to protect the health of its people and, at the same time, ensure the continuity of an essential service for the community. With this donation we want to be at the side of doctors and nurses and of all those who face difficulties with energy and a constructive spirit, we want to be part of a large and supportive community“.
ITALGAS: CONSOLIDATED RESULTS AS OF 31 DECEMBER 2020 APPROVED
Milan, 11 March 2021 – Italgas’ Board of Directors, chaired by Alberto Dell’Acqua, met yesterday and approved the results as of 31 December 2020 and resolved to propose to the Shareholders’ Meeting the distribution of a dividend of € 0.277 per share (+8.2% compared to 2019).
Key figures
Consolidated economic and financial highlights:
- Adjusted total revenues: € 1,333.8 million (+6.0%)
- Adjusted EBITDA: € 971.4 million (+7.0%)
- Adjusted EBIT: € 546.8 million (+6.0%)
- Adjusted net profit: € 345.4 million (+0.1%)
- Technical investments: € 777.5 million (+5.1%)
- Cash flow from operating activities: 745.0 million euros (714.4 million euros in 2019)
- Net financial debt: € 4,736.5 million
- Net financial debt (excluding the effects pursuant to IFRS 16): € 4,660.2 million
Operating highlights including affiliates:
- Municipalities in gas distribution concessions: 1,887
- Number of active meters: 7.7 million
- Gas distribution network: more than 73,000 Km
Sustainability highlights:
- Gas Leakage Rate (natural gas emissions volume / distributed gas volume): 0.1%
- Reduction of 5.4% in energy intensity compared to 2019 (calculated as the ratio between the Group’s total energy consumption and the gas distributed)
- Over 20,000 hours of training on digitalization topics delivered
The performance achieved by Italgas as of 31 December 2020 demonstrates the company’s ability to continue generating solid economic-financial and operating results, thanks to the efficiency-boosting and technological innovation measures taken by the company. These results have been achieved despite a scenario negatively impacted by the application of the tariff regulation for the gas distribution and metering activities for the period 2020-2025 (Resolution 570/2019/R/gas) and the ongoing health emergency.
The major investments carried out in 2020, amounting to € 777.5 million (up 5.1% compared to 31 December 2019), are consistent with the company’s Strategic Plan, which is strongly focused on the gradual development and modernisation of the networks and plants and their digital transformation.
In 2020, 905 km of new pipelines were laid down, compared to around 935 km in the corresponding period of 2019. Construction of the digital native distribution networks continued in Sardinia, with the laying down of around 334 km, for a total of more than 806 km of the around 1,100 km to be constructed overall.
The plan to replace traditional meters with the last generation of smart meters has almost been completed, apart from a marginal share to be concluded by the end of the year.
The cash flow from operating activities at the end of 2020 amounted to € 745.0 million euros.
The net financial position as of 31 December 2020 was € 4,736.5 million (€ 4,485.3 million as of 31 December 2019). The net financial position amounted to € 4,660.2 million (€ 4,410.6 million as of 31 December 2019), net of financial liabilities pursuant to IFRS 16 of € 76.3 million (€ 74.7 million as of 31 December 2019).
The adjusted EBITDA at the end of 2020 amounted to € 971.4 million (up 7.0% compared to 31 December 2019) and adjusted net profit was € 345.4 million, confirming the results of last year (€ 345.2 million), despite the negative effects deriving from Resolution 570/2019/R/gas.
In order to provide an effective and transparent representation of its ability to create value sustainably over time, from this year Italgas has chosen to represent its financial and non-financial results in an Integrated Report, showing in a unique document the effects of its activities on the social, environmental and economic context in which it operates.
Paolo Gallo, CEO of Italgas, commented:
“The health emergency and the highly adverse effects of the new tariff have not affected the path of transformation and development that today sees Italgas ending another year with a trend of growth. We have been able to face the most serious global crisis of the post-war period thanks to the strategic decisions made over the last few years. Our ability to react promptly emerges clearly from all the financial and non-financial indicators.
We achieved an adjusted EBITDA of € 971.4 million, up by 7% compared to 2019, and we succeeded in limiting the negative impact of Resolution 570/2019/R/gas, reporting a result of € 345.4 million, in line with last year’s figure.
Despite lockdown period, our investments have slightly increased, to around € 780 million, up by 5% compared to 2019.
These results were made possible by the digital transformation process, launched in 2017 and still ongoing, which enabled the Group to remote mode a good part of its activities, continuing providing essential services to more our than 7.7 million customers, operating in complete safety. The important applications, developed in the Italgas Digital Factory, are the most telling example of how digital technology and technologies such as artificial intelligence, machine learning and augmented reality have raised the level of efficiency of our activities. A result achieved thanks to the strong commitment of our people in digitalization also through thousands of hours of training.
On an operational level, despite the lengthy stoppage imposed on construction sites, work continued on the extension, maintenance and digitisation of the network throughout Italy. In this context, Sardinia has proved to be the primary incubator of a new generation of infrastructures aimed at transforming gas distribution in Italy and in Europe and making a key contribution to the energy transition. We have completed around 80% of the 1,100 km of planned networks on the island, digital native networks to accommodate gases other than methane, such as hydrogen, biomethane and synthetic methane. Technological innovation, investments, a widespread presence across the country and sustainability will continue to be our key drivers in order to create value for shareholders and the communities in which we operate, to take an active role contributing to the process of decarbonisation of the economy and containment of fugitive methane emissions, in line with the indications of the EU Commission for DSOs of gas, considered essential actors of the energy transition”.