Author: adigiuseppe

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.

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/

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”.

Press Release of Financial statement at December 31, 2019

Milan, 5 March 2020 – Italgas announces that the issue of the press release concerning the approval of the Consolidated financial statement at December 31, 2019 and draft financial statements at December 31, 2019 has been rescheduled from 12 to 11 March 2020, following its approval by the Board of Director. As a result, the conference call to present the results to institutional investors and financial analysts will be held on the afternoon of March 11.