Paolo Gallo, CEO, and Antonio Paccioretti, General Manager, present 2017 Third Quarter Results.
Conference Call for the presentation of results to the community will be held on Monday, October 23rd, 2017 at 5:30 pm CEST.
Author: adigiuseppe
Italgas acquires 100% of Enerco Distribuzione S.p.A
Milan, 19 October 2017 – Last night, Italgas signed a binding agreement with H2C SpA to acquire 100% of the subsidiary Enerco Distribuzione S.p.A., which is headquartered in Padua and active in the natural gas distribution sector in the Padua and Vicenza provinces.
Enerco Distribuzione has 27 concessions, operates a network of over 800 kilometers of pipelines, and supplies approximately 30 thousand customers.
The value of Enerco Distribuzione’s assets (enterprise value) was set at Euro 51 million. At the closing of the transaction, the sum will be paid entirely in cash, net of debt. The closing is expected by the end of 2017 and is subject to pre-closing requirements by H2C.
Paolo Gallo, Chief Executive of Italgas, commented: “The acquisition of Enerco is part of Italgas’ development strategies that we announced to the market. Through acquisitions of small and medium-sized operators, the Company is pursuing its goal of consolidating the gas distribution market ahead of the concession tenders. In what remains a fragmented market with over 200 companies in operation, Italgas plans to confirm its leading role in national consolidation, carrying out targeted transactions that create value for the its shareholders. The result of this process will benefit the entire Italian gas distribution system and generate important investments in the territory. The acquisition of Enerco, an efficient gas distribution operator, marks the first of a series of transactions in the coming months where Italgas will be the key player“.
Moody’s affirms Italgas at ‘Baa1’, Negative Outlook
Milan, 12 October 2017 – Moody’s Investors Service (“Moody’s”) has affirmed Italgas S.p.A Long-Term Issuer Rating at ‘Baa1’ with Negative Outlook.
The rating affirmation reflects the Group’s strong focus on domestic low-risk gas distribution activities under a well-established and supportive regulatory framework.
Moody’s highlights Italgas’s strong cash flow generation and the good degree of operating efficiencies that would allow the Company to have a competitive advantage in the upcoming gas concession tenders.
A night in the history of gas
On September 15, 2017 Italgas will participate in the “Night of Archives”: a special event, now in its second edition, where some of the most prestigious historical archives in Turin will open its doors to enthusiasts.
From 7 to 11 p.m., the Historical Archives and the Italgas Museum will reveal its historical and industrial heritage, retracing the company’s history and the stages of the country’s technological and social development. Admission is free while places last.
The objects and documents that have made the history of the gas industry will be told by the “writer-craftsman” – as he likes to call himself – Bruno Gambarotta, journalist, author and director of radio and television programs.
Italgas Historical Archive and Museum
The first project for the creation of a historical archive and an exhibition of objects and documents of the gas industry, in line with the objective of safeguarding and enhancing the heritage of history and technology that the company had at its disposal, dates back to the 1980s. On 31 December 2016 also came the recognition of “considerable historical interest” issued by the Archival Superintendence for Piedmont and Valle d’Aosta. In 1994, thanks to the impulse of historical institutes and scientific research committees, the most suitable location for hosting and exhibiting archival materials and objects was identified, located in Via Po 53. As a result of the great increase in the number of exhibits and the type of materials conserved (which now include interactive and multimedia elements), the Archives and the Museum are currently housed in the technological headquarters in Corso Palermo 3, at the Italgas Management. The interior spaces include an exhibition section (consisting of a collection of historical finds relating to the history of the gas industry), an archive section (which houses a historical collection of documents relating to the gas sector) and a Study Centre (consisting of a library and rooms equipped for meetings and conferences).
Italgas: a fixed rate bond issue successfully launched for a total amount of 500 million euro
NOT TO BE PUBLISHED OR DISTRIBUTED IN THE UNITED STATES, AUSTRALIA, CANADA AND JAPAN
Milan, September 11, 2017 – Today Italgas SpA (rating BBB+ by Fitch, Baa1 by Moody’s) successfully launched a fixed rate note issue, with maturity 18 January 2029 for an amount of 500 million euro with an annual coupon of 1.625% under its EMTN Programme (Euro Medium Term Notes) which was approved by the Board of Directors on 18th October, 2016.
The issuance is aimed at further optimizing Italgas financial structure, in terms of Italgas short and medium-long term debt, extending the average duration of debt and increasing the fixed rate quota.
This bond represents the longest tranche ever issued by Italgas so far and the longest tenor issued in euro by an Italian issuer in 2017 year to date.
The transaction was more than 2.6 times oversubscribed with high quality and wide and geographical diversification of investors.
Joint Bookrunners of the placement, restricted to institutional investors only, were Banca IMI, BNP Paribas, Citi, J.P. Morgan, Mediobanca, Société Générale and UniCredit.
The bond will be listed on the Luxembourg Stock Exchange.
Details are as follows:
- Amount: 500 million euro
- Maturity: 18 January 2029
- Annual coupon of 1.625%. The re-offer price is 99.746 (equivalent to a spread of 72 basis points over the reference mid-swap rate).
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 products in Italy as per Article 1, para. 1, letter. t) of Legislative Decree no. 58 of February 24, 1998. The documentation relating to the offer has not been/will not be submitted to the approval of CONSOB.
Italgas finalises its First Euro Medium Term Notes Programme
Milan, 21 November 2016 – Italgas has finalised a medium to long-term issuance programme (Euro Medium Term Note Programme), for a total of up to EUR 2.8 billion, further to the Board of Directors’ approval on 18 October 2016.
The programme envisages the issuance of one or more non-convertible bonds to institutional investors in Europe, issued in one or more tranches by 31 October 2017.
The issued securities will be listed on the Luxembourg Stock Exchange. Moody’s and Fitch credit rating agencies have assigned this programme a rating of “Baa1” Outlook Stable, and “BBB +” respectively.
“In line with our strategy and targets presented to the financial community during our Capital Market Day and the road show, we are laying the foundations to establish a solid and efficient financial structure – Paolo Gallo, CEO of Italgas, said – aiming to diversify our funding sources and reach an appropriate balance between fixed and floating rate at competitive costs”.
The prospectus of EMTN Programme is available on the Company’s website (www.italgas.it in the “Investors” – “Debt and Credit rating” section).
Italgas is one of the success stories of Apple
Technology is an opportunity capable of revolutionizing the way that companies work. An opportunity which Italgas has been able to fully grasp: the company has been included among the success stories of Apple.
Deploying approximately 2,500 iPads to technicians and workers who work on infrastructures or with customers -, Italgas has revolutionized some of the activities related to gas distribution. The project envisaged the endowment for the technical staff of an iPad and Gas2Go, an app that facilitates work: technicians receive the list of activities to be performed directly on the device, they can request support through FaceTime, record all customer data, and optimize transfers via Apple Maps.
Gas2Go has allowed the reduction of about 30% of the daily mileage, the resulting reduction Of CO2 emissions and the activation of a paperless process with the progressive elimination of Paperwork documentation. With the introduction of GasToGo, a marked increase was also noted average completion of the activities, with a significant 100% increase in productivity.
“Our employees have embraced iPad with great enthusiasm. For some it’s the first time they’ve had a digital identity. They now have complete control of their day’s work, a better quality of work and enjoy being able to provide a higher level of customer service.”, said Gloria Gazzano, CIO of Italgas.
Italgas’ history has been suited for innovation for 180 years – a value that inspire present and future.
Italgas stock included in the FTSE4Good Index Series
Milan, 4 August 2017 – A few months after its return to the Stock Exchange last November, Italgas stock has been included in the FTSE4Good Index Series.
Italgas has been independently assessed in the June 2017 review and has satisfied the requirements of the FTSE Environmental, Social, Governance (ESG) methodology.
This result reflects Italgas’ ongoing commitment to sustainable development based on company leadership in interaction with the social context, aimed at creating opportunities based on the principle of shared value.
Created by the global index company FTSE Russell, FTSE4Good is an equity index series that is designed to facilitate investment in companies that meet globally recognised corporate responsibility standards. Companies in the FTSE4Good Index Series have met stringent environmental, social and governance criteria, and are positioned to capitalise on the benefits of responsible business practice.
Fitch Ratings (“Fitch”) affirms Italgas at ‘BBB+’, Outlook Stable
Milan, 4 August 2017 – Fitch has affirmed Italgas S.p.A Long-Term Issuer Default Rating (IDR) and senior unsecured rating at ‘BBB+’. The Outlook on the IDR is Stable.
The rating affirmation reflects Italgas’s updated 2017-2023 business plan, which clarifies medium-term strategic and financial targets of the Italgas Group.
Fitch considers Italgas better placed for the current rating than last year due to a stronger cash flow generation and to the continuous implementation of the ambitious cost efficiency plan announced to the market by the management. Moreover, Italgas has been able to secure a low cost of funding having entirely built its debt structure also thanks to favourable market conditions.
For further information please visit https://www.fitchratings.com/site/pr/1027438
Italgas: co-optation of a director
Milan, 28 July 2017 – The Board of Directors of Italgas S.p.A., on the proposal of the Appointments Committee, in compliance with the quota reserved for the less represented gender, has co-opted Federica Lolli as a non-executive director to replace the outgoing Barbara Borra.
The Board of Directors has ascertained the existence of the legal and independence requirements set forth in the Corporate Governance Code of Listed companies. The Board of Statutory Auditors has confirmed that the criteria and the ascertainment procedures adopted to assess the independence requirements have been correctly applied.
The co-opted Director, pursuant to art. 2386 of the Italian Civil Code, will remain in office until the next shareholders’ meeting.
The full text of the curriculum vitae of Federica Lolli is available at the registered offices and on the website of the Company www. in the section https://www.italgas.it/governance/consiglio-di-amministrazione/.
The Company specifies that, as far as it is aware, as of today Federica Lolli does not hold shares in Italgas S.p.A.