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Italgas: completed the acquisition of 100% of Depa Infrastructure S.A.

Posted on by adigiuseppe

Athens, 1 September 2022 – The sale of Depa Infrastructure S.A., Greece’s leading gas distribution operator, was completed today in Athens. Depa Infrastructure S.A. was the subject of an international tender aimed at enhancing state assets and creating added value through their development.

With the completion of the transaction, Italgas acquires 100% of the Company from Hellenic Republic Asset Development Fund S.A. (HRADF) and Hellenic Petroleum S.A. (HELPE).

Italgas CEO, Paolo Gallo, commented: “Today we start writing an important page in the history of Italgas, which after nearly twenty years is returning to cross national borders and is enriched with new colleagues, a new language and new communities to serve. It has been a long journey that has brought us this far, but now begins a new phase of intense work and development, which we will tackle with our usual enthusiasm: we will put our experience and our technological know-how at the disposal of the country to build an infrastructure of excellence and with it contribute to achieving the coal and lignite phase-out targets set by the government, in line with those of the EU. In the European scenario, Italy and Greece can aim to become the benchmark for the strategic role of smart, digital and flexible gas networks fostering the energy transition. We are here to make this happen”. 

Dimitris Politis, CEO of HRADF commented: “The completion of the sale of DEPA Infrastructure to Italgas Group is one of the most important asset development projects carried out by HRADF, with significant benefits for the Greek economy and the Greek citizens. It represents a clear vote of confidence in Greece’s growth prospects, as it marks the return of Italgas to the international markets after almost two decades. DEPA Infrastructure is owned by a powerful shareholder, one of the leading energy groups in Europe. It is also an important step towards realizing the ambitious goals of our country’s energy transition by reducing greenhouse gas emissions and ensuring that the company will have plentiful access to financing for the expansion of the natural gas distribution networks”.

The transaction closing took place at the presence of the Greek Minister of Environment and Energy, Kostas Skrekas, the Italian Ambassador to Greece, Patrizia Falcinelli, and it was signed by Italgas CEO, Paolo Gallo, the Sole Director of the vehicle company Italgas Newco, Pier Lorenzo Dell’Orco, HRADF CEO, Dimitris Politis, HELPE General Manager of Strategic Planning and Group Development, George

Alexopoulos, and HELPE Group General Counsel, John Apsouris.

The transaction was finalized following the fulfilment of the conditions precedent set forth in the Sales and Purchase Agreement and was financed by Italgas through committed lines of credit.

DEPA Infrastructure currently holds 51% of Thessaloniki – Thessalia Gas Distribution S.A. (EDA Thess), 100% of Attiki Natural Gas Distribution Single Member Company S.A. (EDA Attikis) and 100% of Public Gas Distribution Networks S.A. (DEDA), the three main gas distribution operators in Greece, which together manage approximately 7,500 kilometers of network and about 600,000 redelivery points.

Italgas is the leading operator in Italy in the distribution of natural gas and the third in Europe. It manages a distribution network that extends a total of approximately 75,000 kilometers through which, during the last year, it distributed approximately 9 billion cubic meters of natural gas to 7.8 million customers. The Group holds 1,899 concessions, with a historical presence in major Italian cities including Turin, Venice, Florence, and Rome.

The Italgas Strategic Plan 2022-2028, presented to the market on 15 June, envisages a total of 1.8 billion euros in investments allocated to the acquisition of Depa Infrastructure, its consolidation, and the execution of development programs with particular attention to the digitalization of networks, renewable gases such as biomethane and hydrogen and, more generally, the consistency with the decarbonization objectives set by the Greek government and EU targets.

Moody’s Investors Service (Moody’s) affirms Italgas at ‘Baa2’, Outlook changed to Negative from Stable

Posted on by adigiuseppe

Milan, 9 August 2022 – The rating agency Moody’s has affirmed today Italgas S.p.A Long-Term Issuer rating at ‘Baa2’, revising the Outlook to Negative from Stable.

The rating action follows the outlook change to Negative from Stable on the Italian government’s Baa3 debt rating, carried out by Moody’s last 5 August 2022 and reflect Italgas exposure to the pressures that accompany a decline in sovereign credit quality, considering that its activities are essentially concentrated in Italy. However, as stated by the agency, the rating confirmation attests to Italgas’ strategic position and leadership in the gas distribution sector in Italy and its fully regulated profile.

Italgas Group strengthens its presence in Sardinia: 12 new municipalities acquired

Posted on by adigiuseppe

The agreement signed with the company Fiamma 2000 includes assets for over 430 km of networks serving 12,000 customers; the concessions also include Olbia, which joins the other large towns on the island managed by Medea.

Milan, 3 August 2022 – Yesterday, Italgas signed a binding agreement for the acquisition from Fiamma 2000 Group of the LPG distribution and sales business, with related networks and plants, managed in 12 municipalities in Sardinia.

The distribution network covered by the agreement, currently operated by Sarda Reti Gas (Fiamma Group) extends over a total of more than 430 kilometers and serves 12,000 customers in the municipalities of Olbia (Basin 5), Valledoria (3), Buddusò (10), Budoni (11), Sedilo (13), Genoni (17), Terralba (19) Simala (20), Arbus (24), Mandas and Siurgus Donigala (26), Santadi (35).

The enterprise value of the transaction (on a debt-free/cash-free basis) is 31.7 million euros, with the price to be paid entirely by cash, net of the debt related to the perimeter acquired. The closing is expected to take place in the second half of 2022, subject to the occurrence of certain conditions precedent, including the acquisition of the consent of the granting bodies and the successful completion of the notification procedure pursuant to Law Decree 21/2012 and Prime Ministerial Decree 179/2020 (Golden Power).

The Italgas Group is thus extending its presence in most of the 38 basins into which the island is divided and is preparing to convert the acquired networks to natural gas, as part of the broader project to build cutting-edge gas infrastructure to serve the region.

Italgas CEO, Paolo Gallo, commented: “With this acquisition, we are taking another important step in the direction of the methanization of Sardinia: with Olbia, all the main towns in the region are managed by Medea. It has been a journey that, in few years, has allowed the island to close a historical gap, becoming a model capable of attracting other operators in the sector and reactivating an integrated energy system for the benefit of communities. The region, moreover, is in a leading position both because it is equipped with digital networks capable of receive renewable gases such as biomethane and hydrogen in the near future, and because the supply is ensured only by liquefied natural gas. We continue to work to make our service even more efficient, extensive and widespread’.

The Italgas Group has a total or partial presence in 24 of the 38 basins in which Sardinia is divided. Its assets consist of around 1,400 km of “native digital” networks for natural gas. In addition, there are 600 km of propane-air-fueled networks in the municipalities of Cagliari, Sassari, Nuoro and Oristano and the over 430 km of LPG-fueled networks included in today’s agreement, which will all be converted to natural gas in the coming years. Currently, 76 towns on the island are served by natural gas, for a total of 1.2 million cubic meters distributed in the first six months of 2022.

Medea (Italgas Group) becomes a 49% shareholder of Energie Rete Gas

Posted on by adigiuseppe

Milan, 26 July 2022 – Medea S.p.A., an Italgas Group company 48.15% owned by the Marguerite II fund and active in the gas distribution in Sardinia, today signed an investment agreement with Energetica S.p.A. for the entry into the capital of Energie Rete Gas S.r.l., the gas transportation company of the Energetica Group with around 142 kilometers of regional methane pipelines.

Entering Energie Rete Gas’s share capital is the result of a mixed operation of transfer and sale of a business unit which includes the assets and activities managed by Medea in the gas transportation sector in Sardinia. These assets mainly consist of 63 cryogenic liquefied natural gas (LNG) tanks for a total capacity of 2,350 cubic meters and the related equipment serving the distribution networks managed in the Basins under concession.

The enterprise value attributed to the business unit transferred by Medea is equal to 53 million euros, against a 49% stake in the capital of Energie Rete Gas and a monetary consideration of 30 million euros.

The closing of the transaction will take place upon the occurrence of certain conditions precedent, including the successful completion of the notification procedure pursuant to Legislative Decree 21/2012 and Prime Ministerial Decree 179/2020 (Golden Power) and the finalization of the financing agreements with a pool of banks by Energie Rete Gas.

The transaction will further accelerate Sardinia’s methanization process and, at the same time, will also allow Medea to rationalize the plant equipment managed in Sardinia by separating, also at a corporate level, the natural gas transportation and distribution activities.

Italgas: consolidated results as at 30 june 2022 approved

Posted on by adigiuseppe

Milan, 25 July 2022 – Italgas’ Board of Directors, chaired by Benedetta Navarra, met today and approved the consolidated results for the first half of 2022.

Key figures

Consolidated economic and financial highlights:

  • Total revenues: € 707.4 million (+6.3%)
  • Gross operating margin (EBITDA): € 513.3 million (+4.9%)
  • Operating profit (EBIT): € 296.0 million (+5.9%)
  • Adjusted net profit attributable to the Group: € 188.3 million (+6.9%)
  • Technical investments: € 374.4 million
  • Cash flow from operating activities: € 459.5 million
  • Net financial debt (excluding the effects pursuant to IFRS 16): € 5,033.4 million
  • Net financial debt: € 5,094.4 million

ESG – key indicators, Scope 1 and Scope 2 and energy consumption:

  • Net energy consumption: 301.5 TJ (-14.0%)
  • 54.7 103 tCO2eq Scope 1 and 2 (-21.3%)
  • 47,667 km of network inspected (+35.4%)
  • Fugitive emissions/km investigated: 49.02 Sm3/km (-43.7%)

Operating highlights (including affiliates):

  • Municipalities in gas distribution concessions: 1,899
  • Number of active meters: 7.75 million
  • Gas distribution network: around 74,788 Km

The results of the Italgas Group for the first half of 2022 confirm the resilience of the business model, with a steady growth of all the main economic and financial indicators and the Group’s ability to match development with sustainability targets which were further revised upwards in the 2022-2028 Strategic Plan presented to the financial community on 15 June 2022.

An effort that confirms the Company’s commitment to providing an active contribution both to the energy transition process, whose urgency was increased by the targets set by the European Commission in REPowerEU, and to implementing the National Recovery and Resilience Plan.

In the period, € 374.4 million in investments were made, devoted primarily to the digital transformation of assets and processes, the natural gas distribution in Sardinia and the repurposing of the networks to enable them to distribute renewable gases (biomethane immediately and, in the medium term, hydrogen and synthetic methane).

In the first half of 2022, 230 km of new pipes were laid. In Sardinia, the creation of new fully digital networks continued, reaching a total length of 909 km out of a total to be developed of around 1,100 km. In addition, in the first half of 2022, 11 new GNL storage and regasification plants were commissioned, for a total of 64 plants serving the basins under concession.

The financing requirements related to net investments for the first half of 2022 were amply covered by the cash flow from operating activities, equal to € 459.5 million.

The net financial position as at 30 June 2022 was € 5,094.4 million (€ 4,980.0 million as at 31 December 2021). The net financial position amounted to € 5,033.4 million (€ 4,910.0 million as at 31 December 2021), net of financial liabilities pursuant to IFRS 16 of € 61.0 million (€ 70.0 million as at 31 December 2021).

The EBITDA for the first half of 2022 amounted to € 513.3 million (+4.9% compared to 30 June 2021) and adjusted net profit attributable to the Group was € 188.3 million (+6.9% compared to 30 June 2021).

In the context of the public tender called by the Greek government for privatisation of the gas distribution operator DEPA Infrastructure S.A, Italgas is waiting to finalize the acquisition of 100% of the Company.

Paolo Gallo, CEO of Italgas, commented: 

The results of the first half of 2022 provide additional confirmation of the soundness of a Group capable of continuing to grow without interruption, despite a scenario featuring increasingly complex economic-social and geopolitical conditions.

We have reached the first turning point of the year recording growth in all economic indicators: the EBITDA grows by 4.9%, surpassing € 513 million and the adjusted Net Profit at +6.9% came to approximately € 188 million. Investments, exceeding € 370 million, have been used to digitally transform the network, which is increasingly smart, widespread and flexible, serving the energy transition and the decarbonisation of consumption.

In Sardinia, we are continuing with our commitment to complete distribution of natural gas in the areas under concession. The smart network, which covers approximately 1,500 kilometres, is now the most cutting edge network in the country, both because it is already capable of accommodating renewable gases such as biomethane and hydrogen, and because procurement is guaranteed solely through liquefied natural gas.

Technological innovation is confirmed as the main driver that allowed us to anticipate this change, transform our operations and improve service in terms of quality and efficiency while, at the same time, achieving ever-increasing sustainability targets, significantly contributing to the achievement of the REPowerEU targets.

Changes to Italgas’ calendar of corporate events

Posted on by adigiuseppe

Press Release of the results at June 30, 2022

Milan, 15 June 2022 – Italgas announces that during yesterday’s meeting, the Board of Directors, chaired by Benedetta Navarra, resolved that issue of the press release concerning the approval of the result at June 30, 2022 has been rescheduled from 26 to 25 July 2022, 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 July 25.

Italgas presents its 2022-2028 Strategic Plan

Posted on by adigiuseppe

8.6 billion euros investments to complete the digital transformation of assets, create one of the main national players in the energy efficiency sector, continue to play a leading role in achieving EU climate targets.

Turin, June 15th, 2022 – Italgas Chief Executive Officer, Paolo Gallo, is today presenting to analysts and investors the Strategic Plan of the Group for the 2022-2028 period, which was approved yesterday by the Company’s Board of Directors chaired by Benedetta Navarra.

The new Plan envisages an investment program of 8.6 billion euros, with an increase of 0.7 billion euros compared to the previous Plan presented last year. The increase in investments (+8.9%) is driven by the digital transformation of assets, the extension of the network and the initiatives aimed at consolidating in the energy efficiency sector that will enable the Italgas Group to continue to play a leading role in achieving the EU climate targets; in addition, the 2022-2028 Strategic Plan integrates the future commitment of Italgas in Greece with the awaited acquisition of Depa Infrastructure.

The strategic choices made in recent years by the Group have anticipated the approach of national and EU institutions towards the decarbonization and the containment of greenhouse emissions, which has materialized in the Fit for 55” and in the REPowerEU targets.

The new 2022-2028 Plan is structured along three main pillars: (i) continuation of the digital transformation, repurposing and network extension program to equip the country with cutting-edge infrastructures capable of receiving and distributing renewable gases such as biomethane and green hydrogen; (ii) consolidation in the energy efficiency sector with the aim of placing Italgas among the main operators in the sector; (iii) new growth opportunities through ATEM tenders and M&A in the gas and water sectors, and development of the Greek market. In pursuit of these goals, Italgas will further develop the skills of its people – also through insourcing and an internal Academy – and it will use a solid and efficient financial structure ensuring an appropriate return for shareholders.

The Plan pivots on ESG factors and responds to the challenges of sustainability by setting objectives for 2028 and 2030, in line with the carbon neutrality target for 2050, and further raising those defined last year in terms of emissions reduction, energy efficiency, competences, and people development to make the change effective.

In Greece, the Italgas Group expects to be able to complete the acquisition of DEPA Infrastructure over the next few months and to integrate and make the investment plans, currently prepared by the operators involved in the transaction, consistent with its vision.

Highlights 

  • Total net investments Plan of 8.6 billion euros (+700 million euros compared to previous Plan);
  • 4.5 billion euros net for the development, digitization and repurposing of the Italian gas distribution network;
  • 1.8 billion euros for Atem tenders and 1.8 billion euros for Greece;
  • 340 million euros to accelerate growth in the energy efficiency sector;
  • Reduction of greenhouse gas emissions Scope 1 and 2 by 34% by 2028 and by 42% by 2030, Scope 3 (supply chain) by 30% by 2028 and by 33% by 2030, decrease in energy consumption by 27% by 2028 and by 33% by 2030 (baseline 2020);
  • “Net Zero goal” by 2050;
  • Strong attention to generational change, the engagement of the Group’s people as protagonists of the ecological transition and focus on training: the 3 levers that enable change;
  • Optimization of the financial structure, with maintenance of the ratios in the solid investment grade area;

Paolo Gallo, CEO of Italgas, commented:

“In a European scenario that has REPowerEU as the new North Star to strengthen the resilience of the energy system and accelerate the ecological transition, Italgas can reap the benefits of a vision that had identified digital, flexible and smart networks as the main enabler of the decarbonization process.

With 8.6 billion euros, a further increase compared to the investment program presented last year, the Group is confirmed as one of the leading industrial companies capable of putting its design, spending and value creation skills at the service of the objectives of sustainable development of the country and of the European Union.

The largest share of the investments is once again destined for the extension, digital transformation and repurposing of the distribution network in order to create in time the conditions for the widespread use of the new gases, such as biomethane, green hydrogen and synthetic methane, which we will soon have to receive in our networks in increasing quantities.

After twenty years we return to having objectives beyond national borders: this Plan allocates 1.8 billion euros to Greece. We expect to complete the acquisition of DEPA Infrastructure over the next few months and thus be able to verify the correspondence of the investment programs of the three operating companies with our vision and the decarbonization targets set under the REPowerEU framework.

The role of energy efficiency in the Group’s development programs is growing. With 340 million euros, almost double compared to the previous plan, we aim to create one of the main players at national level, with a focus on innovation and digitization, contributing to the consolidation of a still very fragmented sector.

Innovation remains our main growth driver, the Digital Factory is the core of our cultural change: a place of ‘contamination’ around which we have developed an approach to open innovation that allows us to meet the most advanced startups and SMEs in the world.

The ability to manage innovation and put it to value will ultimately pivot on our people, to whom we will continue to allocate important resources for training, for the creation of new professionals and to attract best talents, always paying great attention to the issues of Diversity & Inclusion and female leadership”.

Italgas’ Board of Directors appoints the members and Chairmen of the Board Committees

Posted on by adigiuseppe

Milan, 2 May 2022 – Italgas’ Board of Directors, which met today under the chairmanship of Ms Benedetta Navarra, in line with the provisions of the Corporate Governance Code, by which the Company abides, has confirmed that the following Committees have been established and has appointed their members:

Control, Risk and Related Party Transactions Committee

  • Gianmarco Montanari*(Chairman)
  • Claudio De Marco*
  • Manuela Sabbatini**

Appointments and Compensation Committee

  • Lorenzo Parola*** (Chairman)
  • Claudio De Marco*
  • Manuela Sabbatini**

Sustainability Committee

  • Fabiola Mascardi* (Chairman)
  • Maria Sferruzza**
  • Qinjing Shen**

The Board of Directors attested that at least one member of the Control, Risk and Related Party Transactions Committee and of the Appointments and Compensation Committee fulfils the requirements set out in the Corporate Governance Code.

* Non-executive independent director in accordance with the CLF and the Corporate Governance Code

** Non-executive director

*** Non-executive independent director in accordance with the CLF

Italgas: consolidated Results as of 31 march 2022 approved

Posted on by adigiuseppe

Milan, 2 May 2022 – The Italgas’ Board of Directors, which met today chaired by Benedetta Navarra, has approved the consolidated results as of 31 March 2022 (unaudited).

Key figures

Consolidated economic and financial highlights:

  • Total revenues: € 354.0 million (+6.2%)
  • Gross operating margin (EBITDA): € 250.0 million (+6.7%)
  • Operating profit (EBIT): € 141.9 million (+9.2%)
  • Adjusted net profit attributable to the Group: € 88.9 million (+9.5%)
  • Technical investments: € 179.5 million
  • Cash flow from operating activities: € 198.8 million
  • Net financial debt: € 4,954.7 million
  • Net financial debt (excluding the effects pursuant to IFRS 16): € 4,888.1 million

ESG – key indicators, Scope 1 and Scope 2 and energy consumption:

  • 26.4 103 tCO2 e Scope 1 and 2 (+8.6%)
  • 20,745 km of network inspected (+49.7%)
  • Fugitive emissions/km investigated: 44.80 Sm3/km (-17.9%)
  • Net energy consumption: 208.3 TJ (-7.2%)

Operating highlights (including affiliates):

  • Municipalities in gas distribution concessions: 1,899
  • Number of active meters: 7.75 million
  • Gas distribution network: around 74,473 Km

The performance of the Italgas Group confirms the constant growth trend that started with its return to the stock exchange in November 2016: the first quarter of 2022 also had positive results in all the main economic and financial indicators and ESG targets established in the 2021-2027 Strategic Plan, which are gradually being achieved.

Moreover, the integration of sustainability and economic performance targets enables the Group to contribute with its investment choices to the energy transition process defined by the EU, and to help ensures the implementation of the Italian National Recovery and Resilience Plan.

In the period, € 179.5 million in investments were made (€ 206.7 million in the first quarter of 2021). These investments are devoted primarily to the digital transformation of assets and processes, the natural gas distribution in Sardinia and the repurposing of the networks to enable them to distribute renewable gases (biomethane immediately and, in the medium term, green hydrogen and synthetic methane).

In the first three months of 2022, 128 km of new pipes were laid; in Sardinia the construction of new fully digital networks continued, reaching a total extension of approximately 903 km out of a total to be built of approximately 1,100 km and 6 new LNG storage and regasification plants were commissioned.

The requirements related to net investments for the first quarter of 2022 were covered by the positive cash flow from operating activities, equal to € 198.8 million.

The net financial position as at 31 March 2022 was € 4,954.7 million (€ 4,980.0 million as at 31 December 2021). The net financial position amounted to € 4,888.1 million (€ 4,910.0 million as of 31 December 2021), net of financial liabilities pursuant to IFRS 16 of € 66.6 million (€ 70.0 million as of 31 December 2021).

The EBITDA for the first quarter of 2022 amounted to € 250.0 million (+6.7% compared to 31 March 2021) and adjusted net profit attributable to the Group was € 88.9 million (+9.5% compared to 31 March 2021).

As is known, on 9 September 2021, Italgas was declared the ‘preferred bidder’ by the Greek privatisation fund (HRADF), and on 10 December 2021 a purchase contract was signed for a price of € 733 million, in the context of the public tender called by the Greek government for privatisation of the distribution operator DEPA Infrastructure S.A. The acquisition of DEPA Infrastructure S.A., which should come to a close during the first half of 2022, will allow the Group to further strengthen its leadership in the European gas sector, entering a market that offers significant growth opportunities and for which it will be able to make its well-known distribution network development and digitisation capacities available to support the country’s energy transition process.

Paolo Gallo, CEO of Italgas, commented:

Due to the positive results for the first quarter 2022, we have been able to start the new mandate fully in line with the previous ones, focusing on the constant growth of all the main economic indicators. This result was even more significant in light of a socio-economic context impacted by the sharp rise in prices on the energy market, whose effects were worsened further by the Russia-Ukraine conflict under way.

More specifically, we recorded an increase of 6.7% in EBITDA, which reached € 250 million, and an adjusted net profit that came to € 89 million, up +9.5% compared to the same period of last year. We are continuing to invest in the digital transformation of our assets and processes and in training our people in order to enable the network to become the main driver of the energy transition by receiving and distributing the incremental amounts of renewable gas such as biomethane, green hydrogen and synthetic methane.

In Sardinia, the extension of our digital native network is continuing and has breathed life back into the island’s energy development. A virtuous model which we will soon be developing also in Greece, on a larger scale, working alongside the government in decarbonising the economy and consumption.

Digitization, sustainability and efficiency have been confirmed as the main drivers of our day-to-day work to continue contributing to the energy transition, which now also moves through the achievement of the RePowerEU targets for the diversification of sources of supply.

The Board of Directors appoints Paolo Gallo as Chief Executive Officer. Amendments to the calendar of corporate events 2022

Posted on by adigiuseppe

Turin, 26 April 2022 – Italgas’ Board of Directors, which met today in Turin in plenary session under the chairmanship of Ms Benedetta Navarra, appointed Mr Paolo Gallo as Chief Executive Officer, conferring on him the powers to manage the Company with the exception of specific duties reserved by law, bylaws, or a resolution of the Board of Directors for the Board or for the Chairman, who holds a non-executive role. The CEO is also assigned the duties of Chief Executive Officer for the purposes of establishing and maintaining an effective internal control and risk management system.

The Board of Directors, on the basis of the information provided by the parties concerned, also assessed – with reference to all 9 Directors – the compliance with the limitations on the accumulation of offices pursuant to the resolution of Italgas’ Board of Directors of 21 February 2022,  that there are no grounds for ineligibility or incompatibility and that they possess the integrity requirements laid down by current legislation; it also ascertained, on the basis of declarations made, that the Chairman, Ms Benedetta Navarra, and the Directors Claudio De Marco, Fabiola Mascardi and Gianmarco Montanari possess the requirements of independence required by the articles 147-ter, subsection 4, and 148, subsection 3, of the Consolidated Law on Finance and by Article 2 of the Corporate Governance Code (also in consideration of the qualitative and quantitative criteria approved by the Board of Directors to assess the importance of commercial, financial or professional relationships and additional remuneration). The Director Mr Lorenzo Parola declared that he possesses the independence requirements pursuant to articles 147-ter, subsection 4 and 148, subsection 3, of the Consolidated Law on Finance.

The Board of Directors, on the basis of the assessment carried out toady by the Board of Statutory Auditors, therefore acknowledged that there are no grounds for ineligibility, forfeiture and incompatibility as regards the Statutory Auditors, that they possess the requirements of professionalism and integrity prescribed in accordance with Italian Ministerial Decree No. 162 of 30 March 2000, as specified in art. 20.1 of the Bylaws, and that they comply with the limits of accumulation of offices held and possess the requirements of independence envisaged by the law and by the Corporate Governance Code (also considering the above mentioned qualitative and quantitative criteria).

The Board also verified that the composition of the Board itself and of the Board of Statutory Auditors complied with the provisions of the law and bylaws in force on gender equality. As of today the Company specifies, to the best of its knowledge, that Paolo Gallo holds 350,862 shares of Italgas S.p.A.

The curricula vitae of Directors and Statutory Auditors are available on the website www.italgas.it, on the Board of Directors and Board of Statutory Auditors pages, respectively.

Italgas finally pointed out that in today’s meeting the Board of Directors resolved to amend the calendar of corporate events for the year 2022, anticipated to 2 May 2022 the meeting of the Board of Directors for the approval of the Interim Report on Operations as at 31 March 2022, originally set for 4 May 2022; on the same day the results will be disclosed to the market and the conference call will take place at 4pm CET for the purpose of explaining the results to the financial community.

The calendar of corporate events is available at: https://www.italgas.it/en/press-releases-price-sensitive/italgas-2022-financial-calendar/