Shares and dividends

We present here the historical data on the stock since our return to the stock market in 2016 – including capitalisation and price per share at year-end – as well as the evolution of the share capital over the last 5 years and the dividend policy.

Historical stock and key share data

Italgas shares closed 2021 at €6.052. From its return to listing on 7 November 2016 to 31 December 2021, the share price rose by 52.4%. Including dividends, the total shareholder return was 91.2% over the same period. Our market capitalisation exceeded €5 billion in 2021 compared to just over €3 billion in 2016.

 201620172018201920202021
Number of shares of share capital809809809809809810
Number of shares outstanding as at 31 December (millions)809809809809809810
Average number of shares outstanding in the year (millions)809809809809809810
Share price at year end (€)3,735,094,995,445,206,052
Market capitalisation (a) (billions)3,024,124,044,404,264,90

(a) Product of the number of shares in circulation (exact number) multiplied by the official price per share at the end of the period.

Changes in share capital over the last five years

On 9 March 2022, the Board of Directors carried out a capital increase by issuing 477,364 new shares for the beneficiaries of the 2018-2020 Co-investment Plan. The share capital thus amounts to 1,002,608,186.28 euros and consists of 810,245,718 shares. Free-float shares amount to 60.5%.

 Year

Structure of the Share Capital

 2016

 1 June 2016 – The Company is incorporated with a share capital of EUR 50,000.00, fully paid up, divided into 50,000 shares with no express par value. 7 November 2016 – At the same time as the separation from the Snam group, the Company increased its share capital to €1,001,231,518.44, divided into 809,135,502 shares with no express par value.

 2017

There were no changes in the share capital during the year. The share capital is 1,001,231,518.44 euros, divided into 809,135,502 shares with no express par value.

2018

There were no changes in the share capital during the year. The share capital is 1,001,231,518.44 euros, divided into 809,135,502 shares with no express par value.

 2019There were no changes in the share capital during the year. The share capital is 1,001,231,518.44 euros, divided into 809,135,502 shares with no express par value.
2020There were no changes in the share capital during the year. The share capital is 1,001,231,518.44 euros, divided into 809,135,502 shares with no express par value.
2021Following the capital increase carried out by the Board of Directors on March 10, 2021, through the issue of 632,852 new shares, the share capital amounts to 1,002,016,254.92 euros consisting of 809,768,354 shares. in Italian.
2022Following the capital increase carried out by the Board of Directors on March 9, 2022, through the issue of 477,364 new shares, the share capital amounts to 1,002,608,186.28 euros consisting of 810,245,718 shares. 

An attractive, growing and sustainable dividend policy.

We strive to ensure attractive and sustainable returns for investors, as well as a low risk profile, resulting from our operation in a regulated market and the strength of our capital structure. The 2020-2023 policy defined in October 2020 provides for the distribution of a dividend equal to the greater of (i) the amount resulting from the 2019 DPS (0.256 euros) increased by 4% per year and (ii) the DPS equal to 65% of the adjusted EPS.

The application of this policy for fiscal year 2021 allowed the distribution of a dividend of 0.295 euros, up 6.5% compared to the previous year.

From 2016, when Italgas shares were re-listed, to the end of 2021, dividends per share cumulatively distributed amounted to 1.47 euros. Therefore, cumulative Total Shareholder Return was 91.2%.

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