Shares and dividends

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 2020 at €5.20. From its return to listing on 7 November 2016 to 31 December 2020, the share price rose by 30.9%. Including dividends, the total shareholder return was 56.4% over the same period. Our market capitalisation exceeded €4 billion in 2020 compared to just over €3 billion in 2016.

 20162017201820192020
Number of shares of share capital809809809809809
Number of shares outstanding as at 31 December (millions)809809809809809
Average number of shares outstanding in the year (millions)809809809809809
Share price at year end (€)3,735,094,995,445,20
Market capitalisation (b)3,024,124,044,404,26

(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 10 March 2021, the Board of Directors carried out a capital increase by issuing 632,852 new shares for the beneficiaries of the 2018-2020 Co-investment Plan. The share capital thus amounts to 1,002,016,254.92 euros and consists of 809,768,354 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

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 new four-year dividend policy (2020-23), defined in October 2020, provides for the distribution of a dividend equal to the greater of (i) the amount resulting from the FY2019 DPS (€0.256) increased by 4% per year and (ii) the DPS equal to 65% of adjusted EPS.

The Group’s economic and financial solidity and its growth prospects made it possible to propose a dividend of €0.277 per share at the shareholders’ meeting of 20 April 2021, an increase of over 8% compared to the previous year. From 2016, when Italgas returned to the stock market, to the end of 2020, our total dividends paid grew from €161.8 million to €207.1 million (+28%).