In 2020, Italgas achieved P&L results that demonstrate the effectiveness of the strategic choices made in the recent past, having strongly embraced a plan of technological innovation and profound digital transformation that has enabled the Group to pursue its investment program even in a particularly challenging context.
In a scenario conditioned by anti-Covid restrictions and lower tariffs of the new regulatory period, which has begun on January 1, 2020, Italgas nevertheless achieved a significant increase at operating level, as proven by the 7.0% increase recorded in adjusted EBITDA compared to last year.
Such a result was primarily driven by the 6.0% increase in adjusted Revenues, which reached €1,333.8mn despite the tariff reductions introduced by ARERA Resolution 570/2019 for the 2020-2025 period. Revenues benefit in particular from the full consolidation for 12 months of Toscana Energia, which until the third quarter of 2019 was consolidated with the equity method. Operating expenses were up 3.4%, when including Toscana Energia in the new scope. But, on a like-for-like basis, opex declined by 6%.
Adjusted Operating Profit, which reached €546.8mn, also increased by 6% compared to 2019, against a net change in depreciation and amortization of €33.1mn compared to 2019. Higher depreciation and amortization due to the investments made (€27.6 mn) and the full-year consolidation of Toscana Energia (€32.4 mn), were partly offset by lower depreciation and amortization for the installation of new smart meters (€17.7 mn), as the program is coming to an end.
Adjusted Group Net Profit amounted to €345.4mn, in line with the 2019 figure (+0.1%), as liability management operations have brought the cost of debt below 1%.
Record amount of Capex despite the pandemic
Cash generation is up by 4.3% compared to the previous year; the record level of capital expenditure as well as the Italgas desire to support its supply chain in a sensitive time for the whole economy led to a slight increase in Financial Debt. The financial structure remains solid and efficient.
ultimo aggiornamento 26 May 2021 06:06 UTC