Given a well-balanced financial structure, Italgas would countinue to preserve a solid investment grade rating, as in the current situation (Moody’s: Baa2 and Fitch BBB+).
In the Plan’s time span, the cost of debt, presently slightly above 1%, is expected to remain at excellent levels.
Italgas is also committed to maintaining the current weight of fixed-rate debt (87%) as long as the current low interest rate environment lasts, with a targeted landing point at the end of the Plan’s period, represented by a mix of 2/3 fixed and 1/3 floating rate debt.
The Company confirms its commitment to guarantee its shareholders an attractive, growing and sustainable earnings distribution, in line with the dividend policy presented in June 2018.
For the 2018-2020 three-year period, Italgas expects to remunerate its shareholders through the distribution of a dividend per share (DPS) equal to the higher of:
- the amount resulting from the 2017 DPS, increased by 4% per year
- the DPS equivalent to a 60% payout on consolidated net earnings per share.
In May 2019, Italgas paid a 2018 DPS of 0.234 euro, 12.5% higher than the dividend of the previous year.