Objectives and results

Through a 8.6 billion euros investment program, strongly focused on digitalization, the extension of our network and the expansion in the energy efficiency sector, the 2022-2028 Strategic Plan places us in a leading role in the ecological transition while maintaining our solid financial structure.

Financial objectives of the 2022-2028 Strategic Plan

In eurotarget to 2028
(include scope tenders)		2021 results 
Revenue2,6 billion euros1,37 billion euros
EBITDA margin (%)about 70%about 74%
Ebit/RAB ratioabout 8,8%7,5%
consolidated RAB 12,6 billion euros7,8 miliardi di euro per calcolo tariffe 2021 e 8,2 miliardi di euro per calcolo tariffe 2022
Ratio of net debt to RABabout 61%about 61%

Plan of actions and results already achieved

The strategic past objectives of the 2021-2027

INVESTMENTS

Total investments of €7.9 billion, of which €2.2 billion for gas tenders.
In detail:

  • 3.1 billion for investments in network repurposing.
  • 1.4 billion € digitisation of networks and processes.
  • 300 mln € in the completion of Sardinia’s methanisation project.
  • 400 mln € in additional perimeter in gas distribution (M&A and related operational investments).
  • 400 mln € in centralised activities, such as ICT and Real Estate.
  • 200 million in new opportunities in the water sector, energy efficiency and gas sales in Sardinia.

 

OPERATIONAL EFFICIENCIES

A programme of continuous research into operational efficiencies, leveraging technological innovation and digitisation to achieve new levels of efficiency.
The expected benefits of the digitisation programme are €250 million over the plan period, including lower costs.

 

FINANCIAL STRUCTURE

Maintaining a virtuous and efficient financial structure, with a focus on optimising the structure and cost of debt.

 

DIVIDENDS

New dividend policy in the four-year period 2020-2023, with a dividend equal to the greater of (i) the amount resulting from the 2019 DPS (€0.256) increased by 4% per year and (ii) the DPS equivalent to 65% of adjusted earnings per share.

The results achieved 

 

INVESTMENTS

In 2021, €865.1m of investments were carried over, reaching new all times highs (+11.5% vs 2020).

  • 718 mln € investments in the distribution network mainly or digitization and repurposing, with 732 km of new pipelines built, 91 km of which in Sardinia.
  • Smart meters installed in 2021: 821k mln including subsidiaries, with a cumulative total of 7.49 mln. 88% of Italgas’ total meter fleet is smart.

 

 

OPERATIONAL EFFICIENCIES

Adjusted operating costs at €361.9m in 2021, with a small drop vs 2020. Excluding the higher operating costs for the ESCOs, operating efficiencies exceeded 17 mln €.

 

 

FINANCIAL STRUCTURE

At the end of 2021, 92.7% of the debt is fixed rate. Cost of debt below 1%, at industry-leading levels, and limited exposure to interest rate volatility.

 

DIVIDENDS

Proposed 2021 dividend of 29.5 euro cents (+6.5% vs. 2020), more than double the floor of the dividend policy.

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