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 euro||target to 2028|
(include scope tenders)
|Revenue||2,6 billion euros||1,37 billion euros|
|EBITDA margin (%)||about 70%||about 74%|
|Ebit/RAB ratio||about 8,8%||7,5%|
|consolidated RAB||12,6 billion euros||7,8 miliardi di euro per calcolo tariffe 2021 e 8,2 miliardi di euro per calcolo tariffe 2022|
|Ratio of net debt to RAB||about 61%||about 61%|
Plan of actions and results already achieved
The strategic past objectives of the 2021-2027
Total investments of €7.9 billion, of which €2.2 billion for gas tenders.
- 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.
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.
Maintaining a virtuous and efficient financial structure, with a focus on optimising the structure and cost of debt.
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
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.
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 €.
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.
Proposed 2021 dividend of 29.5 euro cents (+6.5% vs. 2020), more than double the floor of the dividend policy.