Italgas figures

Italgas S.p.A, incorporated on 1 June 2016, is the result of a demerger of Snam and has been listed on the FTSE MIB of Borsa Italiana since 7 November 2016. We present here our key economic and balance sheet figures for the last 5 years.

Key financial figures

Unlike the legal statement, the reclassified income statement requires the listing of Total revenues and Operating costs net of the impact of IFRIC 12 “Service concession agreements” (€ 772.0 and € 668.2 million respectively in 2021 and 2020), connection contributions (€ 19.6 and € 19.5 million respectively in 2021 and 2020) and other residual components (€ 0.8 and € 3.2 million respectively in 2021 and 2020).

(€ million)31.12.201631.12.201731.12.201831.12.201931.12.2020*31.12.2021
Net invested capital as at 31 December4.681,74.905,95.193,56.280,27.12257,122.5
Shareholders’ equity1.064,31.185,61.329,31.794,91.981,02,142.5
Capex378,0521,9522,7740,0777,5865.1
RAB (billion €)66,16,47,47,88.2
Net financial debt3.617,43.720,33.864,24.485,34.736,54,980
Leverage (%)59.0%59,4%58,7%60,6%61,1%61.7%
Finance lease payables – IFRS 1649,974,776,370.0
Net financial debt, reconciliation3.617,43.720,303.814,34.410,64.660,204,910.0

(*) Up until 31 December 2020, the Group capitalised costs relating to the legally required periodic checks of volume conversion devices under operating costs, where such devices are present in the meters installed at the re-delivery points. At 31 December 2021, the Group retrospectively classified expenses relating to these checks amongst operating costs, in accordance with current accounting standards. In order to ensure comparability with the balance sheet items, the item relating to shareholders’ equity was adjusted as of 31 December 2020 (-€ 3.6 million).

(**) At 31 December 2021, the item did not consider liabilities for € 5.6 million due to Conscoop, consisting of shareholder loans disbursed by it to Isgastrentatrè, later incorporated into Medea, insofar as they were considered part of the deferred purchase price settle

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