Milan, 23 October 2017 – Italgas's Board of Directors met today under the chairmanship of Lorenzo Bini Smaghi, and approved the consolidated results for the first nine months and third quarter of 2017*.
Italgas confirms the growth objectives presented to the market, particularly with regards to the increase of 14.7% in EBIT and of 27.8% in net profit. The Group has continued with the implementation of the investment plan, which amounted to €346.5 million as at 30 September 2017 (+39.8% compared with the same period in 2016), and has confirmed the objective of a total of more than €500 million in investments by the end of 2017. Approximately half of these investments are for implementing the programme for the replacement of traditional meters with “smart” meters. In the first nine months of the year 1.1 million meters were added bringing the total of new meters installed to around 2.3 million - equal to 35% of the total and in line with the goal of completing the plan between 2019 and 2020.
In the first nine months of 2017 the Group generated cash flow from operating activities of €375.1 million, which enabled the funding of the investment plan and the payment of a dividend for 2016 maintaining the net financial position as at 30 September 2017 at approximately €3.7 billion.
Paolo Gallo, CEO of Italgas, commented:
"The results confirm the positive growth trend registered since the beginning of the year thanks to the positive effect of the rationalisation process, the corporate restructuring, the control of operating costs and financial optimisation. All the main economic indicators demonstrate a double digit growth; in particular EBITDA rose by 20% and net profit by 28%. The implementation of our investment plan is progressing in line with the objectives presented to the market, and with a focus on the replacement of meters, network development and replacement initiatives, and the application of digital technological solutions which will continue to generate efficiencies and benefits for the entire Italian gas distribution system”.
Key figures Consolidated economic and financial highlights:
- Total revenue: €835.0 million (+7.2%)
- EBITDA: €577.9 million (+20.0%)
- EBIT: €306.7 million (+14.7%)
- Net profit: €213.3 million (+27.8%)
- Technical investments: €346.5 million (+39.8%)
- Net cash flow from operating activities: €375.1 million
- Net financial debt: €3,728.3 million
Operating highlights including unconsolidated affiliates: Gas concessions: 1,581
- Number of active meters: 7.4 million
- Gas distribution network: more than 65,000 Km