Fitch Ratings (“Fitch”) affirms Italgas at ‘BBB+’, Stable Outlook

Milan, 6 December 2021 – The rating agency Fitch has affirmed today Italgas S.p.A long-term issuer default rating at ‘BBB+’, with Stable Outlook.

The rating affirmation is based on Italgas Group’s significant growth perspectives in 2022-2027, despite the expectations of a WACC reduction for the gas distribution sector from next year onwards, as confirmed by the second consultation document published by ARERA last 12 November.

Moreover, Fitch assesses positively the potential acquisition of DEPA Infrastructure, given that it would allow Italgas to diversify its geographical footprint outside of Italy towards a growing market, benefiting from a regulatory framework that is currently favourable compared to the Italian one in terms of expected remuneration.

The rating agency also highlights that the postponement of new gas tenders and the actions planned by Italgas’ management to face a less favourable regulatory framework from 2022 on are able to support the Company’s financial strength and credit rating. The Group’s commitment to proactively manage its financial structure was also acknowledged, thanks to the transactions recently executed on both capital and banking markets, which have enabled Italgas to eliminate the short-term refinancing risk and have an adequate amount of liquidity available.

Moody’s Investors Service (Moody’s) affirms Italgas at ‘Baa2’, Stable Outlook

Milan, 25 November 2021 – Moody’s Investors Service (Moody’s) has affirmed today Italgas S.p.A Long-Term Issuer rating at ‘Baa2’, Stable Outlook. The rating affirmation is based on the strong track record of operational efficiencies and on the solid financial position, as well as on the low risk profile of the gas distribution business.

In particular, the agency emphasizes the Company’s steady focus on costs optimization, achieved through technological innovation and digitization activities, the ability to execute planned investments and the persistence of an extremely low cost of debt, thanks to which the Company is able to sustain its profitability and a robust cashflow generation.

Finally, Moody’s highlights Italgas’ appointment as preferred bidder for the privatization of DEPA Infrastructure, the Greek company managing 100% of the Country’s gas distribution network.

Italgas: consolidated results for the first nine months and Third Quarter of 2021 approved

Milan, 27 October 2021 – Italgas’ Board of Directors, chaired by Alberto Dell’Acqua, met yesterday and approved the consolidated results of the first nine months and third quarter of 2021.

Key figures

Consolidated economic and financial highlights:

  • Total revenues: € 1,005.7 million (+2.8%)
  • Gross operating margin (EBITDA): € 749.0 million (+4.9%)
  • Operating profit (EBIT): € 430.6 million (+7.3%)
  • Adjusted net profit attributable to the Group: € 273.6 million (+10.5%)
  • Technical investments: € 612.6 million (+10.3%)
  • Cash flow from operating activities: € 533.7 million (+21,0%)
  • Net financial debt: € 5,055.4 million
  • Net financial debt (excluding the effects pursuant to IFRS 16): € 4,987.1 million

ESG – key indicators, Scope 1 and Scope 2

  • 56,239 km of network inspected (+14.3%)
  • Fugitive emissions/gas injected into the network: 0.092% (-4.1%)
  • Fugitive emissions/km investigated: 105 Sm3/km (-6.7%)
  • km travelled by operative vehicles: 32.091 million km (+15.3%)
  • km travelled by bifuel operative vehicles powered by CNG: 92%
  • Grams of pollutants per km travelled by the car fleet: NOx (-5.6%), particulate matter (-22.6%)

Operating highlights (including affiliates):

  • Municipalities in gas distribution concessions: 1,898
  • Number of active meters: 7.75 million
  • Gas distribution network: around 74,110 Km

In a context of general economic recovery, favoured by the gradual loosening of restrictions related to the health emergency, Italgas’ trend continues to grow, with extremely positive performance of all the main economic and financial indicators, combined with further progress on the road to meeting the 2027 ESG targets.

The sustainability targets enable the Group to contribute with its strategic investment choices to the energy transition process, in line with EU guidelines, and to the full implementation of the Italian Recovery and Resilience Plan (PNRR).

The € 612.6 million of investments made in the period (+10.3% compared to 30 September 2020) bears witness to this. These investments are devoted to the digital transformation and repurposing of the networks to enable them to distribute renewable gases (biomethane and, in the medium term, green hydrogen and synthetic methane).

Approximately 545 km of new pipelines were laid in the first nine months of 2021, 62 km of which in Sardinia, where the construction of new, entirely digital networks continued, having completed approximately 900 km overall out of a total of 1,100 km to be constructed.

The EBITDA of the first nine months of 2021 amounted to € 749.0 million (+4.9% compared to 30 September 2020) and adjusted net profit attributable to the Group was € 273.6 million (+10.5% compared to the same period of the previous year).

The net financial position as of 30 September 2021 was € 5,055.4 million (€ 4,736.5 million as of 31 December 2020). The net financial position amounted to € 4,987.1 million (€ 4,660.2 million as of 31 December 2020), net of financial liabilities pursuant to IFRS 16 of € 68.3 million (€ 76.3 million as of 31 December 2020).

On 9 September 2021, Italgas was declared the ‘preferred bidder’ by the Greek privatisation fund (HRADF), in the context of the public tender called by the Greek government for privatisation of the distribution operator DEPA Infrastructure S.A..

The cash flow from operating activities in the first nine months of 2020 amounted to € 533.7 million.


Paolo Gallo, CEO of Italgas, commented:

“The nineteenth quarter of consecutive growth for Italgas since its return to the stock market is the best demonstration of a Company that has continued on its development and transformation path – started in 2017 – even during the most serious health emergency that the world has known in recent times.

At 30 September 2021, we have achieved an EBITDA of € 749 million, up 5% compared to the same period of 2020, and an adjusted net profit that has grown double-digit, by 10.5%, to € 273.6 million, despite the continuing negative effects of the Resolution 570.

Despite a macroeconomic and financial context characterised by ongoing volatility, we have invested more than € 610 million, in order to maintain the 2022 objective: to make Italgas the first utility in the world with a fully digitised network.

We have completed over 80% of the methanisation plan of the basins under concession in Sardinia. Furthermore, with the commissioning of Higas in Oristano, the natural gas supply chain has become even more efficient and above all affordable for consumers, enabling them to make savings on their bills (25% on average) that now offset the increase in commodity prices.

Since September our horizon goes beyond Italy: we have been indicated as “preferred bidder” in the tender for privatisation of Depa Infrastructure in Greece. We will make our know-how available to that Country and we will support the decarbonisation process through digital native networks that will be ready in the not-too-distant future to accommodate renewable gases such as biomethane, green hydrogen and synthetic methane.


Italgas stock included in the MIB ESG Index

Milan, 18 October 2021 – The Italgas’ stock was included in the MIB ESG Index, the first blue-chip index for Italy dedicated to the Environmental, Social and Governance (ESG) best practices of Borsa Italiana, part of the Euronext group.

The MIB ESG Index, made operational by Euronext in collaboration with Vigeo Eiris (V.E, part of Moody’s ESG Solutions), includes the most important Italian listed issuers that demonstrate they implement the most effective behaviors within the three main parameters of corporate social responsibility.

The inclusion of Italgas’ stock in the MIB ESG Index is a further recognition of the Company’s strong focus on the sustainability targets set in the 2021-2027 Strategic Plan (-30% in greenhouse gas emissions, -25% of energy consumption, focus on people), as well as of the strategic investment and of the contribution made, through them, to the energy transition process.

The MIB ESG Index has been launched in response to a growing demand for sustainable investment tools by investors and by the market.

Fitch Ratings (“Fitch”) affirms Italgas at ‘BBB+’, Stable Outlooks

Milan, 29 July 2021 – The rating agency Fitch has affirmed today Italgas S.p.A long-term
issuer default rating at ‘BBB+’, Stable outlook.

The rating affirmation is based on Italgas’ strong growth perspectives, well highlighted in its
Strategic Plan 2021-2027 presented to the financial community last June 15 th , 2021.

In particular, the agency emphasises the continuous increase in the Company’s investment
plan despite the pandemic emergency not yet fully overcome and the solid cash flow
generation. Moreover, the Group's commitment to the digital transformation, which will
enable Italgas to achieve significant benefits in terms of operating efficiency, together with its
attitude for strategic diversification towards water distribution sector and energy efficiency,
were once again positively acknowledged.

Fitch highlights as well Italgas’ proactive approach to debt management, whereby the
Company currently relies on a solid liquidity profile and faces no refinancing risk, also thanks
to the successful liability management transactions recently carried out.


PR_Italgas – Fitch affirms Italgas rating

Italgas: 2020 financial calendar

Milan, 29 January 2020 – Italgas announces the financial calendar and the dates of the publication of its 2020 financial results as approved by the Board of Directors:

Consolidated financial statement at December 31, 2019 and draft financial statements at December 31, 2019;
Dividend proposal for 2019;
Report on Corporate Governance and Ownership 2019;
Report on Remuneration 2020; Structure 2019; Sustainability Report 2019; PWC Resolution; Call of Shareholders’ Meeting.
Board of Directors approval

Press release and Conference call*

March 11, 2020

March 12, 2020

Financial statements at December 31, 2019;
Dividend approval for 2019,
Appoint BoD and Board of Statutory Auditors.
Shareholders’ Meeting

Press release***

April 20, 2020 in a single call
First quarter 2020 reportBoard of Directors approval Press release and Conference call**April 29, 2020
Strategic Plan 2020-2026Board of Directors approval

Press release and Strategy Presentation*

June 10, 2020

June 11, 2020

Second quarter 2020 results and interim financial report at June 30, 2020Board of Directors approval
Press release and Conference call**
July 27, 2020
Third quarter 2020 reportBoard of Directors approval Press release and Conference call***October 29, 2020

* Press release will be issued in the morning (non trading hours). The conference call for the presentation of results/Strategic Plan to the financial community in the afternoon on the same day;

** Press release will be issued at the end of BoD (trading hours) and Conference Call for the presentation of results will be held later on the same day.

*** Press release will be issued at the end of Shareholders’ meeting;

  • The dividend for the 2019 financial year will be paid on 20 May 2020 (record date 19 May 2020) with coupon payment date 18 May 2020.
  • A road show to present the company’s objectives as established in the 2020-2026 Strategic Plan to institutional investors and financial analysts is scheduled to start in June 2020.

Any amendment to the above calendar will be notified to the market in due time.

Italgas’ Board of Directors appoints the members of the Board Committees and their Chairmen

Milan, 14 May 2019 – Italgas’ Board of Directors, which met yesterday under the chairmanship of Alberto Dell’Acqua, in line with the Code of Corporate Governance, to which the company adheres, confirmed the institution of the following Committees and appointed their members:

Control and Risk and Transactions with Related Parties Committee

  • Paola Annamaria Petrone* (Chairman)
  • Giandomenico Magliano*
  • Silvia Stefini*

Appointments and Compensation Committee

  • Andrea Mascetti* (Chairman)
  • Maurizio Dainelli**
  • Silvia Stefini*

Sustainability Committee

  • Giandomenico Magliano* (Chairman)
  • Yunpeng He**
  • Veronica Vecchi*

The Board of Directors has declared that at least one member of the Control and Risks and Related-Party Transactions Committee and of the Appointments and Remuneration Committee meets the requirements of the Code of Corporate Governance.

* Non-executive and independent Director
** Non-executive Director

Fitch Ratings (“Fitch”) affirms Italgas at ‘BBB+’, Outlook Stable

Milan, 2 August 2019 – Fitch has affirmed Italgas S.p.A Long-Term Issuer Default Rating (IDR) at ‘BBB+’. The Outlook on the IDR is Stable.

The rating affirmation reflects the Group’s updated strategy 2019-2025, which further strengthen Italgas strategic and financial targets in the medium-term with increased investment plan compared to the previous one.

Fitch underlines the stability of the regulatory framework and the expected continuity for the period 2020-2025; the rating agency highlights the company’s solid growing path of results from the listing and management commitment to a solid capital structure. According to Fitch, Italgas’ target of increasing its market share in the Italian gas distribution market, also thanks to M&A operations, is supported by a consistent investment plan.

Italgas can rely on a solid debt structure with a competitive cost of debt, composed by almost all fixed-rate instruments, thanks to the corporate bond issuance and interest rate swap transaction completed in July 2019, with a long-term average maturity which considerably reduce the refinancing risk.

The solid liquidity profile is ensured by available committed credit lines.

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Italgas confirms the ex dividend and payment date of the dividend

Milan, 25 February 2019 – With regard to the press release issued on 22 February 2019 concerning the approval by the Italgas Board of Directors of the 2018 results and the proposal for a dividend of 0.234 euro per share to be submitted to the Shareholders’ Meeting called on 4 April 2019, the Company reminds that:

  • the dividend for the 2018 financial year will be paid on 22 May 2019 (record date 21 May 2019) with coupon payment date 20 May 2019.

These dates do not introduce any changes with respect to what was communicated to the market when the 2019 Calendar events was published on last 24 January.

Italgas: approved results as at 30 june 2018

Milan, 31 July 2018 – Italgas’s Board of Directors met yesterday under the chairmanship of Lorenzo Bini Smaghi and approved the Consolidated Half-Year Report as at 30 June 2018[1].

Key figures

Consolidated economic and financial highlights:

  • Total revenue: €591.3 million (+4.7%)
  • EBITDA: €424.2 million (+8.7%)
  • EBIT: €223 million (+9.3%)
  • Net profit: €150.7 million (+8%)
  • Technical investments: €227.9 million
  • Net cash flow from operating activities before M&A transactions: €393.4 million
  • Net financial debt[2]: €3,591.3 million

Operating highlights including unconsolidated investee companies:

  • Gas concessions: no. 1,709
  • Number of active meters: 7.5 million
  • Gas distribution network: 67.7 thousand Km

Italgas’s economic and financial results for the first half-year of 2018 confirm the positive performance achieved in 2017, with further improvement in terms of margins; investment programs and the closing of further acquisitions are in line with the target set in the 2018-2024 Business Plan.

A significant portion of investments concerned the plan to installation of smart meters replacing the traditional ones. In the first half of 2018, also considering the non-consolidated affiliates, just under 1 million were installed, 915 thousand of which replaced traditional meters, bringing the total to approximately 3.98 million, equal to 49.1% of the entire meter fleet[3]. The target is to complete the substitution plan by early 2020. The installation of smart meters is part of the overall project to digitize the network, for which more than 40 pilot projects have been launched throughout the country.

In the first six months of the year the objective of the consolidation of Italgas in gas distribution was pursued by completing several corporate transactions, some of which had already been announced during 2017. In particular, the following acquisitions were finalised: i) the entire social capital of the Ichnusa Gas S.p.A., ii) the entire social capital of the company Medea S.r.l., iii) a company branch of Amalfitana Gas, iv) 98% of the share capital of a series of companies holding 16 natural gas distribution concessions in Campania, Calabria and Siciliy[4], v) the distribution network of the Municipality of Portopalo di Capopassero from AEnergia Reti S.r.l.

Furthermore, during the first half of the year has been completed the acquisition of Seaside, one of Italy’s leading Energy Service Companies, at the forefront of energy efficiency services and enables the Group to be present in a sector that offers multiple synergies with the activities of gas distribution.

With over 67 thousand kilometres of managed network and 7.5 million redelivery points served in 1,709 concessions, Italgas confirms its position as leader in the sector in Italy, with a market share of over 34%[5], and third largest operator in Europe in terms of number of managed RDPs.

The requirements related to the net investments of the first half of 2018 were fully covered by the positive net cash flow from operating activities, equal to €632.3 million, with a Free Cash Flow – before M&A activities – equal to €393.4 million.

The net financial position as at 30 June 2018 was 3,591.3 million euro, an improvement compared to 31 December 2017 (€ 3,720.3 million).

As regards to the economic results, operating profit for the first half of 2018 amounted to 223 million euro (+9.3% compared to 30 June 2017) and net profit was 150.7 million euro (+8% compared to the same period of the previous year).

Paolo Gallo, CEO of Italgas, commented:

The performance for the first six months of the year confirms Italgas’ strong commitment to investments in the network, digitization processes and acquisitions, in line with the targets set in the 2018-2024 Strategic Plan.

At June 30, we reached six months in advance the target set by the Authority for the replacement of traditional meters with the latest generation ones: 50% of the meters managed by Italgas and its subsidiaries are intelligent meters. This represents the enabling factor for the wider project of digitizing the network.

The economic and financial results achieved in the first half of 2018 show a significant improvement compared to the already robust 2017 results; among others an 8% increase in net profit, thanks also to the efficiency measures and the improvement in service quality that are still in progress”.

[1] Subject to a limited audit.

[2]Excluding the debts for operating leases in accordance with IFRS 16. In fact, on 13 January 2016 IASB issued IFRS 16 – Leases accounting standard, already adopted by Italgas Group on 1 January 2018. The adoption of the principle determined the writing into financial liabilities of Debts for leases of €37.2 million.

[3]Excluding non-consolidated investee companies, in the first half of 2018 Italgas installed approximately 850 thousand new meters, 770 thousand of which replaced traditional meters, bringing the current total of meters installed to approximately 3.55 million, equal to approximately 48.9% of all meters.

[4] Baranogas Reti S.r.l., Ischia Reti Gas S.r.l., Progas Metano S.r.l., Grecanica Gas S.r.l., Favaragas Reti S.r.l. e Siculianagas Reti S.r.l.

[5] Operating data also including non-consolidated subsidiaries.

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