Italgas: consolidated results as of December 31, 2021 approved

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The Board of Directors has convened the General Meeting of Shareholders for April 26, 2022.Milan, March 10, 2022 – The Italgas Board of Directors, chaired by Alberto Dell’Acqua, met yesterday and approved the results as of December 31, 2021 and decided to propose to the General Meeting the distribution of a dividend of €0.295 per share (+6.5% compared to 2020).Key figures Economic and financial highlights1
  • Adjusted total revenue: €1,370.8 million (+2.8%)

  • Adjusted EBITDA: €1,008.9 million (+4.1%)

  • Adjusted EBIT: €583.2 million (+6.2%)

  • Adjusted net profit2: €367.7m (+6.0% compared to restated 2020 income)

  • Technical investments: €865.1 million (+11.5%)

  • Cash flow from operating activities: €831.9 million (€746.6 million in 2020)

  • Net financial debt3 €4,980.0 million; €4,910.0 million excluding IFRS 16 effects

Sustainability Highlights

  • 7 103 tCO2 e Scope 1 and 2, -7.3% compared to 2020

  • Gas volumes distributed: 8,886.68 million cubic meters, +4.8% compared to 2020

  • 067 energy intensity4-4.3% over 2020

  • Gas leak rate5: 0.087% -13.0% over 2020

  • Fugitive emissions/network km: 106.7 -10.3% over 2020

  • Grams of pollutants per km traveled by the vehicle fleet: 0.081 gNOx (in line with 2020), 0.0003 grams of particles (-18.3% over 2020)

  • Employee and contractor accident frequency index6: 1.07 (against 1.41 in 2020)

  • 22% of women in positions of responsibility compared to 16.7% in 2020

  • 4% of women in the company compared to 15.1% in 2020

  • 112,379 total hours of training provided (+48.0% compared to 2020), including 24,832 for topics related to digitalization

Operational Highlights (including affiliates):

  • Municipalities under gas distribution concession: 1,898

  • Number of active counters: 7.757 million

  • Gas distribution network: approximately 74,400 km

In a context of substantial economic recovery, although partly limited by the persistence of the health emergency and the rise in energy prices, the performance of the Italgas Group confirms the trend of continuous growth initiated with the return to the stock market in November 2016. The 2021 financial year presents positive results with regard to all the main economic and financial indicators, combined with the significant progress observed aimed at achieving the ESG objectives established in the 2021-2027 Strategic Plan. The integration of sustainability and economic performance objectives allows the Group to contribute through its investment choices to the energy transition process, in accordance with EU guidelines, and to help ensure the implementation of the Italian National Plan recovery and resilience. The 865.1 million euros of investments made over the period (+11.5% compared to December 31, 2020) bear witness to this. These investments are mainly devoted to the digital transformation of assets and processes, the methanation of Sardinia and the conversion of networks to enable them to distribute renewable gases (biomethane in the immediate term and, in the medium term, green hydrogen and synthetic methane). In 2021, 732 km of new pipelines were laid, including 91 km in Sardinia, where the construction of new fully digital networks continued, in particular with the installation and commissioning of 50 new LNG storage plants, reaching a total length of approximately 900 km out of a total of approximately 1,100 km to be developed: at the end of 2021, a total of 3,891 redelivery points on the island are supplied with natural gas. Cash generation also increased significantly, with cash flow from operating activities at the end of 2021 amounting to €831.9 million. Net financial position7 as of December 31, 2021 was €4,980.0 million (€4,736.5 million as of December 31, 2020). The net financial position4 amounts to €4,910.0 million (€4,660.2 million as of December 31, 2020), net of financial debts in application of the IFRS 16 standard of €70.0 million (€76.3 million as of December 2020). Adjusted EBITDA at the end of 2021 amounted to €1,008.9 million (+4.1% compared to December 31, 2020) and adjusted net income Group share was €367.7 million (+ 6.0% compared to December 31, 2020). In the framework of the public tender launched by the Greek government for the privatization of the distribution operator DEPA Infrastructure SA, on September 9, 2021, Italgas was declared “preferred bidder” by the Greek privatization fund (HRADF ), and on December 10, 2021 a purchase agreement was signed for a price of 733 million euros. The acquisition of DEPA Infrastructure SA, which will be completed during the first half of 2022, will allow the Group to further strengthen its leading position in the European gas sector, by entering a market that offers significant growth opportunities and for which it will be able to make available its recognized capacities for the development and digitization of the distribution network to support the country’s energy transition process.
Paolo Gallo, CEO of Italgas, said: In 2021, which saw the first significant signs of economic recovery, although influenced by the ongoing health emergency and the strong tensions around raw material costs, Italgas has confirmed itself as one of the most solids from Italy.For the twentieth consecutive quarter since the return to the stock market, we recorded growth in all economic indicators, in particular adjusted EBITDA which increased by 4.1%, exceeding 1 billion euros, and adjusted net income, which at +6% came to 367.7 million euros. Investments, which reached a record of 865 million euros, increased by 11.5% compared to the previous year and at the same time continued to be a strategic lever to continue the digital transformation of the network and a important contribution to the revival of the Italian economy.Digitizing an infrastructure as widespread as our distribution network does not only correspond to enhancing a country’s asset and becoming a world benchmark for the sector; it is also about ensuring that gas networks play a central role in the ecological transition as an asset which, from a sector coupling perspective, is able to guarantee the efficiency and flexibility of the entire Italian energy system and greater diversification of sources through the gradual introduction of renewable gases such as biomethane and hydrogen.This same logic applies to the engagement in Greece, where the acquisition of DEPA Infrastructure signed last December will allow us to work alongside the Greek government to phase out carbon and lignite and encourage the achievement of European zero targets. net.Technological innovation continues to be the main driving force behind the significant development of the Italgas Group, alongside the attention paid to people, as evidenced by the growth in the percentage of women working in the Group and in management positions, and the strong training momentum, which has seen a significant increase. in the number of hours of training given, also with particular emphasis on digitalisation.

1. For the economic and financial analyzes of the 2021 financial year, the company deemed it more representative to comment on the adjusted results, i.e. the recurring results, by comparing them with the adjusted recurring results of the 2020 financial year. 2. Adjusted net income refers to the adjusted amount attributable to the Italgas Group, net of the share attributable to minority interests. 3. As of December 31, 2021, the net financial debt shown in the management report did not take into account the liabilities of 5.6 million euros due to Conscoop, consisting of shareholder loans paid by it to Isgastrentatrè, subsequently integrated to Medea, to the extent that they were considered part of the deferred payment of the purchase price. 4. Calculated as the ratio between the Group’s total energy consumption and the gas distributed. 5. Volume of fugitive natural gas emissions/volume of gas distributed. 6. Frequency index: number of accidents recorded / million hours worked 7. As of December 31, 2021, the net financial debt shown in the management report does not take into account the liability of €5.6 million due to Conscoop , consisting of shareholder loans disbursed by it to Isgastrentatrè, subsequently incorporated into Medea, insofar as they were considered part of the deferred settlement of the purchase price.

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Italgas SpA published this content on March 10, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on March 10, 2022 07:32:08 UTC.

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Sales 2021 1,376 million
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Net income 2021 361M
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Net debt 2021 5,047 million
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PER 2021 ratio 12.7x
2021 performance 5.10%
Capitalization 4,569 million
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EV / Sales 2021 6.99x
EV / Sales 2022 7.03x
# of employees 3,930
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