Italgas: consolidated results as at 30 june 2023 approved
Milan, 25 July 2023 - The Italgas’ Board of Directors, chaired by Benedetta Navarra, met today and approved the consolidated results for the first half of 2023.
Key figures1
Consolidated economic and financial highlights
Paolo Gallo, CEO of Italgas, commented: The first half of 2023 shows a trend in continuity with past years, under the banner of steady growth and performance of excellence at the service of development in the countries where Italgas is present and operates. The results achieved confirm the centrality of gas networks - smart, digital and flexible - and the Italgas Group in achieving the REPowerEU targets and, through them, a safe and competitive ecological transition. All economic indicators showed double-digit growth with EBITDA reporting an increase of 18.3% to more than 600 million euros and Group Net Income of 213.2 million euros, up 14.9 % compared to the first half of last year, thanks in part to the development of activities in Greece and those in the field of energy efficiency. With nearly 400 million euros invested in the first half of the year, the Company is confirmed as one of the leading industrial entities in terms of its ability to invest and ground projects that can help improve people's quality of life. We have laid the foundations to play our part in the management of water services as well: by taking advantage of the technologies developed for gas and applying them to this sector, it will be possible to achieve immediate results in terms of efficiency and cost-effectiveness of the service for territories and communities. The goal of carbon neutrality to 2050 is achievable through progressive reductions in net energy consumption and Scope 1, 2, and 3 emissions, and the results we achieve quarter after quarter prove it. Not only that. To actively promote further change, we have also introduced new targets referring to gender pay equity and the development of skills and enhancement of resources: actions that are indispensable for continuing to focus on innovation and putting it to value for the entire Group.
1 Data as of June 2023 includes the Greek DEPA Infrastructure group. 2 The item expresses net financial debt excluding the effects of IFRS 16 payables and the Italgas NewCo shareholder loan, inclusive of interest. 3 The item does not include liabilities for € 35.5 million consisting of the pro-rata share of the shareholder loan, including interest, to Italgas NewCo S.p.A, subordinated and convertible into shares, subscribed by the shareholder Phaeton Holding SA, deemed not to be financial debt. 4 Data as of June 2023 includes the Greek DEPA Infrastructure group
- Total revenues: 931.8 million (+31.7%)
- EBITDA: 607.0 million (+18.3%)
- EBIT: 358.8 million (+21.2%)
- Adjusted net profit attributable to the Group: 213.2 million (+14.9%)
- Technical investments: 398.2 million
- Cash flow from operating activities: 319.6 million
- Net financial debt (excluding the effects pursuant to IFRS 16)2: 6,230.7 million
- Net financial debt3: 6,314.8 million
- Municipalities in gas distribution concessions: 2,045
- Number of active meters: 7,959,758
- Gas distribution network: 81,582 km
- 59.3 103 tCO2 eq Scope 1 and 2 (+8.4%)
- Net energy consumption: 257.2 TJ (-14.7%)
- 53,752 km of network inspected (+12.8%)
- Fugitive emissions/km of network inspected: 50.16 smc/km (+2.3%)
Paolo Gallo, CEO of Italgas, commented: The first half of 2023 shows a trend in continuity with past years, under the banner of steady growth and performance of excellence at the service of development in the countries where Italgas is present and operates. The results achieved confirm the centrality of gas networks - smart, digital and flexible - and the Italgas Group in achieving the REPowerEU targets and, through them, a safe and competitive ecological transition. All economic indicators showed double-digit growth with EBITDA reporting an increase of 18.3% to more than 600 million euros and Group Net Income of 213.2 million euros, up 14.9 % compared to the first half of last year, thanks in part to the development of activities in Greece and those in the field of energy efficiency. With nearly 400 million euros invested in the first half of the year, the Company is confirmed as one of the leading industrial entities in terms of its ability to invest and ground projects that can help improve people's quality of life. We have laid the foundations to play our part in the management of water services as well: by taking advantage of the technologies developed for gas and applying them to this sector, it will be possible to achieve immediate results in terms of efficiency and cost-effectiveness of the service for territories and communities. The goal of carbon neutrality to 2050 is achievable through progressive reductions in net energy consumption and Scope 1, 2, and 3 emissions, and the results we achieve quarter after quarter prove it. Not only that. To actively promote further change, we have also introduced new targets referring to gender pay equity and the development of skills and enhancement of resources: actions that are indispensable for continuing to focus on innovation and putting it to value for the entire Group.
1 Data as of June 2023 includes the Greek DEPA Infrastructure group. 2 The item expresses net financial debt excluding the effects of IFRS 16 payables and the Italgas NewCo shareholder loan, inclusive of interest. 3 The item does not include liabilities for € 35.5 million consisting of the pro-rata share of the shareholder loan, including interest, to Italgas NewCo S.p.A, subordinated and convertible into shares, subscribed by the shareholder Phaeton Holding SA, deemed not to be financial debt. 4 Data as of June 2023 includes the Greek DEPA Infrastructure group