Italgas: Consolidated results for the first nine months and third quarter of 2022 approved
Milan, 27 October 2022 - Italgas’ Board of Directors, chaired by Benedetta Navarra, met yesterday and approved the consolidated results of the first nine months and third quarter of 2022.
Key figures1
Consolidated economic and financial highlights:
Paolo Gallo, CEO of Italgas, commented With the third quarter of 2022 showing improvements in all income statement, cash flow, operational and sustainability results, there have been 23 quarters of consecutive growth: this demonstrates the Group's soundness and determination in pursuing its objectives, despite the complexity of the geopolitical scenario and its impacts on Italy’s economic and social system. In these nine months, the EBITDA has grown by around 5%, amounting to € 785.4 million. The adjusted net profit attributable to the Group, amounting to € 288.6 million, also grew by 5.5%. Investments - over € 546 million - were mainly dedicated to the digital transformation of assets and processes, as well as the repurposing of the networks to outfit them to distribute renewable gases. In 2023, 90% of Italgas’ networks will be smart, digital and flexible, ready to absorb increasing quantities of biomethane and, subsequently, hydrogen and synthetic gases. This will enable new, more efficient approaches for operating and managing networks: they will be remote controlled, capable of warning of the occurrence of phenomena that could potentially cause anomalies, allowing us to plan predictive maintenance. Over recent months we have worked tirelessly on energy efficiency, concentrating all of the Group's business in a single new brand, Geoside, with the goal of making this company a top level player, and on our business in Greece. Immediately after we finalised the acquisition of DEPA Infrastructure S.A., we started numerous knowledge transfer and integration activities to make our experience and technological know how available, with the common goal of building cutting-edge infrastructure that contributes to achieving the energy transition targets set by the Greek government. Technological innovation and digital transformation continue to be the common denominator in our development plans and all of our operating processes, the drivers that we use to get ahead of change, gradually improve our action and the level of quality of the services offered to the communities in which we operate. At the same time, it is also a factor that allows us to set increasingly important sustainability targets and to contribute to achieving the REPowerEU targets.
1The consolidated economic and financial highlights and operational highlights reflect the effects of the consolidation of the DEPA Infrastructure Group on 1 September 2022.
- Total revenues: € 1,087.0 million (+8.1%)
- Gross operating margin (EBITDA): € 785.4 million (+4.9%)
- Operating profit (EBIT): € 454.9 million (+5.6%)
- Adjusted net profit attributable to the Group: € 288.6 million (+5.5%)
- Technical investments: € 546.7 million
- Cash flow from operating activities: € 455.3 million
- Net financial debt (excluding the effects pursuant to IFRS 16): € 6,027.9 million
- Net financial debt: € 6,096.4 million
- Net energy consumption: 372.7 TJ (-14.8%)
- 100.0 103 tCO2 eq Scope 1 and 2 (-18.4%)
- 66,167 km of network inspected (+17.8%)
- Fugitive emissions/km investigated: 72.5 Sm3/km (-31.0%)
- Municipalities in gas distribution concessions: 2,039
- Number of active meters: 8.309 million
- Gas distribution network: around 82,215 Km
Paolo Gallo, CEO of Italgas, commented With the third quarter of 2022 showing improvements in all income statement, cash flow, operational and sustainability results, there have been 23 quarters of consecutive growth: this demonstrates the Group's soundness and determination in pursuing its objectives, despite the complexity of the geopolitical scenario and its impacts on Italy’s economic and social system. In these nine months, the EBITDA has grown by around 5%, amounting to € 785.4 million. The adjusted net profit attributable to the Group, amounting to € 288.6 million, also grew by 5.5%. Investments - over € 546 million - were mainly dedicated to the digital transformation of assets and processes, as well as the repurposing of the networks to outfit them to distribute renewable gases. In 2023, 90% of Italgas’ networks will be smart, digital and flexible, ready to absorb increasing quantities of biomethane and, subsequently, hydrogen and synthetic gases. This will enable new, more efficient approaches for operating and managing networks: they will be remote controlled, capable of warning of the occurrence of phenomena that could potentially cause anomalies, allowing us to plan predictive maintenance. Over recent months we have worked tirelessly on energy efficiency, concentrating all of the Group's business in a single new brand, Geoside, with the goal of making this company a top level player, and on our business in Greece. Immediately after we finalised the acquisition of DEPA Infrastructure S.A., we started numerous knowledge transfer and integration activities to make our experience and technological know how available, with the common goal of building cutting-edge infrastructure that contributes to achieving the energy transition targets set by the Greek government. Technological innovation and digital transformation continue to be the common denominator in our development plans and all of our operating processes, the drivers that we use to get ahead of change, gradually improve our action and the level of quality of the services offered to the communities in which we operate. At the same time, it is also a factor that allows us to set increasingly important sustainability targets and to contribute to achieving the REPowerEU targets.
1The consolidated economic and financial highlights and operational highlights reflect the effects of the consolidation of the DEPA Infrastructure Group on 1 September 2022.