Financial performance

Statement of Financial Position

		31.12.2021		31.12.2022
(€ thousands)	Notes	Total	of which, related parties	Total	of which, related parties
ASSETS
Current assets
Cash and cash equivalents	(7)	1,391,763		451,946
Current financial assets	(8)	5,120		5,770	2,246
Trade and other receivables	(9)	588,098	225,831	1,142,950	28,586
Inventories	(10)	105,294		120,486
Current income tax assets	(11)	21,625		8,703
Other current financial assets	(20)			17,455
Other current non-financial assets	(12)	54,079	4	80,775	4
		2,165,979		1,828,085
Non-current assets
Property, plant and equipment	(13)	372,108		379,026
Intangible assets	(14)	7,469,805		8,509,368
Investments valued using the equity method	(15)	30,108		47,243
Non-current financial assets	(16)	7,855		22,945	612
Deferred tax assets	(24)
Non-current income tax assets	(11)	22,936		54,862
Other non-current financial assets	(20)	670		35,442
Other non-current non-financial assets	(12)	80,366	668	153,575	232
		7,983,848		9,202,461
Non-current assets held for sale	(17)	2,180		11
TOTAL ASSETS		10,152,007		11,030,557
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term financial liabilities	(18)	591,188	464	142,437	118
Trade and other payables	(19)	769,137	36,683	1,197,117	444,040
Current income tax liabilities	(11)	3,430		16,105
Other current financial liabilities	(20)	290		290
Other current non-financial liabilities	(21)	13,111	175	30,072	194
		1,377,156		1,386,021
Non-current liabilities
Long-term financial liabilities	(18)	5,785,707	1,351	6,402,913	(2,048)
Provisions for risks and charges	(22)	159,506		144,277
Provisions for employee benefits	(23)	95,648		69,917
Non-current income tax liabilities	(11)	-		-
Deferred tax liabilities	(24)	50,791		91,633
Other non-current financial liabilities	(20)	6,283		34
Other non-current non-financial liabilities	(21)	534,425		545,192
		6,632,360		7,253,966
Liabilities directly associated with non-current assetsheld for sale
TOTAL LIABILITIES		8,009,516		8,639,987
SHAREHOLDERS’ EQUITY	(25)
Share capital		1,002,016		1,002,608
Reserves		154,510		202,360
Profit (loss) carried forward		372,075		496,006
Profit (loss) for the year		362,813		407,288
Treasury shares
Total Italgas shareholders’ equity		1,891,414		2,108,262
Minority interests		251,077		282,308
TOTAL SHAREHOLDERS’ EQUITY		2,142,491		2,390,570
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		10,152,007		11,030,557

Income Statement

(€ thousands)	Notes	2021		2022
		Total	of which, related parties	Total	of which, related parties
REVENUES	(27)
Revenues		2,098,463	806,219	2,182,712	(229,456)
Other revenues and income		64,769	5,726	129,764	17,863
		2,163,232		2,312,476
OPERATING COSTS	(28)
Costs for raw materials, consumables, supplies and goods		(150,932)	(11,096)	(154,746)	(9,325)
Costs for services		(614,223)	(2,926)	(654,094)	(6,853)
Costs for leased assets		(90,780)	(1,142)	(102,319)	(1,021)
Personnel cost		(254,580)		(257,492)
Allocations to/releases from provision for risks and charges		1,868		1,797
Allocations to/releases from provisions for doubtful debt		(320)		342
Other expenses		(25,783)	(99,170)	(25,440)	(155,131)
		(1,134,750)		(1,191,952)
AMORTISATION, DEPRECIATION AND IMPAIRMENT	(29)	(445,251)		(479,186)

EBIT		583,231		641,338
FINANCIAL INCOME (EXPENSE)	(30)
Financial expense		(64,645)	(914)	(61,367)
Financial income		3,630		4,043	1
Derivative financial instruments		636		1,049
		(60,379)		(56,275)
INCOME (EXPENSE) FROM EQUITY INVESTMENTS	(31)
Effect of valuation using the equity method		2,011	2,011	662	662
Dividends		50	50	48	48
Other income (expense) from equity investments		391		2,722
		2,452		3,432
Gross profit		525,304		588,495
Income taxes	(32)	141,884		152,369
Net profit (loss) for the year		383,420		436,126
Attributable to Italgas		362,813		407,288
Minority interests		20,607		28,838
Net profit (loss) per share attributable to Italgas (€ per share)	(33)
- basic and diluted from continuing operations		0.45		0.50
- basic and diluted from discontinued operations
- total basic and diluted		0.45		0.50

Consolidated Statement of Comprehensive Income: attributable to the parent company and to minority interests

(€ thousands)	2021			2022
	Attributable to the parent company	Attributable to minority interests	Total	Attributable to the parent company	Attributable to minority interests	Total
Net profit (loss) for the year	362,813	20,607	383,420	407,288	28,838	436,126
Other comprehensive income
Components reclassifiable to the income statement:
Change in fair value of financial assets, other than equity investments, measured at fair value with effects on OCI
Change in fair value of cash flow hedge derivatives (Effective portion)	14,753		14,753	56,593		56,593
Change in fair value of the time value of options
Share of “other comprehensive income” of investments valued using the equity method
Tax effect	(3,541)		(3,541)	(13,582)		(13,582)
	11,212		11,212	43,011		43,011
Components not reclassifiable to the income statement:
Actuarial gains (losses) from remeasurement of defined benefit plans for employees	1,761	168	1,929	11,035	624	11,659
Change in fair value of investments measured at fair value with effects on OCI				802		802
Share of “other comprehensive income” of investments valued using the equity method
Tax effect	(493)	(47)	(540)	(3,283)	(175)	(3,458)
	1,268	121	1,389	8,554	449	9,003
Total other components of comprehensive income, net of tax effect	12,480	121	12,601	51,565	449	52,014
Total comprehensive income for the year	375,293	20,728	396,021	458,853	29,287	488,140

Statement of changes in shareholders’ equity

(€ thousands)	Share capital	Consolidation reserve	Share premium reserve	Legal reserve	Reserve for defined benefit plans for employees, net of tax effect	Fair value reserve for cash flow hedge derivatives, net of tax effect	Reserve for business combinations under common control	Stock grant reserve	Other reserves	Retained earnings	Net profit for the year	Total	Minority interests	Total shareholders’ equity
Balance as at 31 December 2020 (a) (Note 25)	1,001,232	(323,907)	620,130	200,246	(16,408)	(15,962)	(349,839)	5,635	19,926	211,755	384,626	1,737,434	239,989	1,977,423
2021 profit for the year											362,813	362,813	20,607	383,420
Other components of comprehensive income:
Components reclassifiable to the income statement:
- change in fair value of cash flow hedge derivatives						11,212						11,212		11,212
Components not reclassifiable to the income statement:
- Actuarial gains on remeasurement of defined-benefit plans for employees					1,268							1,268	121	1,389
- Share-based payments
Total comprehensive income 2021 (b)					1,268	11,212					362,813	375,293	20,728	396,021
Transactions with shareholders:
- Allocation of 2020 profit for the year										384,626	(384,626)
- Allocation of Italgas SpA dividend for 2020 (€ 0.277 per share)										(224,306)		(224,306)		(224,306)
- Payment of share capital by minority shareholders													11,267	11,267
- Allocation of dividends to minority shareholders													(19,500)	(19,500)
- Stock grant reserve								2,214				2,214		2,214
- Change in scope of consolidation
Total transactions with shareholders (c)								2,214		160,320	(384,626)	(222,092)	(8,233)	(230,325)
Other changes in shareholders’ equity (d)	784		2,247					(2,247)	(5)			779	(1,407)	(628)
Balance as at 31 December 2021 (e=a+b+c+d) (Note 25)	1,002,016	(323,907)	622,377	200,246	(15,140)	(4,750)	(349,839)	5,602	19,921	372,075	362,813	1,891,414	251,077	2,142,491

(€ thousands)	Share capital	Consolidation reserve	Share premium reserve	Legal reserve	Reserve for defined benefit plans for employees, net of tax effect	Fair value reserve for cash flow hedge derivatives, net of tax effect	Reserve for business combinations under common control	Stock grant reserve	Fair value valuation reserve for equity investments	Other reserves	Retained earnings	Net profit for the year	Total	Minority interests	Total shareholders’ equity
Balance as at 31.12.2021 (a) (Note 25)	1,002,016	(323,907)	622,377	200,246	(15,140)	(4,750)	(349,839)	5,602		19,921	372,075	362,813	1,891,414	251,077	2,142,491
2022 profit for the year												407,288	407,288	28,838	436,126
Other components of comprehensive income:
Components reclassifiable to the income statement:
- change in fair value of cash flow hedge derivatives						43,011							43,011		43,011
Components not reclassifiable to the income statement:
- Actuarial gains on remeasurement of defined-benefit plans for employees					7,945								7,945	449	8,394
- Valuations of equity investments measured at fair value									609				609		609
- Share-based payments
Total comprehensive income 2022 (b)					7,945	43,011			609			407,288	458,853	29,287	488,140
Transactions with shareholders:
- Allocation of 2021 profit for the year											362,813	(362,813)
- Allocation of Italgas SpA dividend for 2021											(238,882)		(238,882)		(238,882)
'- Payment of share capital by minority shareholders
- Allocation of dividends to minority shareholders														(14,244)	(14,244)
- Stock grant reserve								451					451		451
- Change in scope of consolidation										(1,964)			(1,964)	(1,065)	(3,029)
Total transactions with shareholders (c)								451		(1,964)	123,931	(362,813)	(240,395)	(15,309)	(255,704)
Other changes in shareholders’ equity (d)	592		2,072					1,149		(5,423)			(1,610)	17,253	15,643
Balance as at 31.12.2022 (e=a+b+c+d) (Note 25)	1,002,608	(323,907)	624,449	200,246	(7,195)	38,261	(349,839)	7,202	609	12,534	496,006	407,288	2,108,262	282,308	2,390,570

Cash flow statement

(€ thousands)	2021	2022
Profit (loss) for the year	383,420	436,126
Adjustments to reclassify net profit to cash flow from operating activities:
Amortisation and depreciation	444,387	478,290
Net impairment of assets	864	895
Effect of valuation using the equity method	(2,011)	(662)
Other income from equity investments	(391)	(2,722)
Non-monetary items	3,375	7,958
Net capital losses (capital gains) on asset sales, cancellations and eliminations	3,553	(25,357)
Dividends	(50)	(48)
Financial income	(3,630)	(5,092)
Financial expense	65,281	61,413
Income taxes	141,884	152,369
Change in provisions for employee benefits	(9,581)	(17,574)
Changes in working capital:
- Inventories	(3,518)	(4,751)
- Trade receivables	73,560	65,399
- Trade payables	(2,115)	400,375
- Provisions for risks and charges	(43,507)	(38,584)
- Other assets and liabilities	49,935	(759,189)
Cash flow from working capital	74,355	(336,750)
Dividends collected	1,254	1,372
Financial income collected	3,630	4,043
Financial expense paid	(59,783)	(53,720)
Income taxes paid, net of tax credits reimbursed	(206,923)	(152,372)
Net cash flow from operating activities	839,634	548,169
of which, related parties	731,289	(565,060)
Investments:
- Property, plant and equipment	(30,836)	(10,645)
- Intangible assets	(788,747)	(766,585)
- Change in scope of consolidation, business units and equity investments	(21,264)	(874,741)
- Change in payables and receivables for investments	14,605	47,733
Disinvestments:
- Assets available for sale		5,050
- Property, plant and equipment	961	2,502
- Intangible assets	296	293,213
- Disposals of assets and business units		19,647
- Change in receivables relating to disinvestment activities	11,244
Net cash flow from investment activities	(813,741)	(1,283,826)
of which, related parties	(807)	(12,128)
Assumptions of long-term financial debt	1,492,298	602,660
Repayment of long-term financial debt	(313,514)	(194,717)
Increase (decrease) in short-term financial debt	(223,535)	(347,117)
Capital contributions from third parties	11,267	12,254
Sale of non-controlling interests		5,008
Financial receivables non-instrumental to operations		(1,133)
Dividends collected	(243,143)	(253,250)
Reimbursements of financial liabilities for leased assets	(21,529)	(27,865)
Net cash flow from financing activities	701,844	(204,160)
of which, related parties	(89,464)	(98,079)
Net cash flow for the year	727,737	(939,817)
Opening cash and cash equivalents	664,026	1,391,763
Closing cash and cash equivalents	1,391,763	451,946

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