Consolidated financial statement

Statement of Financial Position

(€ thousands) Notes31.12.2020 restated (*) 31.12.2021
Totalof which.
related
parties
Totalof which.
related
parties
ASSETS            
Current assets
Cash and cash equivalents(7)664,026 1,391,763 
Current financial assets(8)5,120 5,120 
Trade and other receivables(9)635,028253,182588,098225,831
Inventories(10)101,184 105,294 
Other current non-financial assets(11)4,251 21,625 
Other current non-financial assets(12)84,168554,0794
  1,493,777 2,165,979 
Non-current assets     
Property, plant and equipment(13)369,899 372,108 
Intangible assets(14)7,055,028 7,469,805 
Investments valued using the equity method (15)29,301 30,108 
Non-current financial assets(16)5,072 7,855 
Non-current income tax assets(11)3,340 22,936 
Other non-current financial assets(20)  670 
Other non-current non-financial assets(12)167,44167480,366668
  7,630,081 7,983,848 
Non-current assets held for sale(17)69 2,180 
TOTAL ASSETS 9,123,927 10,152,007 
      
LIABILITIES AND SHAREHOLDERS’ EQUITY     
Current liabilities     
Short-term financial liabilities(18)698,406536591,188464
Trade and other payables(19)767,55528,535769,13736,683
Current tax liabilities on income(11)34,471 3,430 
Other current financial liabilities(20)299 290 
Other current non-financial liabilities(21)9,11817513,111175
  1,509,849 1,377,156 
Non-current liabilities     
Long-term financial liabilities(18)4,707,1452,0975,785,7071,351
Provisions for risks and charges(22)202,617 159,506 
Provisions for employee benefits(23)104,622 95,648 
Deferred tax liabilities(24)55,215 50,791 
Other non-current financial liabilities(20)21,002 6,283 
Other non-current non-financial liabilities(21)546,054 534,425 
  5,636,655 6,632,360 
Liabilities directly associated with non-current assets held for sale     
TOTAL LIABILITIES 7,146,504 8,009,516 
      
SHAREHOLDERS’ EQUITY(25)    
Share capital 1,001,232 1,002,016 
Reserves 139,821 154,510 
Profit (loss) carried forward 211,755 372,075 
Profit (loss) for the year 384,626 362,813 
Treasury shares     
Total Italgas shareholders’ equity 1,737,434 1,891,414 
Minority interests 239,989 251,077 
TOTAL SHAREHOLDERS’ EQUITY 1,977,423 2,142,491 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY9,123,92710,152,007

(*) for details on reconciliation with the 2020 restated figures, see point 4) Financial statements

Income Statement

(€ thousands)  Notes2020 restated (*)2021
Totalof which.
related parties
Totalof which.
related parties
REVENUE(27)    
Revenue 2,057,935853,4322,098,463806,219
Other revenue and income 68,8449,51664,7695,726
   2,126,779   2,163,232  
OPERATING COSTS(28)    
Costs for raw materials. consumables. supplies and goods (124,066)(7,378)(150,932)(11,096)
Costs for services (536,511)(3,308)(614,223)(2,926)
Costs for leased assets (87,555)(1,414)(90,780)(1,142)
Personnel cost (268,411) (254,580) 
Allocations to/releases from provision for risks and charges (44,499) 1,868 
Allocations to/releases from provisions for doubtful debt 16 (320) 
Other expenses (20,124)(134,792)(25,783)(99,170)
   (1,081,150)   (1,134,750)  
AMORTISATION. DEPRECIATION AND IMPAIRMENT(29) (440,053)   (445,251)  
      
EBIT  605,576  583,231  
      
FINANCIAL INCOME (EXPENSE)(30)    
Financial expense (54,507)(299)(64,645)(914)
Financial income 5,298 3,630 
Derivative financial instruments   636 
   (49,209)   (60,379)  
INCOME (EXPENSE) FROM EQUITY INVESTMENTS(31)    
Effect of valuation using the equity method 1,4661,4662,0112,011
Dividends 49495050
Other income (expense) from equity investments   391 
  1,515  2,452  
Gross profit  557,882  525,304  
Income taxes(32)152,633 141,884 
Net profit (loss) for the year 405,249 383,420  
Attributable to Italgas 384,626 362,813 
Minority interests 20,623 20,607 
      
Net profit (loss) per share attributable to Italgas
(€ per share)
(33)    
– basic and diluted 0.48 0.45 

(*) for details on reconciliation with the 2020 restated figures, see point 4) Financial statements

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

(€ thousands) 31.12.2020 restated (*)31.12.2021
Attributable
to the parent
company
Attributable
to minority
interests
 TotalAttributable
to the parent
company
Attributable
to minority
interests
 Total
Net profit (loss) for the year384,62620,623405,249362,81320,607383,420
Other comprehensive income      
Components reclassifiable to the
income statement:
      
Change in fair value of cash flow
hedge derivatives (Effective portion)
(10,320) (10,320)14,753 14,753
Tax effect2,477 2,477(3,541) (3,541)
 (7,843) (7,843)11,212 11,212
Components not reclassifiable to the
income statement:
      
Actuarial gains (losses) from remeasurement
of defined benefit plans for
employees
(4,347)(185)(4,532)1,7611681,929
Tax effect1,196521,248(493)(47)(540)
 (3,151)(133)(3,284)1,2681211,389
Total other components of comprehensive
income. net of tax effect
(10,994)(133)(11,127)12,48012112,601
Total comprehensive income for the year373,63220,490394,122375,29320,728396,021

(*) for more details on the 2020 restated figures, see section 4) Financial statements

Statement of changes in shareholders’ equity

Cash flow statement

(€ thousands)2020 restated2021
Profit (loss) for the year405,249383,420
Adjustments to reclassify net profit to cash flow from operating activities:  
Amortisation and depreciation439,120444,387
Net impairment of assets933864
Effect of valuation using the equity method(1,466)(2,011)
Other income from equity investments (391)
Stock grant5,1533,375
Minusvalenze (plusvalenze) nette su cessioni. radiazioni e eliminazioni di attività(1,150)3,553
Dividends(25)(50)
Financial income(5,298)(3,630)
Financial expense54,50765,281
Income taxes152,633141,884
Change in provisions for employee benefits(8,575)(9,581)
Changes in working capital:  
– Inventories(48,889)(3,518)
– Crediti commerciali11,86173,560
– Trade payables3,931(2,115)
– Provisions for risks and charges29,720(43,507)
– Altre attività e passività(99,840)49,935
Cash flow from working capital(103,217)74,355
Dividends collected7,4421,254
Financial income collected1,3813,630
Financial expense paid(48,370)(59,783)
Income taxes paid. net of tax credits reimbursed(136,656)(206,923)
Net cash flow from operating activities761,661839,634
of which. related parties705,661731,289
Investments:  
– Property. plant and equipment(39,502)(30,836)
– Intangible assets(707,548)(788,747)
– Change in scope of consolidation and business units(19,775)(19,014)
– Equity investments(4,382)(2,250)
– Variazione debiti e crediti relativi all’attività di investimento(5,168)14,605
Disinvestments:  
– Property. plant and equipment2,492961
– Intangible assets13,501296
– Change in receivables relating to disinvestment activities(11,244)11,244
Net cash flow from investment activities(771,626)(813,741)
of which. related parties(520)(807)
Assumptions of long-term financial debt495,9001,492,298
Repayment of long-term financial debt(6,180)(313,514)
Increase (decrease) in short-term financial debt157,532(223,535)
Capital contributions from third parties9,63011,267
Dividends collected(221,007)(243,143)
Reimbursements of financial liabilities for leased assets(24,121)(21,529)
Net cash flow from financing activities411,754701,844
of which. related parties(82,478)(89,464)
Net cash flow for the year401,789727,737
Opening cash and cash equivalents262,237664,026
Closing cash and cash equivalents664,0261,391,763