Integrated Annual Report 2021
| (€ thousands) | Notes | 31.12.2020 restated (*) | 31.12.2021 | ||
| Total | of which. related parties | Total | of 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) | 635,028 | 253,182 | 588,098 | 225,831 |
| Inventories | (10) | 101,184 | 105,294 | ||
| Other current non-financial assets | (11) | 4,251 | 21,625 | ||
| Other current non-financial assets | (12) | 84,168 | 5 | 54,079 | 4 |
| 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) | 167,441 | 674 | 80,366 | 668 |
| 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) | 698,406 | 536 | 591,188 | 464 |
| Trade and other payables | (19) | 767,555 | 28,535 | 769,137 | 36,683 |
| Current tax liabilities on income | (11) | 34,471 | 3,430 | ||
| Other current financial liabilities | (20) | 299 | 290 | ||
| Other current non-financial liabilities | (21) | 9,118 | 175 | 13,111 | 175 |
| 1,509,849 | 1,377,156 | ||||
| Non-current liabilities | |||||
| Long-term financial liabilities | (18) | 4,707,145 | 2,097 | 5,785,707 | 1,351 |
| 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’ EQUITY | 9,123,927 | 10,152,007 | |||
(*) for details on reconciliation with the 2020 restated figures, see point 4) Financial statements
| (€ thousands) | Notes | 2020 restated (*) | 2021 | ||
| Total | of which. related parties | Total | of which. related parties | ||
| REVENUE | (27) | ||||
| Revenue | 2,057,935 | 853,432 | 2,098,463 | 806,219 | |
| Other revenue and income | 68,844 | 9,516 | 64,769 | 5,726 | |
| 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 | 1,466 | 1,466 | 2,011 | 2,011 | |
| Dividends | 49 | 49 | 50 | 50 | |
| 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
| (€ thousands) | 31.12.2020 restated (*) | 31.12.2021 | ||||
| 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 | 384,626 | 20,623 | 405,249 | 362,813 | 20,607 | 383,420 |
| 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 effect | 2,477 | 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) | 1,761 | 168 | 1,929 |
| Tax effect | 1,196 | 52 | 1,248 | (493) | (47) | (540) |
| (3,151) | (133) | (3,284) | 1,268 | 121 | 1,389 | |
| Total other components of comprehensive income. net of tax effect | (10,994) | (133) | (11,127) | 12,480 | 121 | 12,601 |
| Total comprehensive income for the year | 373,632 | 20,490 | 394,122 | 375,293 | 20,728 | 396,021 |
(*) for more details on the 2020 restated figures, see section 4) Financial statements
| (€ thousands) | 2020 restated | 2021 |
| Profit (loss) for the year | 405,249 | 383,420 |
| Adjustments to reclassify net profit to cash flow from operating activities: | ||
| Amortisation and depreciation | 439,120 | 444,387 |
| Net impairment of assets | 933 | 864 |
| Effect of valuation using the equity method | (1,466) | (2,011) |
| Other income from equity investments | (391) | |
| Stock grant | 5,153 | 3,375 |
| Minusvalenze (plusvalenze) nette su cessioni. radiazioni e eliminazioni di attività | (1,150) | 3,553 |
| Dividends | (25) | (50) |
| Financial income | (5,298) | (3,630) |
| Financial expense | 54,507 | 65,281 |
| Income taxes | 152,633 | 141,884 |
| Change in provisions for employee benefits | (8,575) | (9,581) |
| Changes in working capital: | ||
| – Inventories | (48,889) | (3,518) |
| – Crediti commerciali | 11,861 | 73,560 |
| – Trade payables | 3,931 | (2,115) |
| – Provisions for risks and charges | 29,720 | (43,507) |
| – Altre attività e passività | (99,840) | 49,935 |
| Cash flow from working capital | (103,217) | 74,355 |
| Dividends collected | 7,442 | 1,254 |
| Financial income collected | 1,381 | 3,630 |
| Financial expense paid | (48,370) | (59,783) |
| Income taxes paid. net of tax credits reimbursed | (136,656) | (206,923) |
| Net cash flow from operating activities | 761,661 | 839,634 |
| of which. related parties | 705,661 | 731,289 |
| 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 equipment | 2,492 | 961 |
| – Intangible assets | 13,501 | 296 |
| – 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 debt | 495,900 | 1,492,298 |
| Repayment of long-term financial debt | (6,180) | (313,514) |
| Increase (decrease) in short-term financial debt | 157,532 | (223,535) |
| Capital contributions from third parties | 9,630 | 11,267 |
| Dividends collected | (221,007) | (243,143) |
| Reimbursements of financial liabilities for leased assets | (24,121) | (21,529) |
| Net cash flow from financing activities | 411,754 | 701,844 |
| of which. related parties | (82,478) | (89,464) |
| Net cash flow for the year | 401,789 | 727,737 |
| Opening cash and cash equivalents | 262,237 | 664,026 |
| Closing cash and cash equivalents | 664,026 | 1,391,763 |
