Integrated Annual Report 2021
In order to allow for a better assessment of economic and financial performance, the Directors’ Report includes the reclassified financial statements and certain alternative performance indicators, including EBITDA, EBIT and net financial debt, in addition to the financial statements and conventional indicators laid out in IAS/IFRS. These figures are presented in the tables below, the relative notes and the reclassified financial statements. For the definition of the terms used, when not directly specified, please refer to the chapter “Financial results, Non-GAAP Measures”.
| u.o.m. | 31.12.2020 | 31.12.2021 | |
|---|---|---|---|
| Number of shares of share capital | (million) | 809,135,502 | 809,768,354 |
| Closing price at the end of period | (€) | 5.2 | 6.1 |
| Average closing price in the period (a) | (€) | 5.2739 | 5.4921 |
| Capitalizzazione di Borsa (b) | (€ million) | 4.267 | 4.447 |
| Exact market capitalisation (c) | (€ million) | 4.208 | 4.901 |
(a) Non-adjusted for dividends paid
(b) The product of the number of shares outstanding (exact number) multiplied by the average closing price in the period.
(c) The product of the number of shares outstanding (exact number) multiplied by the closing price at the end of the period.
| (€ million) | 2020 (*) | 2021 |
|---|---|---|
| Total revenues (**) | 1,442.2 | 1,370.8 |
| Adjusted total revenues (**) | 1,333.8 | 1,370.8 |
| Margine operativo lordo | 1,026.1 | 1,008.9 |
| Adjusted gross operating margin | 969.6 | 1,008.9 |
| Operating profit | 605.6 | 583.2 |
| Adjusted operating profit | 549.1 | 583.2 |
| Gross profit | 557.9 | 525.3 |
| Adjusted gross profit | 501.4 | 531.7 |
| Net profit | 405.2 | 383.4 |
| Net profit attributable to the Group | 384.6 | 362.8 |
| Adjusted net profit | 365.6 | 388.3 |
| Adjusted net profit attributable to the Group | 347.0 | 367.7 |
| Adjusted Earnings per share (***) | 0.452 | 0.479 |
(*) Up until 31 December 2020, the Group capitalised costs relating to the legally required periodic checks of volume conversion devices under operating costs, where such devices are present in the meters installed at the re-delivery points. At 31 December 2021, the Group retrospectively classified expenses relating to these checks amongst operating costs, in accordance with current accounting standards. In order to ensure comparability with the income statement items, the items relating to Operating costs (-€ 1.8 million), Amortisation, depreciation and impairment (+€ 4.1 million) and Income taxes (-€ 0.7 million) were adjusted as of 31 December 2020.
(**) Unlike the legal statement, the reclassified income statement requires the listing of Total revenues and Operating costs net of the impact of IFRIC 12 “Service concession agreements” (€ 772.0 and € 668.2 million respectively in 2021 and 2020), connection contributions (€ 19.6 and € 19.5 million respectively in 2021 and 2020) and other residual components (€ 0.8 and € 3.2 million respectively in 2021 and 2020).
(***) The indicator is calculated as a ratio between the adjusted net profit and the total number of shares, which is 809,768,354 at 31 December 2021 and 809,135,502 at 31 December 2020.
| (€ million) | 31.12.2020 (*) | 31.12.2021 |
|---|---|---|
| Net invested capital at the end of the end of period | 6,713.9 | 7,122.5 |
| Shareholders’ equity | 1,977.4 | 2,142.5 |
| Net financial debt (**) | 4,736.5 | 4,980.0 |
| Finance lease payables – IFRS 16 | 76.3 | 70.0 |
| Net financial debt (**) (excluding the effects pursuant to IFRS 16) | 4,660.2 | 4,910.0 |
(*) Up until 31 December 2020, the Group capitalised costs relating to the legally required periodic checks of volume conversion devices under operating costs, where such devices are present in the meters installed at the re-delivery points. At 31 December 2021, the Group retrospectively classified expenses relating to these checks amongst operating costs, in accordance with current accounting standards. In order to ensure comparability with the balance sheet items, the item relating to shareholders’ equity was adjusted as of 31 December 2020 (-€ 3.6 million).
(**) At 31 December 2021, the item did not consider liabilities for € 5.6 million due to Conscoop, consisting of shareholder loans disbursed by it to Isgastrentatrè, later incorporated into Medea, insofar as they were considered part of the deferred purchase price settlement.
