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”.

KEY SHARE FIGURES

u.o.m.31.12.202031.12.2021
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.

KEY FINANCIAL FIGURES

(€ million) 2020 (*)2021
Total revenues (**)1,442.21,370.8
Adjusted total revenues (**)1,333.81,370.8
Margine operativo lordo1,026.11,008.9
Adjusted gross operating margin969.61,008.9
Operating profit605.6583.2
Adjusted operating profit549.1583.2
Gross profit557.9525.3
Adjusted gross profit501.4531.7
Net profit405.2383.4
Net profit attributable to the Group384.6362.8
Adjusted net profit365.6388.3
Adjusted net profit attributable to the Group347.0367.7
Adjusted Earnings per share (***)0.4520.479

(*) 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 period6,713.97,122.5
Shareholders’ equity1,977.42,142.5
Net financial debt (**)4,736.54,980.0
Finance lease payables – IFRS 1676.370.0
Net financial debt (**) (excluding the effects pursuant to IFRS 16)4,660.24,910.0

(*) 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.