Italgas accelerates its investments, accompanied by a robust operational efficiency programme. Together with an attractive dividend policy, these are the key points of the 2017-2023 strategic plan approved by the board of directors on Tuesday.
These are the essential data: total investments of 5 billion, of which 3 billion for organic growth and 2 billion for participation in gas tenders and the consequent further technical investments with the aim of reaching a market share close to 40% from 30% current; average annual growth rate of the consolidated RAB of 4,5%, "considering the effect of the area tenders"; reduction of operating costs by 2018 by more than approximately 15% compared to 407 million in 2016; maintaining the average cost of debt below 1%; maintaining leverage (net debt/RAB) below 65% over the period of the plan; average annual growth of the 2016 dividend (20 cents) of 4% in the period 2017-2019.
“Our priorities are organic growth, operational and financial efficiency and consolidation of the sector mainly through tenders. Digital innovation will transform our network: smart meters, digitalization of the network and cloud strategy”, explains the managing director Paolo Gallo in the press release. The set of actions planned by Italgas “will support the growth of profits and the generation of cash flow which will fully cover the significant organic investment program and the needs associated with the growth strategy in the context of tenders. The business model supports an attractive, growing and sustainable dividend policy”.
For 2017, the group expects investments of over 500 million euros, while revenues are expected to be around 1,1 billion euros, with an EBITDA between 720 and 740 million euros.
Il stock falls on the stock market (-0,43%) when the FtseMib is down by 0,34%.
