After the announcement regarding the launch of the exclusive negotiation for the acquisition of 2i Rete Gas, Italgas Italgas postpones the presentation of the strategic plan which was scheduled for 12 June and releases the first quarter results, closed with growing profits and declining revenues due to the reduction in activities relating to the Superbonus after the Government's tightening. At Piazza Affari the title travels at the bottom of the Ftse Mib, with a decline of 1,58% to 5,3 euros.
Italgas quarterly
The first three months of 2024 ended for Italgas with a Net income equal to 125,3 million euros, up by 12% compared to the same period of the previous year, while the bar attributable to the group stands at 117,6 million, up by 13,5% compared to 103,6, 2023 million for the same period of XNUMX.
Also rising (+9,6%). the ebitda which stands at 325,7 million, while the ebit rose by 11,7% to 192,7 million (+11,7%).
Instead, they fell to 431,3 million euros, down 10,1%, i total revenue due to the contraction of energy efficiency activities relating to the superbonus, after the further crackdown established by the Government.
Going forward with the numbers, the cash flow from operating activities is 342,2 million euros, up by 235 million euros compared to 2023 since the temporary phenomena that had impacted the first quarter of 2023 have been reabsorbed, the group explains in a note. The cash flow from operating activities allowed investments to be fully financed, generating a free cash flow, before M&A operations, of 140,8 million euros.
I gross financial and bond debts at 31 March 2024 they rose to 7.196,8 million euros from 6.920,3 million euros at 31 December 2023 and refer to bond loans (5.241,7 million euros), financing contracts with funding from the European Investment Bank /EIB (894,0 million euros), due to banks (966,9 million euros) and payables for IFRS 16 (94,2 million euros).
Gallo: we also inaugurate 2024 in the name of solidity
“The results achieved in this first quarter allow Italgas to iWe also wish 2024 in the name of solidity. The economic-financial indicators recorded excellent growth, in many cases in double digits", commented the CEO Paolo gallo, which underlines how the group has already invested 160 million euros, resources "which have made it possible to provide further impetus to the development and digital transformation of networks and plants, in Italy and Greece, in support of the ecological transition to net zero. With the commitment of all Italgas people and the entire supplier chain, we continue to work to constantly improve the technologies that will allow us to accelerate on the front of the decarbonisation of consumption and energy saving in support of the sustainable development of territories and growth of value of the group".
The acquisition of 2i Rete Gas and the postponement of the plan
On Monday, with the stock market closed, Italgas announced that it had started an exclusive negotiation period for the acquisition of 100% of the capital of 2i Rete Gas. Following this decision, the group postponed the presentation of the 2024-2030 Strategic Plan, previously scheduled for June 12. The new date, explains a note from the group, will be promptly communicated to the financial community as soon as it is defined.
Returning to the negotiation, the company explained that the shareholders of 2i Rete Gas, F2i Sgr and Finavias Sarl (Apg Asset Management and Ardian) in light of a non-binding offer from Italgas have granted "a period of exclusivity to carry out a two-way diligence aimed at formulating a binding offer for the purchase of 100% of the capital of 2i Rete Gas”. In the event of binding agreements, the note continues, Italgas will meet the related financial needs by resorting to a 'bridge' loan, guaranteed by JP Morgan, the refinancing of which may take place through a combination of equity, debt or 'equity like' instruments , with the aim of maintaining Italgas' current rating profile.
