The accounting season continues with utilities. The budgets were approved today by the boards of directors A2a and Italgas. On Piazza Affari, the stock of the former rose by 0,8%, that of the latter gained 0,28% compared to an Ftse Mib rising by more than 1%.
Italgas accounts
Italgas closed 2023 with a adjusted net profit attributable to the group amounted to 439,6 million, up 11,1% compared to 2022, and higher than analysts' expectations. Double-digit growth also for i adjusted total revenues, which rose to 1,77 billion (+15,4%) while the adjusted ebitda stood at 1,18 billion (+9,3%) and the adjusted ebit at 681,2 million (+9,4% ).
The board also decided to propose to the meeting, called for May 6, the distribution of a dividend of 0,352 euro per share, up 11% compared to 0,317 euros in 2022.
During 2023 the company achieved 906,5 million euros of investments (+11,3%), which made it possible to lay a further 965 km of pipelines (of which 724 km in operation). The contribution of the activities in Greece was significant where, with an overall investment of approximately 106,7 million euros, approximately 600 kilometers of gas pipelines were also laid.
Il cash flow from operating activities, net of the contribution of Geoside, the group's energy service company, amounts to 808,5 million euros and, underlines the note, "totally offset the investments relating to gas distribution". The net debto excluding the IFRS effects, it reached 6,555 billion, increasing "mainly due to the effect of the increase in working capital linked to Esco's activities relating to the Superbonus, destined to be reabsorbed in the next few years".
“Twenty-eight quarters of uninterrupted growth are an extraordinary result, even more so for a company like Italgas which operates mainly in a sector which in recent years has had to deal with a particularly unstable international context,” he commented Paolo Gallo, managing director of Italgas, underlining that "over the last year all the main economic-financial indicators have grown significantly".
“We have given a further and strong impetus to the implementation of our extension, repurposing and digitalization programs of a network already ready to welcome renewable gases,” added the manager.
A2035a's accounts and plan to 2
Green light for the 2023 accounts, but also for the 2024-2035 strategic plan for A2a. As far as the budget is concerned, last year ended with a net profit of 659 million euros, up 64% compared to 2022. Net of extraordinary items, ordinary net profit was 635 million euros, an increase of 67% compared to the previous year. However, revenues are decreasing equal to 14.758 million euros, down 36% compared to the 23.156 million of the previous year mainly due to the drop in energy prices.
Also decreasing are the operating costs, equal to 11.972 million euros, down 43% compared to 2022. Ebitda stood at 1.971 million euros, up 32% and 473 million compared to the previous year. The net operating result stood at 1.017 million euros, +49% compared to 2022. The investments made in 2023 amounted to 1.376 million euros (+11% compared to the previous year) and concerned over 60 % – highlights the A2a note – “development interventions aimed at improving the quality and strengthening of electricity distribution networks”
The new plan provides 22 billion euros of investments in 12 years of which: 6 billion for the circular economy and 16 billion for the energy transition. Over 70% of the investments planned by 2030 are authorized or already underway.
The ecological transition is confirmed as the cornerstone of the group's strategy, with the two pillars circular economy and energy transition guiding an investment plan of 22 billion euros over twelve years, focused on infrastructure, people and businesses, decarbonisation and future development. fit”, explains A2a in a note.
Thanks to these projects, A2a expects to achieve a EBITDA of 2,2 billion by 2026 and above 3,2 billion euros at the end of the plan. Ordinary net profit, however, is estimated at 0,6 billion euros in 2026 and greater than 1 billion euros in 2035. As regards the dividend policy, the multiutility has taken into account a annual growth of at least 3% in the plan period.
During the press conference on the plan, CEO Renato Mazzoncini explained that the acquisition of Enel's electricity distribution business in Lombardy by A2A provides for 50% financing "with our cash flows and 50% % with a mechanism that provides for the opening of the capital of individual assets with minority shares to passive investors who are interested in investing".
The manager then added: “It's not necessarily the networks, it could be the environment, it's an assessment that we have to complete and we will do it in the next few months, also because the closing of the operation is expected at the end of the year, so we have time to evaluate how to finance this portion".
