Statement of Financial Position

Financial Statements

Statement of Financial Position

(€ THOUSANDS)	NOTES	31.12.2019 RESTATED ^(*)		31.12.2020
		TOTAL	OF WHICH, RELATED PARTIES	TOTAL	OF WHICH, RELATED PARTIES
ASSETS
Current assets
Cash and cash equivalents	(7)	262,237		664,026
Current financial assets	(8)	5,119		5,120
Trade and other receivables	(9)	585,230	232,308	635,028	253,182
Inventories	(10)	52,295		101,184
Current income tax assets	(11)	23,046		4,251
Other current financial assets	(20)	2,398
Other current non-financial assets	(12)	54,789	10	84,168	5
		985,114		1,493,777
Non-current assetsBalance sheet item which shows long-lasting assets, net of relative amortisation, depreciation and impairment losses. They are divided into the following categories: “Property, plant and equipment”, “Compulsory inventories”, “Intangible assets”, “Equity investments”, “Financial assets” and
Property, plant and equipment	(13)	350,001		369,899
Intangible assets	(14)	6,731,989		7,060,110
Equity investments valued using the equity method	(15)	33,374		29,301
Non-current financial assets	(16)	479		5,072
Non-current income tax assets	(11)			3,340
Other non-current non-financial assets	(12)	129,421	545	167,441	674
		7,245,264		7,635,163
Non-current assetsBalance sheet item which shows long-lasting assets, net of relative amortisation, depreciation and impairment losses. They are divided into the following categories: “Property, plant and equipment”, “Compulsory inventories”, “Intangible assets”, “Equity investments”, “Financial assets” and held for sale	(17)	2,076		69
TOTAL ASSETS		8,232,454		9,129,009

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term financial liabilities	(18)	581,157	521	698,406	536
Trade and other payables	(19)	726,714	15,059	767,555	25,963
Current income tax liabilities	(11)	1,708		35,934
Other current financial liabilities	(20)	220		299
Other current non-financial liabilities	(21)	9,461	177	9,118	175
		1,319,260		1,511,312
Non-current liabilities
Long-term financial liabilities	(18)	4,171,497	2,646	4,707,145	2,097
Provisions for risks and charges	(22)	169,563		202,617
Provisions for employee benefits	(23)	113,197		104,622
Deferred tax liabilities	(24)	92,484		55,215
Other non-current financial liabilities	(20)	13,081		21,002
Other non-current non-financial liabilities (	(21)	558,433		546,054
		5,118,255		5,636,655
TOTAL LIABILITIES		6,437,515		7,147,967

SHAREHOLDERS’ EQUITY	(25)
Share capital		1,001,232		1,001,232
Reserves		135,134		139,821
Profit (loss) carried forward		6,777		216,876
Profit (loss) for the year		417,238		382,972
Total Italgas shareholders’ equity		1,560,381		1,740,901
Minority interests		234,558		240,141
TOTAL SHAREHOLDERS’ EQUITY		1,794,939		1,981,042
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		8,232,454		9,129,009

^(*) for details on reconciliation with the 2019 restated figures, see point 4) Financial statements

Income Statement

(€ THOUSANDS)	NOTES	2019 RESTATED ^(*)		2020
		TOTAL	OF WHICH, RELATED PARTIES	TOTAL	OF WHICH, RELATED PARTIES
REVENUE	(27)
Revenue		1,820,020	808,606	2,058,442	853,432
Other revenue and income		73,419	12,209	68,844	9,516
		1,893,439		2,127,286
OPERATING COSTS	(28)
Costs for raw materials, consumables, supplies and goods		(143,054)	486	(123,896)	(3,716)
Costs for services		(481,547)	(2,967)	(535,589)	(1,414)
Costs for leased assets		(83,457)	(705)	(87,555)	(1,414)
Personnel cost		(239,544)		(268,164)
Net provisions for risks and charges		(1,141)		(44,499)
Net provisions for impairment		306		16
Other expenses		(20,779)	1,478	(20,124)	(20,789)

		(969,616)		(1,079,811)
AMORTISATION, DEPRECIATION AND IMPAIRMENT	(29)	(407,781)		(444,176)

EBIT		516,042		603,299

FINANCIAL INCOME (EXPENSE)	(30)
Financial expense		(70,610)	(296)	(54,507)	(299)
Financial income		1,315	128	5,298
		(69,295)		(49,209)
INCOME (EXPENSE) FROM EQUITY INVESTMENTS	(31)
Effect of valuation using the equity method		14,883		1,466
Other income (expense) from equity investments		85,897		49
		100,780		1,515
Gross profit		547,527		555,605
Income taxes	(32)	123,928		151,979
Net profit (loss) for the year		423,599		403,626
Attributable to Italgas		417,238		382,972
Minority interests		6,361		20,654
Net earnings (loss) per share attributable to Italgas (€ per share)	(33)
– basic and diluted		0.52		0.47

^(*) for details on the reconciliation with the 2019 restated figures, see point 4) Financial statements

Consolidated Statement of Comprehensive incomeIncludes both net income for the period and changes in equity, which are recognised in equity in accordance with international accounting standards (Other components of comprehensive income).: attributable
to the parent company and to minority interests

(€ THOUSANDS)	31.12.2019 RESTATED^(*)			31.12.2020
	ATTRIBUTABLE TO THE PARENT COMPANY	ATTRIBUTABLE TO MINORITY INTERESTS	TOTAL	ATTRIBUTABLE TO THE PARENT COMPANY	ATTRIBUTABLE TO MINORITY INTERESTS	TOTAL
Net profit (loss) for the year	417,238	6,361	423,599	382,972	20,654	403,626
Other Comprehensive incomeIncludes both net income for the period and changes in equity, which are recognised in equity in accordance with international accounting standards (Other components of comprehensive income).
*Components reclassifiable to the income statement:*
Change in fair value of Cash flowNet cash flow from operating activities is represented by the cash generated by a company over a certain period of time. Specifically, the difference between current inflows (mainly cash revenue) and current cash outflows (costs hedge derivatives (Effective portion)	(4,178)		(4,178)	(10,320)		(10,320)
Tax effect	1,003		1,003	2,477		2,477
	(3,175)		(3,175)	(7,843)		(7,843)
*Components not reclassifiable to the income statement:*
Actuarial gains (losses) from remeasurement of defined benefit plans for employees	(3,248)	(272)	(3,520)	(4,347)	(185)	(4,532)
Tax effect	916	77	993	1,196	52	1,248
	(2,332)	(195)	(2,527)	(3,151)	(133)	(3,284)
Total other components of Comprehensive incomeIncludes both net income for the period and changes in equity, which are recognised in equity in accordance with international accounting standards (Other components of comprehensive income)., net of tax effect	(5,507)	(195)	(5,702)	(10,994)	(133)	(11,127)
Total Comprehensive incomeIncludes both net income for the period and changes in equity, which are recognised in equity in accordance with international accounting standards (Other components of comprehensive income). for the year	411,731	6,166	417,897	371,978	20,521	392,499

^(*) for details on the reconciliation with the 2019 restated figures, see point 4) Financial statements

Statement of changes in shareholders’ equity

Cash flowNet cash flow from operating activities is represented by the cash generated by a company over a certain period of time. Specifically, the difference between current inflows (mainly cash revenue) and current cash outflows (costs statement

(€ THOUSANDS)	2019	2020
Profit (loss) for the year	423,599	403,626
Adjustments to reclassify net profit to Cash flowNet cash flow from operating activities is represented by the cash generated by a company over a certain period of time. Specifically, the difference between current inflows (mainly cash revenue) and current cash outflows (costs from operating activities:
Amortisation and depreciation	405,873	443,243
Net impairment of assets	1,908	933
Effect of valuation using the equity method	(14,883)	(1,466)
Other income from equity investments	(85,871)	(25)
Stock grant	896	5,153
Net capital losses (capital gains) on asset sales, cancellations and eliminations	(4,352)	(1,150)
Financial income	(1,315)	(5,298)
Financial expense	70,884	54,507
Income taxes	123,928	151,979
Changes in working capital:
_ Inventories	(21,089)	(48,889)
_ Trade receivables	(17,739)	11,861
_ Trade payables	43,330	3,931
_ Provisions for risks and charges	(32,191)	29,720
_ Other assets and liabilities	46,474	(99,840)
Cash flowNet cash flow from operating activities is represented by the cash generated by a company over a certain period of time. Specifically, the difference between current inflows (mainly cash revenue) and current cash outflows (costs from working capital	18,785	(103,217)
Change in provisions for employee benefits	(4,689)	(8,575)
Dividends collected	14,187	7,442
Financial income collected	1,315	1,381
Financial expense paid	(70,611)	(48,370)
Income taxes paid net of tax credits reimbursed	(154,632)	(136,656)
Net Cash flowNet cash flow from operating activities is represented by the cash generated by a company over a certain period of time. Specifically, the difference between current inflows (mainly cash revenue) and current cash outflows (costs from operating activities	725,022	763,507
of which, related parties	658,755	823,973
Investments:
_ Property, plant and equipment	(35,321)	(39,502)
_ Intangible assets	(663,974)	(709,394)
_ Change in scope of consolidation, business units and other	(60,226)	(19,775)
_ Equity investments	(40,096)	(4,382)
_ Change in payables and receivables for investments	89,865	(5,168)
Disinvestments:
_ Property, plant and equipment	7,501	2,492
_ Intangible assets	340	13,501
_ Change in receivables relating to disinvestment activities	80	(11,244)
Net Cash flowNet cash flow from operating activities is represented by the cash generated by a company over a certain period of time. Specifically, the difference between current inflows (mainly cash revenue) and current cash outflows (costs from investment activities	(701,831)	(773,472)
of which, related parties	141,353	(520)
Long-term financial debt assumption	1,057,993	495,900
Repayment of long-term financial debt	(709,500)	(6,180)
Increase (decrease) in short-term financial payables	(58,750)	157,532
Capital contributions from third parties	10,953	9,630
Disposals of minority interests	24,857
Dividends collected	(207,800)	(221,007)
Expense relative to Rights of use	(17,183)	(24,121)
Net Cash flowNet cash flow from operating activities is represented by the cash generated by a company over a certain period of time. Specifically, the difference between current inflows (mainly cash revenue) and current cash outflows (costs from financing activities	100,570	411,754
of which, related parties	(74,883)	(82,478)
Net Cash flowNet cash flow from operating activities is represented by the cash generated by a company over a certain period of time. Specifically, the difference between current inflows (mainly cash revenue) and current cash outflows (costs for the year	123,761	401,789
Opening cash and cash equivalents	138,476	262,237
Closing cash and cash equivalents	262,237	664,026

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CONSOLIDATED FINANCIAL STATEMENTS

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CONSOLIDATED FINANCIAL STATEMENTS

Financial Statements