2020 Integrated Annual Report
IT

Management report

CONSOLIDATED FINANCIAL STATEMENTS

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Management report

CONSOLIDATED FINANCIAL STATEMENTS

Business model

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By its very nature, the company is called on to play a leading role, not only in terms of production and distribution of services, but also to ensure lasting social and environmental benefits – shared value for stakeholders – along the entire value creation chain.

The Business Model below shows the flow by which Italgas creates value over time by transforming its input capitals (value stock), through its activities and processes, into outputs and outcomes, in order to meet its strategic goals and create value in the short-, medium- and long-term:

REPRESENTATION OF THE ITALGAS BUSINESS MODEL IN ACCORDANCE WITH THE IR FRAMEWORK APPROACH

* through Gaxa
** through Italgas Acqua
*** through Seaside and Toscana Energia Green

In the representation of the model, the input capitals correspond to the Group’s resources and distinguishing factors, such as the distribution network, know-how, people and stakeholder relations, which are used, transformed or enhanced in the various processes.

INPUT CAPITALS

FINANCIAL CAPITAL

Il capitale finanziario assicura i necessari flussi di cassa al fine di garantire gli investimenti, la gestione delle infrastrutture e il raggiungimento degli obiettivi di crescita e diversificazione.

HUMAN CAPITAL

Human capital is made up of all the people at Italgas and their skills, knowledge and experience.

NATURAL CAPITAL

Natural capital consists of the environmental resources used by the Group to carry out its activities, including the environmental resources themselves, such as natural gas, which enable the Group to provide the service.

SOCIAL AND RELATIONSHIP CAPITAL

Social and relationship capital consists of the relations built and preserved by Italgas within the community and with its reference stakeholders.

INTELLECTUAL CAPITAL

Intellectual capital is made up of company know-how, company processes and systems enabling optimum management of business activities.

MANUFACTURED CAPITAL

Manufactured capital is made up of the Group’s assets.

The input capitals are greatly affected by the organisation’s strategic planning and sustainability elements, such as the Italgas Group 2020-2026 Business Plan and the Sustainability Plan. These elements constitute the primary trajectories along which the Italgas Group operates; in detail:

  • Digital transformation
  • Growth and development of the core business
  • Role of gas in the decarbonisation process
  • New opportunities
  • Financial structure and return for shareholders
  • Putting people first
  • Development of the sustainability culture.

The operations of the Italgas Group are also included in the business model. Below are the key processes of these operations:

  • Governance processes;
  • Business processes;
  • Support processes;
  • Control processes.

REPRESENTATION OF THE ITALGAS GROUP VALUE CHAIN

(A) In the case of the value chain for the energy efficiency process, commercial activities take place before operations.
* through Gaxa
** through Italgas Acqua
*** through Seaside and Toscana Energia Green

Responsible governance, stakeholder engagement, risk management and accountability play a key role in ensuring the proper and efficient management of activities along the entire value chain. A detailed description of these is provided in the “Governance, risks and opportunities” section.

Lastly, the model shown includes the Strategic and Sustainability Results, detailing the United Nations Sustainable Development Goals (SDGs) of reference and the link to the output capitals, which represent the impacts generated by the Group’s business.