Net Profit for the period of € 74 million and investments of € 177 million
The Board of Directors of 2i Rete Gas S.p.A. approved the Consolidated Interim Financial Report at June 30th 2023.
Financial highlights
- Revenues: 387.2 million euro (+8.2%)
- Adjusted EBITDA: 246.7 million euro (+3.7%)
- Adjusted EBIT: 134.2 million euro (+0.4%)
- Adjusted Net profit: 73.4 million euro (-3.5%)
- Investments: 177.0 million euro (+2.9%)
- Net fixed assets: 4,382.3 million euro (+7.9% compared to June 30th 2022)
- Net financial position: 3,363.7 million euro (+17.2% compared to June 30th 2022)
Operational highlights
- Served municipalities: 2,225
- Active redelivery points: 4,860,306 (+8.3% compared to June 30th 2022)
- Distributed Gas (Natural gas and LPG) in millions of m3: 3,132 (-12.0%)
- Managed networks in Km: 71,811 (+2.8% compared to June 30th 2022)
In the first half of the current year, 2i Rete Gas S.p.A. reported 387.2 million euro of Revenues, net of line items offset with costs. This amount included 1.1 million euro in non-recurring items, related to the capital gain generated by the disposal of the assets of Mortegliano. Adjusted revenues item is therefore 386.1 million euro (356.5 million euro as of June 2022). The increase is mainly due to the change in the scope of consolidation after the acquisition of ATEM Napoli 1 occurred in December 2022.
Adjusted operating costs in the first half of 2023 totalled 139.3 million euro and did not include special items. The increase registered (+17.5%) is mainly due to the change in the scope of consolidation after the acquisition of ATEM Napoli 1 and to the impact of inflation on raw materials and services.
Adjusted EBITDA amounted to 246.7 million euro, 8.9 million euro (+3.7%) higher compared to the previous period.
Adjusted EBIT amounted to 134.2 million euro, 0.6 million euro higher than in June 2022 (+0.4%).
The Adjusted net profit for the period is equal to 73.4 million euro, 2.7 million euro lower (-3.5%) than in June 2022. The decrease is mainly due to the increase in interest rates which affect the floating-rate loans (+2.4 million euro). The net profit amounted to 74,2 million euro without non- recurring items.
In the first half of 2023 the company put in place gross investments of 177.0 million euro (172.0 million euro as of June 2022). The increase was largely attributable to a greater number of meters installed and higher unit costs.
Net fixed assets in June 2023, mainly represented by intangible assets related to gas distribution concessions, are equal to 4,382.3 million euro, 321.3 million euro higher compared to June 2022 (+7.9%). The increase was driven by the change in the scope of consolidation and the normal trend of investments despite the receipts in June of to the Fair Market Value (96 million euro) of the hedging derivates related to the issue of the new bond maturing in June 2033.
The net financial position rose from 2,869.5 million euro in the first half of 2022 to 3,363.7 million euro as of 30 June 2023 (+17.2%). The increasing is mainly due to the acquisition of ATEM Napoli 1 and the increase of the VAT credit (refund request of 224 million euro at 30 June 2023) positively offset by the receipts of the hedging derivates.
The following table illustrates the main financial figures of the consolidated financial statements.
(*) Exclusively for the purposes of the reclassified income statement, revenues from construction of the network distribution ex IFRIC 12 “Service Concession Arrangement”, which are measured to the extent of the relevant costs incurred (167.1 and 162.5 million euro in the first half of 2023 and 2022, respectively), are accounted for as a deduction of the relevant costs.
(**) Including the debt registered following the application of the IFRS16 principles (equal to 23.1 and 26.0 million euro in the first half of 2023 and 2022, respectively).