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Information Document COURTESY TRANSLATION INFORMATION DOCUMENT prepared pursuant to Art. 57, paragraph 1, letter d) of the regulation adopted by CONSOB through resolution no. 11971 of 14 May 1999, as later amended CONCERNING THE LISTING OF ORDINARY SHARES OF ITALGAS S.P.A. RESULTING FROM THE PARTIAL AND PROPORTIONAL DEMERGER OF SNAM S.P.A. TO ITALGAS S.P.A. Sponsor 4 November 2016 The official text of this Information Document was published on 4 November 2016 in Italian. This English courtesy translation is provided solely for the convenience of readers outside Italy. The original Italian document shall be considered the authoritative version and shall prevail in case of discrepancy. Italgas S.p.A. – Information Document Disclaimer This Information Document has been prepared in accordance with Italian regulations and may not be disseminated, either directly or indirectly, in other jurisdictions, particularly Japan, Canada or the United States of America, or in any other country in which the issuance of the securities mentioned in this Information Document is not permitted without specific authorisation from the competent authorities and/or communicated to investors residing in said countries. The dissemination of this Information Document in any jurisdiction other than Italy may be subject to specific regulations and restrictions. Any party that comes into possession of this Information Document must first check the existence of said regulations and restrictions and comply with them. The securities mentioned in this Information Document will be issued in the context of the Demerger described herein and have not been, and are not expected to be in the future, registered pursuant to the United States Securities Act of 1933, as amended; therefore, they cannot be offered or sold, either directly or indirectly, in the United States, except pursuant to an exemption. 1 Italgas S.p.A. – Information Document CONSOLIDATED PRO-FORMA SUMMARY INFORMATION FOR THE DEMERGED COMPANY AND THE BENEFICIARY COMPANY AND DATA PER SHARE AT 31 DECEMBER 2015 AND AT 30 JUNE 2016 The table below provides a summary of the consolidated income statement and balance sheet historical data of the Snam Group and pro-forma of the Demerged Company and the Beneficiary Company, as well as the share indicators at 31 December 2015 and at 30 June 2016. Since the pro-forma information is based on assumptions, it must be noted that, if the Transaction had occurred on the dates used as a reference for the preparation of the pro-forma data instead of the actual dates, the historical data would not necessarily be the same as the pro-forma data. Moreover, the pro-forma data is not a projected figure and is not intended, in any way, to represent a forecast of the future results of the Post-Demerger Snam Group and of the ITG Holding Group inasmuch as it has been prepared to represent only the directly attributable and factually supportable effects of the Transaction. The summary information given below has been extracted from the pro-forma data reported in Chapters 4 and 7 of this Information Document and should be read jointly with the description of the hypotheses and criteria used for the preparation of the pro-forma data and the other information contained herein. 2 Italgas S.p.A. – Information Document Data at 31 December 2015 Consolidated financial Pro-forma data of Pro-forma data of statements Snam Group Post-Demerger Snam the Beneficiary (Euro million) (historic data) Group Company Revenue (*) 3,970 2,576 1,416 including revenues from construction and 321 321 upgrading of the distribution infrastructure, entered according to IFRIC 12 – Service Concession Arrangements EBITDA 2,799 2,052 735 EBIT 1,950 1,476 462 Pre-tax profit 1,705 1,351 352 Net profit 1,238 971 269 Net profit attributable to shareholders of the parent 1,238 971 269 company Total assets 24,880 21,251 5,553 Shareholders’ equity 7,586 6,588 1,132 Shareholders’ equity attributable to shareholders of 7,585 6,588 1,131 the parent company Net financial debt (13,779) (10,317) (3,482) Indicators per share (Euro) Net profit per share (**) 0.354 0.277 0.332 Shareholders’ equity per share (**) 2.17 1.88 1.40 Other indicators Net debt/RAB (***) 52% 49% 59% (*) Revenues include revenue from construction and upgrading of the distribution infrastructure, entered according to IFRIC 12 and posted in an amount equal to the related costs incurred (€321 million). (**) Calculated based on the average number of the shares issued and outstanding. (***) RAB at 31 December 2015. The RAB values are only available on an annual basis. The reconciliation of EBITDA and EBIT figures starting with financial statement items is provided below: Data at 31 December 2015 Financial statements Snam Pro-forma data of Pro-forma data of the (Euro million) Group (historic data) Demerger Snam Group Beneficiary Company Net profit 1.238 971 269 Income taxes 467 380 83 Pre-tax profit 1.705 1.351 352 Net income from equity investments (135) (142) (29) Net financial expenses 380 267 139 EBIT 1.950 1.476 462 Amortisation, depreciation and impairment 849 576 273 Gross operating margin (EBITDA) 2.799 2.052 735 3 Italgas S.p.A. – Information Document Data at 30 June 2016 Financial statements Pro-forma data of Pro-forma data of Snam Group Post-Demerger Snam the Beneficiary (Euro million) (historic data) Group Company Revenue (*) 1,861 1,220 652 including revenues from construction and upgrading of 137 137 the distribution infrastructure, entered according to IFRIC 12 – Service Concession Arrangements EBITDA 1,314 993 313 EBIT 867 688 171 Pre-tax profit 755 701 37 Net profit 526 477 26 Net profit attributable to shareholders of the parent 526 477 26 company Total assets 24,753 20,793 5,442 Shareholders’ equity 7,250 6,160 1,240 Shareholders’ equity attributable to shareholders of the 7,249 6,160 1,239 parent company Net financial debt (14,177) (10,812) (3,383) Indicators per share (Euro) Net profit per share (**) 0.150 0.136 0.032 Shareholders’ equity per share (**) 2.07 1.76 1.53 (*) Revenues include revenue from construction and upgrading of the distribution infrastructure, entered according to IFRIC 12 and posted in an amount equal to the related costs incurred (€137 million). (**) Calculated based on the average number of the shares issued and outstanding. The reconciliation of EBITDA and EBIT figures starting with financial statement items is provided below: Data at 30 June 2016 Financial statements Snam Pro-forma data of Pro-forma data of the (Euro million) Group (historic data) Demerger Snam Group Beneficiary Company Net profit 526 477 26 Income taxes 229 224 11 Pre-tax profit 755 701 37 Net income from equity investments (64) (59) (9) Net financial expenses 176 46 143 EBIT 867 688 171 Amortisation, depreciation and impairment 447 305 142 Gross operating margin (EBITDA) 1.314 993 313 4 Italgas S.p.A. – Information Document CONTENTS CONSOLIDATED PRO-FORMA SUMMARY INFORMATION FOR THE DEMERGED COMPANY AND THE BENEFICIARY COMPANY AND DATA PER SHARE AT 31 DECEMBER 2015 AND AT 30 JUNE 2016 ................................................................................................... 2 DEFINITIONS ................................................................................................................................................ 15 GLOSSARY .................................................................................................................................................... 21 SUMMARY ..................................................................................................................................................... 25 TABLE FOR RECONCILIATION WITH ANNEX 1 AND ANNEX 3 OF EC REGULATION 809/2004 ........................................................................................................................................................... 32 DECLARATION OF RESPONSIBILITY ................................................................................................... 34 STATUTORY AUDITORS OF THE ISSUER ............................................................................................. 3 4 1. RISK FACTORS ................................................................................................................................ 35 1.1 Main risks and uncertainties relating to Italgas and its Group ................................................ 35 1.1.1 Risks associated with the concentration of the activities of the Italgas Group .......... 35 1.1.2 Market and competition risks. Risks associated with the expiration and renewal of gas distribution concessions .................................................................... 35 1.1.3 Market and competition risks. Risks associated with the reimbursement provided for the outgoing operator ............................................................................ 37 1.1.4 Risks associated with the repayment of existing debt by the Italgas Group following the Transaction .......................................................................................... 39 1.1.5 Risks associated with the debt of the Italgas Group following the Transaction ........ 43 1.1.6 Risks associated with insufficient working capital .................................................... 45 1.1.7 Risks associated with the execution of Italgas’s strategic plan ................................. 46 1.1.8 Risks associated with the Issuer’s rating ................................................................... 48 1.1.9 Regulatory risk ..........................................................................................................
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