This document contains charts and bullet points about natural gas distribution in Italy. It shows historical and projected data on gas demand by sector. Italgas is one of the largest natural gas distribution companies in Italy, with over 27% market share. The document outlines Italgas' financial outlook, with increasing capital expenditures and depreciations leading to steady growth in net debt until 2024, while maintaining a sound credit profile in the investment grade range. Italgas is exceeding the regulator's target for replacing old metallic pipes with new plastic ones and aims to continue improving operational and financial performance going forward.

10. 31 31 26 29 29 30
75
70
62
68
71
75
Distribution Industrial Power gen
Transport (CNG+LNG) Other sectors High scenario
Low scenario Residential outlook

11.  ↓
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12. Res&Comm Industry&Power Gen
Transportation Other
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13. 34.4%
Other
EROGASMET
CENTRIA
AP RETI GAS-ASCOPIAVE
IRETI-IREN
UNARETI-A2A
INRETE DISTR. ENERGIA-HERA
2I RETE GAS
ITALGAS 3.9%
Other
EROGASMET
CENTRIA
AP RETI GAS-ASCOPIAVE
IRETI-IREN
UNARETI-A2A
INRETE DISTR. ENERGIA-HERA
2I RETE GAS
ITALGAS
Other
EROGASMET
CENTRIA
AP RETI GAS-ASCOPIAVE
IRETI-IREN
UNARETI-A2A
INRETE DISTR. ENERGIA-HERA
2I RETE GAS
ITALGAS 27.2%

14. 730
430
220
2000 2005 2016 >2020E

22. 2017E Capex Grants,
disposal, etc
Allowed
depreciations
Inflation M&A 2024E

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26. Portopalo
~ ~

28. ~

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30. 
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31. Italgas is
outperforming
ARERA target by
year end 2018
58%
(1)
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33. 
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36. 
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43.   

45. 

46. 
~ ~30

47. 2017E Capex Grants,
disposal, etc
Allowed
depreciations
Inflation M&A 2024E Tenders 2024E



48. 
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49. 
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50. 
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 Robust and resilient cash flow generation
 Sound credit profile well positioned in a solid
investment grade area
0%
5%
10%
15%
20%
2018 2019 2020 2021 2022 2023 2024
40%
45%
50%
55%
60%
65%
70%
75%
80%
85%
90%
2018 2019 2020 2021 2022 2023 2024

51. 4.8 € bn
Total Committed
Credit Facilities and Bonds
Italgas Net Debt Structure
As of March 31st, 2018
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52. 
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2024 OUTLOOK
with tenders

55. 
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