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Stability of the financial profile, a focus on highly-predictable regulated activities and high cash generation: these fundamental characteristics of our Group will be further strengthened by the 2018-2022 strategic plan.


FINANCIAL OBJECTIVES: ENSURING SUSTAINABLE GROWTH

Achieved financial objectives

*Guidance FY 2017 provided by 2017-2021 Strategic Plan Presentation

Objectives as in the 2018-2022 Plan

*Guidance FY 2018 provided by 2018-2022 Strategic Plan Presentation

Discover more about our objectives outlined in the Plan.

INVESTIMENTS

Investments are set to grow consistently (+30% compared to the previous plan), cwith an investment of € 5.3 billion directed to national regulated activities, of which 4 billion has already been authorised. More than 90% of our Capex will be directly associated with the Sustainable Development Goals (SDG) defined by the United Nations.

REVENUES

We envisage revenues of € 2.55 billion for 2022, up 18% on 2017 and with an average annual growth between 2018 and 2022 of over 3%.



EBITDA

We predict EBITDA to grow at an average annual rate of over 3% between 2018 and 2022, reaching approximately € 1.9 billion in 2022 against 1.6 billion in 2017.



NET PROFIT

Our aim is to achieve an average annual growth of net profit in 2018-2022 of 3%. Earnings per share (EPS) will be around 38 Euro cents in 2022, representing a growth of 12% compared to 2017.

OPERATING CASH FLOW

These results will guarantee an Operating Cash Flow of approximately € 6.3 billion over the duration of the Plan, which will contribute to the flexibility necessary to make the envisaged investments while supporting an attractive dividend policy.


REGULATED ASSET BASE VALUE (RAB)

The Regulated Asset Base (RAB) will reach € 17.5 billion by 2022, with a compound annual growth rate (CAGR) of over 3% during the course of the Plan.


FINANCIAL POSITION


As regards our financial position, over the course of the plan we will maintain parameters that are in line with an “investment grade” rating, with an FFO/net debt ratio well above 11%, a net debt/RAB ratio of over 60% in the five-year period and an average cost of net debt over the Plan horizon of 1.6%, characterised by a back-end loaded profile.


DIVIDEND POLICY


Alongside the increase in investments, the new and improved dividend policy, which guarantees consistent and predictable growth, is the second pillar of our 2018-2022 strategic plan.

Between 2018 and 2020, dividend per share (DPS) is expected to have a compound annual growth rate (CAGR) of 6% compared to the corresponding dividend in 2017.
A payout of 75% is envisaged for 2021 and 2022, with the minimum dividend nonetheless guaranteed to equal that of the corresponding dividend in 2020.