The key items comprising revenue are described below. The reasons for the most significant changes are given in the “Financial review” section of the Directors’ Report.
| Download XLS (16 kB) |
|
(€ million) |
2011 |
2012 |
|
3,539 |
3,730 | |
|
Other revenue and income |
66 |
216 |
|
|
3,605 |
3,946 |
Core business revenue (€3,730 million) is shown net of the following items:
| Download XLS (18 kB) |
|
(€ million) |
2011 |
2012 | ||||||
| ||||||||
|
Additional fees for the distribution service |
208 |
255 | ||||||
|
Additional fees for the transportation service: |
|
| ||||||
|
- GST and RET fees referred to in Resolutions ARG/com 93/10 and ARG/gas 177/10 (*) |
245 |
230 | ||||||
|
- CVOS fee pursuant to Resolution ARG/gas 29/11 (**) |
13 |
53 | ||||||
|
- Interruptibility fee as per Resolution 277/07 |
22 |
21 | ||||||
|
- CVBL fees pursuant to Resolution ARG/gas 155/11 (***) |
|
18 | ||||||
|
- Regional network capacity fee as per Resolution ARG/gas 45/07 - Equalisation |
2 |
2 | ||||||
|
|
490 |
579 | ||||||
Core business revenue includes revenue from the construction and upgrading of natural gas distribution infrastructure linked to concession agreements (€325 million; €360 million at 31 December 2011).
Core business revenue is analysed by business segment in Note 35, “Segment information”. Snam generates all of its revenue in Italy.
Other revenue and income
Other revenue and income (€216 million) break down as follows:
| Download XLS (17 kB) |
|
(€ million) |
2011 |
2012 | ||
| ||||
|
Income from the sale of goods no longer used in natural gas transportation |
|
80 | ||
|
Income from the sale of gas for balancing activity (*) |
|
46 | ||
|
Capital gains from disposals of property, plant and equipment and intangible assets |
17 |
45 | ||
|
Income from property investments |
5 |
5 | ||
|
Plant safety inspection fee |
3 |
3 | ||
|
Insurance compensation |
3 |
1 | ||
|
Contractual penalties and other income relating to commercial transactions |
1 |
5 | ||
|
Income from the sale of energy efficiency certificates |
1 |
| ||
|
Other income |
36 |
31 | ||
|
|
66 |
216 | ||
Capital gains from disposals of property, plant and equipment and intangible assets of €45 million relate to the sale of plants transferred to municipalities granting natural gas distribution mandates.
Other income of €31 million mainly refers to income, recognised by the Electricity and Gas Authority, connected to the achievement of qualitative performance standards in service provision and various operating repayments relating to the natural gas distribution service (€17 million).
Revenue from regulated and non-regulated activities
The analysis of revenue from regulated activities (€3,802 million) and non-regulated activities (€144 million) is shown below:
| Download XLS (17 kB) |
|
(€ million) |
2011 |
2012 | ||||
| ||||||
|
Natural gas transportation |
1,870 |
1,946 | ||||
|
Liquefied Natural Gas (LNG) regasification |
23 |
23 | ||||
|
Natural gas distribution (*)(**) |
1,307 |
1,480 | ||||
|
Natural gas storage |
338 |
353 | ||||
|
Revenue from regulated activities |
3,538 |
3,802 | ||||
|
Revenue from non-regulated activities |
67 |
144 | ||||
|
|
3,605 |
3,946 | ||||
Revenue from regulated activities
Natural gas transportation
Revenue from regulated activities (€1,946 million) relates essentially to: (i) fees for the transportation service, mainly relating to eni S.p.A. (€923 million) and Enel Trade S.p.A. (€274 million); and (ii) income from the sale of gas deriving from the balancing business (€46 million).
Revenue includes the chargeback to users of the costs of connecting the Company’s network to that of other operators (€46 million)29.
During the course of 2012, Snam provided transportation services to 105 companies (90 companies in 2011).
Natural gas distribution
Revenue from regulated activities (€1,480 million) relates essentially to: (i) fees for natural gas transmission services (€1,073 million) and mainly concerns eni S.p.A. (€728 million) and Enel Energia S.p.A. (€54 million); (ii) revenue deriving from the construction and upgrading of distribution infrastructure (€325 million), recognised in application of international accounting standard IFRIC 12; (iii) capital gains from asset disposals (€45 million); and (iv) auxiliary and optional services relating to the gas distribution service (€23 million).
During the course of 2012, Snam used its networks to distribute the gas of 213 commercial companies (194 companies at 31 December 2011).
Natural gas storage
Revenue from regulated activities (€353 million) mainly relates to fees for modulation (€292 million) and strategic (€61 million) storage, and mainly concerns eni S.p.A. (€98 million) and Enel Trade S.p.A. (€40 million).
During the course of 2012, Snam provided natural gas storage services to 122 companies (104 companies at 31 December 2011).
Liquefied Natural Gas (LNG) regasification
Revenue from regulated activities (€23 million) relates to fees for liquefied natural gas (LNG) regasification, carried out at the Panigaglia (SP) LNG terminal, and mainly concerns Enel Trade S.p.A. (€16 million).
Revenue from non-regulated activities
Revenue from non-regulated activities (€144 million) mainly concerns: (i) income from the sale of goods no longer used in transportation (€80 million); (ii) the leasing and maintenance of fibre optic telecommunications cables (€10 million) awarded under concession to a telecommunications operator, for which Snam also provides maintenance services; (iii) technical services (€8 million); (iv) income from property investments (€5 million); and (v) contractual penalties applied to customers and suppliers (€5 million).
29 Where the provision of the transportation service involves the networks of multiple operators, Resolution 166/05 of the Electricity and Gas Authority, as subsequently amended, provides for the principal operator to invoice the users for the service, transferring to the other operators of the transportation networks the portion attributable to them.
