Snam.it

11 Property, plant and equipment

Property, plant and equipment of €14,522 million (€14,053 million at 31 December 2011) comprise:

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31.12.2011

 

 

 

 

 

 

 

 

(€ million)

Net opening value

Invest­ments

Amorti­sation and de­preciation

Disposals

Other changes

Net closing value

Gross closing value

Provision for amortisa­tion, deprecia­tion and impairment losses (*)

(*)

Of which €7 million in the provision for impairment losses.

Land

137

2

 

 

11

150

150

 

Buildings

392

3

(12)

 

17

400

598

198

Plant and equipment

10,795

136

(452)

(15)

1,022

11,486

16,497

5,011

Industrial and commercial equipment

65

16

(17)

(3)

5

66

218

152

Other assets

12

1

(6)

 

12

19

81

62

Non-current assets under construction and payments on account

2,132

994

 

 

(1,194)

1,932

1,932

 

 

13,533

1,152

(487)

(18)

(127)

14,053

19,476

5,423

  Download XLS (17 kB)

31.12.2012

 

 

 

 

 

 

 

 

(€ million)

Net opening value

Invest­ments

Amorti­sation and de­preciation

Disposals

Other changes

Net closing value

Gross closing value

Provision for amortisa­tion, deprecia­tion and impairment losses (*)

(*)

Of which €11 million in the provision for impairment losses.

Land

150

2

 

 

1

153

153

 

Buildings

400

2

(15)

(2)

18

403

612

209

Plant and equipment

11,486

2

(478)

(12)

1,225

12,223

17,702

5,479

Industrial and commercial equipment

66

17

(17)

(2)

 

64

226

162

Other assets

19

1

(6)

 

15

29

96

67

Non-current assets under construction and payments on account

1,932

888

 

(3)

(1,167)

1,650

1,650

 

 

14,053

912

(516)

(19)

92

14,522

20,439

5,917

Property, plant and equipment (€14,522 million) relate mainly to natural gas transportation infrastructure (€11,953 million), storage (€2,265 million), distribution (€212 million) and regasification (€89 million).

Investments17 (€912 million) relate to the transportation (€669 million), storage (€225 million), distribution (€12 million), regasification (€3 million) and corporate (€3 million) segments.

The financial expenses capitalised during the year amounted to €38 million (€37 million in 2011).

Depreciation (€516 million) refers to economic and technical depreciation determined on the basis of the useful life of the assets or their remaining possible use by the Company.

The main annual depreciation rates adopted are included in the following ranges:

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Annual depreciation rate (%)

Buildings

 

- Buildings

2-2.5 or greater, depending on residual life

Plant and equipment - Transportation

 

- Pipelines

2 or greater, depending on residual life

- Stations

5 or greater, depending on residual life

- Gas reduction/regulation plants

5 or greater, depending on residual life

Plant and equipment - Storage

 

- Pipes

2-2.5

- Treatment centres

4 or greater, depending on residual life

- Compression stations

5 or greater, depending on residual life

- Storage wells

1.66

Plant and equipment - Regasification

 

- LNG plants

4 or greater, depending on residual life

Other plant and equipment

2.5-12.5

Metering equipment

5 or greater, depending on residual life

Industrial and commercial equipment

9-35

Other assets

10-25

Disposals of €19 million primarily concern sections of pipelines and some components of compression stations (€12 million overall).

Other changes of €92 million refer essentially to revised estimates of site dismantling and restoration costs in the natural gas storage segment (€116 million), owing to lower expected discount rates, and contributions for the period (-€34 million).

Government grants for capital expenditure and grants from other parties reducing the net value of property, plant and equipment amount respectively to €76 million (€75 million at 31 December 2011) and €240 million (€220 million at 31 December 2011). No government grants were pending as at 31 December 2012.

The value of plant and equipment includes site dismantling and restoration costs totalling €142 million, relating mainly to natural gas storage sites (€132 million).

The table below shows changes in provisions for amortisation, depreciation and impairment losses over the year:

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Provision for amortisation, depreciation and impairment losses

 

 

(€ million)

31.12.2011

Increases

Sales / eliminations

31.12.2012

Buildings

198

15

(4)

209

Plant and equipment

5,011

478

(10)

5,479

Industrial and commercial equipment

152

17

(7)

162

Other assets

62

6

(1)

67

 

5,423

516

(22)

5,917

Contractual commitments for the purchase of property, plant and equipment, and for the provision of goods and services related to their construction, are disclosed in Note 28 “Guarantees, commitments and risks”.

Property, plant and equipment by business segment

Property, plant and equipment are broken down by business segment as follows:

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(€ million)

31.12.2011

31.12.2012

Gross property, plant and equipment

 

 

Business segments

 

 

- Transportation

16,225

16,829

- Regasification

128

132

- Storage

2,643

2,982

- Distribution

480

483

- Corporate

 

13

Total

19,476

20,439

Provision for amortisation, depreciation and impairment losses

 

 

- Transportation

(4,470)

(4,876)

- Regasification

(39)

(43)

- Storage

(659)

(717)

- Distribution

(255)

(271)

- Corporate

 

(10)

Total

(5,423)

(5,917)

Net property, plant and equipment

 

 

- Transportation

11,755

11,953

- Regasification

89

89

- Storage

1,984

2,265

- Distribution

225

212

- Corporate

 

3

 

14,053

14,522

17 The investments for the period broken down by business segment are shown in the “Business segment operating performance” section of the Directors’ Report.

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