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EBIT

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(€ million)

2011

2012

2013

Change

% Change

Business segments

 

 

 

 

 

Transportation

1,137

1,135

1,217

82

7.2

Regasification

7

5

5

 

 

Storage

255

270

315

45

16.7

Distribution

559

626

505

(121)

(19.3)

Corporate

 

6

(8)

(14)

 

Consolidation adjustments

 

69

 

(69)

(100.0)

 

1,958

2,111

2,034

(77)

(3.6)

Below is a breakdown of adjusted EBIT by business segment:

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Adjusted EBIT

 

 

 

 

 

 

(€ million)

2011

2012

2013

Change

% Change

EBIT

1,958

2,111

2,034

(77)

(3.6)

Excluding special items

 

 

 

 

 

- costs for termination benefits

 

 

26

26

 

Adjusted EBIT

1,958

2,111

2,060

(51)

(2.4)

Business segments

 

 

 

 

 

Transportation

1,137

1,135

1,228

93

8.2

Regasification

7

5

5

 

 

Storage

255

270

318

48

17.8

Distribution

559

626

516

(110)

(17.6)

Corporate

 

6

(7)

(13)

 

Consolidation adjustments

 

69

 

(69)

(100.0)

 

1,958

2,111

2,060

(51)

(2.4)

Adjusted EBIT24, which excludes special items, totalled €2,060 million in 2013, down by €51 million (-2.4%) compared with 2012. The decrease was due to lower revenue from regulated activities (-€32 million), which was significantly impacted by the effects of recognising natural gas distribution tariff adjustments for 2009-2011 (€143 million)25 in 2012, to lower revenue from unregulated activities (-€26 million) and to higher depreciation, amortisation and impairment losses (-€63 million).

These factors were partly offset by lower operating costs (+€70 million, net of components that are offset in revenue), essentially as a result of changes in the provisions for risks (+€50 million).

Positive performances from the natural gas transportation segment (+€93 million; +8.2%, despite falling gas demand in Italy) and storage segment (+€48 million; +17.8%) were offset by a downturn in the distribution segment26 (-€181 million; -26.0%).

24 EBIT was analysed by isolating only the elements that determined a change therein. To this end, applying gas segment tariff regulations generates revenue components that are offset in costs.

25 These adjustments were recognised following Electricity and Gas Authority Resolutions 315/2012/R/gas and 450/2012/R/gas, which adjusted the reference tariffs for the third regulatory period (2009-2012). For further details, see the section “Business segment operating performance – Regulation”.

26 In the 2012 consolidated financial statements, the EBIT for the natural gas distribution segment includes the positive effect of the consolidation adjustment relating to provisions for environmental expenses (€71 million) that Eni repaid, net of tax effect, to Snam pursuant to contractual agreements entered into when completing the acquisition of Italgas.

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