Results
Total revenue amounted to €541 million, up by €52 million, or 10.6%, compared with 2013. Total revenue, net of components offset in costs30, amounted to €473 million, an increase of €26 million, or 5.8%.
Regulated revenue (€526 million) comprised €464 million in fees for the natural gas storage service (+€14 million; +3.1%) and €62 million in fees charged back to users relating to the natural gas transportation service provided by Snam Rete Gas S.p.A. (+€26 million). Storage revenue, net of components offset in costs, amounted to €458 million, up by €14 million, or 3.2%, compared with 2013. The contribution from investments made in 2012 (€27 million) was partially offset by tariff updating31 (−€14 million).
Non-regulated revenue in 2014 (€15 million) mainly comprised storage fees relating to the 2013-2014 thermal year (€13 million, compared with €2 million relating to the 2012-2013 thermal year), arising from contractual agreements between eni and Stogit as part of activities connected to Legislative Decree 130/201032.
EBIT totalled €318 million in 2014, up €3 million, or 1.0%, compared with 2013. Higher revenue (+€26 million) and lower amortisation and depreciation (+€4 million) were partly offset by higher operating costs (−€27 million net of components offset in revenue) due mainly to the impairment loss recorded in relation to strategic gas wrongfully withdrawn by certain users in 2010 and 201133 (−€30 million). Excluding the effects of this impairment loss, EBIT was €348 million, an increase of €33 million, or 10.5%, compared with 2013.
30 These components refer mainly to revenue from the chargeback to storage users of charges relating to the natural gas transportation service provided by Snam Rete Gas S.p.A., pursuant to Resolution 297/2012/R/gas of the Authority.
31 The tariff criteria in force for the third regulatory period (1 January 2011 – 31 December 2014) and the fourth regulatory period (1 January 2015 – 31 December 2018) are described under “Tariff regulations and other provisions”.
32 “Measures for greater competition in the natural gas market and the transfer of resulting benefits to end users, pursuant to Article 30, paragraphs 6 and 7 of Law 99 of 23 July 2009”.
33 The impairment loss is a result of recent developments in the bankruptcy proceedings, which have not yet been formally concluded, which suggest that it is unlikely that Stogit will be able to collect the receivables it is owed by users and that the gas wrongfully withdrawn will be replenished. For more information, see Note 9 “– “Inventories” to the consolidated financial statements.
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NATURAL GAS STORAGE |
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(€ million) |
2012 |
2013 |
2014 |
Change |
% Change |
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Total revenue (a) (b) |
402 |
489 |
541 |
52 |
10.6 |
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- of which regulated |
396 |
486 |
526 |
40 |
8.2 |
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Operating costs (a) (b) |
69 |
110 |
163 |
53 |
48.2 |
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EBIT |
270 |
315 |
318 |
3 |
1.0 |
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Adjusted EBIT |
270 |
318 |
318 |
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Technical investments |
233 |
251 |
240 |
(11) |
(4.4) |
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Net invested capital at 31 December |
2,819 |
3,071 |
3,286 |
215 |
7.0 |
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Concessions (number) |
10 |
10 |
10 |
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- of which operational (c) |
8 |
8 |
8 |
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Natural gas moved through the storage system (billions of cubic metres) (d) |
15.63 |
18.42 |
15.70 |
(2.72) |
(14.8) |
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- of which injected |
8.43 |
8.92 |
8.13 |
(0.79) |
(8.9) |
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- of which withdrawn |
7.20 |
9.50 |
7.57 |
(1.93) |
(20.3) |
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Total storage capacity (billions of cubic metres) |
15.7 |
15.9 |
15.9 |
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- of which available (e) |
11.2 |
11.4 |
11.4 |
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- of which strategic |
4.5 |
4.5 |
4.5 |
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Employees in service at 31 December (number) |
307 |
303 |
291 |
(12) |
(4.0) |
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