Results
Total revenue amounted to €2,087 million, up by €12 million, or 0.6%, compared with 2013 (€2,075 million). Net of components offset in costs20, total revenue amounted to €1,917 million, up by €30 million, or 1.6%, compared with the previous year.
Regulated revenue amounted to €2,065 million, of which €2,020 million related to fees for the natural gas transportation service (+€34 million, or 1.7%) and €45 million related to income from natural gas sales made in order to balance the gas system (−€35 million). Transportation revenue, net of components offset in costs, amounted to €1,895 million, up by €17 million, or 0.9%, compared with the previous year. The contribution from investments made in 2012 (+€86 million) was partly offset by tariff updating (−€56 million) and lower volumes of gas transported (−€6.72 billion cubic metres; −€9 million)21.
EBIT amounted to €1,196 million, down by €21 million, or 1.7%, compared with the previous year. Higher revenue (+€30 million) was more than offset by the rise in operating costs (−€45 million, net of components offset in revenue), due mainly to higher provisions for risks and charges (−€48 million) in relation primarily to commercial balancing activities, and by the increase in amortisation and depreciation (−€6 million), attributable mainly to the entry into service of new infrastructure.
20 Applying gas segment tariff regulations generates revenue components that are offset in costs: modulation, interconnection and balancing. Specifically, balancing revenue that is offset in the operating costs related to withdrawals of gas from storage totalled €45 million (€80 million in 2013) and referred to sales of natural gas for the purpose of balancing the gas system.
21 This includes the positive effect of applying the commodity revenue guarantee mechanism to the volumes in question. The tariff criteria in force for the fourth regulatory period (1 January 2014 – 31 December 2017) are described under “Tariff regulations”.
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KEY PERFORMANCE INDICATORS |
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(€ million) |
2012 |
2013 |
2014 |
Change |
% Change |
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Total revenue (*) |
2,062 |
2,075 |
2,087 |
12 |
0.6 |
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- of which regulated |
1,948 |
2,066 |
2,065 |
(1) |
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Operating costs (*) |
478 |
375 |
402 |
27 |
7.2 |
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EBIT |
1,135 |
1,217 |
1,196 |
(21) |
(1.7) |
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Adjusted EBIT |
1,135 |
1,228 |
1,196 |
(32) |
(2.6) |
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Technical investments |
700 |
672 |
700 |
28 |
4.2 |
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- of which with a greater return (**) |
557 |
516 |
700 |
184 |
35.7 |
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- of which with a basic rate of return |
143 |
156 |
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(156) |
(100.0) |
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Net invested capital at 31 December |
11,116 |
11,370 |
11,877 |
507 |
4.5 |
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Natural gas injected in the national gas transportation network (billions of cubic metres) (***) |
75.78 |
69.00 |
62.28 |
(6.72) |
(9.7) |
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Gas transportation network (kilometres in use) |
32,245 |
32,306 |
32,339 |
33 |
0.1 |
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- of which national network |
9,277 |
9,475 |
9,559 |
84 |
0.9 |
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- of which regional network |
22,968 |
22,831 |
22,780 |
(51) |
(0.2) |
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Installed power in the compression stations (MW) |
864.1 |
866.9 |
893.9 |
27 |
3.1 |
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Employees in service at 31 December (number) |
1,978 |
1,952 |
1,874 |
(78) |
(4.0) |
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