Financial results

Revenue from natural gas distribution amounted to €1,263 million in 2011, an increase of €66 million, equal to 5.5%, compared with 2010. Excluding revenue from the application of IFRIC 12, distribution revenue recorded an increase of €55 million, or 6.5%. The increase is mainly due to the recognition, by the Electricity and Gas Authority, of higher revenue for natural gas distribution for the 2005-2006 to 2007-2008 thermal years (€32 million)10 and to the impact (20 million) of applying the ‘gradual’ mechanism introduced by the Electricity and Gas Authority through Resolution ARG/gas 79/0911.

EBIT for 2011 amounted to €559 million, an increase of €104 million, or 22.9%, compared with 2010. This increase is essentially attributable to: (i) increased revenue for the natural gas transmission service (+€55 million); (ii) the increase in other revenue and income (+€23 million), mainly following higher capital gains from the sale of plants transferred to municipalities granting the natural gas distribution service (+€12 million); (iii) lower operating costs (+€18 million) essentially in view of the reduction in expenses for early retirement incentives (+€17 million); and (iv) lower depreciation, amortisation and impairment losses (+€10 million) following recovery of value (€9 million) of some assets impaired in 2010 (€10 million), partly offset by the increase in depreciation and amortisation in the period.

10 For more information please see the section “Regulation - Resolution ARG/gas 119/11”.

11 In particular, with this resolution which amended the tariff criteria in effect under prior Resolution 159/08, the Authority introduced a gradual increase in the amortised tariff component for the new regulatory period, which is in addition to that already provided for returns on invested capital.

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