Financial results

Revenue from transportation of natural gas amounted to €1,867 million, a reduction of €6 million, equal to 0.3%, compared with 2010. This decrease is due to the additional revenue (€55 million) recorded in the previous financial year, deriving from the recognition by the Electricity and Gas Authority of additional expenses incurred for the acquisition of fuel gas in the period from 1 October 2008 to 31 December 2009. Net of this effect, transportation revenue recorded an increase of €49 million, equal to 2.7%, essentially attributable to the contribution of investments made in 2009 (+€100 million), whose effects were partly absorbed by the tariff updating (-€52 million) and by lower volumes of gas transported (-€15 million). Higher revenue from tariff components offset in costs (+€13 million) also contributed to the increase in transportation revenue.

EBIT for 2011 was €1,137 million, down by €48 million (4.1%), compared with 2010. The reduction is mainly due to: (i) the increase in operating costs (-€27 million, net of the components offset in revenue), essentially following increased expenses for legal disputes (-€37 million) due to provisions for risks (€9 million) in view of use recorded in the previous financial year (€10 million), and the unfavourable outcome of disputes concluded during the year (-€18 million); and (ii) lower transportation revenue (-€19 million net of components which were offset in costs).

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