Operating income

EBIT in 2010 amounted to €1,958 million, an increase of €96 million, or 5.2%, compared with 2010. The increase is due primarily to the performances recorded by the following segments:

• Distribution (+€104 million; +22.9%). This increase was due mainly to: (i) increased revenue through 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, net of the effects of IFRIC 12) essentially due to 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 impaired assets in 2010 (€10 million), partly offset by the increase in depreciation and amortisation in the period;
• Natural gas storage (+€37 million; +17.0%). This increase was mainly due to increased storage revenue (+€23 million), the operating efficiency, and the reduction in depreciation and amortisation (+€20 million) on discounted estimated costs to be incurred when the storage sites are dismantled. These effects are partly absorbed by less income (-€3 million, net of the cost of gas sold) from the sale, in 2010, of some strategic gas no longer required for the provision of storage services;
• Transportation (-€48 million; -4.1%). This reduction was 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).

ROI was 11.8% (11.7% in 2010).

Operating income