The key items comprising revenue are described below. The reasons for the most significant changes are given in the “Financial review and other information” section of the Directors’ report.
| Download XLS (15 kB) |
|
(€ million) |
2010 |
2011 |
|
3,475 |
3,539 | |
|
Other revenue and income |
33 |
66 |
|
|
3,508 |
3,605 |
Core business revenue (€3,539 million) is reported net of the following items:
| Download XLS (17 kB) |
|
(€ million) |
2010 |
2011 | ||
| ||||
|
Additional fees for the distribution service |
207 |
208 | ||
|
Additional fees for the transportation service: |
|
| ||
|
- GST and RET fees referred to in Resolutions ARG/com 93/10 and ARG/gas 177/10 (*) |
245 | |||
|
- Variable interruptibility fee as per Resolution 277/07 |
23 |
35 | ||
|
- Regional network capacity fee per Resolution 45/07 |
|
| ||
|
Equalisation |
2 |
2 | ||
|
|
232 |
490 | ||
Core business revenue includes revenue from the construction and upgrading of natural gas distribution infrastructure linked to concession agreements (€360 million; €349 million at 31 December 2010).
Core business revenue is analysed by business segment in Note 35, “Segment information”. Snam generates all of its revenue in Italy.
Other revenue and income
Other revenue and income (€66 million) break down as follows:
| Download XLS (16 kB) |
|
(€ million) |
2010 |
2011 | ||
| ||||
|
Capital gains from disposals of property, plant and equipment and intangible assets |
4 |
17 | ||
|
Income from property investments |
6 |
5 | ||
|
Plant safety inspection fee |
4 |
3 | ||
|
Insurance compensation |
2 |
3 | ||
|
Contractual penalties and other income relating to commercial contracts |
3 |
1 | ||
|
Revenues from the sale of energy efficiency certificates (*) |
2 |
1 | ||
|
Other income |
12 |
36 | ||
|
|
33 |
66 | ||
Capital gains from the disposal of property, plant and equipment and intangible assets of €17 million relate to the transfer of plants to local councils awarding the contract for the natural gas distribution service.
Other income (€36 million) relates essentially to: (i) the payment by Eni to Italgas of a €10 million share of the compensation received from Gaz De France Suez (GDF Suez) following the settlement of disputes over contracts signed in 2008, concerning, inter alia, the transfer to GDF Suez of the natural gas distribution business in the City of Rome and in certain adjacent districts, held by Italgas S.p.A.34 ; (ii) income paid by the Electricity and Gas Authority linked with the achievement of quality standards in the performance of gas distribution services (€6 million).
Revenues from regulated and non-regulated activities
The analysis of revenues from regulated activities (€3,522 million) and non-regulated activities (€83 million) is reported below:
| Download XLS (16 kB) |
|
(€ million) |
2010 |
2011 | ||
| ||||
|
Natural gas transportation |
1,873 |
1,870 | ||
|
Liquefied Natural Gas (LNG) regasification |
24 |
23 | ||
|
Natural gas distribution (*) |
1,219 |
1,291 | ||
|
Natural gas storage |
326 |
338 | ||
|
Revenue from regulated activities |
3,442 |
3,522 | ||
|
Revenue from non-regulated activities |
66 |
83 | ||
|
|
3,508 |
3,605 | ||
Revenue from regulated activities
Natural gas transportation
Revenue from regulated activities (€1,870 million) mainly relates to fees for transportation activities and essentially concerns Eni S.p.A. (€862 million) and Enel Trade S.p.A. (€275 million).
Revenue includes the chargeback to users of the costs of connecting the company’s network to that of other operators (€47 million)35.
During the course of 2011, Snam provided transportation services to 90 companies (82 companies in 2010).
Natural gas distribution
Revenue from regulated activities (€1,291 million) relates essentially to: (i) fees for natural gas distribution services (€903 million) and mainly concerns Eni S.p.A. (€695 million) and Enel Energia S.p.A. (€47 million); (ii) revenue deriving from the construction and upgrading of distribution infrastructures (€360 million), recognised in application of international accounting standard IFRIC 12; and (iii) technical services relating to the gas distribution service (€18 million).
During the course of 2011, Snam used its networks to distribute the gas of 194 commercial companies (169 companies at 31 December 2010).
Natural gas storage
Revenue from regulated activities (€338 million) mainly relates to fees for modulation (€269 million) and strategic (€65 million) storage, and mainly concerns Eni S.p.A. (€88 million) and Enel Trade S.p.A. (€48 million).
During the course of 2011, Snam provided natural gas storage services to 104 companies (60 companies at 31 December 2010).
Liquefied Natural Gas (LNG) regasification
Revenue from regulated activities (€23 million) relates to fees for liquefied natural gas (LNG) regasification, carried out at the Panigaglia (SP) LNG terminal, and mainly concerns Enel Trade S.p.A. (€15 million) and Eni S.p.A. (€4 million).
Revenue from non-regulated activities
Revenue from non-regulated activities (€83 million) mainly concerns: (i) technical services (€26 million) chiefly relating to the natural gas distribution business segment; (ii) capital gains from the disposal of property, plant and equipment and intangible assets (€17 million); (iii) income from the settlement of contractual disputes (€10 million); (iv) the leasing of fibre-optic telecommunications cables (€10 million) from a telecommunications operator, maintenance of which is also Snam’s responsibility; and (v) income from property investments (€5 million).
34 For further information, see Note 28 “Guarantees, commitments and risks”.
35 Where the provision of the transportation service involves the networks of multiple operators, Resolution 166/05 of the Electricity and Gas Authority, as subsequently amended, allows the principal operator to invoice users for the service, transferring to other network operators the portion attributable to them.
