TOTAL REVENUE
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|
(€ million) |
2010 |
2011 |
2012 |
Change |
% change |
|
3,475 |
3,539 |
3,730 |
191 |
5.4 | |
|
Business segments |
|
|
|
|
|
|
Transportation |
1,929 |
1,945 |
1,916 |
(29) |
(1.5) |
|
Regasification |
35 |
34 |
34 |
|
|
|
Storage |
355 |
372 |
401 |
29 |
7.8 |
|
Distribution |
1,233 |
1,297 |
1,434 |
137 |
10.6 |
|
- of which effects of IFRIC 12 |
349 |
360 |
325 |
(35) |
(9.7) |
|
Corporate |
|
|
184 |
184 |
|
|
Consolidation adjustments |
(77) |
(109) |
(239) |
(130) |
|
|
Other revenue and income |
33 |
66 |
216 |
150 |
|
|
Total revenue |
3,508 |
3,605 |
3,946 |
341 |
9.5 |
Core business revenue generated in 2012 (€3,730 million) rose by €191 million, 5.4% above the 2011 figure, and by €226 million, or 7.1%, net of the effects of applying IFRIC 12 (€325 million and €360 million in 2012 and 2011 respectively). The increase is due to the greater revenue from regulated activities recorded in all of the main sectors of operation.
Revenue from the transportation segment20 (€1,916 million) mainly relates to fees paid for natural gas transportation services (€1,902 million) and decreased by €29 million compared with 2011. The increase in transportation revenue (+€35 million) was partly absorbed by lower revenue arising from the chargeback to Group companies of costs incurred for services rendered until 31 December 2011 by Snam Rete Gas (-€55 million). Note that, from 1 January 2012, with the entry into force of the Group’s new ownership structure, these services are carried out by parent company Snam and, therefore, the revenue and relative costs arising from management of these activities are attributed to the corporate segment.
Revenue from transportation (€1,902 million) is analysed below by user, indicating the primary users.
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|
(€ million) |
2010 |
2011 |
2012 |
Change |
% change | ||||||
| |||||||||||
|
eni |
742 |
862 |
923 |
61 |
7.1 | ||||||
|
Enel Trade |
256 |
275 |
274 |
(1) |
(0.4) | ||||||
|
Other |
862 |
965 |
987 |
22 |
2.3 | ||||||
|
Adjustment of revenue and penalties |
(17) |
47 |
42 |
(5) |
(10.6) | ||||||
|
Additional fee to cover the greater charges for the purchase of gas |
55 |
|
|
|
| ||||||
|
GST and RET fees provided for |
|
(245) |
(230) |
15 |
(6.1) | ||||||
|
CVOS fee provided for |
|
(13) |
(53) |
(40) |
| ||||||
|
Interruptibility fee as per Resolution 277/07 |
(23) |
(22) |
(21) |
1 |
(4.5) | ||||||
|
CVBL fee provided for by Resolution 155/11 to cover balancing expenses (***) |
|
|
(18) |
(18) |
| ||||||
|
Regional network transportation fee as per Resolution 45/07 - Equalisation |
(2) |
(2) |
(2) |
|
| ||||||
|
|
1,873 |
1,867 |
1,902 |
35 |
1.9 | ||||||
Revenue from the regasification segment (€34 million) refers to the fee for the LNG regasification service (€23 million, unchanged from 2011) carried out at the Panigaglia (SP) LNG terminal and to the chargebacks of expenses relating to the natural gas transportation service provided by Snam Rete Gas S.p.A. (€11 million, in line with 2011).
Storage revenue of €401 million21 mainly consists of fees for storage services, of which €335 million and €61 million relate to modulation storage and strategic storage respectively. The increase of €29 million compared with 2011 is due essentially to the contribution of investments made in 2010 (+€26 million) and to tariff updating mechanisms (+€3 million), the effects of which were partly absorbed by the reduction in the volumes of gas moved (-€5 million).
Revenue from the natural gas distribution segment of €1,434 million mainly relates to fees for the natural gas distribution service (€1,073 million) and to revenue pursuant to IFRIC 12 generated by the construction and upgrading of distribution infrastructure associated with concession agreements (€325 million). The increase of €170 million, net of the effects of IFRIC 12, is attributable mainly to the positive impact of Electricity and Gas Authority Resolutions 315/2012/R/gas and 450/2012/R/gas22, which amended some of the tariff determination criteria for the third regulatory period, specifically by eliminating the effects of the ‘gradual’ mechanism for 2009, 2010 and 2011 (+€143 million).
REVENUE – REGULATED AND NON-REGULATED ACTIVITIES
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|
(€ million) |
2010 |
2011 |
2012 |
Change |
% change | ||
| |||||||
|
Revenue from regulated activities |
3,444 |
3,538 |
3,802 |
264 |
7.5 | ||
|
Transportation |
1,873 |
1,870 |
1,946 |
76 |
4.1 | ||
|
Regasification |
24 |
23 |
23 |
|
| ||
|
Storage |
326 |
338 |
353 |
15 |
4.4 | ||
|
Distribution (*) |
1,221 |
1,307 |
1,480 |
173 |
13.2 | ||
|
- of which effects of IFRIC 12 |
349 |
360 |
325 |
(35) |
(9.7) | ||
|
Revenue from non-regulated activities |
64 |
67 |
144 |
77 |
| ||
|
|
3,508 |
3,605 |
3,946 |
341 |
9.5 | ||
Revenue from regulated activities (€3,802 million, net of consolidation adjustments) relates to transportation (€1,946 million), distribution (€1,480 million; €1,155 million net of the effects of IFRIC 12), storage (€353 million) and regasification (€23 million).
Revenue from non-regulated activities (€144 million, net of consolidation adjustments) mainly comprises: (i) revenue from the sale of assets not essential to transportation activities (€80 million); (ii) income from renting and maintaining fibre optic telecommunications cables (€10 million); and (iii) technical services (€8 million) relating mainly to natural gas distribution activities.
20 Core business revenue by business segment is reported before consolidation adjustments.
21 Including payments received from eni in addition to storage revenue for the thermal year from 1 April 2011 - 31 March 2012 (€5 million) in respect of the agreement signed between eni and Stogit relating to activities connected to Legislative Decree 130/2010.
22 For more details, please refer to the paragraph “Regulation”, under “Operating review by business segment – Natural gas distribution”, in this Report.
