Financial results

Natural gas storage revenue amounted to €401 million13, an increase of €29 million, equal to 7.8%, compared with 2011. The increase is essentially due to the contribution of investments made in 2010 (+€26 million) and the tariff updating mechanisms (+€3 million), whose effects were partly absorbed by the reduction in the volumes of gas moved (-€5 million). Storage revenue refers to modulation storage (€335 million; +10.6%) and strategic storage (€61 million; -7.6%).

EBIT totalled €270 million in 2012, up by €15 million, or 5.9%, compared with 2011. Increased storage revenues (+€26 million, net of revenues offset in costs) were partly offset by the increase in amortisation and depreciation (-€7 million), due mainly to the entry into service of new infrastructure, and by the increase in operating costs (-€2 million, net of components offset in revenues), due mainly to higher provisions for risks and charges.

13 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.

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