Property, plant and equipment of €14,522 million (€14,053 million at 31 December 2011) comprise:
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31.12.2011 |
|
|
|
|
|
|
|
| ||
|
(€ million) |
Net opening value |
Investments |
Amortisation and depreciation |
Disposals |
Other changes |
Net closing value |
Gross closing value |
Provision for amortisation, depreciation and impairment losses (*) | ||
| ||||||||||
|
Land |
137 |
2 |
|
|
11 |
150 |
150 |
| ||
|
Buildings |
392 |
3 |
(12) |
|
17 |
400 |
598 |
198 | ||
|
Plant and equipment |
10,795 |
136 |
(452) |
(15) |
1,022 |
11,486 |
16,497 |
5,011 | ||
|
Industrial and commercial equipment |
65 |
16 |
(17) |
(3) |
5 |
66 |
218 |
152 | ||
|
Other assets |
12 |
1 |
(6) |
|
12 |
19 |
81 |
62 | ||
|
Non-current assets under construction and payments on account |
2,132 |
994 |
|
|
(1,194) |
1,932 |
1,932 |
| ||
|
|
13,533 |
1,152 |
(487) |
(18) |
(127) |
14,053 |
19,476 |
5,423 | ||
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31.12.2012 |
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|
|
|
|
|
|
| ||
|
(€ million) |
Net opening value |
Investments |
Amortisation and depreciation |
Disposals |
Other changes |
Net closing value |
Gross closing value |
Provision for amortisation, depreciation and impairment losses (*) | ||
| ||||||||||
|
Land |
150 |
2 |
|
|
1 |
153 |
153 |
| ||
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Buildings |
400 |
2 |
(15) |
(2) |
18 |
403 |
612 |
209 | ||
|
Plant and equipment |
11,486 |
2 |
(478) |
(12) |
1,225 |
12,223 |
17,702 |
5,479 | ||
|
Industrial and commercial equipment |
66 |
17 |
(17) |
(2) |
|
64 |
226 |
162 | ||
|
Other assets |
19 |
1 |
(6) |
|
15 |
29 |
96 |
67 | ||
|
Non-current assets under construction and payments on account |
1,932 |
888 |
|
(3) |
(1,167) |
1,650 |
1,650 |
| ||
|
|
14,053 |
912 |
(516) |
(19) |
92 |
14,522 |
20,439 |
5,917 | ||
Property, plant and equipment (€14,522 million) relate mainly to natural gas transportation infrastructure (€11,953 million), storage (€2,265 million), distribution (€212 million) and regasification (€89 million).
Investments17 (€912 million) relate to the transportation (€669 million), storage (€225 million), distribution (€12 million), regasification (€3 million) and corporate (€3 million) segments.
The financial expenses capitalised during the year amounted to €38 million (€37 million in 2011).
Depreciation (€516 million) refers to economic and technical depreciation determined on the basis of the useful life of the assets or their remaining possible use by the Company.
The main annual depreciation rates adopted are included in the following ranges:
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|
Annual depreciation rate (%) |
|
Buildings |
|
|
- Buildings |
2-2.5 or greater, depending on residual life |
|
Plant and equipment - Transportation |
|
|
- Pipelines |
2 or greater, depending on residual life |
|
- Stations |
5 or greater, depending on residual life |
|
- Gas reduction/regulation plants |
5 or greater, depending on residual life |
|
Plant and equipment - Storage |
|
|
- Pipes |
2-2.5 |
|
- Treatment centres |
4 or greater, depending on residual life |
|
- Compression stations |
5 or greater, depending on residual life |
|
- Storage wells |
1.66 |
|
Plant and equipment - Regasification |
|
|
- LNG plants |
4 or greater, depending on residual life |
|
Other plant and equipment |
2.5-12.5 |
|
Metering equipment |
5 or greater, depending on residual life |
|
Industrial and commercial equipment |
9-35 |
|
Other assets |
10-25 |
Disposals of €19 million primarily concern sections of pipelines and some components of compression stations (€12 million overall).
Other changes of €92 million refer essentially to revised estimates of site dismantling and restoration costs in the natural gas storage segment (€116 million), owing to lower expected discount rates, and contributions for the period (-€34 million).
Government grants for capital expenditure and grants from other parties reducing the net value of property, plant and equipment amount respectively to €76 million (€75 million at 31 December 2011) and €240 million (€220 million at 31 December 2011). No government grants were pending as at 31 December 2012.
The value of plant and equipment includes site dismantling and restoration costs totalling €142 million, relating mainly to natural gas storage sites (€132 million).
The table below shows changes in provisions for amortisation, depreciation and impairment losses over the year:
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Provision for amortisation, depreciation and impairment losses |
|
| ||
|
(€ million) |
31.12.2011 |
Increases |
Sales / eliminations |
31.12.2012 |
|
Buildings |
198 |
15 |
(4) |
209 |
|
Plant and equipment |
5,011 |
478 |
(10) |
5,479 |
|
Industrial and commercial equipment |
152 |
17 |
(7) |
162 |
|
Other assets |
62 |
6 |
(1) |
67 |
|
|
5,423 |
516 |
(22) |
5,917 |
Contractual commitments for the purchase of property, plant and equipment, and for the provision of goods and services related to their construction, are disclosed in Note 28 “Guarantees, commitments and risks”.
Property, plant and equipment by business segment
Property, plant and equipment are broken down by business segment as follows:
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|
(€ million) |
31.12.2011 |
31.12.2012 |
|
Gross property, plant and equipment |
|
|
|
Business segments |
|
|
|
- Transportation |
16,225 |
16,829 |
|
- Regasification |
128 |
132 |
|
- Storage |
2,643 |
2,982 |
|
- Distribution |
480 |
483 |
|
- Corporate |
|
13 |
|
Total |
19,476 |
20,439 |
|
Provision for amortisation, depreciation and impairment losses |
|
|
|
- Transportation |
(4,470) |
(4,876) |
|
- Regasification |
(39) |
(43) |
|
- Storage |
(659) |
(717) |
|
- Distribution |
(255) |
(271) |
|
- Corporate |
|
(10) |
|
Total |
(5,423) |
(5,917) |
|
Net property, plant and equipment |
|
|
|
- Transportation |
11,755 |
11,953 |
|
- Regasification |
89 |
89 |
|
- Storage |
1,984 |
2,265 |
|
- Distribution |
225 |
212 |
|
- Corporate |
|
3 |
|
|
14,053 |
14,522 |
17 The investments for the period broken down by business segment are shown in the “Business segment operating performance” section of the Directors’ Report.
