EBIT
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|
(€ million) |
2011 |
2012 |
2013 |
Change |
% Change |
|
Business segments |
|
|
|
|
|
|
Transportation |
1,137 |
1,135 |
1,217 |
82 |
7.2 |
|
Regasification |
7 |
5 |
5 |
|
|
|
Storage |
255 |
270 |
315 |
45 |
16.7 |
|
Distribution |
559 |
626 |
505 |
(121) |
(19.3) |
|
Corporate |
|
6 |
(8) |
(14) |
|
|
Consolidation adjustments |
|
69 |
|
(69) |
(100.0) |
|
|
1,958 |
2,111 |
2,034 |
(77) |
(3.6) |
Below is a breakdown of adjusted EBIT by business segment:
| Download XLS (23 kB) |
|
Adjusted EBIT |
|||||
|
|
|
|
|
|
|
|
(€ million) |
2011 |
2012 |
2013 |
Change |
% Change |
|
EBIT |
1,958 |
2,111 |
2,034 |
(77) |
(3.6) |
|
Excluding special items |
|
|
|
|
|
|
- costs for termination benefits |
|
|
26 |
26 |
|
|
Adjusted EBIT |
1,958 |
2,111 |
2,060 |
(51) |
(2.4) |
|
Business segments |
|
|
|
|
|
|
Transportation |
1,137 |
1,135 |
1,228 |
93 |
8.2 |
|
Regasification |
7 |
5 |
5 |
|
|
|
Storage |
255 |
270 |
318 |
48 |
17.8 |
|
Distribution |
559 |
626 |
516 |
(110) |
(17.6) |
|
Corporate |
|
6 |
(7) |
(13) |
|
|
Consolidation adjustments |
|
69 |
|
(69) |
(100.0) |
|
|
1,958 |
2,111 |
2,060 |
(51) |
(2.4) |
Adjusted EBIT24, which excludes special items, totalled €2,060 million in 2013, down by €51 million (-2.4%) compared with 2012. The decrease was due to lower revenue from regulated activities (-€32 million), which was significantly impacted by the effects of recognising natural gas distribution tariff adjustments for 2009-2011 (€143 million)25 in 2012, to lower revenue from unregulated activities (-€26 million) and to higher depreciation, amortisation and impairment losses (-€63 million).
These factors were partly offset by lower operating costs (+€70 million, net of components that are offset in revenue), essentially as a result of changes in the provisions for risks (+€50 million).
Positive performances from the natural gas transportation segment (+€93 million; +8.2%, despite falling gas demand in Italy) and storage segment (+€48 million; +17.8%) were offset by a downturn in the distribution segment26 (-€181 million; -26.0%).
24 EBIT was analysed by isolating only the elements that determined a change therein. To this end, applying gas segment tariff regulations generates revenue components that are offset in costs.
25 These adjustments were recognised following Electricity and Gas Authority Resolutions 315/2012/R/gas and 450/2012/R/gas, which adjusted the reference tariffs for the third regulatory period (2009-2012). For further details, see the section “Business segment operating performance – Regulation”.
26 In the 2012 consolidated financial statements, the EBIT for the natural gas distribution segment includes the positive effect of the consolidation adjustment relating to provisions for environmental expenses (€71 million) that Eni repaid, net of tax effect, to Snam pursuant to contractual agreements entered into when completing the acquisition of Italgas.