Header Background
Snam.it

Financial results

Natural gas storage (Photo)

Natural gas storage revenue totalled €450 million16, up €49 million (12.2%) compared with 2012. The increase was due essentially to the investments made in 2011 (+€47 million). Storage revenue refers to modulation storage (€386 million; +15.2%) and strategic storage (€62 million; +1.6%).

Adjusted EBIT, which excludes special items17, amounted to €318 million in 2013, up by €48 million, or 17.8%, compared with 2012. The increase was due to higher storage revenue (+€48 million, net of revenue offset in costs) and to operating cost control (+€1 million, net of items offset in revenue18).

16 Including payments totalling €2 million received from Eni in addition to storage revenue for the thermal year 1 April 2012 - 31 March 2013 (€5 million for the thermal year 1 April 2011 - 31 March 2012) in respect of the contractual agreements signed by Eni and Stogit relating to activities connected to Legislative Decree 130/2010, “Measures for greater competition in the natural gas market and the transfer of resulting benefits to end users, pursuant to Article 30, paragraphs 6 and 7 of Law 99 of 23 July 2009”.

17 Information on the nature of the special item and the reconciliation of EBIT with adjusted profit can be found under the heading “Reconciliation of EBIT and net profit with adjusted EBIT and adjusted net profit” in the “Financial review” section.

18 Costs offset in revenue consist mainly of costs relating to the natural gas transportation service provided by Snam Rete Gas S.p.A., which Stogit charges back to its customers (€36 million).

  Download XLS (26 kB)

Key performance indicators

 

 

 

 

 

 

(€ million)

2011

2012

2013

Change

% Change

(a)

As at 1 April 2013, pursuant to Resolution 297/2012/R/gas of 19 July 2012, core business revenue includes the chargeback to storage users of the costs relating to the natural gas transportation service provided by Snam Rete Gas S.p.A. For the purposes of the consolidated financial statements, this revenue is eliminated, together with transportation costs, under Stogit S.p.A., in order to represent the substance of the operation.

(b)

Before consolidation adjustments.

(c)

The 2012 figure was restated following the retrospective application of the new provisions of IAS 19.

(d)

With working gas capacity for modulation services.

(e)

Gas volumes are expressed in standard cubic metres (SCM) with a traditional higher heating value (HHV) of 39.3 MJ/SCM.

(f)

Working gas capacity for modulation, mining and balancing services. The figure indicated represents the maximum available capacity and may not be in line with the maximum filling. The 2012 figure includes 0.5 billion cubic metres relating to the capacity made available by the reduction of strategic and non-transferable.

Core business revenue (a) (b)

372

401

487

86

21.4

- of which natural gas storage revenue

372

401

450

49

12.2

Operating costs (b)

64

69

110

41

59.4

EBIT

255

270

315

45

16.7

- of which special items

 

 

3

3

 

Adjusted EBIT

255

270

318

48

17.8

Technical investments (b)

296

233

251

18

7.7

- of which with a greater return

258

194

216

22

11.3

- of which with a basic rate of return

38

39

35

(4)

(10.3)

Net capital invested at 31 December (c)

2,642

2,819

3,071

252

8.9

Concessions (number)

10

10

10

 

 

- of which operational (d)

8

8

8

 

 

Natural gas moved through the storage system (billions of cubic metres) €

15.31

15.63

18.42

2.79

17.9

- of which injected

7.78

8.43

8.92

0.49

5.8

- of which withdrawn

7.53

7.20

9.50

2.30

31.9

Total storage capacity (billions of cubic metres):

15.0

15.7

15.9

0.2

1.3

- of which available (f)

10.0

11.2

11.4

0.2

1.8

- of which strategic

5.0

4.5

4.5

 

 

Employees in service at 31 December (number)

278

307

303

(4)

(1.3)
to pagetop