Financial results
Natural gas transportation revenue totalled €1,986 million, up by €84 million (4.4%) compared with 2012. This increase was due essentially to the contribution of investments made in 2011 (+€102 million), the effects of which were partly offset by lower volumes of gas transported (-€20 million) and tariff updating (-€16 million). Higher revenue from tariff components offset in costs (+€19 million) also contributed to the increase in transportation revenue.
Adjusted EBIT10, which excludes special items11, totalled €1,228 million in 2013, up by €93 million (+8.2%) on the previous year. The higher transportation revenue (+€65 million) and lower operating costs (+€90 million) resulting mainly from changes to the provisions for risks and charges (+€49 million) were partly offset by higher depreciation, amortisation and impairment losses (-€34 million), owing mainly to the entry into service of new infrastructure, and by the reduction in other revenue and income (-€30 million).
10 EBIT is analysed by considering only those components that have changed it, since the application of the gas sector tariff rules generates revenue and cost items that offset each other: modulation, interconnection and balancing. Specifically, balancing revenue that is offset in the operating costs related to withdrawals of gas from storage totalled €80 million (€44 million in 2012) and referred to sales of natural gas for the purpose of balancing the gas system.
11 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.
| Download XLS (24 kB) |
|
Key performance indicators |
|||||||||
|
|
|
|
|
|
|
||||
|
(€ million) |
2011 |
2012 |
2013 |
Change |
% Change |
||||
|
|||||||||
|
1,945 |
1,916 |
2,003 |
87 |
4.5 |
|||||
|
- of which natural gas transportation revenue |
1,867 |
1,902 |
1,986 |
84 |
4.4 |
||||
|
Operating costs (*) |
387 |
478 |
375 |
(103) |
(21.5) |
||||
|
1,137 |
1,135 |
1,217 |
82 |
7.2 |
|||||
|
- of which special items |
|
|
11 |
11 |
|
||||
|
Adjusted EBIT |
1,137 |
1,135 |
1,228 |
93 |
8.2 |
||||
|
Technical investments (*) |
892 |
700 |
672 |
(28) |
(4.0) |
||||
|
- of which with a greater return |
709 |
557 |
516 |
(41) |
(7.4) |
||||
|
- of which with a basic rate of return |
183 |
143 |
156 |
13 |
9.1 |
||||
|
Net invested capital at 31 December (**) |
10,686 |
11,116 |
11,370 |
254 |
2.3 |
||||
|
Volumes of natural gas injected into the national gas transportation network (billions of cubic metres) |
78.30 |
75.78 |
69.01 |
(6.77) |
(8.9) |
||||
|
Transportation network (kilometres in use) |
32,010 |
32,245 |
32,306 |
61 |
0.2 |
||||
|
- of which national network |
9,080 |
9,277 |
9,475 |
198 |
2.1 |
||||
|
- of which regional network |
22,930 |
22,968 |
22,831 |
(137) |
(0.6) |
||||
|
Employees in service at 31 December (number) |
2,755 |
1,978 |
1,952 |
(26) |
(1.3) |
||||