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Results for the year

Annual profile (Photo)

EBITDA of €2,803 million, in line with the 2012 figure. EBIT came in at €2,034 million, down €77 million, or 3.6%, compared with 2012.

Adjusted EBIT3, which excludes special items4, amounted to €2,060 million, down by €51 million (-2.4%) compared with 2012. The decrease was due essentially to lower revenue (-€58 million), which despite the positive trend witnessed in 2013 was significantly impacted by the recognition in 2012 of tariff adjustments for 2009-20115 (€143 million) relating to the natural gas distribution segment, and to higher depreciation and amortisation charges (-€57 million), mainly as a result of the entry into service of new infrastructure.

These factors were partially offset by lower operating costs (+€70 million). Positive performances by the natural gas transportation segment (+€93 million, or +8.2%, despite falling gas demand in Italy) and the storage segment (+€48 million; +17.8%) were offset by a downturn in the distribution segment6 (-€181 million; -26.0%).

Net profit totalled €917 million in 2013, up by €138 million (+17.7%) compared with 2012. The increase was due essentially to lower net financial expense (+€322 million), which was partly offset by higher income taxes (-€97 million) as a result of higher pre-tax profit. The reduction in financial expense reflects the recognition in the third quarter of 2012 of the costs associated with the early extinguishment of IRS hedging derivatives between Snam and its subsidiaries and Eni (€213 million net of the related tax effect), giving rise to the contractual provisions in the event that Eni loses control of Snam.

Adjusted net profit, which excludes special items, amounted to €934 million, down by €58 million (-5.8%) on the figure for 2012. The decrease was due mainly to lower adjusted EBIT (-€51 million), offset in part by lower income taxes (+€16 million) largely as a result of lower pre-tax profit.

The positive net cash flow from operating activities (€1,698 million) enabled the Group to almost fully meet its funding requirements for net technical investments and the acquisition of the equity investment in TIGF (€1,790 million in total). Following the payment of a dividend of €845 million to shareholders, net financial debt totalled €13,326 million, up by €928 million compared with 31 December 2012.


Our healthy results and solid business fundamentals allow us to propose a dividend of €0.25 per share to the Shareholders’ Meeting, of which €0.10 per share was paid in October 2013 as an interim dividend and the balance of €0.15 per share will be paid from 22 May 2014 (record date 21 May 2014), confirming Snam’s commitment to an attractive and sustainable remuneration of its shareholders over time.

Natural gas transportation

A total of 69.01 billion cubic metres of gas was injected into the transportation network, down by 6.77 billion cubic metres (-8.9%) compared with 2012. The decrease was due mainly to lower natural gas demand in Italy (-6.5% compared with 2012), as a result primarily of lower consumption in the thermoelectric sector (-16.3%) and of higher net withdrawals from storage (-1.92 billion cubic metres).


A total of 0.05 billion cubic metres of LNG was regasified in 2013 (1.12 billion cubic metres in 2012), with one methane tanker unloaded (31 tankers unloaded in 2012). The lower volume regasified was mainly due to the trend in global LNG demand, which produced particularly high demand in the Middle Eastern markets.

Natural gas storage

A total of 18.42 billion cubic metres of gas was moved through the storage system in 2013, up by 2.79 billion cubic metres (+17.9%) on 2012. The increase was mainly due to higher withdrawals from storage (+2.30 billion cubic metres; +31.9%).

Available storage capacity at 31 December 2013 was 11.4 billion cubic metres (+0.2 billion cubic metres, or +1.8% compared with 31 December 2012), of which 9.9 billion cubic metres related to available capacity transferred (10.7 billion cubic metres in thermal year 2012-2013) and 1.5 billion cubic metres related to available capacity not yet transferred7.

Natural gas distribution

As at 31 December 2013, the number of active meters located at end-user (households, businesses, etc.) gas redelivery points stood at 5.928 million units (5.907 million at 31 December 2012).

Technical investments

Technical investments totalled €1,290 million (€1,300 million in 2012). Around 67% of these investments have returns above the basic rate8.

3 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.

4 Adjusted net profit is described in the section “Reconciliation of EBIT and net profit with adjusted EBIT and adjusted net profit”.

5 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”.

6 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.

7 With the Decree of 15 February 2013, published in the Official Gazette of 6 March 2013, the Ministry of Economic Development established, for thermal year 2013-2014, that a portion of the storage capacity for the modulation service, amounting to 2.5 billion cubic metres, and further capacity of 1.7 billion cubic metres, would be assigned through auction procedures.

8 Including investments in metering. Notes on investments by business segment are provided in the “Business segment operating performance” section.

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