Results
Total revenue amounted to €1,053 million, up by €15 million, or 1.4%, compared with 2013 (€1,038 million). Total revenue, net of components offset in costs36, amounted to €1,044 million, up by €6 million, or 0.6%, compared with the previous year.
Regulated revenue (€1,026 million) comprised €973 million in fees for the natural gas transmission service, €24 million in fees for related technical services and €6 million in income from the management of energy efficiency certificates. Net of components offset in costs, regulated revenue amounted to €1,017 million, up by €9 million, or 0.9%, compared with 2013. This increase was due to the change in the scope of consolidation (+€38 million), though this was partly offset by tariff updating37 (−€16 million) and lower capital gains (−€11 million).
EBIT was €477 million (€505 million in 2013), down by €28 million, or 5.5%. This decrease was due to: (i) higher amortisation and depreciation for the period (−€31 million), resulting mainly from the reduction (from 20 to 15 years) in the useful life of some metering facilities reviewed for tariff purposes by the Electricity, Gas and Water Authority (−€11 million), and the change in the scope of consolidation (−€9 million); (ii) the increase in operating costs (−€3 million, net of components offset in revenue), due essentially to higher provisions for risks and charges for adjustments to facilities38 (−€20 million), which were partly offset by lower net expense related to the management of energy efficiency certificates (+€14 million). These factors were offset only partly by higher revenue (+€6 million).
36 These components refer to the revenue (€9 million) resulting from the repayment by the Electricity Equalisation Fund of charges relating to the interruptions to the supply at redelivery points requested by retail companies pursuant to Article 12-bis, Appendix A of the Consolidated Gas Arrears Act (TIMG).
37 The tariff criteria in force during the fourth regulatory period (1 January 2014 – 31 December 2019) can be found in the “Tariff regulation and other provisions” section.
38 As a result of the inspections performed, the provisions represent the best estimate of charges relating to adjustments made to facilities in order to guarantee their security.
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KEY PERFORMANCE INDICATORS |
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(€ million) |
2012 |
2013 |
2014 |
Change |
% Change |
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Total revenue (*) (**) |
1,186 |
1,038 |
1,053 |
15 |
1.4 |
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- of which regulated |
1,155 |
1,008 |
1,026 |
18 |
1.8 |
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Operating costs (*)(**) |
373 |
319 |
331 |
12 |
3.8 |
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EBIT (**) |
626 |
505 |
477 |
(28) |
(5.5) |
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Adjusted EBIT (**) |
626 |
516 |
477 |
(39) |
(7.6) |
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Technical investments (***) |
359 |
358 |
359 |
1 |
0.3 |
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Net invested capital at 31 December |
3,850 |
4,019 |
4,368 |
349 |
8.7 |
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Gas distribution (millions of cubic metres) (***) |
7,462 |
7,352 |
6,500 |
(852) |
(11.6) |
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Distribution concessions (number) (***) |
1,435 |
1,435 |
1,437 |
2 |
0.1 |
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Distribution network (kilometres) (***) |
52,586 |
52,993 |
55,278 |
2,285 |
4.3 |
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Active meters (millions) (***) |
5.907 |
5.928 |
6.408 |
0.480 |
8.1 |
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Employees in service at 31 December (number) (***) |
3,016 |
3,008 |
3,124 |
116 |
3.9 |
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On 11 July 2014, the Court of Palermo notified subsidiary Italgas of a preventative measure of judicial administration, pursuant to Article 34, paragraph 2 of Legislative Decree 159/2011. This is a temporary measure with a fixed maximum duration, which in this case is six months, and may be extended by no more than six months pursuant to Legislative Decree 159/2011. In view of the extension of the measure, the ongoing inspections by the judicial administration body will be completed and fully implemented on the basis of the outlined programme of measures, the results of which will be assessed when the activities have been concluded.
Information on the progress of the measure can be found in the “Main events” section of this Report.