LNG regasification
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Key performance indicators |
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Financial year |
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First half |
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% Change |
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2013 |
(€ million) |
2013 |
2014 |
Change |
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31 |
Total revenue (*) |
16 |
14 |
(2) |
(12.5) |
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31 |
- of which regulated |
16 |
13 |
(3) |
(18.8) |
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21 |
Operating costs (*) |
11 |
10 |
(1) |
(9.1) |
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5 |
3 |
1 |
(2) |
(66.7) |
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5 |
Technical investments |
1 |
2 |
1 |
100.0 |
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0.055 |
Volumes of LNG regasified (billions of cubic metres) |
0.049 |
0.002 |
(0.047) |
(95.9) |
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1 |
Tanker loads (number) |
1 |
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(1) |
(100.0) |
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Results
Total revenue in the first half of 2014 amounted to €14 million, down by €2 million (12.5%) compared with the first half of 2013.
Regulated revenue in the first half of 2014 (€13 million) includes €10 million in fees for the regasification service (-€2 million; -16.7%) and €3 million in fees charged back to users relating to the natural gas transportation service provided by Snam Rete Gas S.p.A. (-€1 million; -25.0%)11.
EBIT dropped by €2 million in the first half of 2014, owing essentially to lower regulated revenue (-€2 million, net of components offset in costs12).
Operating review
Volumes of LNG regasified
During the first half of 2014, the Panigaglia (SP) LNG terminal regasified 0.002 billion cubic metres of natural gas (0.049 billion cubic metres in the first half of 2013).
The reduction in volumes regasified was due to the persistent gas consumption crisis in Europe and to the overall trend in global LNG demand, which resulted in a particularly strong demand in the markets of the Far East, to the detriment of the European market.
11 For the purposes of the consolidated financial statements, this revenue is eliminated, together with transportation costs, within GNL Italia S.p.A. in order to represent the substance of the operation.
12 Revenue offset in costs refer to the revenue that GNL charges back to its clients for use of the transportation service provided by Snam Rete Gas.