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23 Revenue

The key items comprising revenue are described below. The reasons for material differences are described in the “Financial review” section of the interim directors’ report.

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(€ million)

First half 2013

First half 2014

Core business revenue

1,839

1,867

Other revenue and income

66

55

 

1,905

1,922

Core business revenue (€1,867 million) is reported net of the following items:

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(€ million)

First half 2013

First half 2014

(*)

These mainly relate to the following fees: (i) RE, to cover the expenses for calculating and implementing energy savings and the development of renewable energy sources in the gas sector; (ii) RS, as coverage for gas services quality; (iii) UG1, to cover any imbalances in the equalisation system and any adjustments; and (iv) GS, to cover the tariff compensation system for economically disadvantaged customers.

(**)

These mainly relate to the following fees: (i) GST and RET, respectively, to cover expenses for compensation for subsidised tariffs to disadvantaged customers in the gas sector and expenses for calculating and implementing energy savings and the development of renewable energy sources in the gas sector (€80 million in total); and (ii) CVBL, to cover expenses connected with gas system balancing (€27 million); (iii) CVOS, provided for by Resolution ARG/gas 29/11 to cover expenses relating to activities connected to Legislative Decree 130/2010, incurred by Gestore Servizi Energetici (GSE) to guarantee storage companies of revenue deriving from fattore di garanzia SG (30 milioni di euro)CVOS

Additional fees for the distribution service (*)

166

130

Additional fees for the transportation service (**)

215

160

 

381

290

Core business revenue of €1,867 million consists of revenue from transportation (€998 million), distribution (€624 million)14, storage (€229 million) and LNG regasification (€10 million) services.

Core business revenue is analysed by business segment in Note 29, “Segment information”. Snam generates all of its revenue in Italy.

Other revenue and income (€55 million) breaks down as follows:

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(€ million)

First half 2013

First half 2014

(*)

Revenue from the balancing business, in accordance with Resolution ARG/gas 45/11 of the Authority, relates to sales of natural gas made for the purposes of balancing the gas network. The revenue is matched to operating costs linked to withdrawals from the gas storage system.

Income from gas sales for the balancing service (*)

51

35

Income from sales of energy efficiency certificates

 

6

Income from property investments

2

2

Insurance compensation

2

2

Plant safety inspection fee and compensation for missed meter readings

1

2

Capital gains from disposals of property, plant and equipment and intangible assets

6

 

Other income

4

8

 

66

55

Snam’s business is not affected by seasonal factors which would have a significant impact on its annual or interim financial results.

14 including revenue from the construction and upgrading of natural gas distribution infrastructure linked to concession agreements under IFRIC 12 (€ 140 million).

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