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Change Report

Results

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Key performance indicators

(€ million)

2013

2014

2015

Change

% change

(a)

Regulated revenue includes the chargeback to storage users of the costs relating to the natural gas transportation service provided by Snam Rete Gas S.p.A., recorded pursuant to Resolution 297/2012/R/gas as of 1 April 2013. For the purposes of the consolidated financial statements, this revenue is derecognised, together with transportation costs, within Stogit S.p.A. in order to represent the substance of the operation.

(b)

Before consolidation adjustments.

(c)

Working gas capacity for modulation services. The 2015 figure includes the Bordolano concession, which has been operational since the end of 2015, with regard only to a portion of assets forming part of the overall plant, such as to guarantee the performance of storage activities.

(d)

Gas volumes are expressed in standard cubic metres (SCM) with an average higher heating value (HHV) of 39.2 and 39.1 MJ/SCM respectively for 2014 and 2015.

(e)

Working gas capacity for modulation, mining and balancing services. The figure indicated represents the maximum available capacity, which was allocated in full as at 31 December 2015.

Total revenue (a) (b)

489

541

535

(6)

(1.1)

- of which from regulated activities

486

526

534

8

1.5

Operating costs (a) (b)

110

163

145

(18)

(11.0)

EBIT

315

318

319

1

0.3

Technical investments

251

240

170

(70)

(29.2)

Net invested capital at 31 December

3,071

3,286

3,365

79

2.4

Concessions (number)

10

10

10

 

 

- of which operational (c)

8

8

9

1

12.5

Natural gas moved through the storage system (billions of cubic metres) (d)

18.42

15.70

19.58

3.88

24.7

- of which injected

8.92

8.13

9.84

1.71

21.0

- of which withdrawn

9.50

7.57

9.74

2.17

28.7

Total storage capacity (billions of cubic metres)

15.9

15.9

16.0

0.1

0.6

- of which available (e)

11.4

11.4

11.5

0.1

0.9

- of which strategic

4.5

4.5

4.5

 

 

Employees in service at 31 December (number)

303

291

299

8

2.7

Total revenue amounted to €535 million, down by €6 million, or 1.1%, compared with 2014. Total revenue, net of components offset in costs14, amounted to €455 million, a reduction of €18 million, or 3.8% compared with 2014.

Regulated revenue (€534 million) comprised €464 million in fees for the natural gas storage service and €70 million in fees charged back to users relating to the natural gas transportation service provided by Snam Rete Gas S.p.A. Storage revenue, net of components offset in costs, amounted to €454 million, down by €4 million, or 0.9%, compared with 2014. This reduction was due to tariff updating mechanisms.

Non-regulated revenue fell by €14 million compared with 2014, due to the termination of the supplementary storage fees arising from contractual agreements between Eni and Stogit as part of activities related to Legislative Decree 130/2010 (€13 million).

EBIT totalled €319 million in 2015, in line with the figure for 2014 (+€1 million, or 0.3%). Lower operating costs (+€30 million, net of components offset in revenue), due essentially to the impairment recorded in 2014 in relation to strategic gas unduly withdrawn by some users in 2010 and 2011, were offset by higher depreciation and amortisation (-€11 million), due mainly to the entry into service of new infrastructure, and by lower revenue (-€18 million).

14 These components refer mainly to revenue from the chargeback to storage users of charges relating to the natural gas transportation service provided by Snam Rete Gas S.p.A., pursuant to Resolution 297/2012/R/gas of the Authority.

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