Results
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(€ million) |
2014 |
2015 |
2016 |
Change |
% change |
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Total revenue (*) |
2,087 |
2,145 |
2,035 |
(110) |
(5.1) |
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Regulated revenue (*) |
2,065 |
2,094 |
1,999 |
(95) |
(4.5) |
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- revenue items offset in costs |
170 |
182 |
220 |
38 |
20.9 |
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Operating costs (*) |
402 |
485 |
469 |
(16) |
(3.3) |
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EBIT |
1,196 |
1,165 |
1,021 |
(144) |
(12.4) |
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Technical investments |
700 |
693 |
776 |
83 |
12.0 |
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- of which with a greater return |
370 |
328 |
345 |
17 |
5.2 |
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- of which with a basic return (**) |
330 |
365 |
431 |
66 |
18.1 |
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Net invested capital at 31 December |
11,877 |
12,011 |
12,263 |
252 |
2.1 |
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Natural gas injected in the National Gas Transportation Network (billions of cubic metres) (***) |
62.25 |
67.25 |
70.63 |
3.38 |
5.0 |
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Transportation network (kilometres in use) |
32,339 |
32,534 |
32,508 |
(26) |
(0.1) |
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- of which national network |
9,559 |
9,630 |
9,590 |
(40) |
(0.4) |
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- of which regional network |
22,780 |
22,904 |
22,918 |
14 |
0.1 |
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Installed power in the compression stations (MW) |
893.9 |
876.5 |
922.2 |
45.7 |
5.2 |
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Employees in service at 31 December (number) (****) |
1,874 |
1,918 |
1,726 |
(192) |
(10.0) |
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Total revenue amounted to €2,035 million, down by €110 million, or 5.1%, compared with 2015 (€2,145 million). Net of components offset in costs16, total revenue amounted to €1,815 million, down by €148 million, or 7.5%, compared with the previous year.
Regulated revenue amounted to €1,999 million, relating to fees for the natural gas transportation service (€1,927 million) and to income from natural gas sales made in order to balance the gas system (€72 million)17. Regulated revenue, net of components that are offset in costs, amounted to €1,779 million, down by €133 million, or 7.5%, compared with 2015. The reduction is due to the revision, from 1 January 2016, of the Weighted Average Cost of Capital (WACC), which went from 6.3% in 2015 to 5.4% in 2016 (-€134 million), and the effects of the updating of the invested capital recognised for RAB purposes (-€80 million). These factors were partly offset by the increased revenue from the contribution of investments made in 2014 (+€77 million).
Non-regulated revenue (€36 million) decreased by €15 million, or 29.4%, compared with 2015. The reduction is mainly due to lower income from sales of natural gas no longer necessary for operating activities (-€20 million).
EBIT amounted to €1,021 million, down by €144 million, or 12.4%, compared with the previous year. The reduction can be attributed to lower revenue (-€148 million, net of components offset in costs) and higher amortisation, depreciation and impairment (-€50 million; equal to 10.1%), due to the entry into service of new infrastructure as well as the higher impairment of property, plant and equipment. These factors were in part absorbed by the reduction in operating costs (-€54 million, net of components offset in revenue), attributable primarily to the change in natural gas inventories due to the decrease in withdrawals for internal consumption and sales (-€34 million overall), as well as lower net allocations to the provision for impairment losses on receivables, due essentially to the impairment losses recorded in 2015 (€32 million) for the partial recognition by the Authority of uncollected receivables arising from balancing activities between 1 December 2011 and 23 October 2012 18.
16 The main revenue items offset in costs relate to sales of natural gas carried out for the purposes of balancing the gas system, modulation and interconnection.
17 The income refers to the sale of gas by the Company as a balancing service user.
18 For additional information, see Note 23 “Guarantees, commitments and risks – Disputes and other measures – Recovering receivables from certain users of the transportation and balancing system” in the Notes to consolidated financial statements.