Results
Total revenue amounted to €601 million, an increase of €17 million, or 2.9%, compared with 2016. Total revenue net of items offset in costs21 1 was €511 million, representing an increase of €8 million or 1.6% compared with 2016.
Regulated revenue (€598 million) comprised fees for the natural gas storage service (€510 million) and the fees charged back to users relating to the natural gas transportation service provided by Snam Rete Gas S.p.A. (€ 81 million) and recognition by the Authority of the charges for compensatory contributions to the Regions pursuant to Law No. 244 of 24 December 200722, registered in 2017 (€5 million). Storage revenues, net of items offset in costs, was €508 million, representing an increase of €6 million or 1.2% compared with 2016.
The non-regulated revenues equal to €3 million (€1 million in 2016) mainly refer to income derived from insurance reimbursements relating to the Fiume Treste concession.
The operating profit achieved in 2016 amounted to €339 million, down by €7 million, or 2.0% compared to 2016, following higher amortisation and depreciation (-€10 million) due to the entry into service of new infrastructures, in particular, to the Bordolano site.
21 These components refer mainly to revenue from the redebiting to storage users of charges relating to the natural gas transportation service provided by Snam Rete Gas S.p.A. For the purposes of the consolidated financial statements, this revenue is eliminated in relation to Stogit S.p.A., together with transportation costs, in order to represent the substance of the operation. It should be noted that, starting from the thermal year 2017-2018, resolution 64/2017/R/gas established that most of the costs for the transport service are no longer charged back to the Users, but are liquidated directly by funds for Energy and Environmental Services (CSEA).
22 Pursuant to Article 2, paragraphs 558 and 559 of Italian Law No. 244 of 24 December 2007, starting from 1 January 2008, holders of concessions for natural gas storage activities in fields or deep geological units, or in any case authorised to install and operate new natural gas storage facilities, correspond to those regions in which the respective storage facilities are located, will own, as a compensatory contribution for non-alternative use of the territory, an annual amount equal to 1% of the value of the total authorised natural gas storage capacity. With Resolution 855/2017/R/ gas published on 15 December 2017, the Regulatory Authority has established that these costs are allocated to the storage company by applying the revenue restriction (the so-called SG Factor), thus ensuring neutrality.