Total revenue amounted to Euro 2,039 million, up by Euro 4 million, or 0.2%, compared with 2016 (Euro 2,035 million). Net of components offset in costs16, total revenue amounted to Euro 1,874 million, up by Euro 59 million, or 3.3%, compared with the previous year.

The regulated revenues (Euro 1,981 million) essentially refer to the fees for the natural gas transportation service (Euro 1,951 million), income from natural gas sales carried out for the purpose of balancing the gas system (Euro 22 million)17 and to the incentives granted to the Balancing Manager (RdB) (Euro 8 million) following the actions implemented, as required by Resolution 554/2016/R/gas. Regulated revenue, net of components that are offset in costs, amounted to Euro 1,816 million, up by Euro 37 million, or 2.1%, compared with 2016.The increase is mainly due to higher transportation revenues (+ Euro 30 million) essentially deriving from the contribution of investments made in 2015 (+ Euro 85 million) and higher volumes of natural gas introduced into the network (+ Euro 4 million), partly offset by the effects of the updated capital invested recognized for RAB regulatory purposes (- Euro 60 million).

Non-regulated revenue (Euro 58 million) increased by Euro 22 million, or 61.1%, compared with 2016.The increase is essentially attributable to the recharging of services provided to the Stogit subsidiary (+ Euro 27 million) following the transfer of the “Plants and technical services” business segment from Stogit to Snam Rete Gas with effect from 1 July 2017, as part of the Integra Project. The increase is matched by higher labour costs associated with the staff members transferred.

The adjusted operating profit, which excludes the special items represented by the charges related to the application of the pension advance instrument regulated by Art. 4 paragraphs 1-7 of Italian Law No. 92/2012, the so-called “Fornero Law” (Euro 11 million, including exit incentive costs), amounts to Euro 1,048 million, up by Euro 27 million, or 2.6% compared to 2016.

The increase is attributable to higher regulated revenues (+ Euro 37 million) and lower amortisation, depreciation and write-downs (+ Euro 5 million, or 0.9%), following lower impairment of tangible assets (+ Euro 22 million) partly offset by higher amortisation due to the entry into service of new infrastructures (- Euro 17 million).

Operating costs, net of components that are offset in revenues and the effects of the company reorganisation related, in particular, to the Integra Project, are substantially in line with the previous year (- Euro 1 million, equal to 0.4% ), thanks also to the results brought from the efficiency initiatives adopted. The effects connected to the dynamics of provisions for risks and charges, mainly due to higher net provisions for tax disputes, were absorbed by lower losses.

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 Revenues refer to the Operational Balancing Account (OBA) contracts signed with infrastructure operators interconnected to the transportation network and are offset in the operating costs associated with withdrawals of gas from storage.

to pagetop