26 Information by business segment
The information about business segments has been prepared in accordance with the provisions of IFRS 8 – “Operating segments”, which requires the information to be presented in a manner consistent with the procedures adopted by the Company’s management when taking operational decisions. Consequently, the identification of the operating segments and the information presented are defined on the basis of the internal reporting used by the Company’s management for allocating resources to the different segments and for analysing the respective performances.
In the first half of 2017, the reportable business segments correspond to those as at 31 December 2016, namely natural gas transportation (“Transportation”), LNG regasification (“Regasification”) and natural gas storage (“Storage”) and relate to activities carried out predominantly by Snam Rete Gas, GNL Italia and Stogit, respectively.
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(€ millions) |
Corporate and other activities |
Trasportation and dispatching |
Distribution |
Storage |
Regasification |
Restoration of eliminations from transactions to Discontinued operations |
Consolidation adjustments and eliminations |
Total |
||
|
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First half 2016 |
|
|
|
|
|
|
|
|
||
Net core business revenue (a) |
94 |
963 |
|
292 |
9 |
(34) |
|
1,324 |
||
to be deducted: inter-segment revenue |
(54) |
(10) |
|
(72) |
|
|
|
(136) |
||
Revenue from third parties |
40 |
953 |
|
220 |
9 |
(34) |
|
1,188 |
||
Other revenue and income |
|
20 |
|
1 |
|
|
|
21 |
||
Net accrual to provisions for risks and charges |
(2) |
(2) |
|
|
|
|
|
(4) |
||
Amortisation, depreciation and impairment |
(3) |
(257) |
|
(42) |
(3) |
|
|
(305) |
||
EBIT |
(55) |
588 |
|
152 |
4 |
(26) |
|
663 |
||
Equity method valuation effect |
55 |
|
|
|
|
|
|
55 |
||
Total assets |
1,458 |
13,663 |
5,389 |
4,128 |
115 |
|
|
24,753 |
||
- of which investments valued using the equity method |
1,172 |
|
165 |
|
|
|
|
1,337 |
||
Total liabilities |
14,390 |
9,608 |
2,563 |
2,832 |
47 |
|
(11,937) |
17,503 |
||
Investments in property, plant and equipment and intangible assets |
2 |
319 |
152 |
51 |
2 |
|
|
526 |
||
First half 2017 |
|
|
|
|
|
|
|
|
||
Net core business revenue (a) |
110 |
984 |
|
295 |
11 |
|
|
1,400 |
||
to be deducted: inter-segment revenue |
(70) |
(11) |
|
(74) |
(1) |
|
|
(156) |
||
Revenue from third parties |
40 |
973 |
|
221 |
10 |
|
|
1,244 |
||
Other revenue and income |
|
21 |
|
2 |
1 |
|
|
24 |
||
Net accrual to provisions for risks and charges |
(2) |
|
|
|
|
|
|
(2) |
||
Amortisation, depreciation and impairment |
(4) |
(266) |
|
(49) |
(2) |
|
|
(321) |
||
EBIT |
2 |
536 |
|
173 |
3 |
|
|
714 |
||
Equity method valuation effect |
88 |
|
|
|
|
|
|
88 |
||
Total assets |
1,917 |
13,786 |
|
4,093 |
115 |
|
|
19,911 |
||
- of which investments valued using the equity method |
1,483 |
|
|
|
|
|
|
1,483 |
||
Total liabilities |
11,444 |
9,887 |
|
2,946 |
56 |
|
(10,522) |
13,811 |
||
Investments in property, plant and equipment and intangible assets |
4 |
378 |
|
42 |
1 |
|
|
425 |
||
Revenue is generated by applying regulated tariffs or market conditions. The revenue was mainly generated in Italy; costs were incurred almost entirely in Italy.