Results
Total revenues amount to 689 million euros, up by 98 million euros or 16.6% with respect to 2019, mainly due to an increase in pass-through items connected with chargebacks to users of charges relative to natural gas transportation services, supplied by Snam Rete Gas S.p.A. (185 million euros; +102 million euros with respect to 2019)50. Total revenues, net of cost components, amounted to 504 million euros, down slightly compared to 2019 (-4 million euros; -0.8%).
Regulated revenues, net of components that are offset in costs, amounted to 499 million euros, down by 6 million euros or 1.2% compared with 2019. Lower storage revenues, due to tariff adjustment mechanisms, mainly against lower incentives for new investments, referred to as “input based”, were partly absorbed by higher revenues related to the introduction, for the fifth regulatory period in force from 1 January 2020, of a variable fee to cover energy costs, essentially attributable to CO2 emission rights.
Non-regulated revenues equal to 5 million euros (3 million euros in 2019) mainly refers to income from gas transfers for system balancing purposes.
EBIT in 2020 amounted to 314 million euros, down by 23 million euros or 6.8% compared with 2019. This reduction can be attributed to, beyond minor revenues (-4 million euros, net of fees to cover energy costs), to an increase in operating costs (-8 million euros, net of energy costs relative to the purchase of CO2 emission rights), mainly associated with the trend in provisions for risks and charges. Greater amortisation and depreciation also contributed to the decrease in EBIT (-3 million euros; 2.9%) due to the new entry of infrastructure and greater writedowns (-4 million euros) connected to work over projects for certain wells.
50 Resolution 64/2017/R/gas of 16 February 2017 established that, from 1 April 2017, almost all expenses relating to the natural gas transportation service should no longer be charged to users of the storage service, but settled directly by the CSEA.