Results

Total revenues amounted to 2,156 million euros, up by 40 million euros or 1.9%, compared to financial year 2019 (2,116 million euros). Net of components offset in costs47, total revenues amounted to 2,093 million euros, up by 62 million euros, or 3.1%, compared with the previous year, mainly in view of the higher regulated revenues.

Regulated revenues, net of the components that are offset by costs and the effects deriving from the coverage of energy costs, amounted to 1,976 million euros, up by 7 million euros or 0.4% with respect to 2019. Higher revenues, mainly attributable to tariff adjustment mechanisms, in particular the increase in RAB (+25 million euros), were absorbed by the reduction in volumes transported as a result of the Covid-19 emergency, despite climate trends in line with 2019 (-17 million euros).

Non-regulated revenues of 65 million euros, up by 3 million euros with respect to 2019, refers essentially to charge backs for technical services provided to other Group companies, which are reflected in the costs incurred to provide the related services.

Adjusted EBIT amounted to 1,142 million euros, up by 20 million euros or 1.8% compared with the adjusted EBIT for 2019 (1,122 million euros). The increase is due to greater revenues (+10 million euros) and the reduction in operating costs (+19 million euros, net of components offset by revenues and sterilisation of energy costs) following cost containment measures following the lockdown measures, the trend in provisions for risks and charges and minor costs for redundancy packages. These effects were partially absorbed by greater amortisation/depreciation (-29 million euros), due to new infrastructure entering the system, offset by lower writedowns (+23 million euros).

With reference to energy costs, specifically those to acquire fuel gas, previously transferred in kind by shippers, and charges to acquire CO₂, emission rights, it should be noted that on the basis of that established for the fifth regulatory period, as of 1 January 2020 these costs are covered in revenues through the variable fee.