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Analysis of the Gas Area

At 31 December 2011, there was a growth in the Gas segment compared with the previous year, both in absolute terms and in percentage terms in relation to the Group’s EBITDA.

(€ million)31-dic-1031-dic-11Abs. Change% Change
Segment EBITDA193.9208.7+14.8+7.6%
Group EBITDA607.3644.8+37.5+6.2%
Percentage weighting31.9%32.4%+0.5 p.p. 

The following table contains the main quantitative indicators for the segment:

Quantitative data31-dic-1031-dic-11Abs. Change% Change
Number of customers (thousands of units)1,072.51,114.5+42.0+3.9%
Gas volumes distributed (millions of m³)2,504.12,389.2-114.9-4.6%
Gas volumes sold (millions of m³)2,914.03,321.0+407.0+14.0%
- of which trading volumes721.81,252.6+530.8+73.5%
Heat volumes supplied (GWht)534.5499.3-35.2-6.6%

Volumes distributed went from 2,504.1 cubic metres in 2010 to 2,389.2 in 2011, a decrease of 4.6%. This fall was also confirmed by the 5.0% decrease in domestic demand for natural gas with the reason mainly being due to the weather with higher average temperatures than the previous year.

Gas sales volumes went from 2,914.0 million cubic metres in 2010 to 3,321.0 cubic metres in 2011, an increase of 14.0% over the same period in 2010 as a result of the increase in traded volumes thanks to the extension of the wholesale portfolio and increased supplies at large consumption points, such as thermal power stations. Mention should be made of the incorporation of Sadori Gas into Hera Comm Marche which contributed to 1.5% to the growth in total sales volumes.

Volumes of heat supplied went from 534.5 GWht in 2010 to 499.3 GWht in 2011, with a 6.6% decrease also connected to the higher average temperatures in 2011, which resulted in lower heat consumption.

The number of customers increased by 3.9%, going from 1,072.5 thousand to 1,114.5 thousand customers, thanks to the incorporation of Sadori with 34.5 thousand customers and the remaining share involving important free market sales activities.

The summary of the economic results for the segment is given below:

Income statement
(€ million)
31-dic-10% inc.31-dic-11% inc.Abs. ChangeChange %
Revenues1,237.1 1,490.2 +253.1+20.5%
Operating costs(1,003.3)-81.1%(1,224.7)-82.2%+221.4+22.1%
Personnel costs(66.9)-5.4%(70.1)-4.7%+3.2+4.8%
Capitalised costs27.02.2%13.30.9%-13.7-50.7%
EBITDA193.915.7%208.714.0%+14.8+7.6%

Revenues increased by 20.5%, from €1,237.1 million in 2010 to €1,490.2 million in 2011, as a result of increased sales revenue, linked to the increase in the cost of raw materials, greater intermediate volumes and higher revenues from distribution.

Operating costs increased by 22.1 % due to the increase in the cost of natural gas and increased traded volumes.

EBITDA in the Gas segment increased by €14.8 million, going from €193.9 million to €208.7 million, in spite of a decrease in the percentage margin from 15.7% in 2010 to 14.0% in 2011.

The good results in this segment are attributable to the increased sales margins, thanks to good purchasing contracts for raw materials and greater income from distribution; for more details, refer to the paragraph on regulatory aspects of the business.

 

 
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