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Analysis of the Gas Area

As at 30 June 2011, the Gas segment posted growth compared with the same period in the previous year, with a slight increase in the percentage contribution to the Group's EBITDA:

( million)30-Jun-1030-Jun-11Change% change
Area EBITDA109.3120.6+11.3+10.3%
Group EBITDA313.5344.030.5+9.7%
Percentage weighting34.9%35.1%+0.2 p.p.

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

Quantitative data30-Jun-1030-Jun-11Change% change
Gas volumes distributed (millions of m)1,475.61,351.7-123.9-8.4%
Gas volumes sold (millions of m)1,680.21,688.5+8.3+0.5%
- of which trading volumes368.6503.0+134.4+36.5%
Heat volumes supplied (GWht)313.9296.1-17.8-5.7%

The volumes of gas distributed, based on the same number of concessions managed, went from 1,475.6 million m in 2010 to 1,351.7 million m in 2011, a fall of 8.4%. This fall was sharper than the fall in demand for natural gas recorded domestically, which was equal to 7.9%, mainly due to the weather, since average temperatures were higher than in the same period of the previous year.

The volumes of gas sold, on the other hand, went from 1,680.2 million m in the first half of 2010 to 1,688.5 million m in 2011, an increase of 0.5% compared with the first half of 2010 as a result of the increase in volumes traded, in spite of the aforementioned effect of the weather.

The volumes of heat supplied went from 313.9 GWht in 2010 to 296.1 GWht in the first six months of 2011, with a 5.7% decrease, which was also connected to the higher average temperatures recorded in the first half of 2011, resulting in lower heat consumption.

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

Income Statement
( million)
30-Jun-10% weight30-Jun-11% weightChange% change
Revenues686.7731.5+44.8+6.5%
Operating costs(562.2)-81.9%(581.1)-79.4%+18.9+3.4%
Personnel costs(33.6)-4.9%(36.8)-5.0%+3.2+9.5%
Capitalised costs18.42.7%7.01.0%-11.4-62.0%
EBITDA109.315.9%120.616.5%+11.3+10.3%

Revenues increased by 6.5%, going from 686.7 million in the first half of 2010 to 731.5 million in 2011, as a result of the increased revenues from sales, in spite of the lower volumes sold, linked to the increase in the cost of raw materials, greater volumes traded and higher revenues from distribution.

Operating costs increased by 3.4% due to the increase in the cost of natural gas.

EBITDA for the Gas segment increased by 11.3 million, going from 109.3 million to 120.6 million, with the EBITA margin increasing from 15.9% in the first six months of 2010 to 16.5% in 2011. This result is attributable to the increased gas sales margins resulting from favourable contracts for purchasing raw materials and increased revenues from gas distribution.


 
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