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Snam Rete Gas: the Board of Directors approves the quarterly report as at 30 September 2002 showing a net profit of euro 339 million (113 in the third quarter)

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The Board of Directors of Snam Rete Gas approves the quarterly report as at 30 September 2002 showing a net profit of 339 million euro (113 in the third quarter of 2002).

REPORT AS AT 30 SEPTEMBER 2002

Operating scenario
Gas injected into the Snam Rete Gas network during the first nine months of 2002 totalled 54.72 billion cubic meters. In respect to the first nine months of 2001, the increase of 3.65 billion cubic meters (or 7.1%) is due mainly to increased demand and volume to reinstate storage levels. The increasing volume is related to a more significant input of gas by shippers from Northern Europe and Russia.

Income Statement
The figures of the first nine months of 2002 have not been compared to the same period of last year because the Company was operative only in the second half of 2001.


 

CONSOLIDATED INCOME STATEMENT


 

 

  

   

(millions of euro)

   

Third quarter

First nine months

   

2001

2002

2002

REVENUE FROM ORDINARY ACTIVITIES

441

411

1.300

OTHER REVENUE AND INCOME

3

15 26

TOTAL REVENUE

444

426

1.326

OPERATING COSTS

(105)

(117)

(372)

EBITDA

339

309 954

DEPRECIATION & AMORTIZATION

(104)

(113) (338)

EBIT

235

196 616

NET FINANCIAL INCOME (EXPENSES)

(73)

(40)

(119)

INCOME BEFORE EXTRAORDINARY ITEMS AND TAXES

162

156

497

NET EXTRAORDINARY INCOME (EXPENSES)

0

0 (6)

PRE-TAX INCOME

162

156

491

INCOME TAXES

(61)

(43)

(152)

NET INCOME FOR THE PERIOD

101

113

339



Revenue from ordinary activities

(millions of euro)

 

Third quarter 2001

Third quarter 2002

First nine months 2002

    

%

%

%

Transmission

409

92,7 %

397

96,6 %

1.235

95,0 %

Re-gasification

9

2,0 %

10

2,4 %

32

2,5 %

Revenue from regulated activities

418

94,7 %

407

99,0 %

1.267

97,5 %

Compression services

20

4,5 %

0

0,0 %

20

1,5 %

Other revenue from ordinary activities

3

0,8 %

4

1,0 %

13

1,0 %

Revenue from non regulated activities

23

5,3 %

4

1,0 %

33

2,5 %

Total revenue from ordinary activities

441

100 %

411

100,0 %

1.300

100,0 %


In the first nine months, revenue takes into account the reduction in modulation and storage tariffs published by the Electricity and Gas Authority, for a total of 44 million euro.
In the third quarter, the decrease in revenue from ordinary activities, compared with the corresponding period of the previous year, is due to termination of the compression service on behalf of Stoccaggi Gas Italia starting from 1st April 2002.


Operating costs

(millions of euro)

  

  

  

   

Third quarter 2001

Third quarter 2002

First nine months 2002

Purchases, services and other costs

77

89

295

Labour costs

28

28

77

Total operating costs

105

117

372


Operating costs of the first nine months, include the payment of 65 million euro for the Sicilian tax since April 2002. In accordance with the prudence principle, the company has not allocated revenues in the income statement concerning recovery of the costs incurred until 30 September 2002, in view of the uncertainty as to how the various stages of the legal proceedings are likely to evolve and how long it will take for a final judgement to be passed.

Labour costs totalled 77 million euro in the first nine months of 2002. The labour costs of the third quarter, compared with the same period of 2001, are relatively stable, considering that the reduction connected with the decrease in the number of employees was offset by lower capitalised costs.
Employees at 30 September 2002 are 2,681, with a reduction of 292 compared to 31 December 2001 (-29 compared to 30 June 2002).


Consolidated Balance Sheet

  

(millions of euro)

   

31/12/2001

30/06/02

30/09/02

TANGIBLE ASSETS

9.467

9.359

9.331

INTANGIBLE ASSETS

87

102

102

NET PAYABLES RELATING TO INVESTING ACTIVITIES

(129)

(131)

(127)

FIXED ASSETS

9.425

9.330

9.306

NET WORKING CAPITAL

(12)

(224)

(273)

EMPLOYEES' SEVERENCE INDEMNITY

(17)

(16)

(16)

NET CAPITAL EMPLOYED

9.396

9.090

9.017

SHAREHOLDERS' EQUITY

5.203

5.246

5.359

NET DEBT

4.193

3.844

3.658

FINANCING

9.396

9.090

9.017


Net capital employed at 30 September 2002 decreased of 379 million euro compared with 31 December 2001 following the decrease in working capital, mainly due to the provision for deferred taxation on the difference between the fiscal and technical depreciation and the increase in revenue adjustments regarding capacity overbooking.

Investments totalled 253 million euro, 183 million euro referring to development projects (69 in the quarter) and 70 million euro referring to maintenance projects (19 in the quarter).

RESOLUTION NO.137/02 OF THE ELECTRICITY AND GAS AUTHORITY

With regard to the provision of Article 9 of Resolution no. 137/02 of the Electricity and Gas Authority (allocation of capacity for the continuous transportation service) Snam Rete Gas appealed to the TAR (Regional Administrative Court) of the Region of Lombardy to obtain an acknowledgement of the minimum terms of the period fixed for filing the application, on the part of the parties to long-term importation contracts. The term should extend to 4-5 years prior to allocation itself (rather than 2 years, as set out in article 9). This appeal is aimed at ensuring that installations (gas pipelines - stations) be properly designed and implemented and that the network has a proper size.
Finally, a further application was submitted in view of a correct interpretation of the provisions governing priority access to the transportation service (Article 11 of Resolution no. 137/02).

San Donato Milanese, 11th November 2002

  

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05 August 2016 - 16:17 CEST