On 1 January 2012, the transaction transferring the “Transportation, dispatching, remote control and metering of natural gas” business unit from Snam S.p.A. (formerly Snam Rete Gas S.p.A.) to Snam Rete Gas S.p.A. (formerly Snam Trasporto S.p.A.), a wholly owned company and transportation system operator on a continuing basis from 1 January 2012, came into effect.
The new ownership structure, which came into force on 1 January 2012, places Snam S.p.A. at the head of the Group, holding 100% of the share capital of the four operating companies (Snam Rete Gas S.p.A., GNL Italia S.p.A., Stogit S.p.A. and Italgas S.p.A.), which are responsible, respectively, for the management and development of natural gas transportation, regasification, storage and distribution activities. Snam S.p.A. is also responsible for strategic planning, management, coordination and control.
Since 1 January 2012, information about the parent company Snam S.p.A. has been reported in the corporate segment8. Until 31 December 2011, this information, not reported separately, was included within the “Natural gas transportation” segment, reflecting the activities hitherto carried out by the parent company.
8 In accordance with IFRS 8 “Operating segments”, the corporate segment does not represent an operating segment. Therefore, the operating segments subject to separate reporting are the same as in 2011 (natural gas transportation, regasification, storage and distribution).