Equity-accounted investments of €473 million (€319 million at 31 December 2011) refer to equity investments in the distribution business segment and to the investments acquired by Snam S.p.A. in 2012 as part of its strategic alliance with Fluxys. These equity-accounted investments break down as follows:
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31.12.2011 |
|
|
|
|
|
|
|
(€ million) |
Opening value |
Capital gains from measurement using the equity method |
Other changes |
Decrease owing to dividends |
Other changes |
Closing value |
|
Investments in entities under joint control |
266 |
45 |
|
(42) |
|
269 |
|
Investments in associates |
52 |
|
(4) |
|
|
48 |
|
Investments in subsidiaries |
1 |
|
|
|
1 |
2 |
|
|
319 |
45 |
(4) |
(42) |
1 |
319 |
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31.12.2012 |
|
|
|
|
|
|
|
|
(€ million) |
Opening value |
Acquisitions and subscriptions |
Capital gains |
Sales and re- |
Decrease owing to dividends |
Other changes |
Closing value |
|
Investments in entities under joint control |
269 |
133 |
54 |
|
(34) |
|
422 |
|
Investments in associates |
48 |
|
1 |
|
|
|
49 |
|
Investments in subsidiaries |
2 |
2 |
|
|
|
(2) |
2 |
|
|
319 |
135 |
55 |
|
(34) |
(2) |
473 |
Acquisitions and subscriptions (€135 million) refer mainly to the acquisition of and subscription of successive capital increases at newly created companies GasBridge 1 B.V. and GasBridge 2 B.V., owned equally by Snam and Fluxys (€133 million)20.
Capital gains from measurement using the equity method of €55 million mainly relate to Azienda Energia e Servizi Torino S.p.A. (€35 million) and Toscana Energia S.p.A. (€17 million).
The net value of equity-accounted investments concerns the following companies:
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31.12.2011 |
31.12.2012 | ||||
|
(€ million) |
Net value |
% held by shareholder |
Net value |
% held by shareholder | ||
| ||||||
|
Jointly controlled entities: |
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|
|
| ||
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- Toscana Energia S.p.A. |
155 |
48.13% |
161 |
48.08% | ||
|
- Azienda Energia e Servizi Torino S.p.A. |
108 |
49% |
123 |
49% | ||
|
- GasBridge 1 B.V. |
|
|
67 |
50% | ||
|
- GasBridge 2 B.V. |
|
|
67 |
50% | ||
|
- Metano Borgomanero S.p.A. (*) |
2 |
50% |
1 |
50% | ||
|
- Metano S. Angelo Lodigiano S.p.A. |
1 |
50% |
1 |
50% | ||
|
- Metano Arcore S.p.A. |
1 |
50% |
1 |
50% | ||
|
- Umbria Distribuzione Gas S.p.A. |
1 |
45% |
1 |
45% | ||
|
- Metano Casalpusterlengo S.p.A.(*) |
1 |
50% |
… |
50% | ||
|
Total for jointly controlled entities |
269 |
|
422 |
| ||
|
Associates: |
|
|
|
| ||
|
- ACAM Gas S.p.A. |
48 |
49% |
49 |
49% | ||
|
Total for associates |
48 |
|
49 |
| ||
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Subsidiaries: |
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|
|
| ||
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- Servizi Territori Aree e Penisole S.p.A. |
1 |
70% |
2 |
92.43% | ||
|
- Snam Trasporto S.p.A. |
1 |
100% |
|
| ||
|
Total for subsidiaries |
2 |
|
2 |
| ||
|
|
319 |
|
473 |
| ||
Investments in subsidiaries, joint ventures and associates can be found in the annex “Significant shareholdings, associates and equity investments of Snam at 31 December 2012”, which is an integral part of these notes.
Other information on equity investments
The amounts from the most recent financial statements available for non-consolidated subsidiaries, joint ventures and associates, proportionately to the percentage of ownership, are as follows:
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31.12.2011 |
31.12.2012 | ||||
|
(€ million) |
Non-consolidated subsidiaries |
Jointly controlled entities |
Associates |
Non-consolidated subsidiaries |
Jointly controlled entities |
Associates |
|
Total assets |
4 |
651 |
61 |
8 |
807 |
65 |
|
Total liabilities |
3 |
335 |
9 |
5 |
340 |
13 |
|
Net revenue |
|
140 |
9 |
|
149 |
11 |
|
|
81 |
4 |
|
87 |
4 | |
|
Net profit for the year |
|
41 |
1 |
|
50 |
2 |
20 More information can be found in the annex to the notes to the individual financial statements “Information on subsidiaries and associates directly held by Snam S.p.A.”
