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16 Equity-accounted investments

Equity-accounted investments of €1,024 million (€473 million at 31 December 2012) comprise:

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31.12.2012

(€ million)

Opening value

Acqui­sitions and sub­scriptions

Capital gains from measure­ment using the equity method

Sales and repay­ments

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

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31.12.2013

(€ million)

Opening value

Acqui­sitions and sub­scriptions

Capital gains from measure­ment using the equity method

Capital losses from measure­ment using the equity method

Sales and repay­ments

Decrease owing to dividends

Exchange rate con­version diff­erences

Other changes

Closing value

Investments in entities under joint control

422

597

69

(27)

(9)

(81)

(5)

4

970

Investments in associates

49

 

3

 

 

(2)

 

 

50

Investments in subsidiaries

2

2

 

 

 

 

 

 

4

 

473

599

72

(27)

(9)

(83)

(5)

4

1,024

Acquisitions and subscriptions (€599 million) mainly concern the acquisition of a 45% stake in TIGF Holding SAS (€597 million20). Following an agreement signed on 5 April 2013 with the Total group, on 30 July 2013 TIGF Holding, which is controlled by Snam (45%), Singapore sovereign wealth fund GIC (35%) and EDF (20%, through its fund dedicated to the liabilities from the dismantling of nuclear reactors), acquired (through TIGF Investissements, a wholly owned subsidiary of TIGF Holding) the entire share capital of TIGF, a company involved in the transportation and storage of gas in the south-west of France. TIGF Investissements paid Total around €1.6 billion for the equity acquisition in a deal with an enterprise value of around €2.4 billion.

Capital gains from measurement using the equity method of €72 million relate essentially to Azienda Energia e Servizi Torino S.p.A. (€36 million), Toscana Energia S.p.A. (€19 million), in relation to the distribution segment, and Gasbridge 1 B.V. and Gasbridge 2 B.V. (€12 million), in which Snam S.p.A. holds an equity investment.

Capital losses from measurement using the equity method of €27 million relate exclusively to TIGF Holding SAS, which was affected by the expenses (mainly stamp duty) incurred by TIGF Investissements in its acquisition of TIGF S.A.

The net value of equity-accounted investments concerns the following companies:

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(€ million)

31.12.2012

31.12.2013

 

Net value

% held by shareholder

Net value

% held by shareholder

(*)

In liquidation.

Jointly controlled entities:

 

 

 

 

- TIGF Holding SAS

 

 

562

45.00%

- Toscana Energia S.p.A.

161

48.08%

152

48.08%

- Gasbridge 1 B.V. and Gasbridge 2 B.V.

134

50%

127

50%

- Azienda Energia e Servizi Torino S.p.A.

123

49%

126

49%

- Metano Borgomanero S.p.A. (*)

1

50%

 

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%

Total for jointly controlled entities

422

 

970

 

Associates:

 

 

 

 

- ACAM Gas S.p.A.

49

49%

50

49%

 

 

 

 

 

Total for associates

49

 

50

 

Subsidiaries:

 

 

 

 

- Servizi Territori Aree e Penisole S.p.A.

2

92.43%

4

100%

Total for subsidiaries

2

 

4

 

 

473

 

1,024

 

Investments in subsidiaries, companies under joint control and associates can be found in the appendix “Shareholdings, associates and equity investments of Snam S.p.A. at 31 December 2013”, 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, jointly controlled entities and associates, proportionately to the percentage of ownership, are as follows:

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31.12.2012

31.12.2013

(€ million)

Non-consolidated subsidiaries

Jointly controlled entities

Associates

Non-consolidated subsidiaries

Jointly controlled entities

Associates

Total assets

8

807

65

10

2,080

62

Total liabilities

5

340

13

5

1,067

9

Net revenue

 

149

11

 

224

10

EBIT

 

87

4

 

58

4

Net profit for the year

 

50

2

 

37

2

20 This amount represents the total financial outlay incurred by Snam, and includes: (i) the subscription of 45% of the share capital of TIGF Holding SAS (€241 million); (ii) the pro-rata subscription (45%) of a convertible bond issued by TIGF Investissements SAS (€356 million), which was fully recognised by the issuer as an equity instrument pursuant to IAS 32.

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