3 Cash and cash equivalents
Cash and cash equivalents, which totalled €24 million (€74 million at 31 December 2014), related mainly to cash held by Gasrule Insurance Ltd for the exercise of the Group’s insurance activities. The reduction compared with 31 December 2014 was due mainly to the use of the deposit account (€47 million) set up when completing the acquisition by Italgas S.p.A. of 51% of Acam Gas S.p.A.5
The book value of cash and cash equivalents approximates to their fair value. They are not subject to any usage restrictions.
A comprehensive analysis of the financial situation and major cash commitments during the period can be found in the statement of cash flows.
5 For more information on the acquisition, please see “Business segment operating performance – Natural gas distribution” in the interim directors’ report.