Snam S.p.A. financial review
Snam S.p.A. is an industrial holding company listed on the Milan stock exchange. The Company is at the top of the Snam Group and holds 100% of the share capital of the operating companies Snam Rete Gas S.p.A. and Infrastrutture Trasporto Gas S.p.A.(ITG)36, GNL Italia S.p.A., Stogit S.p.A. as well as Gasrule Insurance D.A.C., which respectively manage and develop the transportation, regasification, storage of natural gas and insurance activities.
During 2017, the company Snam 4 Mobility S.p.A. became operational, with the main activity being the construction, acquisition, development and maintenance of compressed natural gas (CNG) and liquefied natural gas (LNG) filling plants, the study and design of filling stations.
Snam operates in Europe’s major markets through agreements with the leading industry players and direct equity investments in the share capital of companies. Snam S.p.A. is also responsible for the strategic planning, management, coordination and control of its subsidiaries.
Shareholder CDP S.p.A. declared, with effect from the financial statements as at 31 December 2014, that it had de facto control over Snam S.p.A.[pursuant to accounting standard IFRS 10 – Consolidated Financial Statements]. No management and coordination activity has been formalised or exercised.
At 31 December 2017, CDP S.p.A. holds, through CDP Reti S.p.A.37 30.10% of the share capital of Snam S.p.A.
36 Acquired on 13 October 2017 through the vehicle company Asset Company 2 S.r.l.
37 CDP S.p.A. holds 59.10%. On 19 May 2017, CDP S.p.A. sold CDP Reti S.p.A. the entire investment held in Snam S.p.A. represented by 39,200,638 shares, equal to 1.12% of the share capital. At 31 December 2017, CDP Reti S.p.A. holds a stake in Snam S.p.A. represented by a total of 1,053,692,127 shares, equal to 30.10% of the share capital.