Equity-accounted investments of €319 million (€319 million at 31 December 2010) refer to equity investments in the distribution business segment and are broken down as follows:
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31.12.2010 |
|
|
|
|
|
|
(€ million) |
Opening value |
Capital gains from measurement using the equity method |
Decrease owing to dividends |
Other changes |
Closing value |
|
Investments in entities under joint control |
249 |
44 |
(32) |
5 |
266 |
|
Investments in associates |
51 |
3 |
(2) |
|
52 |
|
Investments in subsidiaries |
1 |
|
|
|
1 |
|
|
301 |
47 |
(34) |
5 |
319 |
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|
31.12.2011 |
|
|
|
|
|
|
|
(€ million) |
Opening value |
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 |
266 |
45 |
|
(42) |
|
269 |
|
Investments in associates |
52 |
|
(4) |
|
|
48 |
|
Investments in subsidiaries |
1 |
|
|
|
1 |
2 |
|
|
319 |
45 |
(4) |
(42) |
1 |
319 |
Capital gains from measurement using the equity method of €45 million mainly relate to Azienda Energia e Servizi Torino S.p.A. (€24 million) and Toscana Energia S.p.A. (€15 million).
Sales (€4 million) relate to the sale of 1,716,064 shares in Acqua Campania S.p.A. held by Italgas and equal to 34.67% of its share capital, for a consideration of €8 million20.
The net value of equity-accounted investments concerns the following companies:
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|
31.12.2010 |
31.12.2011 | ||
|
(€ million) |
Net value |
Shareholder % ownership |
Net value |
Shareholder % ownership |
|
Jointly controlled entities: |
|
|
|
|
|
- Toscana Energia S.p.A. |
151 |
48.13% |
155 |
48.08% |
|
- Azienda Energia e Servizi Torino S.p.A. |
109 |
49% |
108 |
49% |
|
- Metano Borgomanero S.p.A. |
2 |
50% |
2 |
50% |
|
- Metano S. Angelo Lodigiano S.p.A. |
1 |
50% |
1 |
50% |
|
- Metano Casalpusterlengo 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 |
266 |
|
269 |
|
|
Associates: |
|
|
|
|
|
- ACAM Gas S.p.A. |
48 |
49% |
48 |
49% |
|
- Acqua Campania S.p.A. |
4 |
35.20% |
|
|
|
Total for associates |
52 |
|
48 |
|
|
Subsidiaries: |
|
|
|
|
|
- Servizi Territori Aree e Penisole S.p.A. |
1 |
70% |
1 |
70% |
|
- Snam Trasporto S.p.A. |
|
|
1 |
100% |
|
Total for subsidiaries |
1 |
|
2 |
|
|
|
319 |
|
319 |
|
Investments in subsidiaries, jointly controlled entities and associates can be found in the annex “Significant shareholdings, associates and equity investments of Snam at 31 December 2011”, 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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31.12.2010 |
31.12.2011 | ||||
|
(€ million) |
Non-consolidated subsidiaries |
Jointly controlled entities |
Associates |
Non-consolidated subsidiaries |
Jointly controlled entities |
Associates |
|
Total assets |
3 |
589 |
264 |
4 |
651 |
61 |
|
Total liabilities |
2 |
275 |
209 |
3 |
335 |
9 |
|
Net revenue |
|
123 |
29 |
|
140 |
9 |
|
|
64 |
6 |
|
81 |
4 | |
|
Net profit for the year |
|
41 |
4 |
|
41 |
1 |
20 The transaction also involved the sale of the investments in Acqua Campania S.p.A. held by Eni S.p.A. and Saipem S.p.A.
