16 Equity-accounted investments

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

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:

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: