Company information
The Snam Group, consisting of Snam S.p.A. and its subsidiaries (hereafter referred to as “Snam”, the “Snam Group” or the “group”), is an integrated group at the forefront of the regulated gas sector (transportation, dispatching, storage and distribution of natural gas and regasification of liquefied natural gas (LNG)) and a major player in terms of its regulatory asset base (RAB)1.
The parent company, Snam S.p.A., is a joint-stock company incorporated under Italian law and listed on the Milan Stock Exchange, with registered offices at 7, Piazza Santa Barbara, San Donato Milanese (MI).
As at 31 December 2014, CDP Reti S.p.A.2 and CDP Gas S.r.l.3 held equity investments in Snam S.p.A. of 28.98% and 3.4% respectively. On 25 and 31 March 2015, after approval by Snam’s Board of Directors of the consolidated financial statements and the draft financial statements of the parent company for 2014 at its meeting of 11 March 2015, Cassa Depositi e Prestiti S.p.A. (CDP) notified Snam S.p.A. that “pursuant to international accounting standard IFRS 10 – Consolidated Financial Statements -, the requirement has arisen for CDP to fully consolidate Snam S.p.A. as of the financial statements as at 31 December 2014, compared with 31 December 2013”.
1 The term RAB refers to the value of net invested capital for regulatory purposes, calculated based on the rules defined by the Electricity, Gas and Water Authority (AEEGSI) in order to determine the base revenue for regulated activities.
2 CDP S.p.A. holds 59.10%.
3 Company wholly owned by CDP S.p.A.