Key figures

(a)

From 1 January 2014 and only for the reclassified income statement, revenue from the construction and upgrading of distribution infrastructure, entered in accordance with IFRIC 12 and recognised in an amount equal to the costs incurred (€316 million in 2014) is shown as a direct reduction of the respective cost items. The corresponding amounts for 2012 and 2013 (€325 million and €319 million respectively) were reclassified accordingly.

(b)

For the reconciliation of reported net profit with adjusted net profit, see “Financial review – Reconciliation of reported net profit with adjusted net profit”.

(c)

Net profit is attributable to Snam.

(a)

The shares recorded at 31 December 2014 include 119 million shares issued under the Snam capital increase launched in relation to the acquisition of the equity investment in TAG. The shares have been freely tradable since 27 January 2015, when Snam’s Board of Directors performed the checks required pursuant to Article 2343, paragraph 3 of the Italian Civil Code.

(b)

The product of the number of shares outstanding (exact number) multiplied by the year-end official share price.

(c)

The amount for 2014 was estimated on the basis of the number of shares outstanding on 31 December 2014.

(d)

The dividend paid in 2014 was the balance of the 2013 dividend. Snam did not pay out any interim dividends in 2014.

(a)

Calculated considering the average number of shares outstanding during the year.

(b)

Return on equity (ROE) was calculated as the ratio of net profit to the average of the beginning and end shareholders’ equity for the period.

(c)

Return on investment (ROI) was calculated as the ratio of EBIT to the average of the beginning and end net invested capital for the period.

(a)

The changes shown in the table, as well as those below in this Report, must be regarded as changes from 2013 to 2014. Percentage changes, unless otherwise specified, are calculated in relation to the data shown in the related tables.

(b)

Gas volumes are expressed in standard cubic metres (SCM) with an average higher heating value (HHV) of 38.1 and 39.2 MJ/SCM respectively for the businesses of natural gas transportation, regasification and storage.

(c)

Data for 2014 are correct as at 31 January 2015. Data for 2013 have been aligned with data published by the Ministry of Economic Development.

(d)

Working gas capacity for modulation, mining and balancing services. The available capacity at 31 December 2014 is that declared to the Electricity, Gas and Water Authority (hereinafter the “AEEGSI” or “Authority”) at the start of the 2014-2015 thermal year, in compliance with Resolution ARG/gas 119/10.

(e)

The 2014 operating figures include those attributable to A.E.S. For more information, please refer to the “Business segment operating performance – Distribution” section.

(f)

This figure refers to the kilometres of network operated by Italgas.

(g)

Fully consolidated companies.

(h)

Following the incorporation of Gasrule Insurance Ltd into Snam’s scope of consolidation, the “Corporate” segment was renamed “Corporate and other activities”.