10 Equity-accounted investments
Equity-accounted investments of €1,008 million (€1,024 million at 31 December 2013) comprise:
| Download XLS (22 kB) |
|
(€ million) |
Opening value |
Capital gains from measurement using the equity method |
Sales and repayments |
Exchange rate conversion differences |
Decrease owing to dividends |
Other changes |
Closing value |
|
Equity-accounted investments |
1,024 |
49 |
(7) |
4 |
(66) |
4 |
1,008 |
|
|
|
|
|
|
|
|
|
|
|
1,024 |
49 |
(7) |
4 |
(66) |
4 |
1,008 |
Capital gains from measurement using the equity method (€49 million) relate to Azienda Energia e Servizi Torino S.p.A.7 (€20 million), Toscana Energia S.p.A. (€13 million), TIGF Holding SAS (€10 million) and Gasbridge 1 B.V. and Gasbridge 2 B.V. (€5 million in total).
Investments in subsidiaries, companies under joint control and associates can be found in the appendix “Significant shareholdings, associates and equity investments of Snam at 30 June 2014”, which is an integral part of these notes.
7 The spin-off of A.E.S. Torino S.p.A ., involving the corporate unbundling of natural gas distribution activities from heating and district heating activities, took effect on 1 July 2014. As of said date, Italgas holds 100% of the share capital of the spun-off company, A.E.S.Torino S.p.A., which provides the natural gas distribution service in the Turin area. For more information, please see “Business segment operating performance – Natural gas distribution” in the interim directors’ report.