Snam S.p.A. financial review

Snam S.p.A. is an industrial holding company listed on the Milan stock exchange. It heads up the Snam Group and holds 100% of the share capital of operating companies Snam Rete Gas S.p.A., GNL Italia S.p.A., Stogit S.p.A. and Italgas S.p.A., which are responsible for managing and developing the natural gas transportation, regasification, storage and distribution segments, respectively. Since July 2014, Snam S.p.A. has held 100% of the share capital of Gasrule Insurance Limited, an insurance company based in Dublin. Snam operates in Europe’s major energy corridors through agreements with and equity investments in the leading industry players. Snam S.p.A. is also responsible for the strategic planning, management, coordination and control of its subsidiaries.

Shareholder CDP S.p.A. declared, with effect from the financial statements as at 31 December 2014, that it had de facto control over Snam S.p.A. within the meaning of international accounting standard IFRS 10 – “Consolidated Financial Statements”. No management and coordination activity has been formalised or exercised.

As of 31 December 2015, CDP S.p.A. holds, through CDP Reti S.p.A.³⁷ and CDP Gas S.r.l. ³⁸ , 28.98% and 1.12% respectively of Snam S.p.A.’s share capital.