The Snam Group, consisting of Snam S.p.A., the consolidating company, 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 (RAB1) in the sector.
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).
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.2 and CDP GAS S.r.l.3, 28.98% and 1.12% respectively of Snam S.p.A.’s share capital.
1 The term RAB (Regulatory Asset Base) refers to the value of net invested capital for regulatory purposes, calculated on the basis of the rules defined by the Italian Electricity, Gas and Water Authority (AEEGSI) for determining base revenues for the regulated businesses.
2 CDP S.p.A. holds 59.10%.
3 Company wholly owned by CDP S.p.A.