Main events

Italgas – Exit from judicial administration and reappointment of the company’s Board of Directors

The activities relating to the revocation of the judicial administration order imposed on Italgas by the Court of Palermo were completed on 9 July 2015. In view of the outcome of the checks performed and the active cooperation of the Snam Group, the Court ordered the handover of the company on 29 June 2015.

Having acknowledged the revocation of the judicial administration order, on 9 July 2015 the Italgas Shareholders’ Meeting reappointed all members of the Board of Directors, the term of which expires at the Shareholders’ Meeting called to approve the financial statements for the year ended 31 December 2015.

Italgas will comply with the obligation to provide the competent authorities with the information required pursuant to Article 34, paragraph 8 of Legislative Decree 159/2011 (judicial control), in relation to the relevant transactions, but it has appealed before the Palermo Court of Appeal against the provision of such information. Italgas S.p.A. will also provide the competent authorities with the results of the periodic reports by the Supervisory Body.

More details on this can be found in Note 18 “Guarantees, commitments and risks – Disputes and other measures” of the notes to the condensed interim consolidated financial statements.

Renewal of Euro Medium Term Notes (EMTN) programme to issue bonds

On 22 June 2015, the Snam Board of Directors approved the annual renewal of the EMTN programme, leaving the maximum bond issue value unchanged at €12 billion⁷. The renewal of the programme allows for the issue of bonds worth up to €1.3 billion, to be placed with institutional investors operating mainly in Europe by 30 June 2016.

Declaration of control by CDP

In its 2014 annual report, the shareholder CDP S.p.A., which in letters dated 25 and 31 March 2015 notified its need to fully consolidate Snam, in accordance with IFRS 10 – Consolidated Financial Statements, declared that it had ascertained a de facto situation of control over Snam S.p.A., again in accordance with IFRS 10. No management or coordination activities were formalised or carried out.

The main events of the half-year that can be directly related to the operating segments are described in the “Business segment operating performance” section.