Company information
The Snam Group, consisting of Snam S.p.A. and its subsidiaries (hereafter “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 (RAB)1.
The parent company, Snam S.p.A., is a joint-stock company incorporated under Italian law and listed on the Milan Stock Exchange, with registered offices at Piazza Santa Barbara 7, San Donato Milanese (MI).
The shareholder CDP S.p.A., which, with letters dated 25 and 31 March 2015, informed Snam of the need to fully consolidate the Snam Group, pursuant to IFRS 10 – “Consolidated Financial Statements”, declared in the 2014 annual report that it had ascertained the existence of de facto control vis-à-vis Snam S.p.A. pursuant to the aforementioned IFRS 10.
CDP S.p.A. holds, via CDP Reti S.p.A.2 (28.98%) and CDP GAS S.r.l.3 (1.12%), 20.53% of the share capital. No management or coordination activities were formalised or carried out.
1 The term RAB (Regulatory Asset Base) refers to the value of net invested capital for regulatory purposes, calculated based on the rules defined by the Electricity, Gas and Water Authority (the Authority) to determine base revenues for the regulated businesses.
2 CDP S.p.A. holds 59.10%.
3 Company wholly owned by CDP S.p.A.