10 Equity-accounted investments

Equity-accounted investments of €1,270 million (€1,402 million at 31 December 2014) break down as follows:

Acquisitions and subscriptions (€60 million) relate to: (i) the acquisition by Italgas S.p.A. of 51% of Acam Gas S.p.A., for a fee of €46 million; (ii) the cash adjustment to the fee relating to the acquisition from CDP GAS of the equity investment in Trans Austria Gasleitung GmbH - TAG (€14 million), which was completed in December 2014, in order to take into account the changes in the contractual parameters between the reference date and the completion date of the acquisition.

Capital gains from measurement using the equity method (€70 million) relate to TAG (€39 million), TIGF (€15 million), Toscana Energia S.p.A. (€11 million) and Gasbridge 1 B.V. and Gasbridge 2 B.V. (€5 million in total).

Sales and repayments (€86 million) mainly relate to the effects of the entry of a new shareholder to TIGF’s shareholding structure (€84 million).

The change in the scope of consolidation was due to the acquisition of control of Acam Gas S.p.A., which was valued up to 31 March 2015 using the equity method.

The decrease owing to dividends (€114 million) relates mainly to TAG (€77 million), TIGF (€26 million) and Gasbridge 1 B.V. and Gasbridge 2 B.V. (€11 million in total).

No impairment indicators or significant changes to the valuation of the recoverability of the book value for equity-accounted investments were recorded during the half-year. The considerations set out in the annual report were therefore confirmed.

Consolidated companies, joint ventures, associates and other significant equity investments are indicated separately in the annex “Significant shareholdings, associates and equity investments of Snam S.p.A. at 30 June 2015”, which is an integral part of these notes.