Reading Guide

The contents of the Directors’ Report, which constitutes the Integrated Report of Snam (hereinafter also Report on Integrated Management), are presented following the indications of the Framework proposed by the IIRC (International Integrated Reporting Council). The objective of the document is to represent, in addition to annual operating results, Snam’s model for the creation of value and the sustainability of the business over the medium and long term, thereby indicating and demonstrating the interconnections between strategy, governance, business and financial performance, and the social, environmental and economic environment in which the enterprise operates.

The aspects covered by the Report represent the principal factors that have a potential impact on business and financial performance and material sustainability issues.

The following schedules facilitate reconciliation of the various keys to reading and interpretation recommended by the IIRC Framework and the content of the Report.

The management report also contains studies referred to some aspects described in Consolidated non-financial statement (NFS) which constitutes a specific section thereof, in compliance with the provisions of Legislative Decree no.254/2016.

NFS contents are integrated, where deemed necessary and appropriate, by some studies described in the Directors’ report, which can be identified and consulted by following the specific references:

  Infographics and gray background / character, associated with the paragraph title (if entirely referring to aspects described in the NFS) or to the specific text content.

References in the integrated report to value creation

Time frames and dynamics

Value-creation methods

Main operating activities

Report headings

Snam creates value by pursuing its business in the manner established by the rules and procedures, with particular focus on risk management and operational efficiency.
The main point of reference is the annual budget

In the medium term, the ability to carry out investment programmes, thereby ensuring a flow of resources and that favourable economic conditions are maintained, is also important.
The main point of reference is the Business Plan, which covers a period of five years

In the long term, it is vital that the investment decisions and strategic choices made have interpreted trends in the best way possible. The main point of reference is the infrastructure development plan submitted to the Authority, which covers a period of 10 years

Maintaining the efficiency and availability of the network and providing a quality service without interruptions

Executing the scheduled works


Controls and inspections

Compliance with the network codes

Preventing and mitigating risks and detrimental outside forces

Managing financial risks

Managing operating risks

Managing foreign partnership portfolios

Managing crises

Preventing accidents

Mitigating environmental impact

Reorganising processes and activities

Maintaining the flow of investments

Maintain, develop and transform human and relational capital to develop the business

Investment planning

Obtaining financial resources on the market


Implementation of CNG, biomethane projects

Relationships with the authorities

Managing the supply chain in relation to the development of construction sites

Developing roles and capabilities

Managing relations with local communities

Management of partnerships related to new business

Develop strategic directions and business development plans consistent with the reference scenarios

Planning infrastructure development

Snam’s strategy

Gas advocacy











Data and information

Business segment operating performance

Elements of risk and uncertainty

Other operating information and results

Business model and sustainable development


References in the integrated report to capital management




The equity and debt capital obtained on both the financial markets and through self-financing from operating income, invested in the development of the gas system infrastructure

Report headings


The network of infrastructure for transporting, storing and distributing natural gas and regasifying LNG required to perform services for operators and users. They constitute the RAB (Regulatory Asset Base) for the recognition of regulated revenues

Report headings



Unique to Snam, this consists mainly of the IT systems, procedures and good operating practices developed over time by managing the business

Report headings



Snam’s personnel, the wealth of its knowledge and experience, and the corporate culture of Snam that expresses distinctive values, with the culture of safety at the forefront

Report headings


The “licence to operate” sustained by relations with stakeholders at European and national levels, as well as by Snam’s presence in the areas that host its infrastructure. In the future, Snam’s ability to be recognised as a pillar for the development of the gas system through business partnerships shall become increasingly more important

Report headings


The land, air and biodiversity that Snam is committed to preserving through efficient and responsible environmental management, mitigating the environmental impacts and consequences generated predominantly during the construction of infrastructure

Report headings

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