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Group structure as at 31 December 2018

The changes in the consolidation area of the Snam Group as at 31 December 2018, as compared with that in place as at 31 December 2017, regarded the entrance into the consolidation scope of the Companies1: (i) Snam International B.V. (GasBridge 2 B.V. until 31 July 2018), following the share swap transaction with Fluxys, completed on 26 April 2018, after which Snam became the sole shareholder of GasBridge 2 B.V. and Fluxys, sole shareholder of GasBridge 1 B.V.; (ii) Asset Company 4 S.r.l, a newly established company held 100% by Snam S.p.A.; (iii) Tep Energy Solution S.r.l., held 82% by Asset Company 4 S.r.l. and operating in the energy efficiency sector as Energy Service Company (ESCO) following the acquisition of 82% of the company’s share capital effective as of 30 May 2018; (iv) IES Biogas, operating in the design, development and management of biogas and biomethane production plants, following the acquisition on 05 July 2018 of 70% of the company’s share capital; (v) Cubogas S.r.l., a newly established company following the acquisition on 25 July 2018, from M.T.M., a company of the Westport Fuel Systems group, of the business unit dedicated to technological solutions for natural gas vehicle refuelling stations; (vi) Enersi Sicilia S.r.l., a company authorised to develop infrastructure to produce biomethane from the organic fraction of municipal solid waste (“OFMSW”) in the province of Caltanissetta, following the acquisition of 100% of the company’s share capital with effect as from 29 November 2018.

The aforementioned companies were consolidated, under the “Corporate and other activities”2 sector.

Group structure as at 31 December 2018

The structure of the Snam Group as at 31 December 20183 is shown below:

Enlarge image
Group structure (graphic)

1 For more information, refer to the section “Summary data and information – Main events” of this Report.

2 In compliance with IFRS 8 “Operating segments”, the “Corporate and other activities” sector is not an operating segment, which is defined on the basis of the internal reporting used by the Company’s management for allocating resources to the different segments and for analysing the respective performances.

3 More information can be found in the Appendix “Snam S.p.A. equity investments at 31 December 2018” to the Notes to the consolidated financial statements.

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