Snam S.p.A. financial review
Snam S.p.A. is an industrial holding company listed on the Milan stock exchange. In Italy it operates in the regulated natural gas transportation and dispatch business, the regasification of liquefied natural gas and the storage of natural gas. It also has a presence in the energy transition business: sustainable mobility, biomethane infrastructure from organic waste and agricultural and agro-industrial waste, energy efficiency services for apartment buildings, the public administration and industry. Snam operates in Europe’s major energy corridors through agreements with and equity investments in the leading industry players. It has a presence in Austria through its subsidiaries (TAG and GCA), France (Terēga), Greece (DESFA) and the United Kingdom (Interconnector UK) and is one of the main shareholders of TAP (Trans Adriatic Pipeline).
Snam S.p.A. is also responsible for the strategic planning, management, coordination and control of its subsidiaries.
As at 31 December 2019, the major shareholder CDP S.p.A. held, through CDP Reti S.p.A.32, 31.04% of the share capital of Snam S.p.A. For this purpose, note that, from 1 August 2019, CDP reclassified its equity investment in Snam, already classified as de facto control pursuant to international accounting standard IFRS 10 – Consolidated financial statements from 2014, as de facto control pursuant to Article 2359, paragraph 1 of the Italian Civil Code and Article 93 of the TUF.
No management and coordination activity has been formalised or exercised by CDP over Snam.
32 CDP S.p.A. holds 59.10%.