Financial risks

Financial risks are illustrated in Note 26, “Financial risk management”, of the Notes to the consolidated financial statements.

Financial risks


Related material topics

Mitigation actions

Impact on capital

Interest rate changes

  • Economic performance and value creation

Cash Flow at Risk monitoring through an Asset & Liability Management (ALM) model

Liquidity: inability to meet payment commitments

Minimising opportunity cost and maintaining a balance in terms of debt composition and maturity


Monitoring contractual protection clauses in loan agreements (e.g. negative pledge and pari passu clauses)


Constant monitoring of Snam’s rating indicators and the availability of long-term credit lines


Regular monitoring of the credit situation and systematic management of reminders and possible recovery actions for overdue debts at certain intervals


Check of the authenticity and validity of financial guarantees received


Reporting of any critical issues in the regulatory system that could lead to opportunistic/fraudulent behaviour by operators





Human capital

Relational capital

Intellectual capital

Financial capital

Infrastructure capital

Natural capital

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