Snam S.p.A. financial review
Snam S.p.A. (hereinafter also referred to as Snam) is an industrial holding company listed on the Milan stock exchange, which holds equity investments in industrial and service companies in Italy and abroad.
In its capacity as the group’s parent company, it is responsible for the strategic direction, planning and control of the financial management, direction and coordination of the group’s activities. It provides Group companies with business support services (mainly administrative, tax, legal, human resources, information technology and HSEQ services) in order to optimise the available resources and efficiently use the existing know-how. These services are governed by specific inter-company service contracts.
As at 31 December 2020, the major shareholder CDP S.p.A. held, through CDP Reti S.p.A., 31.4% 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.