Snam S p A : 2021 Half year report (PDF)

2021 Half-Year Financial Report

energy to inspire the world

Company profile

Snam is one of the world's leading energy infrastructure companies and one of the largest listed Italian companies in terms of market capitalisation.

The company's sustainable and technologically advanced network guarantees security of supply in the areas in which it operates, while also contributing to promote the energy transition. As well as in Italy, it operates through partners

in Albania (AGSCo), Austria (TAG, GCA), United Arab Emirates (ADNOC Gas Pipelines), France (Teréga), Greece (DESFA) and the United Kingdom (Interconnector Limited) and it has recently initiated activities in China and India. In addition, Snam is

a major shareholder in TAP (Trans Adriatic Pipeline).

Snam has the most extensive transportation network among European peers (over 41,000 km, including international activities) and greatest

natural gas storage capacity (approx. 20 billion cubic meters, including international activities). Moreover, it is also one of

the main regasification operators in Europe, an activity it carries out through its Panigaglia terminal (GNL Italia) and its stakes in the Livorno (OLT) and

Rovigo (Adriatic LNG) plants in Italy and in the Revithoussa (DESFA) plant in Greece. As part of the 2020-2024 Strategic Plan, Snam sets out greater investments totalling 7.4 billion euros as well as renewing its pledge to energy transition activities: biomethane (Snan4Environment), energy efficiency (Renovit),

sustainable mobility (Snam4Mobility) and hydrogen. Moreover, Snam is active in forestation (Arbolia) and aims to reach carbon neutrality

(Scope 1 and Scope 2) by 2040.

The company's business model is based on sustainable growth, transparency, leveraging our staff's talent and diversity, and the protection and s

ocial development of local communities, also through Fondazione Snam initiatives.

www.snam.it

2021 Half-Year Financial Report

Corporate bodies 4

Corporate bodies

BOARD OF DIRECTORS (*)	BOARD OF STATUTORY AUDITORS (*)
Chairman (**)	Chairman
Nicola Bedin	Stefano Gnocchi (5)
Chief Executive Officer	Standing auditors
Marco Alverà (1)	Gianfranco Chinellato (4)
Directors	Donata Paola Patrini (4)
Laura Cavatorta (2) (3)	Alternate auditors
Francesco Gori (2) (3)	Federica Albizzati (5)
Yunpeng He (1)	Maria Gimigliano (4)
Antonio Marano (1) (2)
Francesca Pace (1) (2)
Rita Rolli (2) (3)
Alessandro Tonetti (1)
CONTROL AND RISK AND RELATED-PARTY
TRANSACTIONS COMMITTEE	APPOINTMENTS COMMITTEE
Francesco Gori - Chairman	Antonio Marano - Chairman
Francesca Pace	Laura Cavatorta
Antonio Marano	Alessandro Tonetti
REMUNERATION COMMITTEE	ENVIRONMENTAL, SOCIAL &
GOVERNANCE COMMITTEE (***)
Francesca Pace - Chairwoman	Laura Cavatorta - Chairwoman
Rita Rolli	Rita Rolli
Alessandro Tonetti	Yunpeng He
INDEPENDENT AUDITORS (****)
Deloitte & Touche S.p.A.

1. Appointed by the Shareholders' Meeting of 2 April 2019 - in office until the date of the Shareholders' Meeting to be convened in 2022 to approve the financial statements for the year ending 31 December 2021.

1. Appointed by the Shareholders' Meeting of 18 June 2020 on the proposal of the shareholder CDP Reti S.p.A. - in office until the date of the Shareholders' Meeting to be convened in 2022 for the approval of the financial statements at 31 December 2021. The Chair is independent within the meaning of the (Consolidate Finance Act) TUF.

(***) Established by the Board of Directors on 14 May 2019, in place of the Sustainability Committee.

(****) Appointed by the Shareholders' Meeting of 23 October 2019 for the period covering the years 2020 - 2028.

1. Directors nominated in the list submitted by the shareholder CDP Reti S.p.A.
2. Independent Directors pursuant to the TUF and the Code of Corporate Governance
3. Directors nominated in the list submitted jointly by Institutional Investors.
4. Auditors nominated in the list submitted by the shareholder CDP Reti S.p.A.
5. Auditors nominated in the list presented jointly by Institutional Investors.

1

Group Structure at 30 June 2021 5

Group structure at 30

June 2021

The changes in the scope of consolidation of the Snam Group at 30 June 20211 compared with that at 31 December 2020 relate to the entry into the scope of consolidation of Asset Company 10 S.r.l., a sub-holding 100% owned by Snam S.p.A., which acquired the investment in Industrie De Nora S.p.A. on 8 January 2021. This highly strategic partnership allows Snam to increase its exposure to the mega-trends of the energy transition, in particular for the production of green hydrogen and for water treatment, leveraging De Nora's leadership and technical expertise in alkaline electrodes, essential components for the production of alkaline electrolysers.

The changes in the scope of consolidation compared to the scope of consolidation at 30 June 2020 relate to the acquisition, on 5 October 2020, through the subsidiary Renovit S.p.A. (formerly Snam 4 Efficiency), of 70% of two companies operating in the energy efficiency business in Italy, Mieci S.p.A. and Evolve S.p.A.

The Group's structure at 30 June 2021 is shown below:

More information is provided in the annex "Snam S.p.A. investments at 30 June 2021" to the notes to the condensed half-year consolidated financial statements.