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Snam tax policy

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Snam’s fiscal policy is based on the respect of the principles of the Code of Ethics

Snam’s fiscal policy wholly comply with the ordinary course of Italian fiscal provisions, which do not allow any fiscal optimization strategy. Furthermore, Snam fiscal policy is based on the respect of the principles of the Code of Ethics, of the Administrative liability (Model 231) and of the Company Corporate System Framework.

The correct fulfillment of fiscal obligations is assured by Snam internal provisions (procedures and directives, which define roles and responsibilities, functions of analysis and planning, functions of operativeness and control, conditions of the information flow, with the related instructions of traceability).

The process is relevant in respect of the aims of Internal Control over the Financial Reporting System and, consequently, the internal fiscal provisions define and assign to the competent functions the related control activities.

Referring to the main stakeholders, the Added Value was distributed as follows:

  • Employees 11.1% (+0.9 percentage points compared to 2017) as direct compensation consisting of wages, salaries and severance pay and indirect compensation consisting of social security contributions and staff-related service costs (canteen services, reimbursement of travel expenses);
  • Government 14.0% (percentage stable compared to 2017) – through the payment of direct and indirect taxes;
  • Shareholders 29.5% (-0.4 percentage points compared to 2017) - through distributed dividends. With a rising unit dividend (+5% compared to 2017) confirming Snam's commitment to guaranteeing an attractive and sustainable remuneration for shareholders, there was a reduction in the number of outstanding shares following the buyback of shares under the scope of the share buyback programme.
  • Lenders 9.8% (-2.1 percentage points compared to 2017). Reduction in response to the benefits arising from optimising activities implemented during 2016 and 2017, in particular the liability management operations, in spite of the increased average debt in the period.
  • A total of 35.5% of the gross global added value produced by Snam was reinvested within the Group (up compared with 2017: +1.7 percentage points), of which around 77% was intended for the amortisation and depreciation of the infrastructure used in the production process (80% in 2017).
  • Lastly, approximately €3 million was designated for local communities (0.1% of the generated value) through donations, sponsorship initiatives and environmental compensation pursuant to the law.

 

Distribution of added value (%)

 

 INCOME TAXES

 

Income taxes (€341 million) break down as follows:

(€ million) 2016 2017 2018
Current taxes:      
- IRES 287 301 313
- IRAP   61   59  60
  348 360 373
Deferred and prepaid taxes:      
- Deferred (22) (16) (16)
- Prepaid (18) (15) (16)
 - Adjustment to deferred taxes (Robin Hood Tax)      
  (40) (31) (32)
       
  308 329 341

 

Income taxes amounted to €341 million, comprised of €373 milion in current taxes partially offset by net deferred tax assets totalling €32 million.

The Snam Group is present on the national territory, through the fully controlled operating companies Snam Rete Gas S.p.A. and Infrastructure Transport Gas S.p.A. (ITG), GNL Italia S.p.A. and Stogit SpA, through which it oversees respectively the transportation, regasification and storage of natural gas. It is also present, through Newco and / or companies acquired during 2018, in the sustainable mobility and energy efficiency businesses.
Snam is present internationally through its subsidiaries Gasrule Insurance DAC, based in Dublin, and Snam International BV, based in the Netherlands, responsible for the tax obligations established by the respective national tax laws.
It also operates in Europe, also through agreements with major players in the sector and direct participation in the company's share capital, operating in the main continental energy corridors. Through its investee companies, it is present in Austria (TAG and GCA), France (Terēga), Greece (Senfluga) and the United Kingdom (Interconnector UK) and is one of the main shareholders of TAP (Trans Adriatic Pipeline).

Snam S.p.A. has also duties of strategic direction, direction and coordination of its subsidiaries.
Snam makes available to the public the annual, consolidated and separate financial statements of Snam S.p.A .: in the Balance Sheet there are the payables / receivables for tax and in the Income Statement the taxes and the tax rate for the period.

Below is a link to Snam’s web site from which you can extract the Group’s financial statements
 
http://www.snam.it/en/Investor_Relations/Reports/index.html

With regard to corporation tax (IRES), Snam opted for the Italian tax consolidation regime, to which all Italian consolidated companies have formally adhered, with the exception of those acquired during 2018 and of Newco constituted during 2018. 

 

 

Read the Snam Code of Ethics

Read the Snam Code of Ethics

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Find out more in Snam annual report

Find out more in Snam Annual Report

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Find out more about Business ethics and governance

Find out more about Business ethics and governance

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updated
19 April 2019 - 10:51 CEST