Annual Report 2011 - Snam

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24Snam Annual Report 2011 / Snam and financial marketsDuring 2011 the European financial markets were affected by the escalation s of the problems associatedwith the sovereign debt of various countries in the euro area, including Italy.The possible incapacity to refinance the stock of debt due to the size of the debt itself and the increasingcost of debt gradually reduced the confidence of market operators, penalising all European markets,primarily those of countries with higher levels of debt.Furthermore, during the year the financial markets also suffered from the increasing need of variousbanks to recapitalise in order to rebalance their capital structure.Lastly, the austerity moves of various governments to tackle the problems of their public accounts gaverise to downward revisions of the forecasts for economic growth indices for 2012 with, in some cases,predictions of recession.This had an inevitable negative effect on the annual performance of the primary European markets: theLondon FTSE 100 index was down 5.6%, the Frankfurt DAX 14.7%, while the CAC 40 in Paris was down17%. The European Eurostoxx 50 index closed the year down 17%.During the year the Italian financial markets also sustained a fall in value: the FTSE MIB index, whichincludes Italy’s 40 largest listed companies by market capitalisation, dropped by 25.2%, while the FTSEItalia All-Share index, which includes all listed companies, was down 24.3%. These performances weremotivated by the fact that Italy represented, in the foreign debt crisis, one of the high risk situations forfinancial market operators, especially in the last part of the year, because of fears of the refinancing of thehigh public debt. Moreover it should be underlined that the trend of the national indices was influencedby their segmented composition, featuring a prevalence of companies belonging to the banking sector,which during the year recorded a significantly downward trend.The Snam stock, which also features on the leading international indices (Stoxx Europe, S&P Europe,MSCI Europe) as well as the Italian FTSE MIB index, closed 2011 at an official price of €3.39, down 9.1%from the €3.73 recorded at the end of the previous year. The annual performance of the stock was notonly affected by the negative trend of the financial markets in Italy and Europe, but also and especiallyby the extension of the application of the Robin Hood Tax in the second part of year to regulatednational energy companies, which involved an increase in the tax rates.During the year, the stock did however outperform the European utilities sector (Stoxx Europe 600Utilities -16.6%), confirmation of the interest in companies with solid business fundamentals and longtermvisibility of results and cash flows, in spite of increasing country risk and elevated volatility.In 2011 the Italian MTA (Mercato Telematico Azionario) saw approximately 2.4 billion Snam shareschange hands, with average daily exchanges of around 9.3 million shares, a fall compared to the 11.5million of 2010.ShareholdersAt 31 December 2011, the fully subscribed and paid-up share capital of Snam Rete Gas S.p.A.totalled €3,571,187,994 and consisted of 3,571,187,994 ordinary shares with a nominal value of €1(3,570,768,494 shares with the same nominal value at 31 December 2010). The increase of €355,000over 31 December 2010 was due to the issue of 355,000 shares with a nominal value of €1, subscribedby executives entitled to participate in the 2003 and 2004 stock option plans.At year end, based on entries in the Shareholders’ Register and other information gathered, Eni S.p.A.held 52.53% of share capital, Snam Rete Gas S.p.A. held 5.39% in the form of treasury shares in theportfolio, and the remaining 42.08% was held by other shareholders.Snam Annual Report 2011
Snam Annual Report 2011 / Snam and financial markets25SNAM - COMPARISON OF PRICES OF SNAM, FTSE MIB AND EURO STOXX 600 UTILITIES(31 December 2010 - 31 December 2011)140120100806040200Volume Snam FTSEMIB Eurostoxx Utilities MlnJan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-1180706050403020100Source: Snam calculations using BLOOMBERG data.SHAREHOLDER BASE OF SNAM BY TYPE OF INVESTOR11.94% Continental Europe institutions52.53% ENI9.59% Retail investors7.41% North America institutions5.39% Treasury shares4.97% UK & Ireland institutions4.10% Italy institutions2.56% Rest of the World institutions1.51% Banca d'ItaliaSNAM SHAREHOLDER BASE BY GEOGRAPHICAL AREA11.94% Continental Europe73.12% Italy (*)7.41% USA and Canada4.97% UK and Ireland2.56% Rest of the World(*) The total amount of retail investors and treasury sharesin the portfolio is included in the Italian percentageKey indices which include Snam stockFTSE MIBStoxx Europe 600Stoxx Europe 600 UtilitiesS&P EuropeSustainability indicesFTSE4Good Europe (as of 2002)FTSE4Good Global (as of 2002)DJSI World (as of 2009)ECPI Ethical Europe (as of 2009)ECPI Ethical Global (as of 2009)ECPI Ethical EMU (as of 2009)Stoxx Global ESG Leaders (as of 2011)Snam Annual Report 2011
Page 1 and 2: Annual Report2011Snam Annual Report
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138Snam Annual Report 2011 / Consol
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142Snam Annual Report 2011 / Notes
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216Independent auditors’ reportSn
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