XML 104 R33.htm IDEA: XBRL DOCUMENT v3.19.1
Shareholders' equity
 12 Months Ended
Dec. 31, 2018
Shareholders' equity [Member]  
Disclosure of share capital, reserves and other equity interest [text block]
25 Shareholders’ equity
As of
January 1, 2018
, the effects of the application of IFRS
9
and IFRS
15
are the following:
(€ million)
 
 
Share
capital
 
 
Retained
Earnings
 
 
Other
reserves
 
 
Net profit
(loss)
 
 
Total
 
Carrying amount at December 31, 2017
 
 
4,005
 
 
 
35,966
 
 
 
4,685
 
 
 
3,374
 
 
 
48,030
 
Changes in accounting principles (IFRS 9)
 
 
 
 
 
 
294
 
 
 
 
 
 
 
 
 
 
 
294
 
Changes in accounting principles (IFRS 15)
 
 
 
 
 
 
(49)
 
 
 
 
 
 
 
 
 
 
(49
)
Carrying amount at January 1, 2018
 
 
4,005
 
 
 
36,211
 
 
 
4,685
 
 
 
3,374
 
 
 
48,275
 
 
More information about the application of IFRS
9
and IFRS
15
is disclosed in note
3
 — Changes in accounting policies.
 
(€ million)
 
December 31, 2018 
 
December 31, 2017 
Share capital
 
 
4,005
 
 
 
4,005
 
Retained earnings
 
 
36,702
 
 
 
35,966
 
Cumulative currency translation differences
 
 
6,605
 
 
 
4,818
 
Legal reserve
 
 
959
 
 
 
959
 
Reserve for treasury shares
 
 
581
 
 
 
581
 
Reserve related to the fair value of cash flow hedging derivatives net of the tax effect
 
 
(9)
 
 
 
183
 
Reserve related to the defined benefit plans net of tax effect
 
 
(130
)
 
 
(114
)
Other comprehensive income on equity-accounted investments
 
 
66
 
 
 
90
 
Other comprehensive income on other investments
 
 
15
 
 
 
 
 
Other reserves
 
 
190
 
 
 
190
 
Treasury shares
 
 
(581
)
 
 
(581
)
Interim dividend
 
 
(1,513
)
 
 
(1,441
)
Net profit (loss) for the year
 
 
4,126
 
 
 
3,374
 
 
 
 
51,016
 
 
 
48,030
 
 
Share capital
As of December 31, 2018, the parent company’s issued share capital consisted of  €4,005,358,876 represented by 3,634,185,330 
ordinary shares without nominal value (same amounts as of December 31, 2017).
 
On May 10, 2018, Eni’s Shareholders’ Meeting resolved the distribution of a dividend of 
€0.40
per share, with the exclusion of treasury shares held at the ex-dividend date, in full settlement of the 2017 dividend of  
€0.40
per share, of which €
0.40 
per share paid as interim dividend in 2017. The balance was paid on 23 May 2018, to shareholders on the register on 21 May 2018, record date on 22 May 2018. Total dividend per share in 2017 was
 €0.80.
Legal reserve
This reserve represents earnings restricted from the payment of dividends pursuant to Article 2430 of the Italian Civil Code. The legal reserve has reached the maximum amount required by the Italian Law.
Reserve for treasury shares
The reserve for treasury shares represents the reserve that was established in previous reporting period to repurchase the Company shares in accordance with resolutions at Eni’s Shareholders’ Meetings.
Other Comprehensive Income reserves
 
 
Cash flow hedge derivatives
 
Defined benefit plans
 
 
 
 
(€ million)
 
Gross
reserve
 
Deferred
tax
liabilities
 
Net
reserve
 
Gross
reserve
 
Deferred
tax
liabilities
 
Net
reserve
 
Other
comprehensive

income on
equity-
accounted

investments
 
Investments
valued at
fair value
Reserve as of December 31, 2017
 
 
240
 
 
 
(57
)
 
 
183
 
 
 
(133
)
 
 
19
 
 
 
(114
)
 
 
90
 
 
 
  
Changes of the year
 
 
399
 
 
 
(116
)
 
 
283
 
 
 
(15
)
 
 
(2
)
 
 
(17
)
 
 
(24
)
 
 
15
 
Foreign currency translation differences
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1
 
 
 
(1
)
 
 
 
 
 
 
 
 
 
 
 
 
Change in scope of consolidation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4
 
 
 
(3
)
 
 
 
1
 
 
 
 
 
 
 
 
 
Reversal to inventories adjustments
 
 
(10
)
 
 
3
 
 
 
(7
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reclassification adjustments
 
 
(642
)
 
 
174
 
 
 
(468
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reserve as of December 31, 2018
 
 
(13
)
 
 
4
 
 
 
(9
)
 
 
(143
)
 
 
 
13
 
 
 
(
130
)
 
 
66
 
 
 
15
 
Reserve as of December 31, 2016
 
 
246
 
 
 
(57
)
 
 
189
 
 
 
(99
)
 
 
(13
)
 
 
(112
)
 
 
21
 
 
 
 
 
Changes of the year
 
 
(59
)
 
 
14
 
 
 
(45
)
 
 
(33
)
 
 
29
 
 
 
(4
)
 
 
69
 
 
 
 
 
Foreign currency translation differences
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1
) 
 
 
3
 
 
 
2
 
 
 
 
 
 
 
 
 
Reclassification adjustments
 
 
53
 
 
 
(14
)
 
 
39
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reserve as of December 31, 2017
 
 
240
 
 
 
(57
)
 
 
183
 
 
 
(133
)
 
 
 
19
 
 
 
 (
114
)
 
 
90
 
 
 
 
 
 
Reserve related to investments valued at fair value does not include the effects of first application of IFRS 9 of  €
681
million recognized in retained earnings.

Other reserves
Other reserves related to: (i) a reserve of  €
127
 million representing the increase in Eni shareholders’ equity associated with a business combination under common control, whereby the parent company Eni SpA divested its subsidiaries; (ii) a reserve of  €
63
 million deriving from Eni SpA’s equity.
Cumulative foreign currency translation differences
The cumulative foreign currency translation differences arose from the translation of financial statements denominated in currencies other than euro.
Treasury shares
A total of
33,045,197 Eni’s ordinary shares (same amount as of December 31, 2017) were held in treasury for a total cost of  €581 million (same amount as of December 31, 2017). 
On April 13, 2017, the Shareholders Meeting approved the Long-Term Monetary Incentive Plan 2017 – 2019 and empowered the Board of Directors to execute the Plan by authorizing it to dispose up to a maximum of 11 million of treasury shares in service of the Plan.
Interim dividend
The interim dividend for the year
2018
 amounted to €
1,513
 million corresponding to €
0.42
per share, as resolved by the Board of Directors on September 
13
,
2018
, in accordance with Article 
2433
-bis, paragraph
5
of the Italian Civil Code; the dividend was paid on September 
26
,
2018
.
Distributable reserves
As of December 
31
,
2018
, Eni shareholders’ equity included distributable reserves of approximately €
46
billion.
Reconciliation of net profit and shareholders’ equity of the parent company Eni SpA to consolidated net profit and shareholders’ equity
 
   
Net profit
  
Shareholders’ equity
 
(€ million)
  
2018
  
2017
  
December 31, 
2018
  
December 31, 
2017
 
As recorded in Eni SpA’s Financial Statements
    3,173     3,586     42,615     42,529  
Excess of net equity stated in the separate accounts of 
consolidated subsidiaries over the corresponding 
carrying amounts of the parent company		    (134)     (466)     7,183     6,110  
Consolidation adjustments:                         
- difference between purchase cost and underlying carrying amounts of net equity          (1)     153     145  
- adjustments to comply with Group account policies
    862     202     2,000     719  
- elimination of unrealized intercompany profits
    177     (88)     (519)     (807)  
- deferred taxation
    59     144     (359)     (617)  
     4,137     3,377     51,073     48,079  
Non-controlling interest
    (11)     (3)     (57)     (49)  
As recorded in Consolidated Financial Statements
    4,126     3,374     51,016     48,030