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Guarantees, commitments and risks (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of detailed information about guarantees [text block]

Guarantees

(€ million)	December 31, 2018		December 31, 2017
Consolidated subsidiaries		5,082		5,595
Unconsolidated subsidiaries		196		181
Joint ventures and associates		4,056		10,046
Others		163		352
		9,497		16,174

Disclosure of detailed information about commitments and risks [text block]

Commitments and risks

(€ million)	December 31, 2018		December 31, 2017
Commitments		54,611		14,498
Risks		673		691
		55,284		15,189

Disclosure of detailed information about maturity analysis for finance debt repayments including interest charges and derivatives [text block]

The table below summarizes the Group main contractual obligations for finance liability repayments, including expected payments for interest charges and derivatives.

	Maturity year
(€ million)	2019		2020		2021		2022		2023		2024 and thereafter		Total
December 31, 2018
Non-current financial liabilities (including the current portion)		3,301		2,958		1,541		1,253		2,714		11,723		23,490
Current financial liabilities		2,182												2,182
Fair value of derivative instruments		1,445		13		1		21				5		1,485
		6,928		2,971		1,542		1,274		2,714		11,728		27,157
Interest on finance debt		655		545		436		330		320		1,677		3,963
Financial guarantees		668												668

	Maturity year
(€ million)	2018		2019		2020		2021		2022		2023 and thereafter		Total
December 31, 2017
Non-current financial liabilities (including the current portion)		2,000		4,084		2,857		1,279		1,246		10,810		22,276
Current financial liabilities		2,242												2,242
Fair value of derivative instruments		1,011		64		10		1		16				1,102
		5,253		4,148		2,867		1,280		1,262		10,810		25,620
Interest on finance debt		582		511		411		304		250		1,455		3,513
Financial guarantees		473												473

Disclosure of detailed information about trade and other payables by maturity [text block]

The table below summarizes the Group trade and other payables by maturity.

	Maturity year
(€ million)	2019		2020 – 2023		2024 and thereafter		Total
December 31, 2018
Trade payables		11,645						11,645
Other payables and advances		5,102		59		96		5,257
		16,747		59		96		16,902

	Maturity year
(€ million)	2018		2019 – 2022		2023 and thereafter		Total
December 31, 2017
Trade payables		10,890						10,890
Other payables and advances		5,858		19		26		5,903
		16,748		19		26		16,793

Disclosure of detailed information about expected payments by period under contractual obligations [text block]

The table below summarizes the Group principal contractual obligations as of the balance sheet date, shown on an undiscounted basis.

	Maturity year
(€ million)	2019		2020		2021		2022		2023		2024 and thereafter		Total
Operating lease obligations (a)		776		601		481		303		268		1,524		3,953
Decommissioning liabilities (b)		335		294		407		260		124		12,394		13,814
Environmental liabilities		349		321		254		239		188		1,245		2,596
Purchase obligations (c)		14,674		11,258		10,649		9,683		9,546		76,014		131,824
- Gas
- take-or-pay contracts		11,886		10,470		9,995		9,276		9,210		75,035		125,872
- ship-or-pay contracts		1,164		558		482		382		324		941		3,851
- Other purchase obligations		1,624		230		172		25		12		38		2,101
Other obligations		8		1		1		1		1		104		116
- Memorandum of intent Val d’Agri		8		1		1		1		1		104		116
		16,142		12,475		11,792		10,486		10,127		91,281		152,303

(a)

There are no significant restrictions provided by these operating leases which limit the ability of the Company to pay dividend, use assets or to take on new borrowings.

(b)

Represents the estimated future costs for the decommissioning of oil and natural gas production facilities at the end of the producing lives of fields, well-plugging, abandonment and site restoration.

(c)

Represents any agreement to purchase goods or services that is enforceable and legally binding and that specifies all significant terms.

Disclosure of committed projects [text block]

The amounts shown in the table below include committed expenditures to execute certain environmental projects.

	Maturity year
(€ million)	2019		2020		2021		2022		2023 and thereafter		Total
Committed projects		6,492		4,917		3,458		1,910		3,629		20,406

Disclosure of detailed information about financial instruments [text block]

The carrying amount of financial instruments and the relevant economic and equity effect consisted of the following:

	2018								2017
	Finance income (expense) recognized in										Finance income (expense) recognized in
(€ million)	Carrying amount		Profit and loss account			Other comprehensive income			Carrying amount		Profit and loss account			Other comprehensive income
Held-for-trading financial instruments
Financial assets held for trading (a)		6,552		32						6,012		(111	)
Non-hedging and trading derivatives (b)		117		(178	)					209		793
Non-current financial instruments
Held-to-maturity securities (a)										73
Available-for-sale financial instruments
Securities (a)										207		9			(4	)
Other investments valued at fair value (c)		919		231			15
Receivables and payables and other assets/liabilities valued at amortized cost:
Trade receivables and other (d)		14,145		(343	)					15,583		(958	)
Financing receivables (e)		1,489		(139	)					1,918		(116	)
Securities (a)		64
Trade payables and other (a)		16,902		(28	)					16,793		(51	)
Financing payables (f)		25,865		(615	)					24,707		(1,137	)
Net assets (liabilities) for hedging derivatives (g)				642			(243	)				(42	)		(6	)

(a)

Income or expense were recognized in the profit and loss account within “Finance income (expense)”.

(b)

In the profit and loss account, economic effects were recognized as income within “Other operating income (loss)” for €129 million (loss for €44 million in 2017) and as loss within “Finance income (expense)” for €307 million (income for €837 million in 2017).

(c)

Income or expense were recognized in the profit and loss account within “Income (expense) from investments — Dividends”.

(d)

Income or expense were recognized in the profit and loss account as net impairment losses within “Net (impairment losses) reversal of trade and other receivables” for €415 million (net impairment losses for €913 million in 2017) and as income within “Finance income (expense)” for €69 million (expenses for €45 million in 2017), including interest income calculated on the basis of the effective interest rate of €38 million.

(e)

In the profit and loss account, income or expense were recognized as expense within “Finance income (expense)” for €139 million (€116 million in 2017), including interest income calculated on the basis of the effective interest rate of €129 million (€128 million in 2017) and net impairment losses for €275 million.

(f)

In the profit and loss account, income or expense were recognized as expense within “Finance income (expense)” for €615 million (€1,137 million in 2017), including interest income calculated on the basis of the effective interest rate of €605 million (€654 million in 2017).

(g)

In the profit and loss account, income or expense were recognized within “Net sales from operations” and “Purchase, services and other” as income for €642 million (expense for €54 million in 2017), and as income within “Other operating income (expense)” for €12 million in 2017.

Disclosure of off setting of financial assets and financial liabilities [text block]

The table below summarizes the disclosures about the offsetting of financial instruments.

(€ million)	Gross amount of financial assets and liabilities		Gross amount of financial assets and liabilities subject to offsetting		Net amount of financial assets and liabilities
December 31, 2018
Financial assets
Trade and other receivables		15,634		1,533		14,101
Other current assets		3,894		1,636		2,258
Financial liabilities
Trade and other liabilities		18,280		1,533		16,747
Other current liabilities		5,616		1,636		3,980
December 31, 2017
Financial assets
Trade and other receivables		16,636		1,215		15,421
Other current assets		2,852		1,279		1,573
Financial liabilities
Trade and other liabilities		17,963		1,215		16,748
Other current liabilities		2,794		1,279		1,515

Disclosure Of commodity contracts and financial derivatives [Text Block]

(Sensitivity — Dollar value of 1 basis point — DVBP)

	2018								2017
(€ million)	High		Low		Average		At year end		High		Low		Average		At year end
Strategic liquidity (a)		0.35		0.25		0.29		0.25		0.41		0.27		0.35		0.27

(a)

Management of strategic liquidity portfolio starting from July 2013.

(Sensitivity — Dollar value of 1 basis point — DVBP)


	2018								2017
($ million)	High		Low		Average		At year end		High		Low		Average		At year end
Strategic liquidity (b)		0.04		0.01		0.02		0.02		0.04		0.02		0.03		0.03

(b)

Management of strategic liquidity portfolio in $currency starting from August 2017.

Parametric Method Variance Covariance [Member]

Sensitivity analysis for types of market risk [text block]

The following table shows amounts in terms of VaR, recorded in 2018 (compared with 2017) relating to interest rate and exchange rate risks in the first section and commodity risk. Regarding the management of strategic liquidity, the sensitivity to changes of interest rate is expressed by values of “Dollar value per Basis Point” (DVBP).

(Value at risk

—

parametric method variance/covariance; holding period: 20 days; confidence level: 99%)

	2018								2017
(€ million)	High		Low		Average		At year end		High		Low		Average		At year end
Interest rate (a)		3.65		1.80		2.73		2.99		3.76		1.72		2.38		2.58
Exchange rate (a)		0.57		0.09		0.28		0.25		0.57		0.08		0.22		0.26

(a)

Value at risk deriving from interest and exchange rates exposures include the following finance department: Eni Corporate Treasury Department, Eni Finance International SA, Banque Eni SA and Eni Finance USA Inc.

Historic Simulation Weighted Method [Member]

Sensitivity analysis for types of market risk [text block]

(Value at risk — Historic simulation weighted method; holding period: 1 day; confidence level: 95%)

	2018								2017
(€ million)	High		Low		Average		At year end		High		Low		Average		At year end
Commercial exposures – Management Portfolio (a)		18.60		6.79		11.04		7.50		21.14		5.15		12.24		5.15
Trading (b)		2.28		0.26		0.73		0.27		2.29		0.21		0.79		0.66

(a)

Refers to the Gas & LNG Marketing Power business line (risk exposure from Refining & Marketing business line and Gas & Power Division), Eni Trading & Shipping commercial portfolio, operating branches outside Italy pertaining to the Divisions and from October 2016 the Gas and Luce Business line. For the gas&power business lines, following the approval of the Eni’s Board of Directors on December 12, 2013, VaR is calculated on the so-called Statutory view, with a time horizon that coincides with the year considering all the volumes delivered in the year and the relevant financial hedging derivatives. Consequently, in the year the VaR pertaining to GLP and EGL presents a decreasing trend following the progressive reaching of the maturity of the positions within the annual horizon.

(b)

Cross-commodity proprietary trading, both for commodity contracts and financial derivatives, refers to Eni Trading & Shipping SpA (London-Bruxelles-Singapore) and Eni Trading & Shipping Inc (Houston).