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Investments | 12 Months Ended
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Dec. 31, 2021
Investments |
Investments | 16 Investments Equity-accounted investments ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020
​ |  | Investments in |  | ​ |  | ​ |  | ​ |  | Investments in |  | ​ |  | ​ |  | ​
​ | ​ | unconsolidated entities | ​ | Joint | ​ | ​ | ​ | ​ | ​ | unconsolidated entities | ​ | Joint | ​ | ​ | ​ | ​
(€ million) | ​ | controlled by Eni | ​ | ventures | ​ | Associates | ​ | Total | ​ | controlled by Eni | ​ | ventures | ​ | Associates | ​ | Total
Carrying amount - beginning of the year |  | 80 |  | 2,832 |  | 3,837 |  | 6,749 |  | 86 |  | 4,592 |  | 4,357 |  | 9,035
Additions and subscriptions |  | 1 |  | 558 |  | 103 |  | 662 |  | 2 |  | 75 |  | 198 |  | 275
Divestments and reimbursements |  | (21) |  | (231) |  | (133) |  | (385) |  | — |  | (3) |  | (1) |  | (4)
Share of profit of equity-accounted investments |  | 6 |  | 31 |  | 165 |  | 202 |  | 3 |  | 21 |  | 14 |  | 38
Share of loss of equity-accounted investments |  | (3) |  | (910) |  | (381) |  | (1,294) |  | (2) |  | (1,399) |  | (332) |  | (1,733)
Deduction for dividends |  | (25) |  | (586) |  | (16) |  | (627) |  | (5) |  | (296) |  | (13) |  | (314)
Changes in the scope of consolidation |  | 5 |  | 355 |  | — |  | 360 |  | 3 |  | 30 |  | 1 |  | 34
Currency translation differences |  | 2 |  | 83 |  | 296 |  | 381 |  | (4) |  | (254) |  | (345) |  | (603)
Other changes |  | (1) |  | (75) |  | (85) |  | (161) |  | (3) |  | 66 |  | (42) |  | 21
Carrying amount - end of the year |  | 44 |  | 2,057 |  | 3,786 |  | 5,887 |  | 80 |  | 2,832 |  | 3,837 |  | 6,749
​ Acquisitions and share capital increases mainly related for €480 million to the acquisition of a 20% stake in Doggerbank Offshore Wind Farm Project 1 Holdco Ltd and Doggerbank Offshore Wind Farm Project 2 Holdco Ltd, which are developing the Dogger Bank (A and B) offshore wind power generation project in the British North Sea. Divestments and reimbursement essentially related to the sale of Unión Fenosa Gas SA for €232 million to the Spanish partner Naturgy following the corporate restructuring through the splitting of the assets of the venture among the shareholders, as well as a capital reimbursement made by Angola Lng Ltd for €130 million. Eni’s share of the results of entities accounted for under the equity method mainly comprised a loss incurred at: (i) Saipem SpA for €752 million due to operating losses on contracts and to the recognition of extraordinary and restructuring charges. The loss was estimated by management on the basis of the best information available on the market and on the preliminary results of 2021 announced; (ii) Abu Dhabi Oil Refining Co (TAKREER) for €362 million relating to the loss of the year mainly due to the recognition of write-downs of plants due to lower profitability prospects and decommissioning provisions due to the closure of some production lines. Share of losses of equity-accounted investments included a loss of €78 million accounted at the joint venture Cardón IV SA (Eni’s interest 50%) which is operating the Perla gas field in Venezuela, affected by the slowdown in the gas supplies to the buyer PDVSA due to a deteriorated operating environment and credit losses. The residual value of €51 million of the investment in the PetroJunín project was canceled due to the lack of profitability prospects of the project. Deduction for dividends related for €561 million to Vår Energi AS. Net carrying amount related to the following companies: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2021 |  | December 31, 2020
​ |  | Net carrying |  | % of the |  | Net carrying |  | % of the
(€ million) | ​ | amount | ​ | investment | ​ | amount | ​ | investment
Investments in unconsolidated entities controlled by Eni | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Eni BTC Ltd |  | 2 |  | 100.00 |  | 24 |  | 100.00
Other |  | 42 |  | — |  | 56 |  | —
​ |  | 44 |  | — | ​ | 80 |  | —
Joint ventures |  | ​ |  | ​ |  | ​ |  | ​
Vår Energi AS |  | 645 |  | 69.85 |  | 1,144 |  | 69.85
Mozambique Rovuma Venture SpA |  | 355 |  | 35.71 |  | — |  | —
Cardón IV SA |  | 279 |  | 50.00 |  | 199 |  | 50.00
Doggerbank Offshore Wind Farm Project 1 Holdco Ltd | ​ | 246 | ​ | 20.00 | ​ | — | ​ | —
Doggerbank Offshore Wind Farm Project 2 Holdco Ltd |  | 238 |  | 20.00 |  | — |  | —
Saipem SpA | ​ | 137 | ​ | 31.20 | ​ | 908 | ​ | 31.08
Lotte Versalis Elastomers Co Ltd |  | 54 |  | 50.00 |  | 51 |  | 50.00
Società Oleodotti Meridionali - SOM SpA | ​ | 27 | ​ | 70.00 | ​ | 32 | ​ | 70.00
PetroJunín SA |  | — |  | 40.00 |  | 50 |  | 40.00
Unión Fenosa Gas SA | ​ | — | ​ | — | ​ | 242 | ​ | 50.00
Gas Distribution Company of Thessaloniki - Thessaly SA |  | — |  | — |  | 140 |  | 49.00
Other |  | 76 |  | — |  | 66 |  | —
​ |  | 2,057 |  | — | ​ | 2,832 |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Associates |  | ​ |  | ​ |  |  |  |
Abu Dhabi Oil Refining Co (Takreer) | ​ | 2,151 | ​ | 20.00 | ​ | 2,335 | ​ | 20.00
Angola LNG Ltd |  | 1,084 |  | 13.60 |  | 1,039 |  | 13.60
Coral FLNG SA |  | 156 |  | 25.00 |  | 138 |  | 25.00
Novis Renewables Holdings Llc | ​ | 75 | ​ | 49.00 | ​ | 65 | ​ | 49.00
United Gas Derivatives Co | ​ | 75 | ​ | 33.33 | ​ | 58 | ​ | 33.33
Bluebell Solar Class A Holdings II Llc |  | 71 |  | 99.00 |  | — |  | —
ADNOC Global Trading Ltd |  | 42 |  | 20.00 |  | — |  | 20.00
Finproject SpA |  | — |  | — |  | 73 |  | 40.00
Other |  | 132 |  | — |  | 129 |  | —
​ |  | 3,786 |  | — | ​ | 3,837 |  | —
​ |  | 5,887 |  | — | ​ | 6,749 |  | —
​ The interest held in Mozambique Rovuma Venture SpA, previously accounted for as a joint operation, was reclassified as joint venture. More information is disclosed in note 4 - IFRSs not yet adopted - Change in the classification of the joint arrangement Mozambique Rovuma Venture SpA. The results of equity-accounted investments by segment are disclosed in note 35 – Segment information and information by geographical area. The carrying amounts of equity-accounted investments included differences between the purchase price of acquired interests and their underlying book value of net assets amounting to €487 million mainly relating to Doggerbank Offshore Wind Farm Project 1 Holdco Ltd and Doggerbank Offshore Wind Farm Project 2 Holdco Ltd for €483 million. Such surplus was driven by the long-term profitability outlook of the acquired company at the time of the acquisition. As of December 31, 2021, the market value of the investments listed in regulated stock markets was as follows: ​
​ | ​ | ​
​ |  | Saipem SpA
Number of shares held | ​ | 308,767,968
% of the investment | ​ | 31.20
Share price (€) | ​ | 1,845
Market value (€ million) | ​ | 570
Book value (€ million) | ​ | 137
​ Additional information is included in note 37 – Other information about investments. Other investments ​
​ | ​ | ​ | ​ | ​
(€ million) |  | 2021 |  | 2020
Carrying amount – beginning of the year |  | 957 |  | 929
Additions and subscriptions |  | 175 |  | 8
Change in the fair value with effect to OCI |  | 105 |  | 24
Divestments and reimbursements |  | — |  | (12)
Currency translation differences |  | 57 |  | (61)
Other changes |  | — |  | 69
Carrying amount – end of the year |  | 1,294 |  | 957
​ The fair value of the main non-controlling interests in non-listed investees on regulated markets, classified within level 3 of the fair value hierarchy, was estimated based on a methodology that combines future expected earnings and the sum-of-the-parts methodology (so-called residual income approach) and takes into account, inter alia, the following inputs: (i) expected net profits, as a gauge of the future profitability of the investees, derived from the business plans, but adjusted, where appropriate, to include the assumptions that market participants would incorporate; (ii) the cost of capital, adjusted to include the risk premium of the specific country in which each investee operates. A stress test based on a 1% change in the cost of capital considered in the valuation did not produce significant changes at the fair value valuation. Acquisitions and subscriptions concerned the payment of advances for the purchase of investments for €120 million. The fair value measurement with effect to OCI referred for €106 million to Novamont SpA. Dividend income from these investments is disclosed in note 32 – Income (expense) from investments. The investment book value as of December 31, 2021 primarily related to Nigeria LNG Ltd for €637 million (€579 million at December 31, 2020), Saudi European Petrochemical Co “IBN ZAHR” for €124 million (€115 million at December 31, 2020) and Novamont SpA for €183 million (€77 million at December 31, 2020).

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