XML 121 R23.htm IDEA: XBRL DOCUMENT
v3.23.1

Investments | 12 Months Ended
--- | ---
Dec. 31, 2022
Investments |
Investments | 16 Investments Equity-accounted investments
| 2022 |  |  | 2021 |
(€ million) | Investments in unconsolidated entities controlled by Eni |  |  | Joint ventures |  |  | Associates |  |  | Total |  |  | Investments in unconsolidated entities controlled by Eni |  |  | Joint ventures |  |  | Associates |  |  | Total |
Carrying amount - beginning of the year | 44 |  |  | 2,057 |  |  | 3,786 |  |  | 5,887 |  |  | 80 |  |  | 2,832 |  |  | 3,837 |  |  | 6,749 |
Additions and subscriptions | 21 |  |  | 900 |  |  | 686 |  |  | 1,607 |  |  | 1 |  |  | 558 |  |  | 103 |  |  | 662 |
Divestments and reimbursements | (2 | ) |  | (1 | ) |  | (477 | ) |  | (480 | ) |  | (21 | ) |  | (231 | ) |  | (133 | ) |  | (385 | )
Share of profit of equity-accounted investments | 5 |  |  | 474 |  |  | 1,684 |  |  | 2,163 |  |  | 6 |  |  | 31 |  |  | 165 |  |  | 202 |
Share of loss of equity-accounted investments | (6 | ) |  | (197 | ) |  | (82 | ) |  | (285 | ) |  | (3 | ) |  | (910 | ) |  | (381 | ) |  | (1,294 | )
Deduction for dividends | (3 | ) |  | (483 | ) |  | (708 | ) |  | (1,194 | ) |  | (25 | ) |  | (586 | ) |  | (16 | ) |  | (627 | )
Changes in the scope of consolidation | 5 |  |  | (710 | ) |  | (1,122 | ) |  | (1,827 | ) |  | 5 |  |  | 355 |  |  |  |  |  | 360 |
Currency translation differences | 2 |  |  | (231 | ) |  | 230 |  |  | 1 |  |  | 2 |  |  | 83 |  |  | 296 |  |  | 381 |
Other changes | (16 | ) |  | 5,256 |  |  | 980 |  |  | 6,220 |  |  | (1 | ) |  | (75 | ) |  | (85 | ) |  | (161 | )
Carrying amount - end of the year | 50 |  |  | 7,065 |  |  | 4,977 |  |  | 12,092 |  |  | 44 |  |  | 2,057 |  |  | 3,786 |  |  | 5,887 |
Acquisitions and share capital increases mainly related for: (i) €624 million to the capital increase of Saipem SpA; (ii) for €306 million to the partnership agreement for the purchase of a 25% stake in the joint venture Qatar Liquefied Gas Company Limited (9) (Eni's interest 25%) which hold s a 12.5% interest in the North Field East project (NFE) to ensure Eni a 3.125% stake in the project for the development of the country's natural gas reserves by building a multi-train liquefaction plant with a combined capacity of 32 MTPA; (iii) for €161 million to the acquisition from Equinor and SSE Renewables of a 20% stake in Doggerbank Offshore Wind Farm Project 3 Holdco Ltd which is developing the homonymous offshore wind project in the British North Sea. In 2022, the interest was contributed to the Norwegian joint venture Vårgrønn AS (Eni's interest 65%). Divestments and reimbursement related to: (i) a capital repayment made by Angola LNG Ltd for €375 million; (ii) the sale of a 6% in Vår Energi ASA with a book value of €91 million following the listing through an IPO at the Oslo Stock Exchange and a subsequent private placement among insitutional investors. Eni’s share of the results of entities accounted for under the equity method mainly comprised a profit at: (i) Vår Energi ASA for €691 million; (ii) Azule Energy Holdings Ltd for €455 million; (iii) Abu Dhabi Oil Refining Company (TAKREER) for €359 million; (iv) Angola LNG Ltd of €290 million; (v) ADNOC Global Trading Ltd for €170 million; (vi) Coral FLNG SA for €140 million. Losses of equity-accounted in vestments included: (i) Saipem SpA for €82 million; (ii) Mozambique Rovuma Venture SpA for €72 million; (iii) Novamont SpA for €53 million. Reducti on for dividends related for €475 million to Azule Energy Holdings Ltd, for €469 million to Vår Energi ASA, for €142 million to Abu Dhabi Oil Refining Company (TAKREER) and for €54 million to ADNOC Global Trading Ltd. Changes in the scope of consolidation referred for €1,122 million to Angola LNG Ltd, which was contributed to Azule Energy Holdings Ltd and for €731 million to Dogger Bank (A, B and C) which were contributed to the Vårgrønn AS joint venture. Business combinations are commented on in note 5 - Business combinations and other significant transactions. Other changes include d the inclusion of the joint venture Azule Energy Holdings Ltd for €5,352 million and the joint venture Vårgrønn AS for €374 million. Net carrying amount s related to the following companies:
| December 31, 2022 |  |  | December 31, 2021 |
(€ million) | Net carrying amount |  |  | % of the investment |  |  | Net carrying amount |  |  | % of the investment |
Investments in unconsolidated entities controlled by Eni |  |  |  |  |  |  |  |  |  |  |
Eni BTC Ltd | 1 |  |  | 100.00 |  |  | 2 |  |  | 100.00 |
Other | 49 |  |  |  |  |  | 42 |  |  |  |
| 50 |  |  |  |  |  | 44 |  |  |  |
Joint ventures |  |  |  |  |  |  |  |  |  |  |
Azule Energy Holdings Ltd | 5,073 |  |  | 50.00 |  |  |  |  |  |  |
Saipem SpA | 645 |  |  | 31.20 |  |  | 137 |  |  | 31.20 |
Cardón IV SA | 433 |  |  | 50.00 |  |  | 279 |  |  | 50.00 |
Vårgrønn AS | 370 |  |  | 65.00 |  |  | 3 |  |  | 69.60 |
Mozambique Rovuma Venture SpA | 308 |  |  | 35.71 |  |  | 355 |  |  | 35.71 |
GreenIT SpA | 74 |  |  | 51.00 |  |  | 9 |  |  | 51.00 |
Lotte Versalis Elastomers Co Ltd | 41 |  |  | 50.00 |  |  | 54 |  |  | 50.00 |
Hergo Renewables SpA | 33 |  |  | 65.00 |  |  |  |  |  |  |
Società Oleodotti Meridionali - SOM SpA | 29 |  |  | 70.00 |  |  | 27 |  |  | 70.00 |
Vår Energi AS |  |  |  |  |  |  | 645 |  |  | 69.85 |
Doggerbank Offshore Wind Farm Project 1 Holdco Ltd |  |  |  |  |  |  | 246 |  |  | 20.00 |
Doggerbank Offshore Wind Farm Project 2 Holdco Ltd |  |  |  |  |  |  | 238 |  |  | 20.00 |
Other | 59 |  |  |  |  |  | 64 |  |  |  |
| 7,065 |  |  |  |  |  | 2,057 |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |  |
Abu Dhabi Oil Refining Company (Takreer) | 2,497 |  |  | 20.00 |  |  | 2,151 |  |  | 20.00 |
Vår Energi ASA | 763 |  |  | 63.08 |  |  |  |  |  |  |
Coral FLNG SA | 330 |  |  | 25.00 |  |  | 156 |  |  | 25.00 |
Qatar Liquefied Gas Company Limited (9) | 302 |  |  | 25.00 |  |  |  |  |  |  |
Novamont SpA | 255 |  |  | 35.00 |  |  |  |  |  |  |
ADNOC Global Trading Ltd | 158 |  |  | 20.00 |  |  | 42 |  |  | 20.00 |
Novis Renewables Holdings Llc | 74 |  |  | 49.00 |  |  | 75 |  |  | 49.00 |
Bluebell Solar Class A Holdings II Llc | 73 |  |  | 99.00 |  |  | 71 |  |  | 99.00 |
United Gas Derivatives Co | 72 |  |  | 33.33 |  |  | 75 |  |  | 33.33 |
Angola LNG Ltd |  |  |  |  |  |  | 1,084 |  |  | 13.60 |
Other | 453 |  |  |  |  |  | 132 |  |  |  |
| 4,977 |  |  |  |  |  | 3,786 |  |  |  |
| 12,092 |  |  |  |  |  | 5,887 |  |  |  |
The stake held in Vår Energi ASA was reclassified from joint venture to associate following the listing through an IPO at the Oslo stock exchange. The investment in Novamont SpA was reclassified from other investment to associate following the agreement reached between Eni and Novamont which settled all pending disputes over the management of the Matrìca joint venture, engaged in the development of renewable chemical feedstocks, with an increase in Eni equity investment in Novamont. The r esults 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 €74 million. As at 31 December 2022, the book and market values of Saipem SpA and Vår Energi ASA, listed on the Italian and the Norwegia n stock exchange, respectively, were as follows:
| Saipem SpA |  |  | Vår Energi ASA |
Number of ordinary shares held | 622,476,192 |  |  | 1,574,616,035 |
% of the investment | 31.20 |  |  | 63.08 |
Share price (€) | 1.12750 |  |  | 3.19470 |
Market value (€ million) | 702 |  |  | 5,030 |
Book value (€ million) | 645 |  |  | 763 |
At December 31, 2022, the market capitalization of Saipem share exceeded the book value of the investment by €57 million, in line with the corresponding fraction of the investee's book equity. At December 31, 2022, the market capitalization of the Vår Energi ASA share for Eni's stake is €4,267 million higher than the book value of the investment. Additional information is included in note 37 – Other information about investments. Other investments
(€ million) | 2022 |  |  | 2021 |
Carrying amount - beginning of the year | 1,294 |  |  | 957 |
Additions and subscriptions | 68 |  |  | 175 |
Change in the fair value with effect to OCI | 56 |  |  | 105 |
Currency translation differences | 42 |  |  | 57 |
Other changes | (258 | ) |  |  |
Carrying amount - end of the year | 1,202 |  |  | 1,294 |
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. Dividend income from these inve stments is disclosed in note 3 2 – Income (expense) from investments. Other changes comprised the reclassification to associates of Novamont SpA for €220 million. The investment bo ok value as of December 31, 202 2 primarily related to Nigeria LNG Ltd for €668 million (€637 million at December 31, 2021) and Saudi European Petrochemical Co “IBN ZAHR” for €108 million (€124 million at December 31, 2021).

X
- Definition Disclosure Of Investments + References No definition available. + Details
Name: | e_DisclosureOfInvestmentsAbstract
Namespace Prefix: | e_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of investments. + References No definition available. + Details
Name: | e_DisclosureOfInvestmentsTextBlock
Namespace Prefix: | e_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration