XML 119 R12.htm IDEA: XBRL DOCUMENT
v3.24.1

Business combinations and other significant transactions | 12 Months Ended
--- | ---
Dec. 31, 2023
Business combinations and other significant transactions |
Business combinations and other significant transactions | 5 Business combinations and other significant transactions Acquisitions In 2023, Eni executed the acquisitions represented below with an outlay of €1,432 million, assuming net financial liabilities of €91 million, of which cash and cash equivalents for €155 million. Plenitude business line On January 30, 2023, Eni purchased the Kellam photovoltaic plant with an installed capacity of 81 MW located in North Texas. The consideration of the transaction amounted to €37 million with assumption of net financial liabilities of €2 million, of which cash and cash equivalents for €1 million. The price allocation of the acquired net assets was made on a provisional basis without recognition of goodwill. On February 9, 2023, Eni acqui red the Spanish company Maristella Directorship SLU, owner of a solar energy project with a capacity of 90 MWp. The consideration of the transaction amounted to €5 million, which were allocated to property, plant and equipment in progress. On May 11, 2023, Eni acqui red two Spanish companies, Wind Hero SLU and Wind Grower SLU, which have the rights to develop two solar energy projects with a capacity of 50 MW each. The consideration of the transaction amounted to €8 million, of which €4 million paid as advance in 2022. On June 21, 2023, Eni acqui red two Spanish companies, HLS Bonete PV SLU and HLS Bonete Topco SLU, which are operating two photovoltaic plant s with a total capacity of 96 MW p. The c onsideration of the transaction amounted to €118 million with assumption of cash and cash equivalents for €22 million. The price allocation of the acquired net assets was made on a provisional basis with recognition of goodwill for €6 million. On October 5, 2023, Eni acqui red three Spanish companies, Boceto Solar SLU, Cornisa Solar SLU e Ladronera Solar SLU, which have the rights to build photovoltaic assets with a total capacity of 150 MW. Construction activities are planned to start shortly. The consideration of the transaction amounted to €25 million, of which €4 million paid as advance in 2021. On October 23, 2023, Eni acqui red the Spanish company Renopool 1 SLU, owner of a pipeline of solar energy project s with a total capacity of 330 MW in a “R eady to B uild” status. The consideration of the transaction amounted to €100 million with assumption of net financial liabilities for €20 million, of which cash and cash equivalents for €6 million. On December 13, 2023, Eni acquired the Spanish company Armadura Solar SLU, owner of a solar energy project with a capacity of 250 MW. The consideration for the transaction amounted to €24 million, net of advances for €19 million paid before closing of the transaction. On December 13, 2023, Eni acqui red five Spanish compan ies, Almazara Solar SLU, Atlante Solar SLU, Chapitel Solar SLU, Fortaleza Solar SLU and Garita Solar SLU, which have the rights to develop solar energy project with a total capacity of 230 MW. The consideration of the transaction amounted to €26 million, net of advances for €21 million paid before the closing of the transaction. On December 30, 2023 Plenitude, through its subsidiary Eni New Energy US Inc, signed an agreement with the global leader company in the energy sector EDP Renováveis, SA (“EDPR”) for the acquisition of 80% of three already operational photovoltaic systems located in the United States. In this regard, the Cattlemen (Texas) and Timber Road Blue Harvest (Ohio) parks have a total installed capacity of 0.38 GW of Plenitude’s share. Other minor acquisitions and price adjustment s on 2022 acquisitions totalled €21 million. Exploration & Production segment On February 28, 2023, Eni closed the acquisition of the BP business in Algeria, including the two gas-producing concessions “In Amenas” (Eni In Amenas Ltd) and “In Salah” (Eni In Salah Ltd), jointly operated with Sonatrach and Equinor. The consideration of the transaction amounted to €476 million. Price allocation of the net assets acquired was made on a definite basis and without recognition of goodwill, attributing the allocated consideration to tangible assets to unproven and proven mining titles for €40 million for €508 million. On October 2, 2023, Eni farmed in the working interests of Chevron and the operatorship in the Ganal PSC (62%), the Rapak PSC (62%) and the Makassar Straits PSC (72%) blocks in the Kutei Basin, East Kalimantan, offshore Indonesia (Ganal and Rapak), wh e re Eni already retained a participating interest of 20%. The consideration for the transaction was €188 million, with assumption of net financial assets for €120 million, of which cash and cash equivalents for €122 million. The price allocation of the acquired net assets was made on a definite basis without recognition of goodwill by allocating to tangible assets to unproved mining titles for €91 million and €13 million to proved property. Chemical s business line On October 18, 2023, Eni closed the acquisition of control of Novamont by purchasing the remaining 64% of the share capital (already owned by Versalis SpA with a 36% stake). The group is engaged in the production of resins and biodegradable plastic s derived from renewable feedstock. The consideration for the purchase of 64% was €404 million, with assumption of net financial liabilities for €207 million, of which cash and cash equivalents for €4 million. The allocation of the purchase price (€404 million) and the fair value of the stake already owned (€227 million) of the acquired net assets was made on a provisional basis with the recognition of goodwill of €19 million. Balance sheet values at the acquisition date of the business combinations realized in 202 3 are shown in the following table:
(€ million) | Plenitude business line |  |  | Exploration & Production segment |  |  | Chemicals business line |  |  | Total |
Cash and cash equivalents | 29 |  |  | 122 |  |  | 4 |  |  | 155 |
Other current assets | 5 |  |  | 208 |  |  | 195 |  |  | 408 |
Current assets | 34 |  |  | 330 |  |  | 199 |  |  | 563 |
Property, plant and equipment | 168 |  |  | 652 |  |  | 255 |  |  | 1,075 |
Goodwill | 6 |  |  |  |  |  | 19 |  |  | 25 |
Deferred tax assets | 3 |  |  |  |  |  | 33 |  |  | 36 |
Other non-current assets | 259 |  |  | 91 |  |  | 524 |  |  | 874 |
Non-current assets | 436 |  |  | 743 |  |  | 831 |  |  | 2,010 |
TOTAL ASSETS | 470 |  |  | 1,073 |  |  | 1,030 |  |  | 2,573 |
Current financial liabilities | 1 |  |  |  |  |  | 103 |  |  | 104 |
Other current liabilities | 9 |  |  | 125 |  |  | 184 |  |  | 318 |
Current liabilities | 10 |  |  | 125 |  |  | 287 |  |  | 422 |
Non-current financial liabilities | 32 |  |  | 2 |  |  | 108 |  |  | 142 |
Provisions | 2 |  |  | 86 |  |  |  |  |  | 88 |
Deferred tax liabilities | 13 |  |  | 195 |  |  |  |  |  | 208 |
Other non-current liabilities | 3 |  |  | 1 |  |  | 4 |  |  | 8 |
Non-current liabilities | 50 |  |  | 284 |  |  | 112 |  |  | 446 |
TOTAL LIABILITIES | 60 |  |  | 409 |  |  | 399 |  |  | 868 |
Equity attributable to Eni | 408 |  |  | 664 |  |  | 631 |  |  | 1,703 |
Non-controlling interest | 2 |  |  |  |  |  |  |  |  | 2 |
TOTAL EQUITY | 410 |  |  | 664 |  |  | 631 |  |  | 1,705 |
TOTAL LIABILITIES AND EQUITY | 470 |  |  | 1,073 |  |  | 1,030 |  |  | 2,573 |
For transactions where the purchase allocations are provisional as of December 31, 202 3, not all the relevant information has been obtained by the Company in order to finalize related estimates of the fair values of certain assets and liabilities acquired. Information about the definitive purchase price allocation of business combinations made in 202 2 is provided in note 27 ‐ Other Information. Divestments In 202 3, Eni closed the divestment of certain subsidiaries and investments receiving in exchange a cash consideration o f €420 million and an interest in a joint ventures valued at €580 million, also dismissing net financial liabilities for €180 million, of which cash and cash equivalents of €25 million. On January 1 0, 2023, Eni closed the sale to Snam of 49.9% of the equity interest directly and indirectly held in the companies operating two groups of international gas pipelines connecting Algeria to Italy, including an onshore gas pipeline running from the Algeria border to the Tunisian coast (TTPC) and an offshore gas pipelines connecting the Tunisian coast to Italy (TMPC), re classified to assets held for sale in 2022. This transaction led to establishing the joint venture SeaCorridor Srl and the consequent derecognition of net assets and liabilities for €331 million, of which net financial assets of €172 million, including cash and cash equivalents for €25 million, the recognition of the investment in SeaCorridor Srl (Eni share 50.1%) for €580 million and a capital gain realized from the sale to Snam of the 49.9% share of the capital of SeaCorridor Srl for €420 million, i nclud ing the realization of positive exchange differences for €7 million. Furthermore, Eni realized a capital gain from the fair value valuation of the remaining 50.1% share of the capital of SeaCorridor Srl for €414 million. On September 19, 2023, Eni divested its exploration activities in Gabon, re classified to assets held for sale in 2022. The transaction involved the sale of Eni Gabon SA and the derecognition of net financial assets for €8 million, while a capital gain for €7 million was recognized through profit and loss. Balance sheet values of the divestments and/or business combinations realized in 202 3 are shown in the following table:
(€ million) | EniCorridor Srl (now SeaCorridor Srl) |  |  | Exploration activities in Gabon |  |  | Total |
Cash and cash equivalents | 25 |  |  |  |  |  | 25 |
Current financial assets | 147 |  |  | 8 |  |  | 155 |
Other current assets | 130 |  |  |  |  |  | 130 |
Current assets | 302 |  |  | 8 |  |  | 310 |
Property, plant and equipment | 8 |  |  |  |  |  | 8 |
Deferred tax assets | 8 |  |  |  |  |  | 8 |
Other non-current assets | 137 |  |  |  |  |  | 137 |
Non-current assets | 153 |  |  |  |  |  | 153 |
TOTAL ASSETS | 455 |  |  | 8 |  |  | 463 |
Other current liabilities | 112 |  |  |  |  |  | 112 |
Current liabilities | 112 |  |  |  |  |  | 112 |
Other non-current liabilities | 12 |  |  |  |  |  | 12 |
Non-current liabilities | 12 |  |  |  |  |  | 12 |
TOTAL LIABILITIES | 124 |  |  |  |  |  | 124 |
Equity attributable to Eni | 331 |  |  | 8 |  |  | 339 |
TOTAL EQUITY | 331 |  |  | 8 |  |  | 339 |
TOTAL LIABILITIES AND EQUITY | 455 |  |  | 8 |  |  | 463 |

X
- References No definition available. + Details
Name: | e_DisclosureOfBusinessCombinationsAndDivestmentsAbstract
Namespace Prefix: | e_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of detailed information about business combinations and divestments. + References No definition available. + Details
Name: | e_DisclosureOfDetailedInformationAboutBusinessCombinationsAndDivestmentsTextBlock
Namespace Prefix: | e_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration