XML 140 R33.htm IDEA: XBRL DOCUMENT
v3.24.1

Equity | 12 Months Ended
--- | ---
Dec. 31, 2023
Equity |
Equity | 2 6 Equity Non-controlling interest
|  | Net Profit |  |  | Equity |
(€ million) |  | 2023 |  |  | 2022 |  |  | December 31, 2023 |  |  | December 31, 2022 |
EniPower Group |  | 86 |  |  | 54 |  |  | 406 |  |  | 373 |
Eni Plenitude Group |  | 3 |  |  | 20 |  |  | 54 |  |  | 97 |
Others |  |  |  |  |  |  |  |  |  |  | 1 |
|  | 89 |  |  | 74 |  |  | 460 |  |  | 471 |
Equity attributable to equity holders of Eni
(€ million) | December 31, 2023 |  |  | December 31, 2022 |
Share capital | 4,005 |  |  | 4,005 |
Retained earnings | 32,988 |  |  | 23,455 |
Cumulative currency translation differences | 5,238 |  |  | 7,564 |
Other reserves and equity instruments: |  |  |  |  |
- Perpetual subordinated bonds | 5,000 |  |  | 5,000 |
- Legal reserve | 959 |  |  | 959 |
- Reserve for treasury shares | 2,333 |  |  | 2,937 |
- Reserve for OCI on cash flow hedging derivatives net of tax effect | 36 |  |  | (342 | )
- Reserve for OCI on defined benefit plans net of tax effect | (88 | ) |  | (58 | )
- Reserve for OCI on equity-accounted investments | 98 |  |  | 46 |
- Reserve for OCI on other investments valued at fair value | 98 |  |  | 53 |
- Reserve for convertible bond issue | 79 |  |  |  |
- Other reserves |  |  |  | 190 |
Treasury shares | (2,333 | ) |  | (2,937 | )
Profit for the year | 4,771 |  |  | 13,887 |
| 53,184 |  |  | 54,759 |
Share capital As of December 31, 20 2 3, the parent company’s issued share capital consisted of €4,005,358,876 (same amount as of December 31, 202 2) represented by 3,375,937,893 ordinary shares without nominal value (3,571,487,977 ordinary shares at December 31, 202 2). On May 10, 2023, Eni’s Shareholders’ Meeting resolved: (i) to distribute available reserves by way of and in place of the payment of the dividend for the year 2023 of €0.94 per share in four tranches, in September 2023 (for an amount equal to €0.24 per share), November 2023 (for an amount equal to €0.23 per share), March 2024 (for an amount equal to €0.24) and May 2024 (for an amount equal to €0.23); (ii) to cancel 195,550,084 treasury shares with no par value without changing the amount of the share capital and reducing the related reserve by the amount of €2,400 million (equal to the carrying value of the cancelled shares); (iii) to authorize the Board of Directors pursuant to and for the purposes of Art. 2357 of the Italian Civil Code to proceed with the purchase for a total outlay of up to €3.5 billion of Company’s ordinary shares in a maximum number equal to 337,000,000 by April 30, 2024, of which: (a) up to a maximum of 275,000,000 shares for the purchase of treasury shares for the purpose of remunerating Shareholders; (b) up to a maximum of 62,000,000 shares for setting up the so-called share stock. In execution of this resolution, as of December 31, 2023, 128,894,264 treasury shares had been purchased for a total value of €1,837 million. Cumulative foreign currency translation differences The cumulative foreign currency translation differences arose from the translation of financial statements denominated in currencies other than euro. Perpetual subordinated hybrid bonds The hybrid bonds are governed by English law and are traded on the regulated market of the Luxembourg Stock Exchange. As of December 31, 202 3, hybrid bonds amounted to €5 billion (same amount as at December 31, 202 2). The key characteristics of the two bonds are: (i) an issue of €1.5 billion perpetual 5.25-year subordinated non-call hybrid notes with a re-offer price of 99.403% and an annual fixed coupon of 2.625% until the first reset date of January 13, 2026. As from such date, unless it has been redeemed in whole on or before the first reset date, which is the last day for the first optional redemption, the bond will bear interest per annum determined according to the relevant 5-year Euro Mid Swap rate plus an initial spread of 316.7 basis points, increased by an additional 25 basis points as from January 13, 2031 and a subsequent increase of additional 75 basis points as from January 13, 2046; (ii) an issue of €1.5 billion perpetual 9-year subordinated non-call hybrid notes with a re-offer price of 100% and an annual fixed coupon of 3.375% until the first reset date of October 13, 2029. As from such date, unless it has been redeemed in whole on or before the first reset date, which is the last day for the first optional redemption, the bond will bear interest per annum determined according to the relevant 5-year Euro Mid Swap rate plus an initial spread of 364.1 basis points, increased by additional 25 basis points as from October 13, 2034 and a subsequent increase of additional 75 basis points as from October 13, 2049; (iii) an issue of €1 billion perpetual 6-year subordinated non-call hybrid notes with a re-offer price of 100% and an annual fixed coupon of 2.000% until the first reset date of May 11, 2027. As from such date, unless it has been redeemed in whole on or before the first reset date, which is the last day for the first optional redemption, the bond will bear interest per annum determined according to the relevant 5-year Euro Mid Swap rate plus an initial spread of 220.4 basis points, increased by additional 25 basis points as from May 11, 2032 and a subsequent increase of additional 75 basis points as from May 11, 2047; (iv) an issue of €1 billion perpetual 9-year subordinated non-call hybrid notes with a re-offer price of 99.607% and an annual fixed coupon of 2.750% until the first reset date of May 11, 2030. As from such date, unless it has been redeemed in whole on or before the first reset date, which is the last day for the first optional redemption, the bond will bear interest per annum determined according to the relevant 5-year Euro Mid Swap rate plus an initial spread of 277.1 basis points, increased by additional 25 basis points as from May 11, 2035 and a subsequent increase of additional 75 basis points as from May 11, 2050. 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 s to repurchase the Company shares in accordance with resolutions at Eni’s Shareholders’ Meetings. Reserves for Other Comprehensive Income
| Reserve for OCI on cash flow hedge derivatives |  |  | Reserve for OCI on defined benefit plans |  |  | Reserve for OCI on equity-accounted investments (*) |  |  | Reserve for OCI on investments valued at fair value |
(€ million) | Gross reserve |  |  | Deferred tax liabilities |  |  | Net reserve |  |  | Gross reserve |  |  | Deferred tax liabilities |  |  | Net reserve |  |  |  |  |
Reserve as of December 31, 2022 | (483 | ) |  | 141 |  |  | (342 | ) |  | (20 | ) |  | (38 | ) |  | (58 | ) |  | 46 |  |  | 53 |
Changes of the year | 105 |  |  | (32 | ) |  | 73 |  |  | (31 | ) |  | 10 |  |  | (21 | ) |  | 52 |  |  | 45 |
Currency translation differences |  |  |  |  |  |  |  |  |  | (43 | ) |  | 34 |  |  | (9 | ) |  |  |  |  |  |
Reversal to inventories adjustments | (8 | ) |  | 3 |  |  | (5 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reclassification to retained earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in scope of consolidation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reclassification adjustments | 436 |  |  | (126 | ) |  | 310 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reserve as of December 31, 2023 | 50 |  |  | (14 | ) |  | 36 |  |  | (94 | ) |  | 6 |  |  | (88 | ) |  | 98 |  |  | 98 |
Reserve as of December 31, 2021 | (1,269 | ) |  | 373 |  |  | (896 | ) |  | (84 | ) |  | (33 | ) |  | (117 | ) |  | 54 |  |  | 141 |
Changes of the year | (3,883 | ) |  | 1,133 |  |  | (2,750 | ) |  | 60 |  |  | (5 | ) |  | 55 |  |  | 92 |  |  | 56 |
Currency translation differences |  |  |  |  |  |  |  |  |  | 1 |  |  |  |  |  | 1 |  |  |  |  |  |  |
Reversal to inventories adjustments | (8 | ) |  | 2 |  |  | (6 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reclassification to retained earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (144 | )
Changes in scope of consolidation |  |  |  |  |  |  |  |  |  | 3 |  |  |  |  |  | 3 |  |  | 1 |  |  |  |
Reclassification adjustments | 4,677 |  |  | (1,367 | ) |  | 3,310 |  |  |  |  |  |  |  |  |  |  |  | (101 | ) |  |  |
Reserve as of December 31, 2022 | (483 | ) |  | 141 |  |  | (342 | ) |  | (20 | ) |  | (38 | ) |  | (58 | ) |  | 46 |  |  | 53 |
(*) Reserve for OCI on equity-accounted investments at D ecember 31, 2023 includes negative reserves of €1 million relating to defined benefit plans (€1 million at December 31, 2022) Treasury shares A total of 157,115,336 of Eni’s ordinary shares (226,097,834 at December 31, 202 2) were held in treasury for a total cost of €2,333 million (€2,937 million at December 31, 202 2). During 202 3, 128,894,264 shares were acquired, for a total value of €1,837 million, 195,550,084 treasury shares have been cancelled for a total value of €2,400 million and 2,326,678 treasury shares were assigned free of charge to Eni executives, following the conclusion of the Vesting Period as required by the “Long-Term Monetary Incentive Plan 20 20-20 22” approved by Eni's Shareholders' Meeting of May 13, 20 20. Distributable reserves As of December 31, 20 2 3, equity attributable to Eni included distributable reserves of approximately €43 billion. Reconciliation of profit and equity of the parent company Eni SpA to the consolidated profit and equity
| Profit |  |  | Shareholders’ equity |
(€ million) | 2023 |  |  | 2022 |  |  | December 31, 2023 |  |  | December 31, 2022 |
As recorded in Eni SpA's Financial Statements | 3,272 |  |  | 5,403 |  |  | 51,019 |  |  | 52,520 |
Excess of net equity stated in the separate accounts of consolidated subsidiaries over the corresponding carrying amounts of the parent company | 3,202 |  |  | 7,375 |  |  | (814 | ) |  | (1,302 | )
Consolidation adjustments: |  |  |  |  |  |  |  |  |  |  |
- difference between purchase cost and underlying carrying amounts of net equity |  |  |  |  |  |  | 153 |  |  | 153 |
- adjustments to comply with Group accounting policies | (2,266 | ) |  | 797 |  |  | 3,774 |  |  | 4,468 |
- elimination of unrealized intercompany profits | 86 |  |  | 124 |  |  | (437 | ) |  | (533 | )
- deferred taxation | 566 |  |  | 262 |  |  | (51 | ) |  | (76 | )
| 4,860 |  |  | 13,961 |  |  | 53,644 |  |  | 55,230 |
Non-controlling interest | (89 | ) |  | (74 | ) |  | (460 | ) |  | (471 | )
As recorded in Consolidated Financial Statements | 4,771 |  |  | 13,887 |  |  | 53,184 |  |  | 54,759 |

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

X
- Definition The entire disclosure for share capital, reserves and other equity interest. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 79 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_79&doctype=Standard -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration