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Guarantees, commitments and risks (Tables)

12 Months Ended

Dec. 31, 2023

Guarantees, commitments and risks

Schedule of guarantees

(€ million)	December 31, 2023			December 31, 2022
Consolidated subsidiaries	7,772			7,082
Unconsolidated subsidiaries	196			202
Joint ventures and associates	9,294			9,802
Others	398			477
	17,660			17,563

Schedule of commitments and risks

(€ million)	December 31, 2023			December 31, 2022
Commitments	79,513			77,481
Risks	1,140			1,228
	80,653			78,709

Schedule of expected payments for finance debts and lease liabilities

	Maturity year
(€ million)	2024			2025			2026			2027			2028			2029 and thereafter			Total
December 31, 2023
Non-current financial liabilities (including the current portion)	3,340			2,689			3,219			2,611			5,520			7,780			25,159
Current financial liabilities	4,092																		4,092
Lease liabilities	1,120			691			476			399			364			2,270			5,320
Fair value of derivative instruments	2,414			21			40			5			37			50			2,567
	10,966			3,401			3,735			3,015			5,921			10,100			37,138
Interest on finance debt	738			676			572			496			389			804			3,675
Interest on lease liabilities	269			221			188			167			148			668			1,661
	1,007			897			760			663			537			1,472			5,336
Financial guarantees	1,114																		1,114

	Maturity year
(€ million)	2023			2024			2025			2026			2027			2028 and thereafter			Total
December 31, 2022
Non-current financial liabilities (including the current portion)	2,883			2,339			2,640			3,298			1,927			9,246			22,333
Current financial liabilities	4,446																		4,446
Lease liabilities	851			584			445			365			347			2,312			4,904
Fair value of derivative instruments	9,042			1			51			54						180			9,328
	17,222			2,924			3,136			3,717			2,274			11,738			41,011
Interest on finance debt	590			494			459			365			284			716			2,908
Interest on lease liabilities	235			209			184			165			147			685			1,625
	825			703			643			530			431			1,401			4,533
Financial guarantees	1,668																		1,668

Schedule of trade and other payables by maturity

	Maturity year
(€ million)	2024			2025 - 2028			2029 and thereafter			Total
December 31, 2023
Trade payables	14,231									14,231
Other payables and advances	6,423			50			104			6,577
	20,654			50			104			20,808

	Maturity year
(€ million)	2023			2024 - 2027			2028 and thereafter			Total
December 31, 2022
Trade payables	19,527									19,527
Other payables and advances	6,182			77			110			6,369
	25,709			77			110			25,896

Schedule of principal contractual obligations

		Maturity year
(€ million)		2024			2025			2026			2027			2028			2029 and thereafter			Total
Decommissioning liabilities (a)		679			497			468			482			968			10,912			14,006
Environmental liabilities		646			495			399			368			305			1,406			3,619
Purchase obligations (b)		21,032			18,024			17,887			14,800			12,519			66,415			150,677
- Gas
. take-or-pay contracts		17,904			17,286			17,358			14,463			12,330			65,919			145,260
. ship-or-pay contracts		750			540			475			327			186			469			2,747
- Other purchase obligations		2,378			198			54			10			3			27			2,670
Other obligations		4			14			2												20
- Memorandum of intent - Val d’Agri		4			14			2												20
Total (c)		22,361			19,030			18,756			15,650			13,792			78,733			168,322

(a)	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.
(b)	Represents any agreement to purchase goods or services that is enforceable and legally binding and that specifies all significant terms. The take-or-pay contracts wit Gazprom are disclosed in "Other commitments and risks" section.
(c)	Expected payments under contractual obligations comprises obligations of the subsidiaries held for sale for €552 million.

Schedule of committed projects

	Maturity year
(€ million)	2024			2025			2026			2027			2028 and thereafter			Total
Committed projects	7,655			7,023			3,562			2,075			7,048			27,363

Schedule of carrying amount of financial instruments and relevant economic and equity effect

	2023									2022
	Carrying amount			Income (expense) recognized in						Carrying amount			Income (expense) recognized in
(€ million)				Profit and loss account			OCI						Profit and loss account			OCI
Financial instruments at fair value with effects recognized in profit and loss account
Financial assets at fair value through profit or loss (a)	6,782			284						8,251			(55	)
Non-hedging and trading derivatives (b)	837			417						2,006			(1,723	)
Other investments valued at fair value (c)	1,256			255			45			1,202			351			56
Receivables and payables and other assets/liabilities valued at amortized cost
Trade receivables and other (d)	17,054			(285	)					21,396			31
Financing receivables (e)	3,163			141						3,415			(16	)
Securities (a)	61			1						56
Trade payables and other (a)	20,808			69						25,897			53
Financing payables (f)	28,729			(734	)					26,917			(692	)
Net assets (liabilities) for hedging derivatives (g)	(35	)		(442	)		541			(129	)		(4,677	)		794

(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 €478 million (loss for €1,736 million in 2022) and as loss within "Finance income (expense)" for €61 million (income for €13 million in 2022).
(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 impairments within "Net (impairments) reversals of trade and other receivables" for €249 million (net reversals for €47 million in 2022) and as expense within "Finance income (expense)" for €36 million (expense for €16 million in 2022), including interest income calculated on the basis of the effective interest rate of €15 million (same amount in 2022).
(e)	In the profit and loss account, income or expense were recognized as income within "Finance income (expense)", including interest income calculated on the basis of the effective interest rate of €144 million (interest income for €86 million in 2022) and net impairments for €6 million (net impairments for €111 million in 2022).
(f)	In the profit and loss account, income or expense were recognized within "Finance income (expense)", including interest expense calculated on the basis of the effective interest rate of €743 million (interest expense for €568 million in 2022).
(g)	In the profit and loss account, income or expense were recognized within "Sales from operations" and "Purchase, services and other".

Schedule of disclosures about 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, 2023
Financial assets
Trade and other receivables	19,936			3,385			16,551
Other current assets	8,525			2,888			5,637
Other non-current assets	3,400			7			3,393
Financial liabilities
Trade and other liabilities	24,039			3,385			20,654
Other current liabilities	8,467			2,888			5,579
Other non-current liabilities	4,103			7			4,096
December 31, 2022
Financial assets
Trade and other receivables	23,546			2,706			20,840
Other current assets	18,684			5,863			12,821
Other non-current assets	2,236						2,236
Financial liabilities
Trade and other liabilities	28,415			2,706			25,709
Other current liabilities	18,336			5,863			12,473
Other non-current liabilities	3,234						3,234

Interest rate risk and currency risk

Guarantees, commitments and risks

Schedule of market risk

(Value at risk - parametric method variance/covariance; holding period: 20 days; confidence level: 99%)

	2023																2022
(€ million)	High			Low			Average			At year end							High			Low			Average			At year end
Interest rate (a)	7.26			0.90			2.30			1.32							9.05			2.61			5.19			3.22
Exchange rate (a)	0.62			0.04			0.21			0.33							0.95			0.09			0.29			0.34

a) Value at risk deriving from interest and exchange rates exposures include the following finance departments: Eni Corporate Finance Department, Eni Finance International SA (incorporated in Eni SpA as of December 2023) and Banque Eni SA.

Commodity price risk

Guarantees, commitments and risks

Schedule of market risk

	2023												2022
(€ million)	High			Low			Average			At year end						High			Low			Average			At year end
Commercial exposures - Management Portfolio (a)	257.89			6.38			55.35			6.71						800.39			30.65			261.41			30.65
Trading (b)	1.53			0.05			0.43			0.21						1.63			0.01			0.36			0.04

(a)

Refers to Global Gas & LNG Portfolio business area, Power Generation & Marketing, EE-REVT, Plenitude, Eni Trading & Biofuels, Eni Global Energy Markets (commercial portfolio). 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, during the year the VaR pertaining to GGP, Power G&M, EE-REVT and Plenitude during the year presents a decreasing trend following the progressive reaching of the maturity of the positions within the annual horizon.

(b)

Cross-commodity proprietary trading, through financial instruments, refers to Eni Trading & Biofuels SpA and Eni Global Energy Markets SpA (London-Bruxelles-Singapore) and Eni Trading & Shipping Inc (Houston).

Strategic liquidity risk

Guarantees, commitments and risks

Schedule of market risk

	2023												2022
(€ million)	High			Low			Average			At year end			High			Low			Average			At year end
Strategic liquidity - € Portfolio (a)	0.22			0.13			0.18			0.19			0.30			0.16			0.23			0.16

(a) Management of strategic liquidity portfolio starting from July 2013.

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

		2023												2022
($ million)		High			Low			Average			At year end			High			Low			Average			At year end
Strategic liquidity - US dollar Portfolio (b)		0.12			0.04			0.08			0.11			0.13			0.04			0.08			0.04

(a) Management of strategic liquidity portfolio in US dollar currency starting from August 2017.

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