Eni Spa 6-K, filed Mar 22, 2024

Eni Spa (E)

6-K 2024-03-22 For: 2024-03-14

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Added on April 07, 2026

About this 6-K

Eni Spa filed this 6-K on March 22, 2024.

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	Eni S.p.A.


	/s/ Paola Mariani
	Name:	Paola Mariani
	Title:	Head of Corporate
		Secretary’s Staff Office

	Full Year
(€ million)	2023			2022
Sales from operations		93,717			132,512
Other income and revenues		1,099			1,175
Total revenues		94,816			133,687
Purchases, services and other		(73,836	)		(102,529	)
Impairment reversals (impairment losses) of trade and other receivables, net		(249	)		47
Payroll and related costs		(3,136	)		(3,015	)
Other operating (expense) income		478			(1,736	)
Depreciation, Depletion and Amortization		(7,479	)		(7,205	)
Impairment reversals (impairment losses) of tangible, intangible and right of use assets, net		(1,802	)		(1,140	)
Write-off of tangible and intangible assets		(535	)		(599	)
OPERATING PROFIT (LOSS)		8,257			17,510
Finance income		7,417			8,450
Finance expense		(8,113	)		(9,333	)
Net finance income (expense) from financial assets measured at fair value through profit or loss		284			(55	)
Derivative financial instruments		(61	)		13
FINANCE INCOME (EXPENSE)		(473	)		(925	)
Share of profit (loss) of equity-accounted investments		1,336			1,841
Other gain (loss) from investments		1,108			3,623
INCOME (EXPENSE) FROM INVESTMENTS		2,444			5,464
PROFIT (LOSS) BEFORE INCOME TAXES		10,228			22,049
Income taxes		(5,368	)		(8,088	)
NET PROFIT (LOSS)		4,860			13,961
attributable to:
- Eni's shareholders		4,771			13,887
- Non-controlling interest		89			74

Earnings per share (€ per share)
- basic		1.41			3.96
- diluted		1.40			3.95
Weighted average number of shares outstanding (million)
- basic		3,303.8			3,483.6
- diluted		3,327.1			3,490.0

(€ million)
	Dec. 31, 2023			Dec. 31, 2022
ASSETS
Current assets
Cash and cash equivalents		10,193			10,155
Financial assets measured at fair value through profit or loss		6,782			8,251
Other financial assets		896			1,504
Trade and other receivables		16,502			20,840
Inventories		6,186			7,709
Income tax assets		460			317
Other assets		5,637			12,821
		46,656			61,597
Non-current assets
Property, plant and equipment		56,299			56,332
Right of use assets		4,834			4,446
Intangible assets		6,379			5,525
Inventory - compulsory stock		1,576			1,786
Equity-accounted investments		12,630			12,092
Other investments		1,256			1,202
Other financial assets		2,301			1,967
Deferred tax assets		4,482			4,569
Income tax assets		142			114
Other assets		3,442			2,236
		93,341			90,269
Assets held for sale		2,609			264
TOTAL ASSETS		142,606			152,130
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term debt		4,092			4,446
Current portion of long-term debt		2,921			3,097
Current portion of long-term lease liabilities		1,128			884
Trade and other payables		20,654			25,709
Income taxes payable		1,685			2,108
Other liabilities		5,579			12,473
		36,059			48,717
Non-current liabilities
Long-term debt		21,716			19,374
Long-term lease liabilities		4,208			4,067
Provisions for contingencies		15,533			15,267
Provisions for employee benefits		748			786
Deferred tax liabilities		4,702			5,094
Income taxes payable		38			253
Other liabilities		4,096			3,234
		51,041			48,075
Liabilities directly associated with assets held for sale		1,862			108
TOTAL LIABILITIES		88,962			96,900
Share capital		4,005			4,005
Retained earnings		32,987			23,455
Cumulative currency translation differences		5,267			7,564
Other reserves and equity instruments		8,487			8,785
Treasury shares		(2,333	)		(2,937	)
Net profit (loss)		4,771			13,887
Total Eni shareholders' equity		53,184			54,759
Non-controlling interest		460			471
TOTAL SHAREHOLDERS' EQUITY		53,644			55,230
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		142,606			152,130

	Full Year
(€ million)	2023			2022
Profit (loss)		4,860			13,961
Adjustments to reconcile profit (loss) to net cash provided by operating activities:
Depreciation and amortization		7,479			7,205
Impairment losses (impairment reversals) of tangible, intangible and right of use, net		1,802			1,140
Write-off of tangible and intangible assets		535			599
Share of (profit) loss of equity-accounted investments		(1,336	)		(1,841	)
Gains on disposal of assets, net		(441	)		(524	)
Dividend income		(255	)		(351	)
Interest income		(517	)		(159	)
Interest expense		1,000			1,033
Income taxes		5,368			8,088
Other changes		(700	)		(2,773	)
Cash flow from changes in working capital		1,811			(1,279	)
- inventories		1,792			(2,528	)
- trade receivables		3,322			(1,036	)
- trade payables		(4,823	)		2,284
- provisions for contingencies		97			2,028
- other assets and liabilities		1,423			(2,027	)
Net change in the provisions for employee benefits		1			39
Dividends received		2,255			1,545
Interest received		459			116
Interest paid		(919	)		(851	)
Income taxes paid, net of tax receivables received		(6,283	)		(8,488	)
Net cash provided by operating activities		15,119			17,460
Cash flow from investing activities		(12,404	)		(10,793	)
- tangible assets		(8,739	)		(7,700	)
- prepaid right of use					(3	)
- intangible assets		(476	)		(356	)
- consolidated subsidiaries and businesses net of cash and cash equivalent acquired		(1,277	)		(1,636	)
- investments		(1,315	)		(1,675	)
- securities and financing receivables held for operating purposes		(388	)		(350	)
- change in payables in relation to investing activities		(209	)		927
Cash flow from disposals		845			2,989
- tangible assets		122			149
- intangible assets		32			17
- consolidated subsidiaries and businesses net of cash and cash equivalent disposed of		395			(60	)
- investments		47			1,096
- securities and financing receivables held for operating purposes		32			483
- change in receivables in relation to disposals		217			1,304
Net change in receivables and securities not held for operating purposes		2,194			786
Net cash used in investing activities		(9,365	)		(7,018	)

	Full Year
(€ million)	2023			2022
Increase in long-term financial debt		4,971			130
Repayments of long-term financial debt		(3,161	)		(4,074	)
Payments of lease liabilities		(963	)		(994	)
Increase (decrease) in short-term financial debt		(1,495	)		1,375
Dividends paid to Eni's shareholders		(3,046	)		(3,009	)
Dividends paid to non-controlling interests		(36	)		(60	)
Capital contribution by non-controlling interests		(16	)		92
Sale (purchase) of additional interests in consolidated subsidiaries		(60	)		536
Purchase of treasury shares		(1,803	)		(2,400	)
Issueing effect of convertible bonds		79
Coupon payment on perpetual subordinated bonds		(138	)		(138	)
Net cash used in financing activities		(5,668	)		(8,542	)
Effect of exchange rate changes and other changes on cash and cash equivalents		(62	)		16
Net increase (decrease) in cash and cash equivalents		24			1,916
Cash and cash equivalents - beginning of the year		10,181			8,265
Cash and cash equivalents - end of the year		10,205			10,181

	·	2024-2027 overall net capex of €27 billion (gross investment net portfolio cash-in) and an average net capex of €7 billion per year, more than 20% lower than last year’s Plan, reflecting optimization, improved project quality and greater portfolio management.

	·	Value: Upstream CFFO per barrel will rise by more than 30% between 2023 and 2027 at a constant scenario. This is driven by the new high quality fast track development project in particular in Congo, Ivory Coast, Indonesia and Libya

	·	Production: Underlying production will grow at an average of 3-4% over the Plan and reported growth will average 2% after divestments as portfolio activity is accelerated. Eni has a significant number of planned FIDs and options, in many cases at high equity participation, providing excellent visibility beyond the Plan and indicative of the impressive depth of the portfolio.

	·	CCS: CCS is an important lever in cutting net emissions and driving the energy transition. Eni has established a leadership position particularly in the UK and Italy and it is expanding in North Africa, the Netherland and Norway. This means CCS will become one of the key platforms in Eni’s Transition oriented portfolio, decarbonizing its operations and as a service to others. The Company’s unrisked portfolio of opportunities is of the order of 3 GT of gross storage capacity. For Eni the goal is to reach a gross CO2 reinjection capacity of more than 15 MTPA before 2030 and progressively rising to around 40 MTPA in the following decade. Ravenna CCS Phase 1 will start up this year, with the Phase 2 expansion scheduled for 2027 and further expansion available. In the UK, the Hynet project is expected to be sanctioned this year simultaneously with that of the emitters.