Statement of cash flows

(€ million)

Note

2011

2012

2013

Net profit of the year - Continuing operation

 

 

7,877

 

4,944

 

4,972

Adjustments to reconcile net profit to net cash provided by operating activities

 

 

 

 

 

 

 

Depreciation and amortization

(37)

 

7,755

 

9,538

 

9,303

Impairments of tangible and intangible assets, net

(37)

 

1,030

 

4,023

 

2,400

Share of (profit) loss of equity-accounted investments

(39)

 

(500)

 

(278)

 

(252)

Gain on disposal of assets, net

 

 

(1,176)

 

(875)

 

(3,770)

Dividend income

(39)

 

(659)

 

(431)

 

(400)

Interest income

 

 

(99)

 

(108)

 

(155)

Interest expense

 

 

773

 

803

 

709

Income taxes

(40)

 

9,903

 

11,661

 

9,008

Other changes

 

 

331

 

(1,945)

 

(1,878)

Changes in working capital:

 

 

 

 

 

 

 

- inventories

 

(1,400)

 

(1,395)

 

320

 

- trade receivables

 

218

 

(3,184)

 

(1,363)

 

- trade payables

 

34

 

2,029

 

706

 

- provisions for contingencies

 

109

 

338

 

58

 

- other assets and liabilities

 

(657)

 

(1,161)

 

765

 

Cash flow from changes in working capital

 

 

(1,696)

 

(3,373)

 

486

Net change in the provisions for employee benefits

 

 

(10)

 

11

 

5

Dividends received

 

 

955

 

988

 

684

Interest received

 

 

99

 

91

 

108

Interest paid

 

 

(927)

 

(825)

 

(944)

Income taxes paid, net of tax receivables received

 

 

(9,893)

 

(11,868)

 

(9,307)

Net cash provided by operating activities - Continuing operations

 

 

13,763

 

12,356

 

10,969

Net cash provided by operating activities - Discontinued operations

 

 

619

 

15

 

 

Net cash provided by operating activities

 

 

14,382

 

12,371

 

10,969

- of which with related parties

(43)

 

(639)

 

(1,542)

 

(3,354)

Investing activities:

 

 

 

 

 

 

 

- tangible assets

(15)

 

(11,658)

 

(11,222)

 

(10,864)

- intangible assets

(17)

 

(1,780)

 

(2,295)

 

(1,886)

- consolidated subsidiaries and businesses

(34)

 

(115)

 

(178)

 

(25)

- investments

(18)

 

(245)

 

(391)

 

(292)

- securities

 

 

(62)

 

(17)

 

(5,048)

- financing receivables

 

 

(715)

 

(1,634)

 

(989)

- change in payables and receivables in relation to investing activities and capitalized depreciation

 

 

379

 

54

 

48

Cash flow from investing activities

 

 

(14,196)

 

(15,683)

 

(19,056)

Disposals:

 

 

 

 

 

 

 

- tangible assets

 

 

154

 

1,229

 

514

- intangible assets

 

 

41

 

61

 

16

- consolidated subsidiaries and businesses

(34)

 

1,006

 

3,521

 

3,401

- investments

 

 

711

 

1,203

 

2,429

- securities

 

 

128

 

52

 

33

- financing receivables

 

 

695

 

1,578

 

1,565

- change in payables and receivables in relation to disposals

 

 

243

 

(252)

 

155

Cash flow from disposals

 

 

2,978

 

7,392

 

8,113

Net cash used in investing activities

 

 

(11,218)

 

(8,291)

 

(10,943)

- of which with related parties

(43)

 

(800)

 

1,535

 

(398)

Proceeds from long-term debt

(27)

 

4,474

 

10,484

 

5,418

Repayments of long-term debt

(27)

 

(889)

 

(3,784)

 

(4,669)

Increase (decrease) in short-term debt

(22)

 

(2,481)

 

(753)

 

1,029

 

 

 

1,104

 

5,947

 

1,778

Net capital contributions by non-controlling interest

 

 

26

 

 

 

(4)

Sale of treasury shares

 

 

3

 

 

 

 

Net acquisition of treasury shares different from Eni SpA

 

 

17

 

29

 

1

Acquisition of additional interests in consolidated subsidiaries

 

 

(126)

 

604

 

(28)

Dividends paid to Eni’s shareholders

 

 

(3,695)

 

(3,840)

 

(3,949)

Dividends paid to non-controlling interest

 

 

(552)

 

(539)

 

(251)

Net cash used in financing activities

 

 

(3,223)

 

2,201

 

(2,453)

- of which with related parties

(43)

 

348

 

(94)

 

118

Effect of change in consolidation (inclusion/exclusion of significant/insignificant subsidiaries)

 

 

(7)

 

(4)

 

(13)

Effect of exchange rate changes on cash and cash equivalents and other changes

 

 

17

 

(12)

 

(37)

Net cash flow of the year

 

 

(49)

 

6,265

 

(2,477)

Cash and cash equivalents - beginning of the year

(7)

 

1,549

 

1,500

 

7,765

Cash and cash equivalents - end of the year

(7)

 

1,500

 

7,765

 

5,288