34 Other information

Main acquisitions

ASA Trade SpA

In March 2013, Eni finalized the purchase of a 100% interest in Asa Trade SpA, a company marketing gas in Tuscany. The allocation of the purchase cost of €29 million to assets and liabilities was made on a definitive basis.

The final allocation of the purchase costs is disclosed below:

 

ASA Trade SpA

(€ million)

Carrying value

Fair value

Current assets

27

27

Goodwill

 

24

Other non-current assets

3

3

Assets acquired

30

54

Current liabilities

25

25

Liabilities acquired

25

25

Eni’s shareholders equity

5

29

Supplemental cash flow information

(€ million)

2011

2012

2013

Effect of investment of companies included in consolidation and businesses

 

 

 

Current assets

 

108

51

Non-current assets

122

171

39

Net borrowings

 

46

(12)

Current and non-current liabilities

(4)

(99)

(36)

Net effect of investments

118

226

42

Non-controlling interests

(3)

 

 

Fair value of investments held before the acquisition of control

 

 

(8)

Purchase price

115

226

34

less:

 

 

 

Cash and cash equivalents

 

(48)

(9)

Cash flow on investments

115

178

25

Effect of disposal of consolidated subsidiaries and businesses

 

 

 

Current assets

618

2,112

61

Non-current assets

136

18,740

50

Net borrowings

257

(12,443)

16

Current and non-current liabilities

(662)

(4,123)

(77)

Net effect of disposals

349

4,286

50

Fair value of share capital held after the sale of control

 

(943)

 

Gain on disposal

727

2,021

3,359

Non-controlling interest

(5)

(1,840)

(8)

Selling price

1,071

3,524

3,401

less:

 

 

 

Cash and cash equivalents

(65)

(3)

 

Cash flow on disposals

1,006

3,521

3,401

The divestments made in 2013 were: (i) the sale of a 28.57% interest in the share capital of Eni East Africa SpA to China National Petroleum Corporation (CNPC) for a total consideration of €3,386 million. Eni East Africa is the operator of the discovery Area 4 in Mozambique. Through its 28.57% equity investment in Eni East Africa, CNPC indirectly acquired a 20% interest in Area 4; (ii) the divestment of the entire stake retained in Finpipe GIE (63.33%) which currently owns the gas transport network which has been leased to the Belgian company Fluxys. The cash consideration amounted to €15 million.