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 |
