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.
