43 Transactions with related parties

In the ordinary course of its business Eni enters into transactions regarding:

  1. exchanges of goods, provision of services and financing with joint ventures, associates and non-consolidated subsidiaries;
  2. exchanges of goods and provision of services with entities controlled by the Italian Government;
  3. contributions to entities with a non-company form with the aim to develop solidarity, culture and research initiatives. In particular these related to: (i) Eni Foundation established by Eni as a non-profit entity with the aim of pursuing exclusively solidarity initiatives in the fields of social assistance, health, education, culture and environment as well as research and development; (ii) Eni Enrico Mattei Foundation established by Eni with the aim of enhancing, through studies, research and training initiatives, knowledge in the fields of economics, energy and environment, both at the national and international level.

Transactions with related parties were conducted in the interest of Eni companies and, with exception of those with entities with the aim to develop solidarity, culture and research initiatives, on arm’s length basis.

Trade and other transactions with related parties

(€ million)

December 31, 2011

 

2011

 

Receivables and other assets

Payables and other liabilities

Gua-
rantees

 

Costs

Revenues

Other operating (expense) income

Name

 

 

 

 

Goods

Services

Other

Goods

Services

Other

 

(*)

Each individual amount included herein was lower than €50 million.

Continuing operations

 

 

 

 

 

 

 

 

 

 

 

Joint ventures and associates

 

 

 

 

 

 

 

 

 

 

 

ACAM Clienti SpA

14

 

2

 

 

6

 

60

 

 

 

Agiba Petroleum Co

3

5

 

 

 

86

 

 

 

 

 

Azienda Energia e Servizi Torino SpA

1

63

 

 

 

43

 

 

 

 

 

Bayernoil Raffinerie­gesellschaft mbH

 

33

1

 

25

59

 

2

 

 

 

Blue Stream Pipeline Co BV

8

12

 

 

 

146

 

 

2

 

 

Bronberger & Kessler und Gilg & Schweiger GmbH & Co KG

16

 

 

 

 

 

 

147

 

 

 

CEPAV (Consorzio Eni per l’Alta Velocità) Due

24

91

 

 

 

84

 

 

38

 

 

CEPAV (Consorzio Eni per l’Alta Velocità) Uno

42

10

6,074

 

 

4

 

 

21

 

 

GasVersorgung Süddeutschland GmbH

29

 

 

 

 

 

 

201

 

 

 

Gaz de Bordeaux SAS

11

 

 

 

 

 

 

69

 

 

 

Karachaganak Petroleum Operating BV

38

205

 

 

1,108

256

23

8

5

 

 

KWANDA – Suporte Logistico Lda

54

2

 

 

 

2

 

 

13

 

 

Mellitah Oil & Gas BV

28

141

 

 

 

71

 

 

3

 

 

Petrobel Belayim Petroleum Co

25

46

 

 

 

576

 

 

69

 

 

Petromar Lda

74

6

57

 

 

7

 

 

68

 

 

Raffineria di Milazzo ScpA

29

31

 

 

 

322

 

232

16

1

 

Saipon Snc

21

 

48

 

 

 

 

 

5

 

 

Super Octanos CA

6

35

 

 

58

 

 

 

7

1

 

Supermetanol CA

 

10

 

 

72

 

 

 

 

1

 

Trans Austria Gasleitung GmbH

 

 

 

 

33

160

 

3

54

 

 

Unión Fenosa Gas SA

 

 

58

 

 

 

 

130

 

1

 

Other (*)

181

100

3

 

37

310

70

131

89

7

 

 

604

790

6,243

 

1,333

2,132

93

983

390

11

 

Unconsolidated subsidiaries

 

 

 

 

 

 

 

 

 

 

 

Agip Kazakhstan North Caspian Operating Co NV

149

238

 

 

 

781

7

 

1,182

7

 

Eni BTC Ltd

 

 

157

 

 

 

 

 

 

 

 

Other (*)

53

68

6

 

11

51

3

11

11

8

 

 

202

306

163

 

11

832

10

11

1,193

15

 

 

806

1,096

6,406

 

1,344

2,964

103

994

1,583

26

 

Entities controlled by the Government

 

 

 

 

 

 

 

 

 

 

 

Enel Group

83

48

 

 

5

429

1

33

85

 

 

Finmeccanica Group

48

51

 

 

14

53

 

22

12

 

 

GSE - Gestore Servizi Energetici

149

158

 

 

615

 

54

607

10

 

 

Terna Group

19

52

 

 

119

110

23

56

26

11

32

Other (*)

61

41

 

 

1

77

1

49

 

4

 

 

360

350

 

 

754

669

79

767

133

15

32

 

1,166

1,446

6,406

 

2,098

3,633

182

1,761

1,716

41

32

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

Joint ventures and associates

 

 

 

 

 

 

 

 

 

 

 

Azienda Energia e Servizi Torino SpA

 

 

 

 

 

 

 

 

1

 

 

Other (*)

 

 

 

 

 

1

 

 

4

1

 

 

 

 

 

 

 

1

 

 

5

1

 

Entities controlled by the Government

 

 

 

 

 

 

 

 

 

 

 

Enel Group

 

 

 

 

 

 

1

 

397

1

 

Finmeccanica Group

 

 

 

 

 

1

 

 

 

 

 

Other (*)

 

 

 

 

 

 

4

 

3

 

 

 

 

 

 

 

 

1

5

 

400

1

 

 

 

 

 

 

 

2

5

 

405

2

 

 

1,166

1,446

6,406

 

2,098

3,635

187

1,761

2,121

43

32

(€ million)

December 31, 2012

 

2012

 

Receivables and other assets

Payables and other liabilities

Gua-
rantees

 

Costs

Revenues

Other operating (expense) income

Name

 

 

 

 

Goods

Services

Other

Goods

Services

Other

 

(*)

Each individual amount included herein was lower than €50 million.

Continuing operations

 

 

 

 

 

 

 

 

 

 

 

Joint ventures and associates

 

 

 

 

 

 

 

 

 

 

 

ACAM Clienti SpA

19

1

2

 

 

 

 

65

1

 

 

Agiba Petroleum Co

3

67

 

 

 

96

 

 

 

 

 

Azienda Energia e Servizi Torino SpA

 

 

 

 

 

86

 

 

 

 

 

Bayernoil Raffinerie­gesellschaft mbH

 

38

2

 

30

56

 

1

 

 

 

Blue Stream Pipeline Co BV

3

11

 

 

 

155

 

 

1

 

 

Bronberger & Kessler und Gilg & Schweiger GmbH & Co KG

9

 

 

 

 

 

 

84

 

 

 

CEPAV (Consorzio Eni per l’Alta Velocità) Due

51

51

 

 

 

51

 

 

85

 

 

CEPAV (Consorzio Eni per l’Alta Velocità) Uno

66

19

6,122

 

 

5

 

 

16

 

 

EnBW Eni Verwaltungs­gesellschaft mbH

60

 

 

 

 

 

 

287

 

 

 

Gaz de Bordeaux SAS

 

 

 

 

 

 

 

56

 

 

 

GreenStream BV

9

21

 

 

 

121

1

 

1

 

 

InAgip doo

54

10

 

 

 

24

 

53

1

 

 

Karachaganak Petroleum Operating BV

28

56

 

 

1,331

244

14

5

8

 

 

KWANDA – Suporte Logistico Lda

54

1

 

 

 

2

 

 

7

 

 

Mellitah Oil & Gas BV

7

47

 

 

 

166

 

5

12

 

 

Petrobel Belayim Petroleum Co

31

328

 

 

 

585

 

 

79

 

 

Raffineria di Milazzo ScpA

20

9

 

 

 

365

4

218

7

1

 

Saipon Snc

112

 

42

 

 

 

 

 

25

 

 

Supermetanol CA

 

16

 

 

74

 

 

 

 

1

 

Toscana Energia SpA

 

 

 

 

 

86

 

 

 

1

 

Unión Fenosa Gas SA

2

3

57

 

 

 

6

120

 

1

 

Other (*)

155

30

47

 

15

145

8

149

100

5

 

 

683

708

6,272

 

1,450

2,187

33

1,043

343

9

 

Unconsolidated subsidiaries

 

 

 

 

 

 

 

 

 

 

 

Agip Kazakhstan North Caspian Operating Co NV

236

172

 

 

 

605

2

 

1,064

5

 

Eni BTC Ltd

 

 

154

 

 

 

 

 

 

 

 

Industria Siciliana Acido Fosforico – ISAF SpA (in liquidation)

54

3

4

 

 

 

 

 

7

7

 

Other (*)

14

59

2

 

7

50

4

17

3

7

 

 

304

234

160

 

7

655

6

17

1,074

19

 

 

987

942

6,432

 

1,457

2,842

39

1,060

1,417

28

 

Entities controlled by the Government

 

 

 

 

 

 

 

 

 

 

 

Enel Group

16

8

 

 

4

554

 

55

90

1

(7)

Finmeccanica Group

30

50

 

 

14

70

 

17

1

 

 

Snam Group

182

482

46

 

13

558

2

102

26

1

 

Terna Group

47

61

 

 

166

126

12

95

67

14

17

GSE - Gestore Servizi Energetici

86

66

 

 

627

 

58

777

18

12

 

Other (*)

42

28

 

 

 

59

3

57

1

 

 

 

403

695

46

 

824

1,367

75

1,103

203

28

10

Pension funds and foundations

 

1

 

 

 

 

21

 

 

 

 

 

1,390

1,638

6,478

 

2,281

4,209

135

2,163

1,620

56

10

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

Joint ventures and associates

 

 

 

 

 

 

 

 

 

 

 

Azienda Energia e Servizi Torino SpA

 

 

 

 

 

 

 

 

1

1

 

Toscana Energia SpA

 

 

 

 

 

 

 

 

1

 

 

Other (*)

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

3

1

 

Entities controlled by the Government

 

 

 

 

 

 

 

 

 

 

 

Enel Group

 

 

 

 

 

87

 

 

295

 

 

Other (*)

 

 

 

 

 

 

1

 

3

1

 

 

 

 

 

 

 

87

1

 

298

1

 

 

 

 

 

 

 

87

1

 

301

2

 

Total

1,390

1,638

6,478

 

2,281

4,296

136

2,163

1,921

58

10

(€ million)

December 31, 2013

 

2013

 

Receivables and other assets

Payables and other liabilities

Gua-
rantees

 

Costs

Revenues

Other operating (expense) income

Name

 

 

 

 

Goods

Services

Other

Goods

Services

Other

 

(*)

Each individual amount included herein was lower than €50 million.

Joint ventures and associates

 

 

 

 

 

 

 

 

 

 

 

Agiba Petroleum Co

1

69

 

 

 

132

 

 

 

 

 

Bayernoil Raffinerie­gesellschaft mbH

 

33

2

 

53

122

 

 

 

 

 

Blue Stream Pipeline Co BV

 

10

 

 

 

101

 

 

 

 

 

CEPAV (Consorzio Eni per l’Alta Velocità) Due

78

165

 

 

 

127

 

 

168

 

 

CEPAV (Consorzio Eni per l’Alta Velocità) Uno

42

16

6,122

 

 

2

 

 

44

 

 

EnBW Eni Verwaltungs­gesellschaft mbH

33

 

 

 

 

 

 

165

1

 

 

GreenStream BV

3

14

 

 

 

116

 

1

4

 

 

InAgip doo

57

22

 

 

 

63

 

 

34

 

 

Karachaganak Petroleum Operating BV

26

220

 

 

1,218

275

4

 

19

 

 

KWANDA – Suporte Logistico Lda

55

5

 

 

 

2

1

 

6

 

 

Mellitah Oil & Gas BV

7

61

 

 

16

215

 

 

3

 

 

Petrobel Belayim Petroleum Co

32

360

 

 

 

570

 

 

47

 

 

Petromar Lda

71

7

29

 

 

6

1

 

69

 

 

PetroSucre SA

57

 

 

 

 

 

 

 

1

 

 

Raffineria di Milazzo ScpA

22

7

 

 

 

310

 

199

4

 

 

Saipon Snc

64

 

31

 

 

 

 

 

1

 

 

Supermetanol CA

 

25

 

 

78

 

 

 

 

1

 

Unión Fenosa Gas Comercializadora SA

23

1

 

 

 

1

 

254

 

 

 

Unión Fenosa Gas SA

2

1

57

 

 

 

32

17

2

1

 

Other (*)

112

92

4

 

10

199

6

147

68

5

 

 

685

1,108

6,245

 

1,375

2,241

44

783

471

7

 

Unconsolidated subsidiaries

 

 

 

 

 

 

 

 

 

 

 

Agip Kazakhstan North Caspian Operating Co NV

115

153

 

 

 

506

16

 

541

4

 

Eni BTC Ltd

 

 

147

 

 

 

 

 

 

 

 

Industria Siciliana Acido Fosforico - ISAF SpA (in liquidation)

62

1

10

 

 

 

 

 

2

 

 

Other (*)

16

56

2

 

6

45

3

13

8

5

 

 

193

210

159

 

6

551

19

13

551

9

 

 

878

1,318

6,404

 

1,381

2,792

63

796

1,022

16

 

Entities controlled by the Government

 

 

 

 

 

 

 

 

 

 

 

Enel Group

134

29

 

 

2

848

 

78

109

2

49

Finmeccanica Group

20

51

 

 

7

54

 

17

2

 

 

Snam Group

337

564

13

 

38

2,038

4

792

87

1

 

Terna Group

46

61

 

 

134

149

13

126

38

2

19

GSE - Gestore Servizi Energetici

86

135

 

 

811

 

96

265

21

9

 

Other (*)

34

21

 

 

 

58

4

31

2

 

 

 

657

861

13

 

992

3,147

117

1,309

259

14

68

Pension funds and foundations

 

2

 

 

 

4

51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,535

2,181

6,417

 

2,373

5,943

231

2,105

1,281

30

68

Most significant transactions with joint ventures, associates and unconsolidated subsidiaries concerned:

  • sale of gas outside Italy to EnBW Eni Verwaltungsgesellschaft mbH and Unión Fenosa Gas Comercializadora SA;
  • provisions of specialized services in upstream activities and Eni’s share of expenses incurred to develop oil fields from Agiba Petroleum Co, Agip Kazakhstan North Caspian Operating Co NV, Karachaganak Petroleum Operating BV, Mellitah Oil & Gas BV, Petrobel Belayim Petroleum Co and, only with Karachaganak Petroleum Operating BV, purchase of oil products and with Agip Kazakhstan North Caspian Operating Co NV, provisions of services by the Engineering & Construction segment; services charged to Eni’s associates are invoiced on the basis of incurred costs;
  • payments for refining services to Bayernoil Raffineriegesellschaft mbH and Raffineria di Milazzo ScpA on the basis of incurred costs;
  • acquisition of natural gas transport services outside Italy from Blue Stream Pipeline Co BV and GreenStream BV;
  • supply of oil products from Raffineria di Milazzo ScpA on the basis of prices referred to the quotations on international oil markets, as they would be conducted on an arm’s length basis;
  • transactions related to the planning and the construction of the tracks for high speed/high capacity trains from Milan to Bologna with CEPAV (Consorzio Eni per l’Alta Velocità) Uno and related guarantees;
  • transactions related to the planning and the construction of the tracks for high speed/high capacity trains from Milan to Verona with CEPAV (Consorzio Eni per l’Alta Velocità) Due;
  • transactions with InAgip doo related to the redetermination of the interest in an offshore field located in the Adriatic Sea;
  • planning, construction and technical assistance to support by KWANDA – Suporte Logistico Lda and Petromar Lda;
  • guarantees issued on behalf of Petromar Lda and Saipon Snc in relation to contractual commitments related to the execution of project planning and realization;
  • mainly dividends receivables to be cashed in from PetroSucre SA;
  • supply of petrochemical products from Supermetanol CA on the basis of prices referred to the quotations on international markets;
  • performance guarantees given on behalf of Unión Fenosa Gas SA in relation to contractual commitments related to the results of operations and sales of LNG;
  • guarantees issued in relation to the construction of an oil pipeline on behalf of Eni BTC Ltd;
  • services for the environmental restoration to Industria Siciliana Acido Fosforico – ISAF – SpA (in liquidation).

The most significant transactions with entities controlled by the Italian Government concerned:

  • sale of fuel oil, sale and purchase of electricity, acquisition of electricity transmission services and fair value of derivative financial instruments with Enel Group;
  • a long-term contract for the maintenance at the Group’s combined-cycle power plants with Finmeccanica Group;
  • acquisition of natural gas transportation, distribution and storage services from Snam Group on the basis of tariffs set by the Authority for Electricity and Gas;
  • supply of natural gas to Snam Group on the basis of prices referred to the quotations of the main energy commodities, as they would be conducted on an arm’s length basis;
  • sale and purchase of electricity and green certificates with GSE – Gestore Servizi Energetici;
  • sale and purchase of electricity, the acquisition of domestic electricity transmission service and the fair value of derivative financial instruments included in the prices of electricity related to sale/purchase transactions with Terna Group.

Transactions with pension funds and foundation concerned:

  • provisions to pension funds for €41 million;
  • contributions to Eni Foundation for €10 million and to Eni Enrico Mattei Foundation for €4 million.

Financing transactions with related parties

(€ million)

December 31, 2011

 

2011

Name

Receivables

Payables

Guarantees

 

Charges

Gains

Income from equity instruments

(*)

Each individual amount included herein was lower than €50 million.

Joint ventures and associates

 

 

 

 

 

 

 

Artic Russia BV

 

3

204

 

 

 

 

Bayernoil Raffineriegesellschaft mbH

107

 

 

 

 

 

 

Blue Stream Pipeline Co BV

 

291

669

 

 

6

 

CEPAV (Consorzio Eni per l’Alta Velocità) Due

 

 

84

 

 

 

 

GreenStream BV

503

1

 

 

 

26

 

Raffineria di Milazzo ScpA

60

 

88

 

 

1

 

Société Centrale Electrique du Congo SA

93

 

6

 

 

 

 

Transmediterranean Pipeline Co Ltd

115

 

 

 

 

4

 

Unión Fenosa Gas SA

 

85

 

 

 

 

 

Other (*)

104

64

 

 

1

9

 

 

982

444

1,051

 

1

46

 

Unconsolidated subsidiaries

 

 

 

 

 

 

 

Other (*)

57

59

1

 

 

3

 

 

57

59

1

 

 

3

 

Entities controlled by the Government

 

 

 

 

 

 

 

Cassa Depositi e Prestiti Group

 

 

 

 

 

 

338

 

 

 

 

 

 

 

338

 

1,039

503

1,052

 

1

49

338

(€ million)

December 31, 2012

 

2012

Name

Receivables

Payables

Guarantees

 

Charges

Gains

Income from equity instruments

(*)

Each individual amount included herein was lower than €50 million.

Continuing operations

 

 

 

 

 

 

 

Joint ventures and associates

 

 

 

 

 

 

 

Bayernoil Raffineriegesellschaft mbH

94

 

 

 

 

1

 

Blue Stream Pipeline Co BV

 

291

657

 

2

3

 

CARDÓN IV SA

80

 

 

 

 

3

 

CEPAV (Consorzio Eni per l’Alta Velocità) Due

 

 

84

 

 

 

 

GreenStream BV

453

 

 

 

 

29

 

Raffineria di Milazzo ScpA

40

 

75

 

 

2

 

Société Centrale Electrique du Congo SA

92

 

5

 

 

 

 

Transmediterranean Pipeline Co Ltd

82

 

 

 

 

6

 

Other (*)

94

63

7

 

1

2

 

 

935

354

828

 

3

46

 

Unconsolidated subsidiaries

 

 

 

 

 

 

 

Other (*)

58

49

1

 

1

 

 

 

58

49

1

 

1

 

 

Entities controlled by the Government

 

 

 

 

 

 

 

Cassa Depositi e Prestiti Group

883

 

 

 

 

6

 

Snam Group

141

 

 

 

 

1

 

 

1,024

 

 

 

 

7

 

 

2,017

403

829

 

4

53

 

Discontinued operations

 

 

 

 

 

 

 

Entities controlled by the Government

 

 

 

 

 

 

 

Cassa Depositi e Prestiti Group

 

 

 

 

 

 

2,019

 

 

 

 

 

 

 

2,019

 

2,017

403

829

 

4

53

2,019

(€ million)

December 31, 2013

 

2013

Name

Receivables

Payables

Guarantees

 

Charges

Gains

Income from equity instruments

(*)

Each individual amount included herein was lower than €50 million.

Joint ventures and associates

 

 

 

 

 

 

 

Bayernoil Raffineriegesellschaft mbH

84

 

 

 

 

 

 

Blue Stream Pipeline Co BV

 

281

 

 

2

 

 

CARDÓN IV SA

236

 

 

 

 

10

 

CEPAV (Consorzio Eni per l’Alta Velocità) Due

 

 

150

 

 

 

 

GreenStream BV

405

1

 

 

 

25

 

Matrica SpA

100

 

 

 

 

4

 

Raffineria di Milazzo ScpA

60

 

83

 

 

2

 

Shatskmorneftegaz Sarl

51

 

 

 

13

 

 

Société Centrale Electrique du Congo SA

74

 

5

 

 

 

 

Unión Fenosa Gas SA

 

 

120

 

 

 

 

Other (*)

85

42

14

 

72

11

 

 

1,095

444

252

 

87

52

 

Unconsolidated subsidiaries

 

 

 

 

 

 

 

Other (*)

59

57

1

 

 

1

 

 

59

57

1

 

 

1

 

Entities controlled by the Government

 

1

 

 

 

3

 

 

1,154

502

253

 

87

56

 

Most significant transactions with joint ventures, associates and unconsolidated subsidiaries concerned:

  • a cash deposit at Eni’s financial companies on behalf of Blue Stream Pipeline Co BV and Unión Fenosa Gas SA;
  • bank debt guarantees issued on behalf of CEPAV (Consorzio Eni per l’Alta Velocità) Due and Raffineria di Milazzo ScpA;
  • financing loans granted to Bayernoil Raffineriegesellschaft mbH for capital expenditures in refining plants, to CARDÓN IV SA for the exploration and development activities of a gas field and to Société Centrale Electrique du Congo SA for the construction of an electric plant in Congo;
  • financing loans granted to GreenStream BV for the construction of natural gas transmission facilities and transport services;
  • financing loans granted to Matrica SpA in relation to the “Green Chemistry” project at the Porto Torres plant;
  • financing loans granted to Shatskmorneftegaz Sarl in relation to exploration activities in the Black Sea.

Impact of transactions and positions with related parties on the balance sheet, profit and loss account and statement of cash flows

The impact of transactions and positions with related parties on the balance sheet consisted of the following:

(€ million)

December 31, 2011

December 31, 2012

December 31, 2013

 

Total

Related parties

Impact %

Total

Related parties

Impact %

Total

Related parties

Impact %

Trade and other receivables

24,595

1,496

6.08

28,747

2,714

9.44

29,073

2,072

7.13

Other current assets

2,326

2

0.09

1,624

8

0.49

1,325

15

1.13

Other non-current financial assets

1,578

704

44.61

1,229

642

52.24

1,097

560

51.05

Other non-current assets

4,225

3

0.07

4,400

43

0.98

3,683

42

1.14

Current financial liabilities

4,459

503

11.28

2,223

403

18.13

2,742

502

18.31

Trade and other payables

22,912

1,446

6.31

23,581

1,616

6.85

23,598

2,164

9.17

Other liabilities

2,237

 

 

1,437

6

0.42

1,448

17

1.17

Other non-current liabilities

2,900

 

 

1,977

16

0.81

1,704

 

 

The impact of transactions with related parties on the profit and loss accounts consisted of the following:

(€ million)

2011

2012

2013

 

Total

Related parties

Impact %

Total

Related parties

Impact %

Total

Related parties

Impact %

Continuing operations

 

 

 

 

 

 

 

 

Net sales from operations

107,690

3,477

3.23

127,220

3,783

2.97

114,722

3,386

2.95

Other income and revenues

926

41

4.43

1,546

56

3.62

1,385

30

2.17

Purchases, services and other

78,795

5,880

7.46

95,363

6,604

6.93

90,213

8,506

9.43

Payroll and related costs

4,404

33

0.75

4,613

21

0.46

5,264

41

0.78

Other operating income (expense)

171

32

18.71

(158)

10

..

(71)

68

..

Financial income

6,376

49

0.77

7,218

53

0.73

5,746

56

0.97

Financial expense

7,410

1

0.01

8,314

4

0.05

6,649

87

1.31

Other gain (loss) from investments

1,623

338

20.83

2,603

 

 

5,863

 

 

Discontinued operations

 

 

 

 

 

 

 

 

Net sales from operations

1,906

407

21.35

1,886

303

16.07

 

 

 

Operating expenses

1,274

7

0.55

995

88

8.84

 

 

 

Income (expense) from investments

48

 

 

3,508

2,019

57.55

 

 

 

Transactions with related parties were part of the ordinary course of Eni’s business and were mainly conducted on an arm’s length basis.

Main cash flows with related parties are provided below:

(€ million)

2011

2012

2013

Revenues and other income

3,518

3,839

3,416

Costs and other expenses

(4,497)

(5,375)

(7,337)

Other operating income (loss)

32

10

68

Net change in trade and other receivables and liabilities

(140)

(280)

446

Net interests

48

49

53

Net cash provided from operating activities - Continuing operations

(1,039)

(1,757)

(3,354)

Net cash provided from operating activities - Discontinued operations

400

215

 

Net cash provided from operating activities

(639)

(1,542)

(3,354)

Capital expenditures in tangible and intangible assets

(1,416)

(1,250)

(1,210)

Disposal of investments

533

3,517

 

Net change in accounts payable and receivable in relation to investments

(21)

261

(13)

Change in financial receivables

104

(993)

825

Net cash used in investing activities

(800)

1,535

(398)

Change in financial liabilities

348

(94)

118

Net cash used in financing activities

348

(94)

118

Total financial flows to related parties

(1,091)

(101)

(3,634)

The impact of cash flows with related parties consisted of the following:

(€ million)

2011

2012

2013

 

Total

Related parties

Impact %

Total

Related parties

Impact %

Total

Related parties

Impact %

Cash provided from operating activities

14,382

(639)

..

12,371

(1,542)

..

10,969

(3,354)

..

Cash used in investing activities

(11,218)

(800)

7.13

(8,291)

1,535

..

(10,943)

(398)

3.64

Cash used in financing activities

(3,223)

348

..

2,201

(94)

..

(2,453)

118

..