• Key data
• Summary financial data

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  Key financial data(a)
  (€ million)	2012(b)	2013	2014
  (a) Following the divestment of Regulated Businesses in Italy, results of Snam have been accounted as “discontinued operations”. (b) 2012 figures have been restated following the adoption of the International Accounting Standard (IAS) 19 “Employees benefits”, effective since January 1, 2013. * Attributable to Eni's shareholders.
  Net sales from operations	128,481	114,697	109,847
  Group operating profit	16,099	8,888	7,917
  Group adjusted operating profit	20,825	12,650	11,574
  Group net profit*	7,790	5,160	1,291
  Group adjusted net profit*	7,325	4,430	3,707
  Net cash provided by operating profit	12,567	11,026	15,110
  Capital expenditure	13,561	12,800	12,240
  Shareholders' equity including non-controlling interests	62,417	61,049	62,209
  Net borrowings	15,069	14,963	13,685
  Leverage	0.24	0.25	0.22
  Net capital employed	77,486	76,012	75,894

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  Summary financial data
  		2012	2013	2014
  (a) Fully diluted. Ratio of net profit/cash flow and average number of shares outstanding in the period. Dollar amounts are converted on the basis of the average EUR/USD exchange rate quoted by ECB for the period presented. (b) One American Depositary Receipt (ADR) is equal to two Eni ordinary shares. (c) Ratio of dividend for the period and the average price of Eni shares as recorded in December.
  Net profit
  - per share (a)	(€)	1.16	1.42	0.36
  - per ADR (a) (b)	($)	2.98	3.77	0.96
  Adjusted net profit
  - per share (a)	(€)	1.97	1.22	1.03
  - per ADR (a) (b)	($)	5.06	3.24	2.74
  Cash flow
  - per share (a)	(€)	3.41	3.52	4.18
  - per ADR (a) (b)	($)	8.77	9.04	11.12
  Adjusted return on average capital employed (Roace)	(%)	10.1	5.9	5.6
  Leverage		0.24	0.25	0.22
  Coverage		11.3	8.8	7.4
  Current ratio		1.4	1.5	1.5
  Debt coverage		83.4	73.7	110.4
  Dividends pertaining to the year	(€ per share)	1.08	1.10	1.12
  Pay-out	(%)	50	77	311
  Dividend yield (c)	(%)	5.9	6.5	7.6

Summarized group balance sheet

The Summarized Group Balance Sheet aggregates the amount of assets and liabilities derived from the statutory balance sheet in accordance with functional criteria which consider the enterprise conventionally divided into the three fundamental areas focusing on resource investments, operations and financing. Management believes that this summarized group balance sheet is useful information in assisting investors to assess Eni’s capital structure and to analyze its sources of funds and investments in fixed assets and working capital. Management uses the summarized group balance sheet to calculate key ratios such as the proportion of net borrowings to shareholders’ equity (leverage) intended to evaluate whether Eni’s financing structure is sound and well-balanced.

Further details

The summarized group balance sheet was affected by a sharp movement in the EUR/USD exchange rate which determined an increase in net capital employed, net borrowings and total equity of €5,145 million, €137 million and €5,008 million respectively following translation of the financial statements of US-denominated subsidiaries reflecting a 12% appreciation of the US dollar (1EUR= 1.214 USD at December 31, 2014 compared to 1.379 at December 31, 2013).

Fixed assets amounted to €82,208 million, representing an increase of €5,732 million from December 31, 2013. The increase was attributable to favourable currency movements, capital expenditure (€12,240 million), upward revisions of the previous decommissioning provisions in the Exploration & Production segment mainly combine with a benign interest rate environment allowing an increase of €2,112 million. These increases were partly offset by the depreciation, depletion, amortization and impairment charges (€11,499 million), the reduction in the line item “Equity-accounted investments and other investments” (down €1,051 million) due to the divestment of Eni’s interest in Galp and the fair value evaluation of the residual interest, the sale of other interests (South Stream and EnBw), as well as the decrease in the compulsory inventories reflecting lower commodity prices (€991 million).

Net working capital (negative €5,292 million) reported a decrease of €3,951 million. This reflected lower “other current assets, net” (down €1,052 million) following the reduction of net receivables vs. joint venture partners in the Exploration & Production segment, and decreased deferred costs related to pre-paid gas volumes provided by take-or-pay obligations due to volume makeup in the year as a result of contract renegotiations. Also lower inventories of crude oil and products (down €384 million) were recorded due to the alignment to current prices. The balance of trade receivables and trade payables declined by €934 million mainly in the Exploration & Production segment. Finally, lower tax payables and provisions for deferred taxes were recorded due to the recognition of the above mentioned tax gain on Libyan tax by the parent company Eni SpA, net of the amount already collected in the fourth quarter, and as taxes paid were larger than those accrued in the full year due to a lowered taxable profit. These were partly offset by the write-off of deferred tax assets of Italian subsidiaries for €976 million.

In 2014, net cash provided by operating activities amounted to €15,110 million, as it was supported by a reduction of working capital in E&P, G&P mainly due to a reduction in cash advances related to the take-or-pay clause in gas long-term supply contracts, as well as in Saipem. Proceeds from disposals were €3,684 million and mainly related to the divestment of Eni’s share in Artic Russia (€2,160 million), an 8% interest in Galp Energia (€824 million), Eni’s interest in the EnBW joint venture in Germany, as well as the divestment of Eni’s stake in the South Stream project. These cash inflows funded cash outlays relating to capital expenditure totalling €12.240 million and dividend payments, share repurchases and other changes amounting to €4,434 million (including €2,020 million related to the 2014 interim dividend paid to Eni’s shareholders and €380 million of share repurchases), reducing the Group’s net debt from December 31, 2013 by €1,278 million. Net cash provided by operating activities was negatively affected by lower receivables due beyond the end of the reporting period, being transferred to financing institutions compared to the amount transferred at the end of the previous reporting period (down by €961 million from December 31, 2013).

The main risks to which the Group is exposed in performing industrial operations are disclosed in this section.