AI assistant
Eni — Regulatory Filings 2023
Mar 20, 2023
4348_ffr_2023-03-20_a42656a8-7ee6-453b-8230-a467aa79f295.zip
Regulatory Filings
Open in viewerOpens in your device viewer
6-K 1 form6k-29689_eni.htm 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of March 2023
Eni S.p.A.
(Exact name of Registrant as specified in its charter)
Piazzale Enrico Mattei 1 -- 00144 Rome, Italy
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2b under the Securities Exchange Act of 1934.)
Yes No X
(If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): )
Field: Rule-Page
Field: /Rule-Page Field: Page; Sequence: 1
Field: /Page
Table of contents
· Eni’s Board of Directors - Approval of the fourth tranche of the provision in place of the 2022 dividend: € 0.22 per share
· Eni: Board of Directors resolves to propose to the Shareholders' Meeting a new buyback program and the cancellation of treasury shares acquired for the purpose of remunerating shareholders
· Eni: 2022 Consolidated Financial Statements and Draft Financial Statements of the Parent Company - Convening of the Annual Shareholders’ Meeting
Field: Page; Sequence: 2
Field: /Page
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorised.
| Eni S.p.A. | |
|---|---|
| /s/ Paola Mariani | |
| Name: | Paola Mariani |
| Title: | Head of Corporate |
| Secretary’s Staff Office |
Date: March 16, 2023
Field: Page; Sequence: 3
Field: /Page
Eni’s Board of Directors
Approval of the fourth tranche of the provision in place of the 2022 dividend: € 0.22 per share
Ravenna, 16 March 2023 – Eni’s Board of Directors, chaired by Lucia Calvosa, today resolved to distribute to Shareholders the fourth of the four tranches of the provision in place of the dividend 2022 from Eni S.p.A. available reserves 1 of € 0.22 (compared to a total annual provision, in place of the dividend, equal to € 0.88) per share outstanding at the ex-dividend date as of 22 May 2023 2 , payable on 24 May 2023 3 , as resolved by the Shareholders’ Meeting of 11 May 2022.
Holders of ADRs, outstanding at the record date of 23 May 2023, will receive € 0.44 per ADR, payable on 8 June 2023 4 , with each ADR listed on the New York Stock Exchange representing two Eni shares.
Company Contacts:
Press Office : Tel. +39.0252031875 – +39.0659822030
Freephone for shareholders (from Italy): 800940924
Freephone for shareholders (from abroad): + 80011223456 Switchboard: +39-0659821
Web site: www.eni.com
Field: Rule-Page
Field: /Rule-Page
1 Coupon No. 42
2 Depending on the recipient’s fiscal status the payment is subject to a withholding tax or are treated in part as taxable income.
3 Pursuant to article 83-terdecies of the Italian Legislative Decree no. 58 of February 24, 1998, the right to receive the payment is determined with reference to the entries on the books of the intermediary – as set out in art. 83-quater, paragraph 3 of the Italian Legislative Decree no. 58 of February 24, 1998 – at the end of the accounting day of the 23 May 2023 (record date).
4 On ADR payment date, Citibank, N.A. will pay net of the amount of the withholding tax under Italian law applicable to all Depository Trust Company Participants.
Field: Page; Sequence: 4
Field: /Page
Eni: Board of Directors resolves to propose to the Shareholders' Meeting a new buyback program and the cancellation of treasury shares acquired for the purpose of remunerating shareholders.
Ravenna, 16 March 2023 - Eni's Board of Directors, chaired by Lucia Calvosa, has resolved to submit a proposal to the Shareholders' Meeting of 10 May 2023, called in ordinary session, to authorize the purchase of treasury shares (the "new buyback Program") for a period up to the end of April 2024.
As illustrated in the 2023-2026 Strategic Plan, presented to the market on February 23, 2023, Eni intends to distribute between 25%-30% of annual CFFO by way of a combination of dividend and share buyback. In upside scenarios of the CFFO compared to the amount foreseen in the Plan, Eni expects to use 35% of incremental CFFO for distribution.
In line with the Plan, considering Eni’s expectations for the scenario and the performance of the businesses, Eni therefore intends to launch a €2.2 billion new share buyback in 2023. This amount may be increased up to a total maximum of €3.5 billion, in case of upside scenarios as described above.
The maximum amount of shares that can be purchased under this program is no. 337 millions of shares (approximately 10% of Eni's share capital as a result of the proposed cancellation of the shares acquired in the previous 2022-2023 buyback Program).
Authorization for the purchase of treasury shares under the new buyback Program is requested for the following purposes:
-
up to no. 275 millions of shares, to remunerate shareholders;
-
up to no. 62 millions of shares, to set up a share portfolio to serve extraordinary financial transactions, as convertible bond issues, or for other purposes consistent with the financial, business and/or strategic interest of Eni.
Field: Page; Sequence: 5
Field: /Page
Purchases made under the new buyback Program will be made at a price identified in compliance with regulatory requirements and accepted market practices in force from time to time. This price may not deviate downward or upward by more than 10% from the official price recorded by Eni S.p.A. stock in the session of the Euronext Milan market, organized and managed by Borsa Italiana S.p.A., on the day preceding each individual transaction.
Purchases may be made:
-
on regulated markets in accordance with operating procedures established in the regulations for the organization and management of those markets;
-
in the way established by the market practices permitted by Consob pursuant to Article 13 of Regulation (EU) No. 596/2014 (if applicable);
-
under the conditions set forth in Article 5 of Regulation (EU) No. 596/2014.
The Board of Directors has also resolved to submit a proposal to the Shareholders' Meeting, called in extraordinary session, to cancel:
(i) the treasury shares purchased under the previous 2022-2023 buyback Program (no. 195,550,084 of treasury shares), and
(ii) the treasury shares to be purchased under the new buyback Program for the purpose of remunerating shareholders (maximum no. 275 millions of treasury shares). This cancellation will be carried out by the Board of Directors without reducing the share capital, in view of the absence of the par value of Eni's shares, by July 2024, in one or more acts, even before the maximum number of shares authorized by the Shareholders' Meeting has been purchased.
For shares purchased for purposes other than shareholder’s remuneration, the Shareholders' Meeting is called upon to authorize their subsequent disposal, without time limits. The sale or other acts of disposal of such shares may be carried out in accordance with the terms and conditions established from time to time by the Board of Directors, in accordance with the purpose for which the authorization to purchase is requested, as well as in the way deemed most appropriate by the Board of Directors and in accordance with the interests of the Company and, in any case, in compliance with applicable regulations and any applicable market practices.
Field: Page; Sequence: 6
Field: /Page
The documentation relating to the Shareholders' Meeting will be made available to the public within the terms and in the way provided for by current regulations, including through publication on the Company's website.
As of today's date, Eni holds no. 226,097,834 treasury shares equal to approximately 6.33% of the share capital of which, as a result of the proposed cancellation of the shares acquired under the previous 2022-2023 buyback Program, no. 30,547,750 treasury shares will remain (equal to approximately 0.90% of the share capital post cancellation). Eni's subsidiaries do not hold shares in the Company.
Company Contacts:
Press Office : Tel. +39.0252031875 – +39.0659822030
Freephone for shareholders (from Italy): 800940924
Freephone for shareholders (from abroad): + 80011223456 Switchboard: +39-0659821
Web site: www.eni.com
Field: Page; Sequence: 7
Field: /Page
Eni: 2022 Consolidated Financial Statements
and Draft Financial Statements of the Parent Company
Convening of the Annual Shareholders’ Meeting
Ravenna, March 16, 2023 - Today, the Board of Directors, chaired by Lucia Calvosa, approved the 2022 Eni’s Annual Report prepared according to article No. 154-ter of the Italian comprehensive code for exchanges and securities. Consolidated net profit attributable to Eni’s shareholders amounted to €13,887 million 1 .
The Italian version of Eni’s 2022 Annual Report has been prepared in accordance with the European provisions on the standardization of financial languages (ESEF – European Single Electronic Format regulation).
The separate draft financial statements of the parent company for the year ending December 31, 2022 reported a net profit of €5,403 million. The 2022 IFRS consolidated statements and the separate statements of the parent company Eni SpA are enclosed herein.
The 2022 Annual Report (Italian version), in accordance with Article 154-ter of the Italian comprehensive code for exchanges and securities, has been handed to the Board of Statutory Auditors and the Independent Auditors. The Report will be made available to the public within the first ten days of April 2023, at the Company’s registered office, on the company's website, eni.com and in the other manner provided for by current legislation together with the reports of the Board of Statutory Auditors and the Independent Auditors. On the same day, an Annual Report on Form 20-F will be filed with the U.S. SEC.
The Board of Directors approved the “Consolidated report on non-financial information” prepared in conformity with the Italian Legislative Decree No. 254/2016 and included in the management discussion of the 2022 Annual Report.
The Board of Directors also approved the Report on Corporate Governance and Shareholding Structure and the Remuneration Report prepared according to article No. 123-bis and 123-ter of the Italian comprehensive code for exchanges and securities, respectively. These reports will be made available at the Company's headquarters and published on Eni’s website, in the “Publications” section and in accordance with current regulation, together with the 2022 Annual Report on Form 20-F.
The Board of Directors convened the Annual Shareholders' Meeting on May 10, 2023 (single call). The meeting is set to approve the 2022 financial statements of the parent company and the allocation of net profit and the appointment of corporate bodies. The Board of Directors and Board of Statutory Auditors approved their guidelines to shareholders on the composition of corporate bodies to be appointed, which are available to the public at the Company's website.
Field: Rule-Page
Field: /Rule-Page
1 This result substantially confirms the Group preliminary consolidated results published on February 23, 2023, excluding certain minor changes relating to data not yet available at the time of the press release (in particular Saipem’s fourth quarter 2022 result) and negligible net adjustments.
Field: Page; Sequence: 8
Field: /Page
Francesco Esposito, in his position as Eni’s manager responsible for the preparation of the Company’s financial reports, certifies pursuant to rule 154-bis paragraph 2 of Legislative Decree No. 58/1998, that data and information disclosed in this press release correspond to the Company’s evidence and accounting books and records.
Company Contacts
Press Office: Tel. +39.0252031875 – +39.0659822030
Freephone for shareholders (from Italy): 800940924
Freephone for shareholders (from abroad): +80011223456
Switchboard: +39-0659821
Web site: www.eni.com
Eni
Società per Azioni Roma, Piazzale Enrico Mattei, 1
Share capital: €4,005,358,876 fully paid
Tax identification number 00484960588
Tel.: +39 0659821 - Fax: +39 0659822141
This press release is also available on the Eni web site eni.com.
Field: Page; Sequence: 9
Field: /Page
Attachments
IFRS Consolidated Financial Statements
PROFIT AND LOSS ACCOUNT
| (€ million) | Full Year — 2022 | 2021 | ||
|---|---|---|---|---|
| Sales from operations | 132,265 | 76,575 | ||
| Other income and revenues | 1,175 | 1,196 | ||
| Total revenues | 133,440 | 77,771 | ||
| Purchases, services and other | (102,282 | ) | (55,549 | ) |
| Impairment reversals (impairment losses) of trade and other receivables, net | 47 | (279 | ) | |
| Payroll and related costs | (3,015 | ) | (2,888 | ) |
| Other operating (expense) income | (1,736 | ) | 903 | |
| Depreciation, Depletion and Amortization | (7,205 | ) | (7,063 | ) |
| Impairment reversals (impairment losses) of tangible, intangible and right of use assets, net | (1,140 | ) | (167 | ) |
| Write-off of tangible and intangible assets | (599 | ) | (387 | ) |
| OPERATING PROFIT (LOSS) | 17,510 | 12,341 | ||
| Finance income | 8,450 | 3,723 | ||
| Finance expense | (9,333 | ) | (4,216 | ) |
| Net finance income (expense) from financial assets measured at fair value through profit or loss | (55 | ) | 11 | |
| Derivative financial instruments | 13 | (306 | ) | |
| FINANCE INCOME (EXPENSE) | (925 | ) | (788 | ) |
| Share of profit (loss) of equity-accounted investments | 1,841 | (1,091 | ) | |
| Other gain (loss) from investments | 3,623 | 223 | ||
| INCOME (EXPENSE) FROM INVESTMENTS | 5,464 | (868 | ) | |
| PROFIT (LOSS) BEFORE INCOME TAXES | 22,049 | 10,685 | ||
| Income taxes | (8,088 | ) | (4,845 | ) |
| Net profit (loss) | 13,961 | 5,840 | ||
| attributable to: | ||||
| - Eni's shareholders | 13,887 | 5,821 | ||
| - Non-controlling interest | 74 | 19 | ||
| Earnings per share (€ per share) | ||||
| - basic | 3.96 | 1.61 | ||
| - diluted | 3.95 | 1.60 | ||
| Weighted average number of shares outstanding (million) | ||||
| - basic | 3,483.6 | 3,566.0 | ||
| - diluted | 3,490.0 | 3,573.6 |
Field: Page; Sequence: 10
Field: /Page
BALANCE SHEET
| (€ million) — Dec. 31, 2022 | Dec. 31, 2021 | |||
|---|---|---|---|---|
| ASSETS | ||||
| Current assets | ||||
| Cash and cash equivalents | 10,155 | 8,254 | ||
| Financial assets measured at fair value through profit or loss | 8,251 | 6,301 | ||
| Other financial assets | 1,504 | 4,308 | ||
| Trade and other receivables | 20,840 | 18,850 | ||
| Inventories | 7,709 | 6,072 | ||
| Income tax assets | 317 | 195 | ||
| Other assets | 12,823 | 13,634 | ||
| 61,599 | 57,614 | |||
| Non-current assets | ||||
| Property, plant and equipment | 56,332 | 56,299 | ||
| Right of use assets | 4,446 | 4,821 | ||
| Intangible assets | 5,525 | 4,799 | ||
| Inventory - compulsory stock | 1,786 | 1,053 | ||
| Equity-accounted investments | 12,092 | 5,887 | ||
| Other investments | 1,202 | 1,294 | ||
| Other financial assets | 1,967 | 1,885 | ||
| Deferred tax assets | 4,569 | 2,713 | ||
| Income tax assets | 114 | 108 | ||
| Other assets | 2,271 | 1,029 | ||
| 90,304 | 79,888 | |||
| Assets held for sale | 264 | 263 | ||
| TOTAL ASSETS | 152,167 | 137,765 | ||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
| Current liabilities | ||||
| Short-term debt | 4,446 | 2,299 | ||
| Current portion of long-term debt | 3,097 | 1,781 | ||
| Current portion of long-term lease liabilities | 884 | 948 | ||
| Trade and other payables | 25,710 | 21,720 | ||
| Income taxes payable | 2,108 | 648 | ||
| Other liabilities | 12,473 | 15,756 | ||
| 48,718 | 43,152 | |||
| Non-current liabilities | ||||
| Long-term debt | 19,374 | 23,714 | ||
| Long-term lease liabilities | 4,067 | 4,389 | ||
| Provisions for contingencies | 15,267 | 13,593 | ||
| Provisions for employee benefits | 786 | 819 | ||
| Deferred tax liabilities | 5,094 | 4,835 | ||
| Income taxes payable | 253 | 374 | ||
| Other liabilities | 3,270 | 2,246 | ||
| 48,111 | 49,970 | |||
| Liabilities directly associated with assets held for sale | 108 | 124 | ||
| TOTAL LIABILITIES | 96,937 | 93,246 | ||
| Share capital | 4,005 | 4,005 | ||
| Retained earnings | 23,455 | 22,750 | ||
| Cumulative currency translation differences | 7,586 | 6,530 | ||
| Other reserves and equity instruments | 8,763 | 6,289 | ||
| Treasury shares | (2,937 | ) | (958 | ) |
| Net profit (loss) | 13,887 | 5,821 | ||
| Total Eni shareholders' equity | 54,759 | 44,437 | ||
| Non-controlling interest | 471 | 82 | ||
| TOTAL SHAREHOLDERS' EQUITY | 55,230 | 44,519 | ||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 152,167 | 137,765 |
Field: Page; Sequence: 11
Field: /Page
CASH FLOW STATEMENT
| (€ million) | Full Year — 2022 | 2021 | ||
|---|---|---|---|---|
| Net profit (loss) | 13,961 | 5,840 | ||
| Adjustments to reconcile net profit (loss) to net cash provided by operating activities: | ||||
| Depreciation, depletion and amortization | 7,205 | 7,063 | ||
| Impairment losses (impairment reversals) of tangible, intangible and right of use assets, net | 1,140 | 167 | ||
| Write-off of tangible and intangible assets | 599 | 387 | ||
| Impairment reversals (impairment losses) of investments | (1,841 | ) | 1,091 | |
| Gains on disposal of assets, net | (524 | ) | (102 | ) |
| Dividend income | (351 | ) | (230 | ) |
| Interest income | (159 | ) | (75 | ) |
| Interest expense | 1,033 | 794 | ||
| Income taxes | 8,088 | 4,845 | ||
| Other changes | (2,773 | ) | (194 | ) |
| Cash flow from changes in working capital | (1,279 | ) | (3,146 | ) |
| - inventories | (2,528 | ) | (2,033 | ) |
| - trade receivables | (1,036 | ) | (7,888 | ) |
| - trade payables | 2,284 | 7,744 | ||
| - provisions for contingencies | 2,028 | (406 | ) | |
| - other assets and liabilities | (2,027 | ) | (563 | ) |
| Net change in the provisions for employee benefits | 39 | 54 | ||
| Dividends received | 1,545 | 857 | ||
| Interest received | 116 | 28 | ||
| Interest paid | (851 | ) | (792 | ) |
| Income taxes paid, net of tax receivables received | (8,488 | ) | (3,726 | ) |
| Net cash provided by operating activities | 17,460 | 12,861 | ||
| Cash flow from investing activities | (10,793 | ) | (7,815 | ) |
| - tangible assets | (7,700 | ) | (4,950 | ) |
| - prepaid right of use | (3 | ) | (2 | ) |
| - intangible assets | (356 | ) | (284 | ) |
| - consolidated subsidiaries and businesses net of cash and cash equivalent acquired | (1,636 | ) | (1,901 | ) |
| - investments | (1,675 | ) | (837 | ) |
| - securities and financing receivables held for operating purposes | (350 | ) | (227 | ) |
| - change in payables in relation to investing activities | 927 | 386 | ||
| Cash flow from disposals | 2,989 | 536 | ||
| - tangible assets | 149 | 207 | ||
| - intangible assets | 17 | 1 | ||
| - consolidated subsidiaries and businesses net of cash and cash equivalent disposed of | (60 | ) | 76 | |
| - tax on disposals | (35 | ) | ||
| - investments | 1,096 | 155 | ||
| - securities and financing receivables held for operating purposes | 483 | 141 | ||
| - change in receivables in relation to disposals | 1,304 | (9 | ) | |
| Net change in receivables and securities not held for operating purposes | 786 | (4,743 | ) | |
| Net cash used in investing activities | (7,018 | ) | (12,022 | ) |
Field: Page; Sequence: 12
Field: /Page
(continued) CASH FLOW STATEMENT
| (€ million) | Full Year — 2022 | 2021 | ||
|---|---|---|---|---|
| Increase in long-term debt | 130 | 3,556 | ||
| Payment of long-term debt | (4,074 | ) | (2,890 | ) |
| Payment of lease liabilities | (994 | ) | (939 | ) |
| Increase (decrease) in short-term financial debt | 1,375 | (910 | ) | |
| Dividends paid to Eni's shareholders | (3,009 | ) | (2,358 | ) |
| Dividends paid to non-controlling interests | (60 | ) | (5 | ) |
| Capital contribution by non-controlling interest | 92 | |||
| Disposal (acquisition) of additional interests in consolidated subsidiaries | 536 | (17 | ) | |
| Net purchase of treasury shares | (2,400 | ) | (400 | ) |
| Issue of perpetual subordinated bonds | 1,985 | |||
| Coupon payment on perpetual subordinated bonds | (138 | ) | (61 | ) |
| Net cash used in financing activities | (8,542 | ) | (2,039 | ) |
| Effect of exchange rate changes and other changes | 16 | 52 | ||
| Net increase (decrease) in cash and cash equivalents | 1,916 | (1,148 | ) | |
| Cash and cash equivalents - beginning of the year | 8,265 | 9,413 | ||
| Cash and cash equivalents - end of the year | 10,181 | 8,265 |
Field: Page; Sequence: 13
Field: /Page
IFRS Financial Statements of the parent company
PROFIT AND LOSS ACCOUNT
| (€ million) | Full Year — 2022 | 2021 | ||
|---|---|---|---|---|
| Sales from operations | 74,679 | 38,249 | ||
| Other income and revenues | 542 | 474 | ||
| Total revenues | 75,221 | 38,723 | ||
| Purchases, services and other | (66,135 | ) | (33,127 | ) |
| Impairment reversals (impairment losses) of trade and other receivables, net | (81 | ) | (77 | ) |
| Payroll and related costs | (1,231 | ) | (1,286 | ) |
| Other operating (expense) income | (6,325 | ) | (2,278 | ) |
| Depreciation, Depletion and Amortization | (825 | ) | (930 | ) |
| Impairment reversals (impairment losses) of tangible, intangible and right of use assets, net | (334 | ) | (455 | ) |
| Write-off of tangible and intangible assets | (65 | ) | (1 | ) |
| OPERATING PROFIT (LOSS) | 225 | 569 | ||
| Finance income | 3,324 | 2,049 | ||
| Finance expense | (3,730 | ) | (2,066 | ) |
| Net finance income (expense) from financial assets measured at fair value through profit or loss | (44 | ) | 11 | |
| Derivative financial instruments | 234 | (201 | ) | |
| FINANCE INCOME (EXPENSE) | (216 | ) | (207 | ) |
| INCOME (EXPENSE) FROM INVESTMENTS | 3,771 | 6,918 | ||
| PROFIT (LOSS) BEFORE INCOME TAXES | 3,780 | 7,280 | ||
| Income taxes | 1,623 | 395 | ||
| NET PROFIT (LOSS) | 5,403 | 7,675 |
Field: Page; Sequence: 14
Field: /Page
BALANCE SHEET
| (€ million) — Dec. 31, 2022 | Dec. 31, 2021 | |||
|---|---|---|---|---|
| ASSETS | ||||
| Current assets | ||||
| Cash and cash equivalents | 7,628 | 6,630 | ||
| Financial assets measured at fair value through profit or loss | 7,815 | 5,855 | ||
| Other financial assets | 3,760 | 4,214 | ||
| Trade and other receivables | 11,661 | 12,992 | ||
| Inventories | 3,815 | 2,582 | ||
| Income tax assets | 173 | 23 | ||
| Other assets | 13,076 | 12,851 | ||
| 47,928 | 45,147 | |||
| Non-current assets | ||||
| Property, plant and equipment | 5,112 | 5,213 | ||
| Right of use assets | 1,654 | 1,691 | ||
| Intangible assets | 241 | 247 | ||
| Inventory - compulsory stock | 1,773 | 1,104 | ||
| Investments | 59,815 | 56,010 | ||
| Other financial assets | 2,146 | 3,257 | ||
| Deferred tax assets | 2,684 | 814 | ||
| Income tax assets | 78 | 78 | ||
| Other assets | 2,813 | 2,057 | ||
| 76,316 | 70,471 | |||
| Assets held for sale | 82 | 3 | ||
| TOTAL ASSETS | 124,326 | 115,621 | ||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
| Current liabilities | ||||
| Short-term debt | 14,122 | 5,866 | ||
| Current portion of long-term debt | 2,883 | 1,555 | ||
| Current portion of long-term lease liabilities | 373 | 383 | ||
| Trade and other payables | 12,380 | 9,521 | ||
| Income taxes payable | 771 | 117 | ||
| Other liabilities | 14,305 | 16,305 | ||
| 44,834 | 33,747 | |||
| Non-current liabilities | ||||
| Long-term debt | 16,054 | 20,619 | ||
| Long-term lease liabilities | 1,887 | 1,939 | ||
| Provisions for contingencies | 5,661 | 4,992 | ||
| Provisions for employee benefits | 341 | 393 | ||
| Other liabilities | 3,029 | 2,892 | ||
| 26,972 | 30,835 | |||
| TOTAL LIABILITIES | 71,806 | 64,582 | ||
| Share capital | 4,005 | 4,005 | ||
| Legal reserve | 959 | 959 | ||
| Other reserves and equity instruments | 45,090 | 39,358 | ||
| Treasury shares | (2,937 | ) | (958 | ) |
| Net profit (loss) | 5,403 | 7,675 | ||
| TOTAL SHAREHOLDERS' EQUITY | 52,520 | 51,039 | ||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 124,326 | 115,621 |
Field: Page; Sequence: 15
Field: /Page
CASH FLOW STATEMENT
| (€ million) | Full Year — 2022 | 2021 | ||
|---|---|---|---|---|
| Net profit (loss) | 5,403 | 7,675 | ||
| Adjustments to reconcile net profit (loss) to net cash provided by operating activities: | ||||
| Depreciation, depletion and amortization | 825 | 930 | ||
| Impairment losses (impairment reversals) of tangible, intangible and right of use assets, net | 334 | 455 | ||
| Write-off of tangible and intangible assets | 65 | 1 | ||
| Impairment reversals (impairment losses) of investments | 785 | (894 | ) | |
| Gains on disposal of assets, net | (2,226 | ) | (23 | ) |
| Dividend income | (2,336 | ) | (6,006 | ) |
| Interest income | (203 | ) | (176 | ) |
| Interest expense | 577 | 520 | ||
| Income taxes | (1,623 | ) | (395 | ) |
| Other changes | 247 | (63 | ) | |
| Cash flow from changes in working capital | (697 | ) | (401 | ) |
| - inventories | (1,902 | ) | (1,602 | ) |
| - trade receivables | (1,597 | ) | (6,097 | ) |
| - trade payables | 2,950 | 5,283 | ||
| - provisions for contingencies | 769 | (170 | ) | |
| - other assets and liabilities | (917 | ) | 2,185 | |
| Net change in the provisions for employee benefits | 1 | 63 | ||
| Dividends received | 5,515 | 2,893 | ||
| Interest received | 209 | 179 | ||
| Interest paid | (558 | ) | (517 | ) |
| Income taxes paid, net of tax receivables received | (500 | ) | 33 | |
| Net cash provided by operating activities | 5,818 | 4,274 | ||
| Cash flow from investing activities | (5,570 | ) | (9,361 | ) |
| - tangible assets | (751 | ) | (848 | ) |
| - intangible assets | (32 | ) | (188 | ) |
| - investments | (3,457 | ) | (8,145 | ) |
| - financing receivables held for operating purposes | (1,406 | ) | (293 | ) |
| - businesses net of cash and cash equivalents divested | (4 | ) | ||
| - change in payables in relation to investing activities | 80 | 113 | ||
| Cash flow from disposals | 3,295 | 2,063 | ||
| - tangible assets | 166 | 5 | ||
| - intangible assets | 9 | |||
| - investments | 791 | 479 | ||
| - financing receivables held for operating purposes | 2,329 | 1,579 | ||
| Net change in receivables and securities not held for operating purposes | (1,440 | ) | (110 | ) |
| Net cash used in investing activities | (3,715 | ) | (7,408 | ) |
Field: Page; Sequence: 16
Field: /Page
(continued) CASH FLOW STATEMENT
| (€ million) | Full Year — 2022 | 2021 | ||
|---|---|---|---|---|
| Increase (Repayments) in long-term debt | (3,437 | ) | 955 | |
| Payment of lease liabilities | (390 | ) | (374 | ) |
| Increase (decrease) in short-term financial debt | 8,287 | 1,933 | ||
| Dividends paid | (3,009 | ) | (2,358 | ) |
| Net purchase of treasury shares | (2,400 | ) | (400 | ) |
| Issue of perpetual subordinated bonds | 1,985 | |||
| Coupon payment on perpetual subordinated bonds | (138 | ) | (61 | ) |
| Net cash used in financing activities | (1,087 | ) | 1,680 | |
| Effect of exchange rate changes and other changes | (18 | ) | (27 | ) |
| Net increase (decrease) in cash and cash equivalent | 998 | (1,481 | ) | |
| Cash and cash equivalents - beginning of the year | 6,630 | 8,111 | ||
| Cash and cash equivalents - end of the year | 7,628 | 6,630 |
Field: Page; Sequence: 17
Field: /Page