Eni S p A : 2020 Consolidated Financial Statements and Draft Financial Statements of the Parent Company

2020 Consolidated Financial Statements and Draft Financial Statements of the Parent Company

Convening of the Annual Shareholders' Meeting



• • Consolidated and separate financial statements

• • Dividend proposal: €0.36 per share (of which €0.12 already paid in September 2020)

Rome, March 18, 2021 - Today, the Board of Directors, chaired by Lucia Calvosa, approved Eni's consolidated financial statements and the separate draft financial statements of the parent company for the year ending December 31, 2020. They confirm the 2020 preliminary adjusted results announced on February 19, 2021.

Consolidated net loss amounted to €8,635 million and net profit of the parent company amounted to €1,607 million. Reported net loss has been revised to €8,635 million (the preliminary net loss was €8,563 million) mainly to factor in the subsequent release of results of an equity accounted entity.

The Board of Directors intends to submit a proposal for the distribution of a cash dividend of €0.36 per share at the Annual Shareholders' Meeting. Included in this annual distribution is the €0.12 per share, which was paid as an interim dividend in September 2020. The balance of €0.241 per share will be payable on May 26, 2021 to shareholders of record at the close of business on May 25, 2021, with the ex-dividend date being May 24, 2021.

An Annual Report on Form 20-F will be filed with the U.S. SEC and Italian market authorities by the first ten days of April 2021. This report will be disseminated via the Company's headquarters, and on Eni's website (eni.com) and through other sources provided by the current regulation. Enclosed are the 2020 IFRS consolidated statements and those of the parent company Eni SpA.

The Board of Directors also approved the "Consolidated report on non-financial information" included in the management discussion of the 2020 Annual Report. This report, prepared in conformity with the Italian Legislative Decree N. 254/2016, discloses the group's activities, the performances achieved and the outcomes in environmental, reduction of carbon footprint, social, employees matters, respect for human rights, as well as anti-corruption and bribery matters.

The Board of Directors also convened the Annual Shareholders' Meeting on May 12, 2021. The meeting is set to approve the 2020 financial statements of the parent company and allocation of net profit, the payment of the 2021 interim dividend by the distribution of retained earnings, the integration of the Board of Statutory Auditors and the new buy-back programme.

1 Dividends, depending on the receiver, are subject to a withholding tax on distribution or are partially cumulated to the receiver's taxable income.

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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. [phone] Freephone for shareholders (from Italy): 800940924 Freephone for shareholders (from abroad): [phone] Switchboard: [phone]

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.: [phone] - Fax: [phone]

This press release is also available on the Eni web site eni.com.

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Attachment

IFRS Consolidated Financial Statements

PROFIT AND LOSS ACCOUNT

Full Year

2020	2019
Sales from operations	43,987	69,881
Other income and revenues	960	1,160
Total revenues	44,947	71,041
Purchases, services and other	(33,551)	(50,874)
Impairment reversals (impairment losses) of trade and other receivables, net	(226)	(432)
Payroll and related costs	(2,863)	(2,996)
Other operating (expense) income	(766)	287
Depreciation, Depletion and Amortization	(7,304)	(8,106)
Impairment reversals (impairment losses) of tangible, intangible and right of use assets, net	(3,183)	(2,188)
Write-off of tangible and intangible assets	(329)	(300)
OPERATING PROFIT (LOSS)	(3,275)	6,432
Finance income	3,531	3,087
Finance expense	(4,958)	(4,079)
Net finance income (expense) from financial assets held for trading	31	127
Derivative financial instruments	351	(14)
FINANCE INCOME (EXPENSE)	(1,045)	(879)
Share of profit (loss) of equity-accounted investments	(1,733)	(88)
Other gain (loss) from investments	75	281
INCOME (EXPENSE) FROM INVESTMENTS	(1,658)	193
PROFIT (LOSS) BEFORE INCOME TAXES	(5,978)	5,746
Income taxes	(2,650)	(5,591)
Net profit (loss)	(8,628)	155
attributable to:
- Eni's shareholders	(8,635)	148
- Non-controlling interest	7	7
Earnings per share (€ per share)
- basic	(2.42)	0.04
- diluted	(2.41)	0.04
Weighted average number of shares outstanding (million)
- basic	3,572.5	3,592.2
- diluted	3,579.0	3,594.5

(€ million)

BALANCE SHEET

(€ million)

Dec. 31, 2020	Dec. 31, 2019
ASSETS
Current assets
Cash and cash equivalents	9,413	5,994
Other financial activities held for trading	5,502	6,760
Other financial assets	254	384
Trade and other receivables	10,926	12,873
Inventories	3,893	4,734
Income tax assets	184	192
Other assets	2,686	3,972
32,858	34,909
Non-current assets
Property, plant and equipment	53,943	62,192
Right of use assets	4,643	5,349
Intangible assets	2,936	3,059
Inventory - compulsory stock	995	1,371
Equity-accounted investments	6,749	9,035
Other investments	957	929
Other financial assets	1,008	1,174
Deferred tax assets	4,109	4,360
Income tax assets	153	173
Other assets	1,253	871
76,746	88,513
Assets held for sale	44	18
TOTAL ASSETS	109,648	123,440
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term debt	2,882	2,452
Current portion of long-term debt	1,909	3,156
Current portion of long-term lease liabilities	849	889
Trade and other payables	12,936	15,545
Income taxes payable	243	456
Other liabilities	4,872	7,146
23,691	29,644
Non-current liabilities
Long-term debt	21,895	18,910
Long-term lease liabilities	4,169	4,759
Provisions for contingencies	13,438	14,106
Provisions for employee benefits	1,201	1,136
Deferred tax liabilities	5,524	4,920
Income taxes payable	360	454
Other liabilities	1,877	1,611
48,464	45,896
Liabilities directly associated with assets held for sale
TOTAL LIABILITIES	72,155	75,540
Share capital	4,005	4,005
Retained earnings	34,043	35,894
Cumulative currency translation differences	3,895	7,209
Other reserves and equity instruments	4,688	1,564
Treasury shares	(581)	(981)
Net profit (loss)	(8,635)	148
Total Eni shareholders' equity	37,415	47,839
Non-controlling interest	78	61
TOTAL SHAREHOLDERS' EQUITY	37,493	47,900
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	109,648	123,440