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2020 Financial Report

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2020 Financial Report 2020 Financial Report Consolidated Financial Statements Contents CONSOLIDATED FINANCIAL STATEMENTS (Primary statements and Reclassified Balance Sheet) 3 Consolidated Income Statement and Other Components of the Comprehensive Income Statement 4 Consolidated Balance Sheet 5 Cash Flow Statement 6 Changes in Consolidated Shareholders’ Equity 7 Reclassified Consolidated Balance Sheet 8 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 11 1. Introduction 12 1.1 Newly applied standards 12 1.2 Presentation formats adopted by the Group 13 1.3 Main changes in the scope of consolidation compared with December 31, 2019 13 1.4 Application of accounting standard IFRS 5 14 1.5 COVID-19 17 2. Performance 18 2.1 Highlights 18 2.2 Segment information 19 2.3 EBITDA 21 2.4 From EBITDA to Profit (Loss) from continuing operations 25 2.5 Profit (Loss) from discontinued operations and Group interest in profit (loss) 26 3. Net working capital 27 3.1 Credit risk management 27 3.2 Operating working capital 27 3.3 Other assets and liabilities 29 4. Market risk management 30 4.1 Market risks and risk management 30 4.2 Hedge Accounting and Economic Hedge – Fair Value Hierarchy 32 4.3 Effects of derivatives transactions on Income Statement and Balance Sheet at December 31, 2020 34 5. Fixed assets and provisions 39 5.1 Tangible, intangible assets and goodwill 39 5.2 Equity investments and other non-current financial assets 44 5.3 Provisions for risks and employee benefits 45 5.4 Contingent assets and liabilities 46 6. Shareholders’ equity, financial debt and cost of debt 48 6.1 Shareholders’ equity 48 6.2 Management of financial resources 49 6.3 Net financial debt and cost of debt 50 6.4 Financial risk management 53 7. Taxation 56 7.1 Tax risk management 56 7.2 Taxes 56 7.3 Tax assets and liabilities 57 8. Non-Energy Activities 60 9. Other notes 66 9.1 Information pursuant to IFRS 3 revised 66 9.2 Information pursuant to IFRS 5 68 9.3 Other commitments 75 9.4 Intercompany and Related-party transactions 77 10. Criteria and methods 80 10.1 Comparability 80 10.2 Criteria and methods of consolidation 82 10.3 Valuation criteria 84 11. Other information 93 11.1 Significant non-recurring events and transactions 93 11.2 Transactions resulting from atypical and/or unusual activities 93 11.3 Information pursuant to Article 1, Sections 125-129, Law No. 124 of 2017 93 Significant events occurring after December 31, 2020 94 Scope of consolidation 95 Certification pursuant to Article 81-ter of CONSOB Regulation No. 11971 102 Report of the Independent Auditors 103 This document has been translated into English for the convenience of readers outside Italy. The original Italian document should be considered the authoritative version. 2020 Financial Report CONSOLIDATED FINANCIAL STATEMENTS 2 I 2020 FINANCIAL REPORT Consolidated Financial Statements (Primary statements and Reclassified Balance Sheet) 2020 FINANCIAL REPORT I 3 Consolidated Income Statement CONSOLIDATED INCOME STATEMENT (in millions of euros) Chapter 2020 2019 (*) of which of which related parties related parties Sales revenues 6,390 901 8,198 1,223 Other revenues and income 114 11 113 14 Total net revenues 6,504 912 8,311 1,237 Commodity and logistic costs (-) (4,830) (652) (6,716) (654) Other costs and services used (-) (520) (27) (567) (61) Labor costs (-) (321) (312) Receivables (writedowns)/reversals 3 (33) (10) Other costs (-) (116) (104) EBITDA 2 684 602 Net change in fair value of derivatives (commodity and exchange rate risk) 4 (3) 3 Depreciation and amortization (-) 5 (352) (358) (Writedowns) and reversals 5 (35) (33) Other income (expense) non Energy activities 8 (55) (40) EBIT 239 174 Net financial income (expense) on debt 6 (10) (5) (18) (4) Other net financial income (expense) 2 1 (4) (13) 11 Net financial income (expense) on assigned trade receivables without recourse 3 (14) (15) Income from (Expense on) equity investments 5 14 11 6 2 Profit (Loss) before taxes 230 134 Income taxes 7 (39) 7 Profit (Loss) from continuing operations 191 141 Profit (Loss) from discontinued operations 2;9 (158) (562) Profit (Loss) 33 (421) Broken down as follows: Minority interest in profit (loss) 14 15 Group interest in profit (loss) 19 (436) (*) The amounts of 2019 were restated pursuant to IFRS 5. OTHER COMPONENTS OF THE COMPREHENSIVE INCOME STATEMENT (in millions of euros) Chapter 2020 2019 Profit (Loss) 33 (421) Other components of comprehensive income: A) Change in the Cash Flow Hedge reserve 6 44 (56) - Gains (Losses) arising during the year 62 (78) - Income taxes (18) 22 B) Differences on the translation of assets in foreign currencies (45) 3 - Gains (Losses) arising during the year not realized (14) 4 - Gains reversal to profit and loss (31) - - Income taxes - (1) C) Pro rata interest in other components of comprehensive income of investee companies - - D) Actuarial gains (losses) (*) - (1) - Actuarial gains (losses) - (1) - Income taxes - - Total other components of comprehensive income net of taxes (A+B+C+D) (1) (54) Total comprehensive profit (loss) 32 (475) Broken down as follows: Minority interest in comprehensive profit (loss) 14 15 Group interest in comprehensive profit (loss) 18 (490) (*) Items not reclassificable in Income Statement. 4 I 2020 FINANCIAL REPORT Consolidated Balance Sheet CONSOLIDATED BALANCE SHEET (in millions of euros) Chapter 12.31.2020 12.31.2019 of which of which related parties related parties ASSETS Property, plant and equipment 5 3,447 3,312 Intangible assets 5 265 344 Goodwill 5 2,174 2,220 Investments in companies valued by the equity method 5 123 123 91 91 Other non-current financial assets 5 80 59 68 48 Deferred-tax assets 7 189 216 Non-current tax receivables 7 2 35 Other non-current assets 3 60 43 Fair value 4 201 100 Assets for financial leasing 6 2 2 Total non-current assets 6,543 6,431 Inventories 3 113 133 Trade receivables 3 1,053 105 1,132 127 Current tax receivables 7 16 6 26 19 Other current assets 3 359 36 380 24 Fair value 4 428 676 Current financial assets 6 7 4 347 6 Cash and cash equivalents 6 313 213 283 156 Total current assets 2,289 2,977 Assets held for sale 9 551 1,401 Total assets 9,383 10,809 LIABILITIES AND SHAREHOLDERS' EQUITY Share capital 5,377 5,377 Reserves and retained earnings (loss carryforward) (58) 374 Reserve for other components of comprehensive income 11 12 Group interest in profit (loss) 19 (436) Total shareholders' equity attributable to Parent Company shareholders 6 5,349 5,327 Shareholders' equity attributable to minority shareholders 6 131 186 Total shareholders' equity 5,480 5,513 Employee benefits 5 37 38 Provisions for decommissioning and remediation of industrial sites 5 172 163 Provisions for risks and charges 5 228 342 Provisions for risks and charges for non Energy activities 8 299 266 Deferred-tax liabilities 7 92 95 Other non-current liabilities 3 5 5 Fair value 4 187 93 Non-current financial debt 6 623 615 35 Total non-current liabilities 1,643 1,617 Trade payables 3 1,256 58 1,425 80 Current tax payables 7 53 45 104 78 Other current liabilities 3 195 16 184 14 Fair value 4 425 726 Current financial debt 6 216 28 342 26 Total current liabilities 2,145 2,781 Liabilities held for sale 9 115 898 Total liabilities and shareholders' equity 9,383 10,809 2020 FINANCIAL REPORT I 5 Cash Flow Statement CASH FLOW STATEMENT The table below analyzes the cash flow as it applies to short-term liquid assets (i.e. due within 3 months) in 2020 and 2019. In order to provide a better understanding of the Group’s cash generation and utilization dynamics and changes in net financial debt, please see paragraph 6.3 Net financial debt and cost of debt. The information provided below is supplemented by the data presented in a separate statement included in the Report on Operations. (in millions of euros) Chapter 2020 2019 (*) of which of which related parties related parties Profit (Loss) before taxes 230 134 Depreciation, amortization and writedowns 5 387 391 Net additions to provisions for risks 60 34 Interest in the result of companies valued by the equity method (-) 5 (14) (11) (6) (2) Dividends received from companies valued by the equity method 5 8 8 6 6 (Gains) Losses on the sale of non-current assets 3 - Change in employee benefits (2) (1) Change in fair value recorded in EBIT 4 3 (3) Change in operating working capital (88) - 274 (45) Change in non-operating working capital (28) (10) 50 6 Change in other operating assets and liabilities (140) 134 Net financial (income) expense 23 9 46 (7) Net financial income (expense) paid (27) (9) (23) 7 Net income taxes paid (35) (51) (32) (6) Operating cash flow from discontinued operations 9;10 98 169 A. Operating cash flow 478 1,173 Additions to intangibles and property, plant and equipment (-) 5 (491) (376) Additions to non-current financial assets (-) 5 (37) (33) (43) (27) Net price paid on business combinations 1 (20) (147) (140) Cash and cash equivalents disposed - (1) Proceeds from the sale of intangibles and property, plant and equipment 3 3 Proceeds from the sale of non-current financial assets 231 26 Cash used in investing activities from discontinued operations 9;10 (104) (78) B. Cash used in investing activities (418) (616) Receipt of new medium-term and long-term loans 100 40 Redemption of medium-term and long-term loans (-) (99) (40) (169) (73) Other net change in financial debt 16 7 (180) (102) Change in current financial assets 3 4 17 2 Net liabilities resulting from financing activities (**) 6 20 (292) Capital and reserves contributions (+) - - Dividends and reserves paid to controlling companies or minority shareholders (-) 6 (51) (50) Cash used in financing activities from discontinued operations 9;10 19 (20) C.
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