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Shareholders’ remuneration

Shareholders' remuneration policy

The new remuneration policy includes: 

  • An annual dividend that has a floor value of 36 euro cents in an annual Brent scenario of at least 45 dollars a barrel  and an additional variable component that is dependent on the value of Brent above $45.
  • A Buyback programme of €400m for an annual Brent scenario between 61 and 65 dollars a barrel or €800m for an  annual Brent scenario above 65 dollars a barrel.

In more detail:

The dividend floor value of 36 euro cents will grow as the company realises its strategic plan and this will be evaluated each year.

The variable component of the dividend is determined by the value of our Brent forecast each year. This is calculated as a growing percentage between 30-45% of the incremental Free Cash Flow generated by a scenario between $45 and $60. The fixed Free Cash Flow sensitivity incorporated in the remuneration policy is €900 million for every 5 dollar change in Brent.

Notwithstanding our Brent scenario at $40 this year, our dividend proposal for 2020 is 36 euro cents per share. One third or 12 euro cents will be paid at the interim in September 2020 with the remaining two thirds or 24 euro cents will be paid in May 2021.

After 2020, if the Brent scenario assumption is below $45, Eni will evaluate the floor dividend considering the expected duration and depth of the downturn. From 2021, the floor dividend will be paid 50% in the interim payment in September and 50% in the final payment the following May, while the variable component will be paid entirely with the interim payment.

The variable component will be paid for the due amount applying the policy if the envisaged yearly Brent price in July each year is above 45 dollars, regardless of the progressive growth now assumed in our scenario. To be even more clear, in the case next year of Brent being 60 $/bbl, we will pay the entire variable component of 0.34 €/share.

Applying the current Brent scenario adopted by Eni and assuming no change in the floor dividend, the new remuneration policy will deliver cash dividends of 55, 47, 56 and 70 euro cents respectively in the years 2020 – 2023.

Dividend calendar: future dates

The date for the payment of the 2020 final dividend will be communicated with the publication of the 2021 financial calendar, in accordance with the Borsa Italiana market rules.

Dividend calendar: latest payments

The interim dividend 2020 was paid on 23 September 2020 (ex-dividend date: 21 September 2020; record date: 22 September 2020) by an amount of 0.12 € per share.

The dividend for the 2019 fiscal year (interim + final) for a total amount of  0.86 € per share was paid on:

  • September 25, 2019:  interim dividend 2019 of 0.43 €  per share with ex-dividend date on September 23, 2019 and record date on September 24, 2019.
  • May 20, 2020: final dividend 2019 of 0.43 € per share with ex-dividend date on May 18, 2020 and record date on May 19, 2020.

Calculate the dividend with our Investor tool

Dividend Yield

This is the ratio between the dividend and the share price. The following methodology was used for the calculation of values: value of dividend in relation to the average of closing prices in the December of the year to which the dividend pertains. For example: 2014 dividend yield = €1.12 (2014 dividend distributed with an interim dividend in September 2014 and the balance in May 2015)/€14.72 (average share price in December 2014). The dividend yield is used as an indicator of the return regardless of gains/losses. It should not be considered as an expected return as it takes into account the dividend for each year.

Dividend history

Year Ex-Date Payment Date Amount
Lire
2019 Balance 18 May 2020 20 May 2020 0.43
2019 Interim 23 September 2019 25 September 2019 0.43
2018 Balance 20 May 2019 22 May 2019 0.41
2018 Interim 24 September 2018 26 September 2018 0.42
2017 Balance 21 May 2018 23 May 2018 0.40
2017 Interim 18 September 2017 20 September 2017 0.40
2016 Balance 24-apr-17 26-apr-17 0.40
2016 Interim 19 September 2016 21 September 2016 0.40
2015 Balance 23 May 2016 25 May 2016 0.40
2015 Interim 21 September 2015 23 September 2015 0.40
2014 Balance 18 May 2015 20 May 2015 0.56
2014 Interim 22 September 2014 25 September 2014 0.56
2013 Balance 19 May 2014 22 May 2014 0.55
2013 Interim 23 September 2013 26September 2013 0.55
2012 Balance 20 May 2013 23 May 2013 0.54
2012 Interim 24 September 2012 27 September 2012 0.54
2011 Balance 21 May 2012 24 May 2012 0.52
2011 Interim 19 September2011 22 September2011 0.52
2010 Balance 23 May 2011 26 May 2011 0.50
2010 Interim 20 September 2010 23 September 2010 0.50
2009 Balance 24 May 2010 27 May 2010 0.50
2009 Interim 21 September 2009 24 September 2009 0.50
2008 Balance 18 May 2009 21 May 2009 0.65
2008 Interim 22 September 2008 25 September 2008 0.65
2007 Balance 19 May 2008 22 May 2008 0.70
2007 Interim 22 October 2007 25 October 2007 0.60
2006 Balance 18 June 2007 21 June 2007 0.65
2006 Interim 23 October 2006 26 October 2006 0.60
2005 Balance 19 June 2006 22 June 2006 0.65
2005 Interim 24 October 2005 27 October 2005 0.45
2004 Balance 20 June 2005 23 June 2005 0.90
2003 Balance 21 June 2004 24 June 2004 0.75
2002 Balance 23 June 2003 26 June 2003 0.75
2001 Balance 24 June 2002 27 June 2002 0.75
2000* Balance 18 June 2001 21 June 2001 0.424 820
1999 Balance 19 June 2000 22 June 2000 0.362 700
1998 Balance 21 June 1999 28 June 1999 0.310 600
1997 Balance 22 June 1998 22 June 1998 0.289 560
1996 Balance 23 June 1997 23 June 1997 0.248 480
1995 Balance 24 June 1996 24 June 1996 0.222 430

* 1 euro = 1936.27 lire