Q1 2009 Earning Report of Eni S.p.A.

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Q1 2009 Earning Report of Eni S.p.A.

  1. 1. 2009 First Quarter Results April 24th, 2009 www.eni.it
  2. 2. Market Environment Average European Brent €/$ Exchange Rate Refining Margin* $/bl €/bl $/bl €/bl 8 8 1,6 120 120 7 7 105 105 1,5 6 6 90 90 5 5 1,4 75 75 4 4 60 60 3 3 1,3 45 45 2 2 30 30 1 1 1,2 Q108 Q208 Q308 Q408 Q109 Q108 Q208 Q308 Q408 Q109 Q108 Q208 Q308 Q408 Q109 Δ% Δ% Δ% Q1 09/Q1 08 Q1 09/Q1 08 Q1 09/Q1 08 $/boe +40.2% $/boe -54.2% €/$ -13.2% €/boe +61.4% €/boe -47.2% * FOB Mediterranean market, lead free gasoline. Eni calculations on Platt’s Oilgram data 2
  3. 3. Consolidated Results Million € Adjusted* Reported -35.8% -36.3% 6,177 5,896 Operating profit 3,967 3,754 Q1 08 Q1 09 Q1 08 Q1 09 -42.7% -42.2% 3,321 3,041 Net profit 1,904 1,759 Q1 08 Q1 09 Q1 08 Q1 09 * Excluding special items and gains (losses) on inventory 3
  4. 4. E&P: Production Trend kboe/d E&P -0.9% 1,796 1,779 Q1 2008 Q1 2009 96.9 44.4 Brent $/bl 4
  5. 5. E&P: Operating Profit Million € Reported Adjusted* -49.3% -44.4% Highlights Weaker oil prices 4,269 4,290 Lower volumes sold Higher DD&A 2,374 2,173 €/$ depreciation Lower exploration expenses Q1 2008 Q1 2009 Q1 2008 Q1 2009 Special items & inventory valuation Q1 2008 Q1 2009 Gains on asset disposal 163 Asset write downs (36) Re-measurement gains/losses on Re-measurement gains/losses on commodity derivatives 40 commodity derivatives 16 Redundancy incentives (2) Redundancy incentives (1) * Excluding special items and gains (losses) on inventory 5
  6. 6. G&P: Natural Gas Volumes Sold Bcm Italy International -22.1% +46.3% 17.7 17.0 2.5 13.2 12.1 2.6 15.2 9.5 Q1 2008 Q1 2009 Q1 2008 Q1 2009 Consolidate Associate Eni sales (including self consumption) Overall natural gas sales Q1 09/Q1 08 +6.2% 6
  7. 7. G&P: Operating Profit Million € Reported Adjusted* -18.2% -27.8% 1,735 1,666 1,363 1,253 Q1 2008 Q1 2009 Q1 2008 Q1 2009 Special items & inventory valuation Q1 2008 Q1 2009 Inventory gains 77 Inventory losses (276) Re-measurement gains/losses on commodity Re-measurement gains/losses on commodity derivatives (5) derivatives 171 Redundancy incentives (3) Redundancy incentives (3) Environmental provision (2) * Excluding special items and gains (losses) on inventory 7
  8. 8. G&P: Proforma Adjusted Ebitda Million € -3.2% 1,777 1,720 International 176 193 Transport Highlights Regulated 412 343 business in Italy Lower volumes sold in Italy Positive trend in energy parameters Lower contribution Marketing 1,184 1,189 from distribution Q1 2008 Q1 2009 * EBITDA pro forma includes pro-quota Ebitda contribution from SRG and associates 8
  9. 9. R&M: Operating Profit Million € Reported Adjusted* n.m. +11.6 Highlights 240 215 Lower utilities cost €/$ depreciation 55 Lower throughput 12 Q1 2008 Q1 2009 Q1 2008 Q1 2009 Special items & inventory valuation Q1 2008 Q1 2009 Inventory gain 207 Inventory gain 209 Re-measurement gains/losses on Re-measurement gains/losses on commodity derivatives 1 commodity derivatives (7) Environmental provisions (6) Environmental provisions (7) Redundancy incentives (2) Redundancy incentives (5) Others 3 Others (5) * Excluding special items and gains (losses) on inventory 9
  10. 10. Other Businesses: Adjusted Operating Profit Million € Q1 Q1 Δ% 2009 2008 -63.2 Petrochemicals (111) (68) Engineering & 272 214 +27.1 Construction -19.6 (55) Other activities (46) (58) Corporate (70) +17.1 10
  11. 11. Cash Flow and Net Debt Billion € Sources and uses of cash Net financial debt 5.6 5.6 18.4 0.2 4.9 0.5 16.5 0.3 3.7 1.8 0.3 0.3 0.38 5.4 0.32 4.8 3.1 3.1 December March Q1 2008 Q1 2009 2008 2009 Cash flow Divestments Others from operations Capex Acquisitions Net debt to equity 11
  12. 12. Appendix April 24th, 2009 www.eni.it
  13. 13. Results of Operations Million € Q4 08 Q1 08 Q1 09 Δ% 24,565 Net sales from operations 28,313 23,741 308 Operating Profit 6,177 3,967 (35.8) (2,348) Inventory holding gains (losses) 322 (125) 2,656 Replacement Cost Operating Profit 5,855 4,092 (30.1) (1,284) Special items (41) 338 3,940 Adjusted Operating Profit 5,896 3,754 (36.3) (349) Net financial income (expense) (99) (30) 157 Net share of profit from associates (expense) 529 144 116 Profit before income taxes 6,607 4,081 (38.2) (874) Taxation (3,012) (1,971) n.m Tax rate 45.6% 48.3% (116) Minority interest (274) (206) (874) Net Profit 3,321 1,904 (42.7) (1,136) Special items 39 236 (1,693) Inventory holding gains (losses) 241 (91) 3,041 1,759 (42.2) 1,955 Adjusted Net Profit 13
  14. 14. G&P: Adjusted Operating Profit by Activities Million € -18.2% 1,666 125 1,363 International Transport 120 584 Regulated business 469 in Italy 957 Marketing 774 Q1 2008 Q1 2009 14
  15. 15. Unrealized Profit in Stocks (UPIS) Million € Q1 2009 Q1 2008 15 (134) E&P vs R&M 107 47 E&P vs G&P (7) (15) SnamProgetti vs Eni Group 115 (102) Total UPIS 15
  16. 16. Eni Share of Profit from Associates Q1 2008 2009 210 110 Equity method accounted for Gas transportation abroad 11 17 EnBw (GVS) 9 6 Union Fenosa 58 42 Blue Stream 11 7 Others 121 38 Dividends 115 17 Disposals - - Others (1) 4 Net income from associates 324 131 16
  17. 17. G&P Share of Profit from Associates Million € -25.9% 135 12 17 100 International Transport 17 Regulated business in Italy 8 106 Marketing 75 Q1 2008 Q1 2009 17
  18. 18. Main Operating Data Q4 08 Q108 Q109 Δ% 1,854 Hydrocarbon prod. (kboe/d) 1,796 1,779 (0.9) 163.2 Production sold* (mmboe) 157.0 154.2 (1.8) 13.3 Natural gas sales in Italy**(bcm) 17.0 13.2 (22.1) 13.8 Natural gas sales in Europe*** (bcm) 9.4 15.0 60.6 9.1 Natural gas transported on behalf 10.0 9.9 (0.8) of third parties in Italy (bcm) 6.9 Power production sold (TWh) 8.2 7.8 (4.7) 12.1 Refined product sales (mmtonnes) 11.6 11.0 (5.4) 0.9 Petrochemical sales (mmtonnes) 1.4 1.0 (28.6) * Including Eni’s share of production of joint venture accounted for with the equity method ** Including self-consumption *** Consolidated sales 18
  19. 19. Production Growth by Geographical Area Thousands boe/d -0.9% 1,796 1,779 265 306 138 132 236 242 325 330 626 595 206 174 Q1 2008 Q1 2009 Italy North Africa West Africa North Sea Caspian RoW 19
  20. 20. Oil & Gas Production kboe/d -0.9% 1,796 1,779 1,796 1,779 206 174 -15.5% +0.1% 1.012 1.013 1.605 +0.9% 1.590 -2.3% 784 766 Q1 2008 Q1 2009 Q1 2008 Q1 2009 Abroad Italy Gas Liquids 20
  21. 21. Capex Million € +0.9% 3,118 3,147 29 15 421 495 149 85 390 450 2.148 2.083 Q1 2008 Q1 2009 E&P G&P R&M E&C Other 21
  22. 22. Eni Consolidated Results -42% -41% 0.91 0.83 0.49 0.53 EPS Euro per share* Q1 2008 Q1 2009 Q1 2008 Q1 2009 Adjusted Adjusted -22% -20% 1.44 1.36 1.13 1.08 CFPS Euro per share* Q1 2008 Q1 2009 Q1 2008 Q1 2009 Adjusted Adjusted * Average shares: Q1 08 3,653 million; Q1 09 3,622 million Note: Cash Flow calculated as net profit+amortization & depreciation 22
  23. 23. Disclaimer This presentation contains forward-looking statements regarding future events and the future results of Eni that are based on current expectations, estimates, forecasts, and projections about the industries in which Eni operates and the beliefs and assumptions of the management of Eni. In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs, return on equity, risk management and competition are forward-looking in nature. Words such as ‘expects’, ‘anticipates’, ‘targets’, ‘goals’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, variations of such words, and similar expressions are intended to identify such forward-looking statements. These forward- looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Therefore, Eni’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, the impact of competition, political and economic developments in the countries in which Eni operates, regulatory developments in Italy and internationally and changes in oil prices and in the margins for Eni products. Any forward-looking statements made by or on behalf of Eni speak only as of the date they are made. Eni does not undertake to update forward-looking statements to reflect any changes in Eni’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any further disclosures Eni may make in documents it files with the US Securities and Exchange Commission. 23

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