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2012 fourth quarter and preliminary full year results
 

2012 fourth quarter and preliminary full year results

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    2012 fourth quarter and preliminary full year results 2012 fourth quarter and preliminary full year results Presentation Transcript

    • eni.com2012 fourth quarter and preliminaryfull year resultsFebruary 15th, 2013
    • 2The new eni: focused on key strengthsTransformed balance sheet... ~ €6.6bn disposals ~ €12.6bn net debt reduction 0.25 YE net debt/equity... and long-term growth prospects Libya back on track: ca. 255kboe/d of production in 2012 Exceptional exploration performance: >3.6bn boe of new resources Good progress on key project sanctioning: organic RRR of 147% Continued focus on project delivery Mozambique – confirmed field potential at 75 tcf, completed crucial agreementwith Area 1 to support start-up goal Kashagan – confirmed start-up within contractual date of June 2013
    • 3… while tackling structural challengesG&P Supply: renegotiating 80% of our supply portfolio Sales: increased presence on profitable segment such as retail, LNG New organisation to optimise supply and manage market riskR&M Cost savings >€100m Tackling overcapacity through temporary closures and launch of Venicereconversion Increased retail market share partially offsetting declining consumptionChemicals Cost savings >€100m Strategic alliances with Petronas, Honam and Genomatica Progress on the bio chemical plant in Sardinia with start up in 2013Annual 2012 dividend €1.08/sh (+3.8%)
    • 4market environment758595105115125758595105115125Q411 Q112 Q212 Q312 Q4121,21,251,31,351,4Q411 Q112 Q212 Q312 Q412$/bl €/bl €/bl$/blBrentAverage Europeanrefining margin*€/$ exchange rate012345678012345678Q411 Q112 Q212 Q312 Q412* Brent/Ural FOB Mediterranean market. Eni calculations on Platt’s Oilgram dataUSDEuro
    • 5Q4 consolidated resultsAdj. operating profitMillion €Adj. net profitMillion €Q4 11 E&P G&P R&M Other Q4 12 Q4 11 Op. Profit adj Inv/FinChargesTaxes Minor Q4 121,575 1,5184,9574,236Continuing operationsQ411 Snam contribution: 415 M€ Q412 Snam contribution: 197 M€
    • 1,6561,678kboe/dOil & gas productionGas OilMillion €Adj. operating profitE&P performance6Q4 11 Q1 12 Q2 125,0914,2341,6834,213Q4 11 Q1 12 Q2 121,718 1,747Q3 12 Q4 124,3314,862Q3 12 Q4 12* 2012 production based on updated gas conversion factor*
    • 19.629.924.7BcmGas salesMillion €Adj. operating profitItalyInternational*G&P performance7-402-721,019Q4 11 Q1 12 Q2 12Q4 11 Q1 12 Q2 12Q3 12 Q4 1218.824.4-30441Q3 12 Q4 12* Including associates and excluding e&p sales in Europe and in the Gulf of Mexico
    • %Process utilization indexMillion €Adj. operating profitR&M performance86975-226-144-26864Q4 11 Q1 12 Q2 12 Q4 11 Q1 12 Q2 1270 68Q3 12 Q4 1251-9Q3 12 Q4 12
    • 9other businesses: adjusted operating profitΔ %Q42012Q42011 Chemicals 22.5(151) (117) Engineering & Construction -18.7390 317 Other activities -15.9(69) (80) Corporate n.s.(19) (83)Million €* Q4 2011 ex Snam*
    • 10Dec-11 Op cash Capex Invest. Dividends Disposals Snam Debt Others Dec-12net debt evolution28.015.412.4 12.8 0.66.6Billion €12.41.04.4
    • 112013 Outlook Production up >3% at $90/bbl Progress on key start-ups >1bn boe of new resources targeted through explorationE&PG&PR&M Accelerated renegotiations to contain the impact ofdeteriorating market context Cost efficiencies and retail performance to more thanoffset weaker refining context, product demand
    • eni.comAppendix15 February 2013
    • 2results of operationsmillion €Operating ProfitInventory holding (gains) lossesSpecial itemsNet sales from operationsReplacement Cost Operating ProfitAdjusted ProfitProfit before income taxesNet ProfitAdjusted Net ProfitNet financial income (expense)Net share of profit from associates (expense)TaxationTax rateMinority interestSpecial itemsInventory holding (gains) lossesFY 12 Δ %FY 11Q4 12Q4 111,6373,3752,1973,2394,9574,2364,8494,188(1,964)1,3161,5181,57516,80315,69017,23017,3506,9026,93832,57429,648560(136)2,760997(190)82(3.266)67.4%(65)(373)325(2,362)56.4%(251)329(70)3403,142(1,059)107,690(1,113)1,5401,179(9,437)54.4%(975)760(724)(10.6)(4.3)14.612.8(39.2)2.715,02615,00919,75319,5634,1987,128(1,105)127,271(17)4,744915(11,692)59.8%(743)2,953(23)
    • 3G&P: adjusted operating profit by activitiesmillion €-147 -3475 75Q4 11 Q4 12MarketingInternational Transportn.s.41(72)
    • 4unrealized profit in stocks (UPIS)million €E&P vs R&ME&P vs G&PE&C vs Eni GroupTotal UPIS(11)32526Q4 12(204)24(23)(203)Q4 11
    • 5eni share of profit from associates82700111Equity method accounted for Gas transportation abroad EnBw (GVS) Union Fenosa Blue Stream OthersQ42011 2012(7)8202(12)DividendsDisposalsOthersNet income from associates 325(1)019113512438972
    • 6G&P share of profit from associatesmillion €813012-7Q4 11 Q4 12-70%93Marketing International Transport23
    • 7main operating data* Including Eni’s share of production of joint venture accounted for with the equity method** Including self-consumption*** Consolidated salesQ4 121,747154.410.114.210.15.81.5FY 111,581548.534.759.240.325.06.2FY 121,701598.734.857.842.623.96.1Δ %n.m.9.20.3(2.4)5.7(4.5)(1.6) Hydrocarbon prod. (kboe/d) Production sold* (mmboe) Natural gas sales in Italy**(bcm) Natural gas sales in Europe*** (bcm) Power production sold (TWh) Refined product sales (mmtonnes) Petrochemical sales (mmtonnes)Q4 111,678143.79.315.411.46.41.4
    • 8production growth by geographical areakboe/d191 19549761038132410599128166376353Q4 11 Q4 12Italy North AfricaSub-Saharan Africa KazakhstanAmerica RoW1,7471,678
    • 9kboe/doil & gas production191195Q4 11 Q4 12Abroad Italy1,747782 835Q4 11 Q4 12Gas Liquids1,7471,4871,5521,678 1,678896912
    • 10capexmillion €15%3,1422,690359360285236Q4 11 Q4 12E&P G&P R&M E&C Other3,38397743,89055-25
    • 11eni consolidated results* Average shares: Q4 11 3,622.7 million; Q4 12 3,622.8 millionNote: Cash Flow calculated as net profit+amortization & depreciationQ4 12AdjustedQ4 11Adjusted0.43Q4 12AdjustedQ4 11Adjusted1.05 1.091.180.92Q4 12Q4 110.36Q4 12Q4 11- 0.540.42EPSEuro per share*CFPSEuro per share*n.s. -3.6%-22.1% 4.1%