2013 first quarter results

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  • 1. eni.com2013 first quarter results24 April 2013
  • 2. 2Q1 results: highlightsE&P: confirmed growth prospects Libya and Nigeria impacted by extraordinary factors, largely resolved Start-ups and ramp-ups broadly on track Continued exploration success, acreage renewalG&P: negotiations progressing well Q1 results reflect weak demand, deteriorating competitive environment Supply prices do not yet include expected renegotiation benefits Continued growth in resilient segmentsDownstream: improving results in R&M and Versalis R&M: stronger benchmark margins, efficiency gains Versalis: initial restructuring benefits and recovering cracking margins
  • 3. market environment758595105115125758595105115125Q112 Q212 Q312 Q412 Q1131.21.251.31.351.4Q112 Q212 Q312 Q412 Q113$/bbl €/bbl €/bbl$/bblBrentAverage Europeanrefining margin*€/$ exchange rate012345678012345678Q112 Q212 Q312 Q412 Q113* Brent/Ural FOB Mediterranean market. Eni calculations on Platt’s Oilgram dataUSDEuro
  • 4. Q1 12 Q1 134Q1 consolidated resultsAdj. operating profit *Million €Adj. net profit *Million €2,3601,4343,7925,965*Figures exclude Snam contribution in Q1 2012
  • 5. 1,656kboe/dOil & gas productionGas OilMillion €Adj. operating profitE&P performance5Q1 13Q1 12 Q2 125,0954,2341,683Q1 13Q1 12 Q2 121,718 1,747Q3 12 Q4 124,3313,999Q3 12 Q4 121,6004,867
  • 6. 19.629.9BcmGas salesMillion €Adj. operating profitItalyInternational*G&P performance6-4021,019Q1 12 Q2 12Q1 12 Q2 12Q3 12 Q4 1218.824.4-30442Q3 12 Q4 12* Including associates and excluding e&p sales in Europe and in the Gulf of MexicoQ1 1329.5Q1 13-148
  • 7. %Process utilization indexMillion €Adj. operating profitR&M performance769-224-144Q2 12 Q1 12 Q2 1270 68Q3 12 Q4 1251-7Q3 12 Q4 12 Q1 13-15262Q1 1364Q1 12
  • 8. 8other businesses: adjusted operating profitmillion €Δ %Q12013Q12012 Versalis 62.7(169) (63) Engineering & Construction -46.0378 204 Other activities -22.2(45) (55) Corporate -2.5(80) (82)
  • 9. 9net debt evolution15.516.02.83.1 0.1billion €
  • 10. eni.comAppendix24 April 2013
  • 11. 2results of operationsmillion €Operating Profit cont. op.Exclusion of inventory holding (gains) lossesSpecial itemsNet sales from operationsReplacement Cost Operating Profit cont. opAdjusted Profit cont. op.Adj. Profit before income taxes cont. op.Net Profit cont. op.Adjusted Net Profit cont. op.Net financial income (expense)Net share of profit from associates (expense)TaxationTax rateMinority interestSpecial itemsQ1 13 Δ %Q1 12Q4 121,6502,2104,9704,850(1,964)1,5183,8343,8443,7923,7301,5432,46532,5235602,760(202)82(3,267)67.4%(65)(3,142)(340)(203)31,16510(52)141(2,275)61.0%(21)116279(41.5)(37.4)(39.2)(56.5)(41.8)6,5496,1376,2376,1273,544(282)33,140(412)100172(3,412)55.7%(250)800(7)1,434(39.1)Inventory holding gains (losses)
  • 12. 3G&P: adjusted operating profit by activitiesmillion €928-2259177Q1 12 Q1 13MarketingInternational Transport(148)1,019
  • 13. 4unrealized intragroup profit eliminations (UPIS)million €E&P vs R&ME&P vs G&PE&C vs Eni GroupTotal UPIS(7)3(5)(9)Q1 12 Q1 135930089
  • 14. 5eni share of profit from associates1720024148Equity method accounted for Gas transportation abroad EnBw (GVS) Union Fenosa Blue Stream OthersQ12012 201350631070DividendsDisposalsOthersNet income from associates6313(3)144835041139million €
  • 15. 6G&P share of profit from associatesmillion €982981Q1 12 Q1 13-71.7%106MarketingInternational Transport30
  • 16. 7main operating data* Including Eni’s share of production of joint venture accounted for with the equity method** Including self-consumption*** Consolidated salesQ4 12154.4Q1 12 Q1 131,683149.212.1516.312.35.61.5Δ %(4.9)(9.0)3.1(7.2)(25.5)(7.1)(0.0) Hydrocarbon prod. (kboe/d) Production sold* (mmboe) Natural gas sales in Italy**(bcm) Natural gas sales in the rest of Europe***(bcm) Power production sold (TWh) Refined product sales (mmtonnes) Chemical production (mmtonnes)1,74710.1512.910.15.81.5 1.51,6005.29.215.112.53135.8
  • 17. 8production by geographical areakboe/d188 180570 554335 313111 103119 119360331Q1 12 Q1 13Italy North Africa Sub-Saharan Africa Kazakhstan America RoW1,683-4.9%1,600
  • 18. 9kboe/doil & gas production188180Q1 12 Q1 13Abroad Italy816 782867Q1 12 Q1 13Gas Liquids-4.9%1,495 1,4208181,6831,6001,6831,600
  • 19. 10capexmillion €18.5%2,0182,330315339Q1 12 Q1 13E&P G&P R&M E&C Other2,632281433,1193212484338
  • 20. 11eni consolidated results* Continuing operations. Average shares: Q1 12 3,622.7 million; Q1 12 3,622.8 millionNote: Cash Flow calculated as net profit+amortization & depreciationQ1 13AdjustedQ1 12Adjusted0.68Q1 13AdjustedQ1 12Adjusted1.290.981.591.02Q1 13Q1 120.98Q1 13Q1 120.43 0.40EPSEuro per share*CFPSEuro per share*-56.1% -41.2%-36.0% -23.7%