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Eni 2011 1Q Results

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Eni 2011 1Q Results, April 27 2011, update on Libya, market environment, 2010 Q4 consolidated results, E&P performance, G&P performance, G&P: ebitda proforma adjusted*, R&M performance, other …

Eni 2011 1Q Results, April 27 2011, update on Libya, market environment, 2010 Q4 consolidated results, E&P performance, G&P performance, G&P: ebitda proforma adjusted*, R&M performance, other businesses: adjusted operating profit, sources and uses of cash

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  • 1. 2011 first quarter results27 April 2011eni.com
  • 2. update on Libya Progressive shutdown of most producing fields since Feb. 22nd Impact on E&P production: -129 kboe/d Wafa gas field still in operation (50-55 kboe/d as of April 1st) No damage to assets Facilities on “hot standby” – ready to restart quickly 2
  • 3. market environment Average European Brent €/$ exchange rate refining margin*$/bl €/bl $/bl €/bl120 120 6 6 1,5105 105 5 5 90 90 4 4 1,4 75 75 3 3 60 60 2 2 1,3 45 45 1 1 30 30 0 0 1,2 Q110 Q210 Q310 Q410 Q1 11 Q110 Q210 Q3 10 Q410 Q1 11 Q110 Q210 Q310 Q410 Q1 11 USD Euro * Brent/Ural FOB Mediterranean market. Eni calculations on Platt’s Oilgram data 3
  • 4. Q4 consolidated results Adj. operating profit Adj. net profitMillion € Million € 5,127 4,331 2,216 1,822 Q1 10 E&P G&P R&M Other Q1 11 Q1 10 Op. Inv/Fin Taxes Minor Q1 11 Profit adj Charges 4
  • 5. E&P performance Oil & gas production Adj. operating profitkboe/d Million € 4,120 1,954 4,028 1,842 1,758 1,705 1,684 3,442 3,296 3,118 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Oil Gas 5
  • 6. G&P performance Gas sales Adj. operating profitBcm Million € 31.628.9 27.2 1,267 958 17.9 17.4 777 629 446 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Italy International* * Including associates 6
  • 7. G&P: ebitda proforma adjusted*million € 1,432 1,159 1,054 921 825 703 675 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 International Regulated Marketing Transport businesses in Italy * Ebitda pro forma includes: pro-quota ebitda contribution from SRG and associates 7
  • 8. R&M performance Process utilization index Adj. operating profit% Million € 86 14 84 79 77 70 -39 -52 -94 -148 Q1 10 Q2 10 Q3 10 Q410 Q1 11 Q1 10 Q2 10 Q3 10 Q410 Q1 11 8
  • 9. other businesses: adjusted operating profitmillion € Q1 Q1 Δ% 2010 2011 Petrochemicals (59) (12) 79.7 Engineering & Construction 289 342 18.3 Other activities (57) (45) 21.1 Corporate (65) (84) -29.2 9
  • 10. sources and uses of cashbillion € 5.3 0.8 0.7 Sources Uses 4.2 5.1 4.2 Cash flow from 3.3 Capex operations 3.1 0.5 0.2 Others Divestments 4.6 4.2 2.8 2.9 Q1 2010 Q1 2011 10
  • 11. Appendix27 April 2011eni.com
  • 12. results of operationsmillion € Q4 10 Q1 10 Q1 11 Δ% 28,113 Net sales from operations 24,804 28,779 2,875 Reported Operating Profit 4,847 5,638 16.3 (132) Inventory holding losses (gains) (409) (669) 2,743 Replacement Cost Operating Profit 4,438 4,969 12.0 1,996 Special items (107) 158 4,739 Adjusted Operating Profit 4,331 5,127 18.4 (184) Net financial income (expense) (245) (83) 82 Net share of profit from associates (losses) 210 265 4,637 Profit before income taxes 4,296 5,309 23.6 (2,618) Taxation (2,277) (2,681) 56.5% Tax rate 53.0% 50.5% (296) Minority interest (197) (412) 1,723 Adjusted Net Profit 1,822 2,216 21.6 96 Inventory holding gains (losses) 280 474 (1,271) Special items 120 (143) 548 Reported Net Profit 2,222 2,547 14.6
  • 13. G&P: adjusted operating profit by activitiesmillion € -24.4% 1,267 120 958 533 116 International Transport 554 Regulated business in Italy 614 288 Marketing Q1 10 Q1 11
  • 14. unrealized profit in stocks (UPIS)million € Q1 10 Q1 11 E&P vs R&M (75) (14) E&P vs G&P 17 20 E&C vs Eni Group (10) (10) Total UPIS (68) (4)
  • 15. eni share of profit from associates Q1 2010 2011 Equity method accounted for 169 174 Gas transportation abroad 22 21 EnBw (GVS) 2 2 Union Fenosa 36 42 Blue Stream 9 9 Others 100 100 Dividends 42 114 Disposals - - Others (1) (23) Net income from associates 210 265
  • 16. G&P share of profit from associatesmillion € 15.3% 113 98 21 22 11 11 81 65 Q1 10 Q1 11 Marketing Regulated business in Italy International Transport
  • 17. main operating data Q4 10 Q1 10 Q1 11 Δ% 1,954 Hydrocarbon prod. (kboe/d) 1,842 1,684 (8.6) 173.6 Production sold* (mmboe) 158.6 145.7 (8.1) 10.6 Natural gas sales in Italy**(bcm) 10.9 12.0 10.2 16.2 Natural gas sales in Europe*** (bcm) 17.6 18.3 3.8 23.0 Natural gas transported in Italy (bcm) 24.0 23.7 (1.2) 10.2 Power production sold (TWh) 9.0 9.7 7.6 12.2 Refined product sales (mmtonnes) 10.9 10.3 (4.9) 1.7 Petrochemical production (mmtonnes) 1.8 1.7 (6.7) * Including Eni’s share of production of joint venture accounted for with the equity method ** Including self-consumption *** Consolidated sales
  • 18. production growth by geographical areakboe/d -8.6% 1,842 1,684 389 370 159 121 131 117 402 375 589 505 182 186 Q1 10 Q1 11 Italy North Africa West Africa Kazakhstan America RoW
  • 19. oil & gas productionkboe/d -8.6% 1,842 1,842 1,684 1,684 182 186 1,011 899 1,638 1,498 831 785 Q1 10 Q1 11 Q1 10 Q1 11 Abroad Italy Gas Liquids
  • 20. capexmillion € 3.5% 2,779 2,875 167 412 345 118 132 310 279 1,952 1,964 -25 Q1 10 Q1 11 E&P G&P R&M E&C Other
  • 21. eni consolidated results 15% 22% 0.70 0.61 0.61 0.50 EPS Euro per share* Q1 10 Q1 11 Q1 10 Q1 11 Adjusted Adjusted 6% 8% 1.22 1.29 1.19 1.10 CFPS Euro per share* Q1 10 Q1 11 Q1 10 Q1 11 Adjusted Adjusted * Average shares: Q1 10 3,622.4 million; Q1 11 3,622.4 million Note: Cash Flow calculated as net profit+amortization & depreciation
  • 22. DisclaimerThis presentation contains forward-looking statements regarding future events and the futureresults of Eni that are based on current expectations, estimates, forecasts, and projectionsabout the industries in which Eni operates and the beliefs and assumptions of the managementof Eni. In particular, among other statements, certain statements with regard to managementobjectives, trends in results of operations, margins, costs, return on equity, risk managementand competition are forward-looking in nature. Words such as ‘expects’, ‘anticipates’, ‘targets’,‘goals’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, variations of such words, andsimilar expressions are intended to identify such forward-looking statements. These forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptionsthat are difficult to predict because they relate to events and depend on circumstances that willoccur in the future. Therefore, Eni’s actual results may differ materially and adversely fromthose expressed or implied in any forward-looking statements. Factors that might cause orcontribute to such differences include, but are not limited to, economic conditions globally, theimpact of competition, political and economic developments in the countries in which Enioperates, regulatory developments in Italy and internationally and changes in oil prices and inthe margins for Eni products. Any forward-looking statements made by or on behalf of Enispeak only as of the date they are made. Eni does not undertake to update forward-lookingstatements to reflect any changes in Eni’s expectations with regard thereto or any changes inevents, 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 USSecurities and Exchange Commission.

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