interim update and Q2 results


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interim update and Q2 results

  1. 1. eni.cominterim update and Q2 resultsAugust 1st, 2012
  2. 2. 2H1 2012: delivering on strategic refocusing...Snam disposal Agreed disposal of 30% of Snam to CdP for €3.5bn Succesful placement of further 5% at favourable conditionsGalp disposal Completed sale of 5% of Galp at €14.25/sh Increased optionality following exit from shareholder pactShareholder remuneration Authorised to launch new buyback programme from Q1 2013 Confirmed dividend policy: interim proposal of €0.54/sh
  3. 3. 3… and continuing extraordinary exploration successAngola Vandumbu Angola GasProject EteleTampa 7Mozambique MambaNorth-1 Mamba NE Coral 1NorwayUSA Havis Skrugard -2 Heidelberg 3Russia Acreage in Barentsand Black SeaNew acreageIndonesia EastSepingganVietnam 3 new blocksKenya 3 new blocksdeep offshoreEgypt Emry Deep1XUkraine Unconventionalblocks (Lviv Basin)Nigeria2.2 bn boe of new resources, UEC of 0.5$/boe75k Sqkm of new acreageDiscoveries /appraisals Tinpa Afiando
  4. 4. 4H1 2012: good performance in a worsening economic situation Demand hit by economic recession andcoal, renewable competitiveness Supply costs reflecting high oil pricesR&M and Chemicals Italian demand for refined productsdown ca.10% Slowdown in industrial activities reducesconsumption of base chemicals Reflecting market weakness in supplyrenegotiations Strong focus on retail market growth Expansion of LNG sales into premiummarkets Rotating refining capacity reductions Continued focus on cost cutting (R&Msavings of €90m in 2012) Chemicals turnaround strategyongoingG&P Resilient oil price and strong dollarE&P  Production growth driven by swiftrecovery in Libyan volumes
  5. 5. 5market environment45607590105120135Q211 Q311 Q411 Q112 Q212456075901051201351,21,251,31,351,41,451,5Q211 Q311 Q411 Q112 Q212$/bl €/bl €/bl$/blBrentAverage Europeanrefining margin*€/$ exchange rate01234567Q211 Q311 Q411 Q112 Q21201234567* Brent/Ural FOB Mediterranean market. Eni calculations on Platt’s Oilgram dataUSD Euro
  6. 6. 6Q2 consolidated resultsAdj. operating profitMillion €Adj. net profit*Million €Q2 11 E&P G&P R&M Other Q2 12 Q2 11 Op. ProfitadjInv/FinChargesTaxes Minor Q2 121,377 1,3814,2433,717* From continuing operations.Adj. net profit from discontinued operations: € 76m
  7. 7. 1,4731,6471,4891,678kboe/dOil & gas productionGas OilMillion €Adj. operating profitE&P performance7Q4 11 Q1 12 Q2 12Q2 11 Q3 115,0914,2343,8223,9081,6744,214Q4 11 Q1 12 Q2 12Q2 11 Q3 11
  8. 8. 19.620.317.329.924.7BcmGas salesMillion €Adj. operating profitItalyInternational** Including associatesG&P performance8-369-201 -69922-314Q4 11 Q1 12 Q2 12Q2 11 Q3 11 Q4 11 Q1 12 Q2 12Q2 11 Q3 11
  9. 9. * Ebitda pro forma includes pro-quota ebitda contribution from associatesInternationalTransportMarketing475236307532592-88 162G&P: ebitda proforma adjusted*9Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q2 12Q3 11 Q4 111,221Q1 12-100Million €
  10. 10. %Process utilization indexMillion €Adj. operating profitR&M performance1072837573-2262-144-124-26864Q4 11 Q1 12 Q2 12Q2 11 Q3 11Q4 11 Q1 12 Q2 12Q2 11 Q3 11
  11. 11. 11other businesses: adjusted operating profitΔ %Q22012Q22011 Chemicals 18.8(32) (26) Engineering & Construction 2.6378 388 Other activities 5.0(60) (57) Corporate -44.9(69) (100)Million €
  12. 12. 12Mar-12 OperatingcashflowDividends Capex OtherInvestmentsOthers Jun-12net debt evolution27.426. 0.4Billion €1.5
  13. 13. 132012 Outlook Production up ca. 10% net of PSA, Elgin Franklin andNigeria bunkering impactE&P Ebit higher than in 2011 despite significant marketheadwindsG&P Weak demand for refined products to offset continuouseffort for efficiency improvementsR&M
  14. 14. eni.comappendixAugust 1st, 2012
  15. 15. 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 (losses)1H 12 Δ %1H 11Q2 12Q2 113.6043.3643.7173.8958571.37724.118(240)353(221)399(2.318)59.5%(200)3501702.7803.1064.2434.0095741.38130.0633261.137(531)297(2.539)63.3%(89)1,016(209)9.3179.23110.37110.0383.5603.787(86)1.140(802)46963.203(5.913)58.9%(338)157701.411.518.810.341.14.08.7279.1012.5233.640(278)449652(4.796)54.4%(665)4736449.1878.27852.526(909)
  16. 16. 3G&P: adjusted operating profit by activitiesmillion €MarketingInternational Transport-17.5%-369-314
  17. 17. 4unrealized profit in stocks (UPIS)million €E&P vs R&ME&P vs G&PE&C vs Eni GroupTotal UPIS107(5)(9)93Q2 12(150)(14)(14)(178)Q2 11
  18. 18. 5eni share of profit from associates2970-130167Equity method accounted for Gas transportation abroad EnBw (GVS) Union Fenosa Blue Stream OthersQ22011 2012524510105DividendsDisposalsOthersNet income from associates 3991-26813028(2)361058
  19. 19. 6G&P share of profit from associatesmillion €-6.0%83Marketing International Transport78
  20. 20. 7main operating data* Including Eni’s share of production of joint venture accounted for with the equity method** Including self-consumption*** Consolidated salesQ2 121,489129. 111,661292.318.727.421.911.62.0H1 121,586274.819.129.919.311.92.7Δ %4.76.4(2.2)(8.1)13.3(2.5)(26) 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)Q2 111,647143.96.511.
  21. 21. 8production growth by geographical areakboe/d1,48910.6%1,647
  22. 22. 9kboe/doil & gas production1,317 1,4611,4898561,4891,6471,64710.6%
  23. 23. 10capexmillion €-9.8%3,0153,3432,4372,7671374953128166184
  24. 24. 11eni consolidated results* Average shares: Q2 11 3,622.6 million; Q2 12 3,622.8 millionNote: Cash Flow calculated as net profit+amortization & depreciationQ2 12AdjustedQ2 11Adjusted0.380Q2 12AdjustedQ2 11Adjusted0.871.040.89 1.02Q2 12Q2 110.33Q2 12Q2 110.040.381EPSEuro per share*CFPSEuro per share*-87% 0.3%14% 19%