Eni announces Results for the Third Quarter and Nine Months 2013

1. Q3 2013 results
October 30th, 2013
eni.com

2. Q3 results: highlights
E&P
 €3 bn net cash in from Mozambique farm out
 0.7 Bboe of new exploration resources; 1.6 Bboe in the 9M
 P d ti
Production i
impacted b geopolitical f t
t d by
liti l factors i Ni
in Nigeria and Lib
i
d Libya
G&P
 Ongoing supply negotiations
 Increased retail base
 Enhanced contribution from LNG and trading
Downstream
 13% of refining capacity permanently closed
 Improved performance in Marketing
 Progressing on Versalis turnaround plan
Board approved the start of the buy-back programme
2

3. market environment
Average European
refining margin*
Brent
$/bbl
$/bbl
€/bbl
€/$ exchange rate
€/bbl
7
6
5
5
4
4
3
3
2
110
8
6
120
8
7
120
2
1,35
110
100
100
90
90
80
1,3
1,25
80
70
70
Q312
Q412
Euro
Q113
Q213
Q313
1
1
Q312
Q412
Q113
Q213
Q313
1,2
Q312
Q412
Q113
Q213
Q313
USD
* Brent/Ural FOB Mediterranean market. Eni calculations on Platt’s Oilgram data
3

4. Q3 consolidated results
Adj. operating profit *
Adj. net profit *
Million €
Million €
1,658
4,078
1,171
3,439
3 39
Q312
E&P
G&P
R&M
E&C and Q3 13
Other
Q312
Q313
*Figures exclude Snam contribution in Q3 2012
4

5. E&P performance
Oil & gas production
Adj. operating profit
kboe/d
1,718
Million €
1,747
1,648
1,600
1,653
4,867
4,336
3,999
3,917
3 917
3,409
Q3 12
Q4 12
Q1 13
Gas
Q2 13
Q3 13
Q3 12
Q4 12
Q1 13
Q2 13
Q3 13
Oil
5

6. G&P performance
Gas sales
Adj. operating profit
Bcm
Million €
29.5
42
24.4
18.4
18.8
17.8
-227
-304
-356
-436
Q3 12
Q4 12
Q1 13
International*
Q2 13
Q3 13
Q3 12
Q4 12
Q1 13
Q2 13
Q3 13
Italy
* Including associates and excluding e&p sales in Europe and in the Gulf of Mexico
6

7. R&M performance
Sales
Adj. operating profit
mmtonnes
Million €
52
6.4
5.8
5.8
6.0
-7
5.2
-61
-152
Q3 12
Q4 12
Q1 13
Q2 13
Q3 13
Q3 12
Retail
-174
Q4 12
Q1 13
Q2 13
Q3 13
Wholesale
7

8. other businesses: adjusted operating profit
million €
Q3
2012
 Versalis
(173)
Q3
2013
Δ%
(111)
35.8
 Engineering & Construction
387
238
-38.5
 Other activities
(40)
(52)
-30.0
 Corporate
(64)
(92)
-43.8
8

9. net debt evolution
billion €
0.27
16.5
0.24
3.0
2.0
3.5
Jun 2013
Operating
cashflow
Divestments
0.1
15.1
Others
Sept 2013
3.1
Capex
Dividends
Leverage
9

10. Buy-back
A flexible buyback programme on a
through-cycle basis:



Satisfactory level of Leverage
Growth opportunities funded
Dividend payments are covered
€6 bln overall
authorisation
Board approved the start of the buy-back programme
10

11. Appendix
October 30th, 2013
eni.com

12. results of operations
million €
Q3 12
Q3 13
31,494
29,423
4,081
3,303
(491)
(5)
3,590
3,298
780
141
4,370
3,439
Adjusted Profit
(133)
(104)
Net financial income (expense)
364
217
4,601
3,552
(2,482)
9M 12
9M 13
Net sales from operations
94,697
88,699
Operating Profit
13,421
8,596
(577)
331
12,844
8,927
1,984
1 984
172
14,828
9,099
(943)
(586)
833
689
Adj. Profit before income taxes
14,718
9,202
(2,251)
Taxation
(8,427)
(6,320)
53.9%
63.4%
Tax rate
57.3%
68.7%
(340)
(130)
Minority interest
(679)
250
1,779
1,171
Adjusted Net Profit to Eni’s shareholders
5,612
3,132
392
293
2,817
1
Special items
189
2,884
Inventory holding gains (losses)
363
(209)
2,464
2 464
3,989
3 989
Reported Net Profit to Eni’s shareholders
Eni s
6,164
5,807
Exclusion of inventory holding (gains) losses
Replacement Cost Operating Profit
Special items
Net share of profit from associates (expense)
Δ%
(36.0)
(30.5)
(38.6)
(37.5)
(44.2)
(5.8)
Data based on continuing operations
2

13. G&P: adjusted operating profit by activities
million €
-17.1%
(304)
(356)
50
23
-354
354
-379
379
Q3 12
International Transport
Q3 13
Marketing
3

14. unrealized intragroup profit eliminations
million €
Q3 12
Q3 13
E&P vs R&M
(65)
(34)
E&P vs G&P
(48)
(28)
( )
(3)
8
0
10
(116)
(44)
E&C vs Eni Group
Insurance vs Eni Group
Total
4

15. eni share of profit from investments
million €
2012
Q3
2013
91
36
7
0
21
18
45
1
2
1
11
21
Dividends
273
50
Disposals
0
0
Others
O h
0
131
364
217
Equity method accounted for





Gas transportation abroad
(
)
EnBw (GVS) – 50%
Union Fenosa
Blue Stream Pipeline Co BV
Others
Net income from investments
Excludes special items
5

16. G&P share of profit from associates
million €
-60.4%
53
7
21
46
1
20
Q3 12
Q3 13
Marketing
International Transport
6

17. main operating data
9M 12
9M 13
Δ%
1,686
1,633
(3.1)
444.3
417.9
(5.9)
• in Italy**(bcm)
24.63
25.16
2.2
• international*** (bcm)
43.60
40.53
(7.0)
Q3 12
Q3 13
1,718
1,653
 Hydrocarbon prod. (kboe/d)
150.5
141.8
 Production sold* (mmboe)
 Natural gas sales:
5.96
6.13
12.81
11.64
10.54
8.45
 Electricity sales (TWh)
32.45
26.30
(19.0)
6.40
6.01
 Refined product sales (mmtonnes)
18.04
17.0
(5.8)
1,484
1,425
 Chemical production (ktonnes)
4,598
4,450
(3.2)
* I l di
Including E i’ share of production of j i t ventures accounted f with the equity method
Eni’s h
f
d ti
f joint
t
t d for ith th
it
th d
** Including self-consumption
*** Consolidated sales; excludes E&P sales in Europe and in the Gulf of Mexico
7

18. production by geographical area
kboe/d
-3.8%
1,718
1 718
326
1,653
311
135
90
387
377
593
569
187
189
Q2 13
Italy
117
90
Q3 13
North Africa
Sub-Saharan Africa
Kazakhstan
America
RoW
8

19. oil & gas production
kboe/d
-3.8%
1,718
1 718
1,653
1,718
1,653
891
1,531
851
1,464
827
187
Q3 13
Q3 12
Q3 13
189
Q3 12
802
Italy
Abroad
Gas
Liquids
9

20. capex
million €
-5.3%
3,224
3 224
50
3,053
229
192
43
2,710
G&P
64
2,537
Q3 12
E&P
102
190
160
Q3 13
R&M
E&C
Other
10

21. eni consolidated results
62%
-35%
1.10
0.68
0.49
EPS
Euro per share*
0.32
Q3 12
Q3 13
Q3 12
Adjusted
Q3 13
Adjusted
-19%
26%
1.74
1.38
1.19
0.96
CFPS
Euro per share*
Q3 12
Q3 13
Q3 12
Adjusted
Q3 13
Adjusted
* Continuing operations. Average shares: Q3 12 3,622.8 million; Q3 13 3,622.8 million
Note: Cash Flow calculated as net profit + depreciation, depletion and amortization
11