Slide 1: 2012 fourth quarter and preliminary full year results
2012 fourth quarter and preliminary full year results February 15th, 2013 eni.com
Slide 2: The new eni: focused on key strengths
The new eni: focused on key strengths Transformed 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 reso
Slide 3: … while tackling structural challenges
… while tackling structural challenges G&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 risk R&M Cost savings >€100m Tackling overcapacity through temporary closur
Slide 4: Market environment
market environment Average European Brent €/$ exchange rate refining margin* $/bl €/bl $/bl €/bl 8 8 1,4 125 125 7 7 6 6 1,35 115 115 5 5 105 105 4 4 1,3 3 3 95 95 2 2 1,25 85 85 1 1 75 75 0 0 1,2 Q411 Q112 Q212 Q312 Q412 Q411 Q112 Q212 Q312 Q412 Q411 Q112 Q212 Q312 Q412 Euro USD * Brent/Ural FOB Me
Slide 5: Q4 consolidated results
Q4 consolidated results Adj. operating profit Adj. net profit Million € Million € 4,957 1,575 1,518 4,236 Q4 11 E&P G&P R&M Other Q4 12 Q4 11 Op. Profit adj Inv/Fin Taxes Minor Q4 12 Charges Q411 Snam contribution: 415 M€ Q412 Snam contribution: 197 M€ Continuing operations 5
Slide 6: E&P performance
E&P performance Oil & gas production* Adj. operating profit kboe/d Million € 1,718 1,747 1,678 1,683 1,656 5,091 4,862 4,213 4,234 4,331 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Gas Oil * 2012 production based on updated gas conversion factor 6
Slide 7: G&P performance
G&P performance Gas sales Adj. operating profit Bcm Million € 29.9 1,019 24.7 24.4 19.6 18.8 41 -72 -402 -304 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 International* Italy * Including associates and excluding e&p sales in Europe and in the Gulf of Mexico 7
Slide 8: R&M performance
R&M performance Process utilization index Adj. operating profit % Million € 51 75 69 70 68 -9 64 -144 -226 -268 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 8
Slide 9: Other businesses: adjusted operating profit
other businesses: adjusted operating profit Million € Q4 Q4 Δ% 2011 2012 Chemicals (151) (117) 22.5 Engineering & Construction 390 317 -18.7 Other activities * (69) (80) -15.9 Corporate (19) (83) n.s. * Q4 2011 ex Snam 9
Slide 10: Net debt evolution
net debt evolution Billion € 4.4 6.6 28.0 12.4 12.8 0.6 12.4 1.0 15.4 Dec-11 Op cash Capex Invest. Dividends Disposals Snam Debt Others Dec-12 10
Slide 11: 2013 Outlook
2013 Outlook Production up >3% at $90/bbl E&P Progress on key start-ups >1bn boe of new resources targeted through exploration Accelerated renegotiations to contain the impact of G&P deteriorating market context Cost efficiencies and retail performance to more than R&M offset weaker refini
Slide 12: Appendix
Appendix 15 February 2013 eni.com
Slide 13: Results of operations
results of operations million € Q4 11 Q4 12 FY 11 FY 12 Δ% 29,648 32,574 Net sales from operations 107,690 127,271 3,375 1,637 Operating Profit 16,803 15,026 (10.6) (136) 560 Inventory holding (gains) losses (1,113) (17) 3,239 2,197 Replacement Cost Operating Profit 15,690 15,009 (4.3) 997 2,760 Spe
Slide 14: G&P: adjusted operating profit by activities
G&P: adjusted operating profit by activities million € n.s. (72) 41 International Transport 75 75 -147 -34 Marketing Q4 11 Q4 12 3
Slide 15: Unrealized profit in stocks (UPIS)
unrealized profit in stocks (UPIS) million € Q4 11 Q4 12 E&P vs R&M (204) (11) E&P vs G&P 24 32 E&C vs Eni Group (23) 5 Total UPIS (203) 26 4
Slide 16: Eni share of profit from associates
eni share of profit from associates Q4 2011 2012 Equity method accounted for 135 11 Gas transportation abroad 12 (7) EnBw (GVS) 4 8 Union Fenosa 38 20 Blue Stream 9 2 Others 72 (12) Dividends 191 1 Disposals 0 0 Others (1) 70 Net income from associates 325 82 5
Slide 17: G&P share of profit from associates
G&P share of profit from associates million € -70% 93 12 81 23 30 -7 Q4 11 Q4 12 Marketing International Transport 6
Slide 18: Main operating data
main operating data Q4 11 Q4 12 FY 11 FY 12 Δ% 1,678 1,747 Hydrocarbon prod. (kboe/d) 1,581 1,701 n.m. 143.7 154.4 Production sold* (mmboe) 548.5 598.7 9.2 9.3 10.1 Natural gas sales in Italy**(bcm) 34.7 34.8 0.3 15.4 14.2 Natural gas sales in Europe*** (bcm) 59.2 57.8 (2.4) 11.4 10.1 Powe
Slide 19: Production growth by geographical area
production growth by geographical area kboe/d 1,678 1,747 353 376 166 128 99 105 324 381 610 497 191 195 Q4 11 Q4 12 Italy North Africa Sub-Saharan Africa Kazakhstan America RoW 8
Slide 20: Oil & gas production
oil & gas production kboe/d 1,747 1,747 1,678 1,678 195 191 912 896 1,552 1,487 782 835 Q4 11 Q4 12 Q4 11 Q4 12 Abroad Italy Gas Liquids 9
Slide 21: Capex
capex million € 15% 3,890 236 55 3,383 360 285 97 359 74 3,142 2,690 -25 Q4 11 Q4 12 E&P G&P R&M E&C Other 10
Slide 22: Eni consolidated results
eni consolidated results n.s. -3.6% 0.36 0.43 0.42 EPS Euro per share* - 0.54 Q4 11 Q4 12 Q4 11 Q4 12 Adjusted Adjusted -22.1% 4.1% 1.18 1.05 1.09 CFPS 0.92 Euro per share* Q4 11 Q4 11 Q4 12 Q4 12 Adjusted Adjusted * Average shares: Q4 11 3,622.7 million; Q4 12 3,622.8 million Note: Cash Flow calcul