ENI S.p.A. · MIL:ENI
ENI — Q3 2009 Earnings Presentation
21 slides from ENI's earnings presentation, Oct 29, 2009
Slide 1: 2009 third quarter results
2009 third quarter results October 29th, 2009 www.eni.it
Slide 2: Market environment
market environment Average European Brent €/$ exchange rate refining margin* $/bl €/bl $/bl €/bl 9 9 1,6 120 120 8 8 105 105 7 7 1,5 90 90 6 6 5 5 1,4 75 75 4 4 60 60 3 3 1,3 45 45 2 2 30 30 1 1 1,2 Q308 Q408 Q109 Q209 Q309 Q308 Q408 Q109 Q209 Q309 Q308 Q408 Q109 Q209 Q309 * FOB Mediterranean market
Slide 3: Q3 consolidated results
Q3 consolidated results Adj. operating profit Adj. net profit Million € Million € 6,197 2.913 3,117 1.152 Q3 08 E&P G&P R&M Other Q3 09 Q3 08 E&P G&P R&M Other Q3 09 3
Slide 4: E&P performance
E&P performance Oil & gas production Adj. operating profit kboe/d Million € 1,854 1,764 1,779 1,733 5,249 1,678 2,721 2,443 2,173 2,064 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q3 08 Q4 08 Q1 09 Q2 09 Q309 Oil Gas 4
Slide 5: G&P performance
G&P performance Gas sales Adj. operating profit Bcm Million € 30.9 29.7 1,363 21.1 18.8 19.0 721 683 690 586 Q3 08 Q4 08 Q1 09 Q2 09 Q309 Q3 08 Q4 08 Q1 09 Q2 09 Q309 Italy International* * Including associates 5
Slide 6: G&P: EBITDA proforma adjusted
G&P: ebitda proforma adjusted* million € 1,777 1,720 940 806 787 821 703 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q309 Marketing Regulated International businesses in Italy Transport * Ebitda pro forma includes: pro-quota ebitda contribution from SRG and associates 6
Slide 7: R&M performance
R&M performance Process utilization index Adj. operating profit % Million € 90 87 243 81 227 79 78 55 -106 -110 Q3 08 Q4 08 Q1 09 Q2 09 Q309 Q3 08 Q4 08 Q1 09 Q2 09 Q309 7
Slide 8: Other businesses: adjusted operating profit
other businesses: adjusted operating profit million € Q3 Q3 M9 M9 Δ% 2008 2009 2008 2009 (70) (65) Petrochemicals (286) (322) -13% 276 267 Engineering & 743 836 +13% Construction (51) (64) Other activities (153) (192) -25% (74) (82) Corporate (178) (257) -44% 8
Slide 9: Sources and uses of cash
sources and uses of cash billion € 17.9 16.4 17.0 0.2 0.8 1.5 0.7 Sources 0.5 14.8 Uses 5.1 1.5 4.2 Cash flow from Capex operations 3.6 2.1 2.3 Buy Back Divestments 15.7 Dividends Others 9.9 9.7 9.8 SRG minority Acquisitions shareholder capital increase Others 9M 2008 9M 2009 9
Slide 10: Appendix
Appendix October 29th, 2009 www.eni.it
Slide 11: Results of operations
results of operations million € Q3 08 Q3 09 9M 08 9M 09 Δ% 28,144 19,142 Net sales from operations 83,532 61,150 6,239 3,217 Reported Operating Profit 18,209 9,589 (47.3) (334) (145) Inventory holding losses (gains) (1,412) (210) 5,905 3,072 Replacement Cost Operating Profit 16,797 9,379 (44.2) 292
Slide 12: G&P: adjusted operating profit by activities
G&P: adjusted operating profit by activities million € 23.0% 721 586 86 International Transport 122 450 Regulated business in Italy 293 171 185 Marketing Q3 08 Q3 09 12
Slide 13: Unrealized profit in stocks (UPIS)
unrealized profit in stocks (UPIS) million € Q3 08 Q3 09 E&P vs R&M 107 29 E&P vs G&P (37) (2) E&C vs Eni Group (16) (20) Total UPIS 54 7 13
Slide 14: Eni share of profit from associates
eni share of profit from associates Q3 2008 2009 Equity method accounted for 209 197 Gas transportation abroad 10 18 EnBw (GVS) 13 3 Union Fenosa 45 17 Blue Stream 8 5 Others 133 154 Dividends 148 19 Disposals - 1 Others 14 (1) Net income from associates 371 216 14
Slide 15: G&P share of profit from associates
G&P share of profit from associates million € -26.3% 99 10 73 18 8 90 47 -1 Q3 08 Q3 09 Marketing Regulated business in Italy International Transport 15
Slide 16: Main operating data
main operating data Q3 08 Q3 09 9M 08 9M 09 Δ% 1,764 1,678 Hydrocarbon prod. (kboe/d) 1,777 1,730 (2.6) 154.4 147.6 Production sold* (mmboe) 468.0 456.0 (2.6) 11.0 8.9 Natural gas sales in Italy**(bcm) 39.5 30.0 (24.1) 5.5 10.3 Natural gas sales in Europe*** (bcm) 21.8 34.5 58.0 6.6 7.5 Na
Slide 17: Production growth by geographical area
production growth by geographical area kboe/d -4.9% 1,764 1,678 229 104 279 217 117 210 352 344 666 567 196 161 Q3 08 Q3 09 Italy North Africa West Africa North Sea Caspian RoW 17
Slide 18: Oil & gas production
oil & gas production kboe/d -4.9% 1,764 1,764 1,678 1,678 196 -17.9% 161 1,015 -5.7% 957 1,568 -3.3% 1,517 749 -3.7% 721 Q3 08 Q3 09 Q3 08 Q3 09 Abroad Italy Gas Liquids 18
Slide 19: Capex
capex million € -5.0% 5 3,112 2,957 27 480 333 193 164 433 344 2,089 2,001 Q3 08 Q3 09 E&P G&P R&M E&C Other 19
Slide 20: Eni consolidated results
eni consolidated results -58% -60% 0.80 0.81 EPS 0.34 0.32 Euro per share* Q3 08 Q3 09 Q3 08 Q3 09 Adjusted Adjusted -34% -36% 1.33 1.33 0.88 0.86 CFPS Euro per share* Q3 08 Q3 09 Q3 08 Q3 09 Adjusted Adjusted * Average shares: Q3 08 3,635.7 million; Q3 09 3,622.4 million Note: Cash Flow calculated
Slide 21: Disclaimer
Disclaimer This presentation contains forward-looking statements regarding future events and the future results of Eni that are based on current expectations, estimates, forecasts, and projections about the industries in which Eni operates and the beliefs and assumptions of the management of Eni. In