ENI S.p.A. · MIL:ENI
ENI — Q2 2009 Earnings Presentation
24 slides from ENI's earnings presentation, Jul 31, 2009
Slide 1: Interim update and Q2 results
interim update and Q2 results July 31st, 2009 www.eni.it
Slide 2: Highlights: First half financial results
highlights First half financial results Adjusted operating profit: € 6.3 billion Adjusted net profit: € 2.7 billion Cash flow from operations: € 7.6 billion Interim dividend: € 0.50 /share 2
Slide 3: Progress on strategy
progress on strategy Strengthening E&P resource base New resources added ~ 300 mmboe Significant discoveries in Angola, U.S., Indonesia, Pakistan, Brazil (Galp) New acreages in China, Norway, GoM and U.S. onshore (gas shales) Consolidating relationship with Gazprom Completion of the regulated
Slide 4: 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 1,5 7 7 90 90 6 6 1,4 75 75 5 5 60 60 4 4 1,3 45 45 3 3 30 30 2 2 1,2 Q208 Q308 Q408 Q109 Q209 Q208 Q308 Q408 Q109 Q209 Q208 Q308 Q408 Q109 Q209 * FOB Mediterranean market. En
Slide 5: Q2 consolidated results
Q2 consolidated results Adj. operating profit Adj. net profit Million € Million € 5,575 2,255 2,549 902 Q2 08 E&P G&P R&M Other Q2 09 Q2 08 E&P G&P R&M Other Q2 09 5
Slide 6: E&P performance
E&P performance Oil & gas production Adj. operating profit kboe/d Million € 1,854 1,772 1,764 1,779 1,733 5,285 4,962 2,762 2,173 2,064 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Oil Gas 6
Slide 7: G&P performance
G&P performance Gas sales Adj. operating profit Bcm Million € 30.9 29.7 1,363 20.7 18.8 19.0 683 690 629 586 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Italy International* * Including associates 7
Slide 8: G&P: EBITDA pro forma adjusted
G&P: ebitda proforma adjusted* million € 1,777 1,720 940 806 821 787 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Marketing Regulated International businesses in Italy Transport * Ebitda pro forma includes: pro-quota ebitda contribution from SRG and associates 8
Slide 9: R&M performance
R&M performance Process utilization index Adj. operating profit % Million € 89 90 87 201 81 185 78 97 55 -106 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 9
Slide 10: Other businesses: adjusted operating profit
other businesses: adjusted operating profit million € Q2 Q2 H1 H1 Δ% 2008 2009 2008 2009 (148) (146) Petrochemicals (216) (257) -19% 253 297 Engineering & 467 569 +22% Construction (56) (73) Other activities (102) (128) -26% (34) (117) Corporate (104) (175) -68% 10
Slide 11: Sources and uses of cash
sources and uses of cash billion € 12.4 12.4 11.9 11.6 0.8 1.5 Sources 1.2 0.4 Uses 0.5 2.8 2.6 3.3 Cash flow from Capex operations 2.2 1.9 Divestments Buy Back Others 9.9 Dividends 7.6 6.8 6.8 SRG minority Acquisitions shareholder capital increase Others H1 2008 H1 2009 11
Slide 12: Outlook
outlook Tough business environment in the short term Eni well-positioned to cope with challenges Strong pipeline of new projects coming on stream G&P results resilient despite difficult conditions Limited exposure to downstream Stable strategic direction 12
Slide 13: Appendix
Appendix July 31st, 2009 www.eni.it
Slide 14: Results of operations
results of operations million € Q2 08 Q2 09 H1 08 H1 09 Δ% 27,096 18,267 Net sales from operations 55,388 42,008 5,793 2,405 Operating Profit 11,970 6,372 (46.8) 756 190 Inventory holding gains (losses) 1,078 65 5,037 2,215 Replacement Cost Operating Profit 10,892 6,307 (42.0) (538) (334) Special it
Slide 15: G&P: adjusted operating profit by activities
G&P: adjusted operating profit by activities million € 9.7% 690 629 87 International Transport 131 390 Regulated business in Italy 349 213 Marketing 149 Q2 08 Q2 09 15
Slide 16: Unrealized profit in stocks (UPIS)
unrealized profit in stocks (UPIS) million € Q2 08 Q2 09 E&P vs R&M (68) (24) E&P vs G&P (62) (33) E&C vs Eni Group 2 (3) Total UPIS (128) (60) 16
Slide 17: Eni share of profit from associates
eni share of profit from associates Q2 2008 2009 Equity method accounted for 105 88 Gas transportation abroad 13 (3) EnBw (GVS) 12 5 Union Fenosa 46 21 Blue Stream 5 15 Others 29 50 Dividends 155 119 Disposals 2 1 Others 2 (6) Net income from associates 264 202 17
Slide 18: G&P share of profit from associates
G&P share of profit from associates million € -44.3% 97 2 13 54 10 82 47 -3 Q2 08 Q2 09 Marketing Regulated business in Italy International Transport 18
Slide 19: Main operating data
main operating data Q2 08 Q2 09 H1 08 H1 09 Δ% 1,772 1,733 Hydrocarbon prod. (kboe/d) 1,784 1,756 (1.6) 156.9 154.2 Production sold* (mmboe) 313.9 308.4 (1.8) 11.6 7.9 Natural gas sales in Italy**(bcm) 28.6 21.1 (26.1) 7.0 9.2 Natural gas sales in Europe*** (bcm) 16.3 24.2 48.3 8.3 8.2 Nat
Slide 20: Production growth by geographical area
production growth by geographical area kboe/d -2.2% 1,772 1,733 238 289 124 133 249 232 305 343 652 567 204 169 Q2 08 Q2 09 Italy North Africa West Africa North Sea Caspian RoW 20
Slide 21: Oil & gas production
oil & gas production kboe/d -2.2% 1,772 1,733 1,772 1,733 204 -17.2% 169 998 -1.2% 986 1,568 -0.3% 1,564 774 -3.5% 747 Q2 08 Q2 09 Q2 08 Q2 09 Abroad Italy Gas Liquids 21
Slide 22: Capex
capex million € +1.5% 3,641 3,697 52 84 393 556 132 201 361 519 2,759 2,281 Q2 08 Q2 09 E&P G&P R&M E&C Other 22
Slide 23: Eni consolidated results
eni consolidated results -76% -60% 0.94 0.62 EPS Euro per share* 0.23 0.25 Q2 08 Q2 09 Q2 08 Q2 09 Adjusted Adjusted -45% -29% 1.61 1.15 0.89 0.82 CFPS Euro per share* Q2 08 Q2 09 Q2 08 Q2 09 Adjusted Adjusted * Average shares: Q2 08 3,645 million; Q2 09 3,622 million Note: Cash Flow calculated as n
Slide 24: 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