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COMPANY
Previous Year's Results
Financial results
In 2008, adjusted net profit was €2,650 million down 9.7% from 2007, mainly due to a weaker operating performance in the Italian market partly offset by the positive contribution of the acquisition of Distrigas as well as the organic growth registered on the European markets.
Return on average capital employed on an adjusted basis was 12.7% (14.9% in 2007).
Capital expenditures totalled €1,794 million and mainly related to the development and upgrading of Eni’s transport and distribution networks in Italy, the upgrading of international pipelines and the ongoing plan of building new power generation capacity.
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Operating results -
Key performance indicators
In 2008, natural gas sales of 104.23 bcm increased by 5.3% from 2007 mainly due to the contribution of the acquisition of Distrigas (up 5.23 bcm) and the organic growth on European markets, as well as favourable weather conditions registered in the first quarter.
These positives were partly offset by the lower performance of the Italian market (down 5.8%).
Management plans to achieve 124 bcm of sales volumes in 2012 leveraging on growth in international markets where sales are expected to increase by an average of 7% a year.
Electricity volumes sold were 29.93 TWh, decreasing by 3.26 TWh, down 9.8%, from 2007.
Natural gas volumes transported on the Italian network were 85.64 bcm, up 2.8% from 2007.
The acquisition of a 57.243 % majority stake in Belgian company Distrigas NV represents a result of strategic relevance for Eni and allows the company to reinforce its leadership in the European gas sector. In accordance with the Belgian Law of April 27, 2007, Eni made an unconditional mandatory public takeover bid on the minorities of Distrigas, at the same conditions proposed to Suez. The deadline of the offer is scheduled for March 19, 2008.
In the last quarter of 2008, in order to optimize Eni's portfolio, agreements related to long terms supplies of gas and electricity to Suez were finalized.
Divestment of 100% of Italgas and Stogit to Snam Rete Gas
On February 12, 2009 Eni's Board of Directors approved the sale of the 100% stake in Italgas and Stoccaggi Gas Italia (Stogit) to Snam Rete Gas (50.03% owned by Eni) for a total consideration of €4.7 billion, of which €3.1 billion related to Italgas and €1.6 billion to Stogit. The transaction is in line with unbundling resolution and is expected to create significant synergies in the segment of regulated businesses allowing Eni to maximize the value of both Italgas and Stogit. The two companies will benefit from higher visibility as a part of Snam Rete Gas. The closing is expected by July 2009.
Partnership with Altergaz and strengthening of the position in France
In order to strengthen its position in the French gas market, on September 23, 2008 Eni finalized the purchase of a 17% stake in the share capital of Gaz de Bordeaux SAS active in the marketing of natural gas in the Bordeaux area.
Also Eni's associate Altergaz (Eni's interest being 38.91%) entered the deal with an equal stake. The two partners signed also a long term agreement for the supply of 250 mmcm/y of gas for ten years to Gas de Bordeaux.
Expansion on the Russian market of natural gas
Eni signed a gas supply contract with a power generation operator in Russia. This deal marks the start of Eni's gas marketing activities in the country.
In 2008, the transport capacity of the TTPC gasline from Algeria has been increased by 6.5 bcm/y. The new capacity was totally awarded to third parties.
| Key performance indicators | 2006 | 2007 | 2008 | |
| Net sales from operations (a) | (€ million) | 28,368 | 27,633 | 36,936 |
| Operating profit | 3,802 | 4,127 | 3,933 | |
| Adjusted operating profit (b) | 3,882 | 4,092 | 3,541 | |
| Marketing | 2,045 | 2,228 | 1,469 | |
| Regulated businesses in Italy | 1,365 | 1,419 | 1,549 | |
| International transport | 472 | 445 | 523 | |
| Adjusted net profit | 2,862 | 2,936 | 2,650 | |
| Adjusted pro-forma EBITDA (b) | 4,896 | 5,077 | 4,466 | |
| Marketing | 2,966 | 3,068 | 2,310 | |
| Regulated businesses in Italy | 1,222 | 1,289 | 1,401 | |
| International transport | 708 | 720 | 755 | |
| Capital expenditures | 1,174 | 1,366 | 1,794 | |
| Adjusted capital employed, net | 18,864 | 20,547 | 21,333 | |
| Adjusted ROACE | (%) | 15.1 | 14.9 | 12.7 |
| Worldwide gas sales | (bcm) | 98.10 | 98.96 | 104.23 |
| of which: E&P sales (c) | 4.69 | 5.39 | 6.00 | |
| LNG sales | 9.9 | 11.7 | 12.0 | |
| Customers in Italy | (million) | 6.54 | 6.61 | 6.63 |
| Gas volumes transported in Italy | (bcm) | 87.99 | 83.28 | 85.64 |
| Electricity sold | (TWh) | 31.03 | 33.19 | 29.93 |
| Employees at period end | (units) | 12,074 | 11,582 | 11,389 |
(a) Before the elimination of intragroup sales.
(b) From 2008, adjusted operating profit is reported for the same businesses as EBITDA pro-forma adjusted. Results of the power generation activity are reported within the marketing business as it is ancillary to the latter.
(c) Exploration & Production sales in Europe and in the Gulf of Mexico.
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