Eni.it

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Previous Year's Results

 

Financial results

  • In 2008, adjusted net profit was up €191 million to €510 million, or 59.9%, mainly due to a better operating performance. Refining activity benefited from higher realized margins as the trading environment improved during the year. Marketing activities reported higher results due to a recovery in margins and a higher market share especially in retail sales in Italy.
  • Return on average capital employed on an adjusted basis was 6.4%, higher than in 2007 (5%).
  • Capital expenditures totalled €965 million and related mainly to projects designed to improve the conversion rate and flexibility of refineries, logistic assets, and to upgrade the refined product retail network in Italy and in the rest of Europe.

 

  • Operating resultsOperating results
  • Key performance indicatorsKey performance indicators

  • Refining throughputs on own account in Italy and outside Italy (35.84 mmtonnes) declined by about 1.31 mmtonnes from 2007, down 3.5%. Volumes processed in Italy decreased by 6.3% due to planned and unplanned refinery downtime at the Taranto, Venice and Gela plants as well as lower volumes at the Livorno refinery due to a challenging refining environment in the first half of the year. The increase recorded outside Italy was mainly due to higher capacity entitlements at Ceska Rafinerska following the purchase of an additional ownership interest made in 2007 partly offset by lower volumes in Germany.
  • Retail market share in Italy was 30.6%, increased by 1.4 percentage points from 2007 mainly due to marketing activities ("Iperself" sales and fidelity programmes). Retail sales amounted to 8.81 mmtonnes increasing by 2.2% in spite of a decline in domestic consumption (down 2.5%).
  • Retail sales of refined products in the rest of Europe (3.86 mmtonnes) were down 4.2% particularly in the Iberian Peninsula, due to the disposal of downstream activities to Galp, and in Germany. Retail sales of refined products in the rest of Europe, excluding expected divestments, increased by 45 ktonnes, or 1.4%.
  • In 2008 Eni started/restructured 124 stores for the sale convenience items and car services at its service stations in Italy. Non oil revenues in Europe amounted to €153 million, up 6.3% from 2007.

Key performance indicators

2006

2007

2008

Net sales from operations (a)

(€ million)

38,210

36,401

45,083

Operating profit

319

729

(1,023)

Adjusted operating profit

790

329

566

Adjusted net profit

629

319

510

Capital expenditures

645

979

965

Adjusted capital employed, net at year end

5,766

7,149

8,260

Adjusted ROACE

(%)

10.7

5.0

6.4

Refinery throughputs on own account

(mmtonnes)

38.04

37.15

35.84

Conversion index

(%)

57

56

58

Balanced capacity of refineries

(kbbl/d)

711

748

737

Retail sales of petroleum products in Europe

(mmtonnes)

12.48

12.65

12.67

Service stations in Europe at period end

(units)

6,294

6,440

5,956

Average throughput per service station in Europe

(kliters)

2,470

2,486

2,502

Employees at year end

(units)

9,437

9,428

8,327


(a) Before elimination of intragroup sales.




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Last updated on 26/05/09