Financial Highlights 2
- Adjusted operating profit: €3.79 billion, down 36% excluding Snam contribution to the first quarter of 20123;
- Adjusted net profit: €1.43 billion, down 39% excluding Snam contribution to the first quarter of 20123;
- Cash flow: €2.80 billion;
- Leverage: down to 0.24.
- Oil and natural gas production: down 4.9% to 1.6 mmboe/d affected by one-offs in Nigeria, Libya and the UK;
- Natural gas sales: down 1.3% to 30.2 billion cubic meters due to the disposal of Galp;
- Signed an agreement with CNPC to sell 28.57% of the share capital of Eni East Africa, which currently owns a 70% interest in Area 4 in Mozambique, at the agreed price of $4.21 billion in cash; access to a promising shale gas block in China;
- Acquired exploration licences in areas of high potential in Timor Leste, Cyprus, Egypt and the Gulf of Mexico;
- Versalis entered partnership agreements with Genomatica, Pirelli and Yulex targeting continuing expansion in the bio-technologies and the bio-rubber segment.
Paolo Scaroni, Chief Executive Officer, commented:
“We confirm our growth and profitability targets for the full year 2013, in spite of a slower first quarter. This was negatively impacted by lower oil&gas production due to contingencies as well as to the current downturn in the gas market. Our E&P Division confirms its production growth targets for 2013 driven by continuing progress in developing ongoing projects. The G&P Division will benefit from the renegotiation of supply contracts which will mitigate the impact of a still very negative market. The R&M Division and Versalis, which both delivered strong improvements over the same period a year ago, will continue with their respective programs to drive a recovery in profitability‘.
(1) This press release represents the quarterly report prepared in compliance with Italian listing standards as provided by article 154-ter of the Italian code for securities and exchanges (Testo Unico della Finanza).
(2) Throughout this press release, changes in the Group results for the first quarter 2013 are calculated with respect to results earned by the Group continuing operations in the first quarter 2012 considering that at the time Snam was consolidated in the Group accounts and reported as discontinued operations based on IFRS 5.
(3) The Snam contribution excluded is the result of Snam transactions with Eni included in the continuing operations results of the first quarter 2012 according to IFRS 5. Adjusted operating profit and adjusted net profit are not provided by IFRS.