|Employees at year end||(number)||10,916||10,858||10,995|
|TRIR (Total Recordable Injury Rate)||(total recordable injuries/worked hours) x 1,000,000||0.62||0.38||1.07|
|Oil spills due to operations (> 1 barrel)||(barrels)||194||134||427|
|Direct GHG emissions||(mmtonnes CO2eq)||7.82||8.50||8.19|
|SOx emissions (sulphur oxide)||(ktonnes SO2eq)||5.18||4.35||6.17|
|Refinery throughputs on own account||(mmtonnes)||24.02||24.52||26.41|
|Retail market share in Italy||(%)||25.0||24.3||24.5|
|Retail sales of petroleum products in Europe||(mmtonnes)||8.54||8.59||8.89|
|Service stations in Europe at year end||(number)||5,544||5,622||5,846|
|Average throughput of service stations in Europe||(kliters)||1,783||1,742||1,754|
|Balanced capacity of refineries||(kbbl/d)||548||548||548|
|Capacity of biorefineries||(ktonnes/year)||360||360||360|
|Production of biofuels||(ktonnes)||206||181||179|
|GHG emissions/products (crude oil and semifinished) processed in refineries (tonnes CO2eq/kt)||258||278||253|
|Production of petrochemical products||(ktonnes)||5,818||5,646||5,700|
|Sales of petrochemical products||3,712||3,759||3,801|
|Average plant utilization rate||(%)||73||72||73|
- In 2017 the total recordable injury rate (TRIR) increased by 63.2% compared to 2016.
- Greenhouse gas emissions reported a decrease of 8% in absolute terms. Energy efficiency projects and reduced methane emissions contributed to a 7.2% decrease GHG emissions related to refining throughputs.
- In 2017 the Refining & Marketing and Chemicals segment reported an adjusted operating profit of €991 million, up by €408 million, or 70% from 2016. The Refining & Marketing business reported an adjusted operating profit of €531 million (up by 91%), the best full year result in the last eight years. This result benefitted from the initiatives implemented over the last years, which were designed to improve the set-up of Eni’s refining system allowing to reduce the break-even margin below the 4$/barrel threshold. The marketing business reported a positive performance driven by the effective commercial initiatives, which supported the premium segments. The Chemical business reported an adjusted operating profit of €460 million (up by 51%) from the €305 million reported in 2016. This result represents the best performance reported in the recent history of Eni’s Chemical business and demonstrates the value of the progress in the turnaround process.
- In 2017 Eni’s refining throughputs amounted to 24.02 mmtonnes, lower y-o-y (down by 2%) due to the downtime of some plants at the Sannazzaro refinery and the shutdown at the Taranto refinery, partly offset by a better performance of Milazzo and Livorno refineries.
- In 2017 the production of biofuels from vegetable oil at the Venice green refinery amounted to 0.24 mmtonnes, up by 14.3% compared 2016.
- Retail sales in Italy were 6.01 mmtonnes, up by about 8 ktonnes from 2016, or 1.3%.
- Retail sales in the rest of Europe (2.53 mmtonnes) were down by 4.9% compared to the previous year, mainly due to the assets disposal in Hungary and Slovenia finalized in the second half 2016. On a homogeneous basis, when excluding the impact of the above mentioned disposal, sales slightly increased by 1.1% due to higher volumes traded in Austria and Germany.
Sales of petrochemical products in Europe amounted to 3.71 mmtonnes, recording a slight reduction of 1.3% y-o-y, due to a weak growth in consumptions. Higher polymer sales were partially offset by lower sale volumes in the other businesses.
- Capital expenditure of €729 million mainly related to: (i) refining activities in Italy and outside Italy (€395 million), in particular the reconstruction of the EST conversion plant at the Sannazzaro refinery, plants’ integrity, reconversion of the refinery system, as well as initiatives in the field of health, security and environment; (ii) marketing activity (€131 million), mainly regulation compliance and stay in business initiatives in the refined product retail network in Italy and in the Rest of Europe.
- Research and Development (R&D) expenditure in the Refining & Marketing and Chemicals segment amounted to approximately €58 million. During the year, 15 patent applications were filed.
|(€ million)||2017||2016||2015||Change||% Ch.|
|Operating profit (loss)||981||723||(1,567)||258||(35.7)|
|Exclusion of inventory holding (gains) losses||(213)||(406)||877|
|Exclusion of special items:||223||266||1,385|
|- environmental charges||136||104||137|
|- impairment losses (impairment reversals), net||54||104||1,150|
|- net gains on disposal of assets||(13)||(8)||(8)|
|- risk provisions||28||(5)|
|- provision for redundancy incentives||(6)||12||8|
|- commodity derivatives||(11)||(3)||68|
|- exchange rate differences and derivatives||(9)||3||5|
|Adjusted operating profit (loss)||991||583||695||408||(70.0)|
|- Refining & Marketing||531||278||387||253||(91.0)|
|Net finance (expense) income(a)||5||1||(2)||4|
|Net income (expense) from investments(a)||19||32||69||(13)|
|Adjusted net profit (loss)||663||419||512||244||(58.2)|
In 2017, the Refining & Marketing and Chemicals segment reported an adjusted operating profit of €991 million, increasing by €408 million from the previous year. The Refining & Marketing business reported an adjusted operating profit of €531 million, the best full year result in the last eight years, increasing by €253 million. The benefits from the initiatives implemented over the last years, which were designed to improve the set-up of Eni’s refining system allowing to reduce the break-even margin below the 4 $/barrel threshold. The improved cost structure enabled the Company to fully capture the upside in the scenario recorded in the first nine months of 2017, despite the shutdown of Sannazzaro refinery. This results were also strengthened by the gain from the licensing of the EST conversion technology to Sinopec 2017, the profit/loss on stock has been included in the business underlying performance due to a changed regulatory framework on gas storage in Italy, on which basis management has elected to leverage gas stocks as a way to improve margins. Adjusted operating profit excluded a positive adjustment of €139 million. and positive performance driven by the effective commercial initiatives, which supported the premium segments. The Chemical business reported an adjusted operating profit of €460 million, increasing by €155 million, representing the best performance reported in the recent history of Eni’s Chemical business. This result demonstrates the value of the progress in the turnaround process that through the restructuring plan to optimize plant set-up at core hubs and reposition the product portfolio towards higher-value segments, was able to fully capture the upside in the trading environment and to achieve volume upsides. Adjusted operating profit excluded a positive adjustment of €223 million.
|Total of capital expenditure||142||120||154||22||18.3|
In 2017, capital expenditure amounted to €142 million, mainly related to gas marketing initiatives (€102 million) and to the flexibility and upgrading initiatives of combined cycle power plants (€36 million).