Overview

In detail:
  • Selected consolidated financial data 
  • Selected operating data 
  • Profit and Loss account 
  • Summarized group balance sheet 
  • Summarized group cash flow statement 
  • Capital expenditures by division

Profit and Loss account

Profit and loss account
(€ million)20172016201520142013(*)Change% Ch.
Net sales from operations  66,919 55,762 72,286 98,218 114,722 11,157 20.0
Other income and revenues 4,058 931 1,252 1,079 1,385 3,127 ..
Operating expenses (55,412) (47,118) (59,967) (80,333) (95,477) (8,294) (17.6)
Other operating income (expense)  (32) 16 (485) 145 (71) (48) ..
Depreciation. depletion. amortization (7,483) (7,559) (8,940) (7,676) (9,303) 76 1.0
impairments reversals (impairment losses). net 225 475 (6,534) (1,270) (2,400) (250) (52.6)
Write-off (263) (350) (688) (1,198)   87 24.9
Operating profit (loss) 8,012 2,157 (3,076) 8,965 8,856 5,855 271.4
Finance income (expense) (1,236) (885) (1,306) (1,167) (991) (351) (39.7)
Net income from investments 68 (380) 105 476 6,115 448 ..
Profit (loss) before income taxes 6,844 892 (4,277) 8,274 13,980 5,952 ..
Income taxes (3,467) (1,936) (3,122) (6,466) (9,008) (1,531) (79.1)
Tax rate (%) 50.7 217.0 .. 78.1 64.4 ..  
Net profit (loss) - continuing operations 3,377 (1,044) (7,399) 1,808 4,972 4,421 ..
Net profit (loss) - discontinued operations   (413) (1,974) (949)   413 ..
Net profit (loss) 3,377 (1,457) (9,373) 859 4,972 4,834 ..
attributable to:              
 - Eni's shareholders 3,374 (1,464) (8,778) 1,303 5,160 4,838 ..
- continuing operations 3,374 (1,051) (7,952) 1,720 5,160 4,425 ..
- discontinued operations   (413) (826) (417)   413 ..
 - Non-controlling interest 3 7 (595) (444) (188) (4) (57.1)
- continuing operations 3 7 553 88 (188) (4) (57.1)
- discontinued operations     (1,148) (532)     ..
(*) 2013 financial data reported in the table are extracted from the 2013 Financial Statements published in Annual Report 2013 approved by the Shareholders’ Meeting of May 8. 2014.

Selected consolidated financial data

Financial highlights (*) (**)
  20172016201520142013
Net sales from operations (€ million) 66,919 55,762 72,286 98,218 104,117
Operating profit (loss)   8,012 2,157 (3,076) 8,965 10,357
Adjusted operating profit (loss) (a)   5,803 2,315 4,486 11,223 13,230
Adjusted net profit (loss) (a) (b)   2,379 (340) 803 3,723 4,707
Net profit (loss) - continuing operations(b)    3,374 (1,051) (7,952) 1,720 5,808
Net profit (loss) - discontinued operations (b)      (413) (826) (417) (488)
Group net profit (loss)(b) (continuing and discontinued operations)   3,374 (1,464) (8,778) 1,303 5,320
Net cash flow from operating activities   10,117 7,673 12,875 14,469 11,547
Net cash flow from operating activities - standalone (a)   10,117 7,673 12,155 13,544 10,645
Capital expenditure   8,681 9,180 10,741 11,178 11,221
of which: exploration    442 417 566 1,030 1,669
development of hydrocarbon reserves   7,236 7,770 9,341 9,021 8,580
Cash dividend to Eni's shareholders (c)   2,880 2,881 3,457 4,006 3,949
Total assets at year end   114,928 124,545 139,001 150,366 142,426
Shareholders' equity including non-controlling interests at year end   48,079 53,086 57,409 65,641 64,053
Net borrowings at year end   10,916 14,776 16,871 13,685 14,963
Net capital employed at year end   58,995 67,862 74,280 79,326 79,016
of which: Exploration & Production   49,801 57,910 53,968 51,061 48,703
Gas & Power   3,394 4,100 5,803 9,031 8,462
Refining & Marketing and Chemicals   7,440 6,981 6,986 9,711 11,393
Share price at year end (€) 13.8 15.5 13.8 14.5 17.5
Weighted average number of shares outstanding (million) 3,601.1 3,601.1 3,601.1 3,610.4 3,622.8
Market capitalization (d) (€ billion) 50 56 50 52 63
(*) Pertaining to continuing operations.
(**) Effective January 1, 2016, management modified on voluntary basis the criterion to recognize exploration expenses adopting the accounting of the successful-effort-method (SEM). Accordingly, the comparative amounts disclosed have been restated.
(a) Non-GAAP measures. 2013-2015 results are calculated on a standalone basis, i.e. by excluding the results of Saipem earned from both third parties and the Group’s continuing operations, therefore determining its deconsolidation.
(b) Attributable to Eni’s shareholders.
(c) The amount of dividend for the year 2017 is based on the Board's proposal. 
(d) Number of outstanding shares by reference price at year end.

Selected operating data

Operating and sustainability data
  20172016201520142013
Employees at year end (number) 32,934 33,536 34,196 34,846 36,678
TRIR (Total Recordable Injury Rate) (total recordable injuries/worked hours) x 1,000,000 0.33 0.35 0.45 0.71 0.94
of which: employees   0.30 0.36 0.41 0.56 0.78
contractors   0.34 0.35 0.47 0.79 1.01
Total volume of oil spills (> 1 barrel)  (barrels)  6,464 5,913 16,481 15,562 7,891
of which: due to sabotage and terrorism   3,236 4,682 14,847 14,401 6,002
operational   3,228 1,231 1,634 1,161 1,889
Direct GHG emissions (mmtonnes CO2  eq) 42.52 41.46 42.32 42.02 47.60
of which: CO2 equivalent from combustion and process    32.65 31.99 32.22 31.02 33.07
CO2 equivalent from flaring   6.83 5.40 5.51 5.73 9.13
CO2 equivalent from non-combusted methane and fugitive emissions   1.46 2.40 2.79 3.50 3.47
CO2 equivalent from venting   1.58 1.67 1.80 1.89 1.92
Exploration & Production            
Employees at year end (number) 11,970 12,494 12,821 12,777 12,352
TRIR (Total Recordable Injury Rate) (total recordable injuries/worked hours) x 1,000,000 0.28 0.34 0.34 0.56 0.60
Net proved reserves of hydrocarbons (mmboe) 6,990 7,490 6,890 6,602 6,535
Average reserve life index (years) 10.5 11.6 10.7 11.3 11.1
Hydrocarbon production (a) (kboe/d) 1,816 1,759 1,760 1,598 1,619
Organic reserve replacement ratio    103 193 148 112 105
Profit per boe (b) (c) ($/boe) 8.7 2.0 (3.8) 9.9 16.2
Opex per boe (b)   6.6 6.2 7.2 8.4 8.3
Cash flow per boe   20.2 12.9 20.9 30.1 31.9
Finding & Development cost per boe (c)   10.4 13.2 19.3 21.5 19.2
Direct GHG emissions (mmtonnes CO2  eq) 23.45 21.78 23.54 23.56 27.37
CO2 emissions/100% operated hydrocarbon gross production (d)  (mmtonnes CO2  eq/tep) 0.162 0.166 0.177 0.190 0.223
% produced water re-injected (%) 59 58 56 56 55
Volumes of hydrocarbon sent to flaring  (mmcm) 2,283 1,950 1,989 1,767 3,450
of which: sent to flaring process   1,556 1,530 1,564 1,678 3,320
Oil spills due to operations  (> 1 barrel)  (barrels)              3,022             1,097             1,177                 936             1,728
Gas & Power            
Employees at year end (number) 4,313 4,261 4,484 4,561 4,616
TRIR (Total Recordable Injury Rate) (total recordable injuries/worked hours) x 1,000,000 0.37 0.29 0.89 0.82 1.48
Worldwide gas sales   (bcm) 80.83 86.31 87.72 86.11 90.56
of which: Italy   37.43 38.43 38.44 34.04 35.86
outside Italy   43.40 47.88 52.44 52.27 54.70
Customers in Italy (million) 7.7 7.8 7.9 7.9 8.0
Direct GHG emissions (mmtonnes CO2  eq) 11.23 11.17 10.57 10.12 11.27
GHG emissions/kWheq (Eni Power)  (gCO2eq/kWheq)  395 398 409 409 407
Installed capacity power plants  (GW)  4.7 4.7 4.9 4.9 4.8
Electricity produced  (TWh)  22.42 21.78 20.69 19.55 21.38
Electricity sold   35.33 37.05 34.88 33.58 35.05
Customer satisfaction rate (scale from 0 to 100) 86.7 86.2 85.6 81.4 80.0
Refining & Marketing and Chemicals            
Employees at year end (number) 10,916 10,858 10,995 11,884 14,146
TRIR (Total Recordable Injury Rate) (total recordable injuries/worked hours) x 1,000,000 0.62 0.38 1.07 1.51 2.33
Oil spills due to operations  (> 1 barrel)  (barrels)  194 134 427 225 161
Direct GHG emissions (mmtonnes CO2  eq) 7.82 8.50 8.19 8.45 8.90
SOx emissions (sulphur oxide) (ktonnes SO2 eq)  5.18 4.35 6.17 6.84 12.33
Refinery throughputs on own account (mmtonnes) 24.02 24.52 26.41 25.03 27.38
Retail market share in Italy (%) 25.0 24.3 24.5 25.5 27.5
Retail sales of petroleum products in Europe (mmtonnes) 8.54 8.59 8.89 9.21 9.69
Service stations in Europe at year end (number)  5,544 5,622 5,846 6,220 6,386
Average throughput of service stations in Europe (kliters) 1,783 1,742 1,754 1,725 1,828
Balanced capacity of refineries (kbbl/d)  548 548 548 617 787
Capacity of biorefineries (ktonnes/year)  360 360 360 360 0
Production of biofuels  (ktonnes) 206 181 179 105 0
GHG emissions/products (crude oil and semifinished) processed in refineries (tonnes CO2eq/kt)  258 278 253 301 252
Production of petrochemical products (ktonnes) 5,818 5,646 5,700 5,283 5,817
Sales of petrochemical products   3,712 3,759 3,801 3,463 3,785
Average plant utilization rate (%) 73 72 73 71 65
(a) Includes Eni's share in joint ventures and equity-accounted entities.
(b) Related to consolidated subsidiaries.
(c) Three-year average.
(d) Hydrocarbon production from fields fully operated by Eni (Eni's interest 100%) amounting to: 137 mln toe, 122 mln toe, 125 mln toe, 117 mln toe e 118 mln toe respectively in 2017, 2016, 2015, 2014 e 2013.

Adjusted operating profit

Adjusted results
(€ million)20172016201520142013(*)Change% Ch.
Operating profit (loss) - continuing operations 8,012 2,157 (3,076) 8,965 8,856 5,855 271.4
Exclusion of inventory holding (gains) losses (219) (175) 1,136 1,460 716    
Exclusion of special items (1,990) 333 7,648 1,912 3,046    
Adjusted operating profit (loss) - continuing operations 5,803 2,315 5,708 12,337 12,618 3,488 150.7
Breakdown by segment:              
Exploration & Production  5,173 2,494 4,182 11,679 14,646 2,679 ..
Gas & Power  214 (390) (126) 168 (663) 604 ..
Refining & Marketing and Chemicals 991 583 695 (412) (868) 408 70.0
Corporate and other activities (542) (452) (369) (443) (626) (90) (19.9)
Impact of unrealized intragroup profit elimination (33) 80 1,326 1,345 129 (113) ..
  5,803 2,315 5,708 12,337 12,618 3,488 150.7
Reinstatement of intercompany transactions vs, Disc,operations      (1,222) (1,114)      
Adjusted operating profit (loss) attributable to Eni's shareholders on a standalone basis 5,803 2,315 4,486 11,223 12,618 3,488 150.7
(*) 2013 financial data reported in the table are extracted from the 2013 Financial Statements published in Annual Report 2013 approved by the Shareholders’ Meeting of May 8. 2014.

Adjusted net profit by segment

Adjusted net profit by segment
(€ million)20172016201520142013(*)Change% Ch.
Exploration & Production  2,724 508 991 4,569 5,952 2,216 ..
Gas & Power  52 (330) (168) 86 (246) 382 ..
Refining & Marketing and Chemicals 663 419 512 (319) (570) 244 58.2
Corporate and other activities (1,041) (991) (663) (852) (930) (50) (5.0)
Impact of unrealized intragroup profit elimination (a) (16) 61 1,250 1,255 39 (77) ..
Adjusted net profit (loss) - continuing operations 2,382 (333) 1,922 4,739 4,245 2,715 ..
attributable to:              
- non-controlling interest 3 7 605 540 (188) (4) (57.1)
- Eni's shareholders 2,379 (340) 1,317 4,199 4,433 2,719 ..
Reinstatement of intercompany transactions vs. Disc.operations      (514) (476)     ..
Adjusted net profit (loss) attributable to Eni's shareholders on a standalone basis 2,379 (340) 803 3,723 4,433 2,719 ..
(a) This item pertains to intragroup sales of commodities and capital goods recorded in the assets of the purchasing business segment as of the end of the reporting period.
(*) 2013 financial data reported in the table are extracted from the 2013 Financial Statements published in Annual Report 2013 approved by the Shareholders’ Meeting of May 8. 2014.

Capital expenditures by division

Capex
(€ million)20172016201520142013(*)Change% Ch.
Exploration & Production  7,739 8,254 9,980 10,156 10,475 (515) (6.2)
-  acquisition of proved and unproved properties 5 2     109 3 ..
-  exploration 442 417 566 1,030 1,669 25 6.0
-  development 7,236 7,770 9,341 9,021 8,580 (534) (6.9)
-  other expenditure 56 65 73 105 117 (9) (13.8)
Gas & Power  142 120 154 172 232 22 18.3
Refining & Marketing and Chemicals 729 664 628 819 933 65 9.8
-  Refining & Marketing 526 421 408 537 619 105 24.9
-  Chemicals 203 243 220 282 314 (40) (16.5)
Corporate and other activities 87 55 64 113 1,113 32 58.2
Impact of unrealized intragroup profit elimination (16) 87 (85) (82) (3)    
Capital expenditure - continuing operations 8,681 9,180 10,741 11,178 12,750 (499) (5.4)
Capital expenditure - discontinued operations     561 694      
Capital expenditure 8,681 9,180 11,302 11,872 12,750 (499) (5.4)
(*) The 2013 financial data reported in the table refer to Annual Report 2013 approved by the Shareholders’ Meeting of May 8. 2014.

Summarized group balance sheet

Summarized group balance sheet
(€ million)December 31, 2017December 31, 2016December 31, 2015December 31, 2014December 31, 2013 (*)Change
Fixed assets            
Property.  plant and equipment  63,158 70,793 68,005 71,962 62,506 (7,635)
Inventories - Compulsory stock 1,283 1,184 909 1,581 2,571 99
Intangible assets 2,925 3,269 3,034 3,645 3,877 (344)
Equity-accounted investments and other investments 3,730 4,316 3,513 5,130 6,961 (586)
Receivables and securities held for operating purposes 1,698 1,932 2,273 1,861 1,607 (234)
Net payables related to capital expenditure (1,379) (1,765) (1,284) (1,971) (1,256) 386
  71,415 79,729 76,450 82,208 76,266 (8,314)
Net working capital            
Inventories  4,621 4,637 4,579 7,555 7,883 (16)
Trade receivables 10,182 11,186 12,616 19,709 21,213 (1,004)
Trade payables (10,890) (11,038) (9,605) (15,015) (15,529) 148
Tax payables and provisions for net deferred tax liabilities (2,387) (3,073) (4,137) (1,865) (3,005) 686
Provisions (13,447) (13,896) (15,375) (15,898) (13,167) 449
Other current assets and liabilities 287 1,171 1,827 222 2,030 (884)
  (11,634) (11,013) (10,095) (5,292) (575) (621)
Provisions for employee post-retirement benefits (1,022) (868) (1,123) (1,313) (1,245) (154)
Assets held for sale including related liabilities 236 14 9,048 291 2,156 222
CAPITAL EMPLOYED, NET 58,995 67,862 74,280 75,894 76,602 (8,867)
Eni shareholders' equity 48,030 53,037 55,493 59,754 58,210 (5,007)
Non-controlling interest 49 49 1,916 2,455 2,964  
Shareholders’ equity  48,079 53,086 57,409 62,209 61,174 (5,007)
Net borrowings 10,916 14,776 16,871 13,685 15,428 (3,860)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 58,995 67,862 74,280 75,894 76,602 (8,867)
(*) 2013 financial data reported in the table are extracted from the 2013 Financial Statements published in Annual Report 2013 approved by the Shareholders’ Meeting of May 8. 2014.

Summarized group cash flow statement and changes in net borrowings

Financial highlights (*) (**)
  20172016201520142013
Net sales from operations (€ million) 66,919 55,762 72,286 98,218 104,117
Operating profit (loss)   8,012 2,157 (3,076) 8,965 10,357
Adjusted operating profit (loss) (a)   5,803 2,315 4,486 11,223 13,230
Adjusted net profit (loss) (a) (b)   2,379 (340) 803 3,723 4,707
Net profit (loss) - continuing operations(b)    3,374 (1,051) (7,952) 1,720 5,808
Net profit (loss) - discontinued operations (b)      (413) (826) (417) (488)
Group net profit (loss)(b) (continuing and discontinued operations)   3,374 (1,464) (8,778) 1,303 5,320
Net cash flow from operating activities   10,117 7,673 12,875 14,469 11,547
Net cash flow from operating activities - standalone (a)   10,117 7,673 12,155 13,544 10,645
Capital expenditure   8,681 9,180 10,741 11,178 11,221
of which: exploration    442 417 566 1,030 1,669
development of hydrocarbon reserves   7,236 7,770 9,341 9,021 8,580
Cash dividend to Eni's shareholders (c)   2,880 2,881 3,457 4,006 3,949
Total assets at year end   114,928 124,545 139,001 150,366 142,426
Shareholders' equity including non-controlling interests at year end   48,079 53,086 57,409 65,641 64,053
Net borrowings at year end   10,916 14,776 16,871 13,685 14,963
Net capital employed at year end   58,995 67,862 74,280 79,326 79,016
of which: Exploration & Production   49,801 57,910 53,968 51,061 48,703
Gas & Power   3,394 4,100 5,803 9,031 8,462
Refining & Marketing and Chemicals   7,440 6,981 6,986 9,711 11,393
Share price at year end (€) 13.8 15.5 13.8 14.5 17.5
Weighted average number of shares outstanding (million) 3,601.1 3,601.1 3,601.1 3,610.4 3,622.8
Market capitalization (d) (€ billion) 50 56 50 52 63
(*) Pertaining to continuing operations.
(**) Effective January 1, 2016, management modified on voluntary basis the criterion to recognize exploration expenses adopting the accounting of the successful-effort-method (SEM). Accordingly, the comparative amounts disclosed have been restated.
(a) Non-GAAP measures. 2013-2015 results are calculated on a standalone basis, i.e. by excluding the results of Saipem earned from both third parties and the Group’s continuing operations, therefore determining its deconsolidation.
(b) Attributable to Eni’s shareholders.
(c) The amount of dividend for the year 2017 is based on the Board's proposal. 
(d) Number of outstanding shares by reference price at year end.
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