Performance of the year
of discovered resources
in 2014-2016
at year end with a replacement ratio of 193%
Capex net of exchange rate effects
G&A
about 40% of 2016-2019 plan
Planned start-ups, 2016 ramp-ups and production optimization approximately
in 2020
down by
21%Start-up of Project Italia with
of capacity installed by 2022
GHG down by
per unit of production
down by
vs 2014 at 2025 target
- Financial highlights
- Summary financial data
-
Financial highlights(*)(**)
2014
2015
2016
(*)
Pertaining to continuing operations. Following the divestment of Saipem in January 2016, the results of the segment have been classified as discontinued operations based on the guidelines of IFRS 5. The comparative reporting periods have been restated consistently.
(**)
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 for the FY 2016 have been restated. The retrospective application of the SEM has required adjustment of the opening balance of the retained earnings and other comparative amounts as of January 1, 2014. Specifically, the opening balance of the carrying amount of property, plant and equipment was increased by €3,524 million, intangible assets by €860 million and the retained earnings by €3,001 million. Other adjustments related to deferred tax liabilities and other minor line items. Concerning the FY 2015, the adoption of SEM determined a reduction of operating profit of €815 million. More information is disclosed in the notes of the consolidated financial statement of the 2016 Annual Report on Form 20-F.
(a)
Attributable to Eni’s shareholders.
(b)
Non-GAAP measures. Results of comparative periods 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.
(c)
The amount of dividends for the year 2016 is based on the Board’s proposal.
(d)
Number of outstanding shares by reference price at year end.
Net sales from operations
(€ million)
98,218
72,286
55,762
Operating profit (loss)
8,965
(3,076)
2,157
Adjusted operating profit (loss)(b)
11,223
4,486
2,315
Adjusted net profit (loss)(a)(b)
3,723
803
(340)
Net profit (loss)(a)
1,720
(7,952)
(1,051)
Net profit (loss) - discontinued operations(a)
(417)
(826)
(413)
Group net profit (loss)(a)
(continuing + discontinued operations)1,303
(8,778)
(1,464)
Comprehensive income(a)
6,817
(3,416)
819
Net cash flow from operating activities(b)
13,544
12,155
7,673
Capital expenditure
11,178
10,741
9,180
of which: exploration
1,030
566
417
development of hydrocarbon reserves
9,021
9,341
7,770
Dividends to Eni’s shareholders pertaining to the year(c)
4,037
2,880
2,881
Cash dividends to Eni’s shareholders
4,006
3,457
2,881
Total assets at year end
150,366
139,001
124,545
Shareholders’ equity including non-controlling interests at year end
65,641
57,409
53,086
Net borrowings at year end
13,685
16,871
14,776
Net capital employed at year end
79,326
74,280
67,862
of which: Exploration & Production
51,061
53,968
57,910
Gas & Power
9,031
5,803
4,100
Refining & Marketing and Chemicals
9,711
6,986
6,981
Share price at year end
(€)
14.5
13.8
15.5
Weighted average number of shares outstanding
(million)
3,610.4
3,601.1
3,601.1
Market capitalization(d)
(€ billion)
52
50
56
-
Summary financial data
2014
2015
2016
(a)
Fully diluted. Ratio of net profit/cash flow and average number of shares outstanding in the period. Dollar amounts are converted on the basis of the average EUR/USD exchange rate quoted by Reuters (WMR) for the period presented.
(b)
One American Depositary Receipt (ADR) is equal to two Eni ordinary shares.
(c)
Ratio of dividend for the period and the average price of Eni shares as recorded in December.
Net profit (loss) - continuing operations
- per share(a)
(€)
0.48
(2.21)
(0.29)
- per ADR(a)(b)
($)
1.27
(4.90)
(0.65)
Adjusted net profit (loss) - continuing operations
- per share(a)
(€)
1.16
0.37
(0.09)
- per ADR(a)(b)
($)
3.08
0.82
(0.20)
Cash flow - continuing operations
- per share(a)
(€)
4.01
3.58
2.13
- per ADR(a)(b)
($)
10.66
7.95
4.72
Adjusted Return on average capital employed (ROACE)
(%)
5.8
1.8
0.2
Leverage
21
29
28
Coverage
7.7
(2.4)
2.4
Current ratio
1.5
1.4
1.4
Debt coverage
105.7
76.3
51.9
Dividends pertaining to the year
(€ per share)
1.12
0.80
0.80
Total Share Return (TSR)
(%)
(11.9)
1.1
19.2
Pay-out
310
(33)
(197)
Dividend yield(c)
(%)
7.6
5.7
5.4
Operating and sustainability data(a) |
||||||||||
|
|
|
|
|
||||||
|
|
2014 |
2015 |
2016 |
||||||
|
||||||||||
Employees at year end |
(number) |
34,846 |
34,196 |
33,536 |
||||||
of which: women |
|
8,076 |
7,960 |
7,700 |
||||||
outside Italy |
|
13,639 |
13,316 |
12,626 |
||||||
Local employees outside Italy |
(%) |
86 |
85 |
85 |
||||||
Female managers (senior managers and managers) |
(%) |
23 |
24 |
24 |
||||||
Pay gap (women vs men) |
(%) |
97 |
97 |
97 |
||||||
TRIR (Total Recordable Injury Rate) |
(recordable injuries/worked hours) x 1,000,000 |
0.71 |
0.45 |
0.35 |
||||||
of which: employees |
|
0.56 |
0.41 |
0.36 |
||||||
contractors |
|
0.79 |
0.47 |
0.35 |
||||||
Fatality index (employees and contractors) |
(Fatal injuries per one hundred millions of worked hours) |
1.03 |
1.46 |
0.72 |
||||||
Near miss(b) |
(number) |
1,729 |
1,489 |
1,644 |
||||||
Training expenditures |
(€ million) |
39.1 |
29.1 |
26.6 |
||||||
Training hours |
(thousand hours) |
1,213 |
1,099 |
939 |
||||||
of which: e-learning |
|
120 |
183 |
197 |
||||||
Total volume of oil spills (> 1 barrel) |
(barrels) |
15,562 |
16,481 |
5,648 |
||||||
of which: due to sabotage and terrorism |
|
14,401 |
14,847 |
4,489 |
||||||
operational |
|
1,161 |
1,634 |
1,159 |
||||||
Direct GHG emissions |
(mmtonnes CO2eq) |
42.02 |
41.56 |
40.10 |
||||||
of which: CO2 equivalent from combustion and process |
|
30.92 |
31.49 |
30.60 |
||||||
CO2 equivalent from flaring |
|
5.73 |
5.51 |
5.40 |
||||||
CO2 equivalent from non-combusted methane and fugitive emissions |
|
3.48 |
2.77 |
2.42 |
||||||
CO2 equivalent from venting |
|
1.89 |
1.80 |
1.67 |
||||||
Total water withdrawals |
(mmcm) |
1,874 |
1,805 |
1,851 |
||||||
of which: sea water |
|
1,704 |
1,634 |
1,710 |
||||||
fresh water |
|
160 |
157 |
130 |
||||||
salt/salty water from subsoil or surface |
|
10 |
13 |
12 |
||||||
R&D expenditure(c) |
(€ million) |
174 |
176 |
161 |
||||||
of which: new energy |
|
|
|
51 |
||||||
First patent filing applications |
(number) |
64 |
33 |
40 |
||||||
of which: filed on renewable sources |
|
29 |
16 |
12 |
||||||
Number of suppliers used |
(number) |
13,145 |
11,380 |
10,041 |
||||||
Total procurement |
(€ million) |
24,068 |
20,350 |
13,249 |
||||||
of which: local procurement |
|
15,183 |
13,412 |
10,390 |
||||||
Interventions on the territory based on agreements, conventions and PSAs (Community investment) |
|
65 |
75 |
67 |
- Exploration & Production
- Gas & Power
- Refining & Marketing and Chemicals
-
Exploration & Production
2014
2015
2016
(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 122 mln toe, 125 mln toe and 117 mln toe in 2016, 2015 and 2014, respectively.
Employees at year end
(number)
12,777
12,821
12,494
TRIR (Total Recordable Injury Rate)
(recordable injuries/worked hours) x 1,000,000
0.56
0.34
0.34
of which: employees
0.20
0.22
0.34
contractors
0.68
0.39
0.34
Net proved reserves of hydrocarbons
(mmboe)
6,602
6,890
7,490
Average reserve life index
(years)
11.3
10.7
11.6
Hydrocarbon production(a)
(kboe/d)
1,598
1,760
1,759
Organic reserve replacement ratio
112
148
193
Profit per boe(b)(c)
($/boe)
14.5
7.4
2.7
Opex per boe(b)
8.4
7.2
6.2
Cash flow per boe
30.1
20.9
12.9
Finding & Development cost per boe(c)
21.5
19.3
13.2
Direct GHG emissions
(mmtonnes CO2eq)
23.4
22.8
20.4
CO2 emissions/100% operated hydrocarbon gross production(d)
(tonnes CO2eq/toe)
0.201
0.182
0.166
% produced water re-injected
(%)
56
56
58
Volumes of hydrocarbon sent to flaring
(mmcm)
1,767
1,989
1,950
of which: sent to flaring process
1,678
1,564
1,530
Oil spills due to operations (> 1 barrel)
(barrels)
936
1,177
1,025
Interventions on the territory based on agreements, conventions and PSAs (Community investment)
63
72
63
-
Gas & Power
2014
2015
2016
(a)
Pertaining to continuing operations.
(b)
The average evaluation reflects results of customers interviews based on clarity, courtesy and waiting time.
Employees at year end
(number)
4,561
4,484
4,261
TRIR (Total Recordable Injury Rate)
(recordable injuries/worked hours) x 1,000,000
0.82
0.89
0.28
of which: employees
0.87
0.91
0.27
contractors
0.70
0.81
0.31
Worldwide gas sales
(bcm)
89.17
90.88
88.93
- in Italy
34.04
38.44
38.43
- outside Italy
55.13
52.44
50.50
Customers in Italy
(million)
7.9
7.9
7.8
Direct GHG emissions
(mmtonnes CO2eq)
10.12
10.57
11.22
GHG emissions/kWheq (EniPower)
(gCO2eq/kWheq)
409
409
398
Installed capacity power plants
(GW)
5.3
4.9
4.7
Electricity produced
(TWh)
19.55
20.69
21.78
Electricity sold
33.58
34.88
37.05
Customer satisfaction rate(b)
(scale from 0 to 100)
81.4
85.6
86.2
-
Refining & Marketing and Chemicals
2014
2015
2016
(a)
2014 data includes Livorno, Sannazzaro, Taranto and Gela; 2015 data refers to Livorno, Sannazzaro and Taranto.
Employees at year end
(number)
11,884
10,995
10,858
TRIR (Total Recordable Injury Rate)
(recordable injuries/worked hours) x 1,000,000
1.51
1.07
0.38
of which: employees
1.60
0.97
0.44
contractors
1.40
1.17
0.32
Oil spills due to operations (> 1 barrel)
(barrels)
225
427
134
Direct GHG emissions
(mmtonnes CO2eq)
8.45
8.19
8.50
SOx emissions (sulphur oxide)
(ktonnes SO2eq)
6.84
6.17
4.35
Refinery throughputs on own account
(mmtonnes)
25.03
26.41
24.52
Retail market share in Italy
(%)
25.5
24.5
24.3
Retail sales of petroleum products in Europe
(mmtonnes)
9.21
8.89
8.59
Service stations in Europe at year end
(number)
6,220
5,846
5,622
Average throughput of service stations in Europe
(kliters)
1,725
1,754
1,742
Balanced capacity of refineries
(kbbl/d)
617
548
548
Capacity of biorefineries
(ktonnes/year)
360
360
360
Production of biofuels
(ktonnes)
105
179
191
GHG emissions/refining throughputs (traditional refineries)(a)
(tonnes CO2eq/kt)
287
237
272
Production of petrochemical products
(ktonnes)
5,283
5,700
5,646
Sales of petrochemical products
3,463
3,801
3,759
Average plant utilization rate
(%)
71
73
72
A life offshore on the Garibaldi C
Work on the platform: Eni’s people talk about their life offshore. Security is always on top of the priorities. Collaboration is very important: people share knowledge and experience.