Analysis of profit and loss account items
Net sales from operations
2011 |
|
(€ million) |
2012 |
2013 |
Change |
% Ch. |
29,121 |
|
Exploration & Production |
35,881 |
31,268 |
(4,613) |
(12.9) |
33,093 |
|
Gas & Power |
36,200 |
32,124 |
(4,076) |
(11.3) |
51,219 |
|
Refining & Marketing |
62,656 |
57,329 |
(5,327) |
(8.5) |
6,491 |
|
Versalis |
6,418 |
5,859 |
(559) |
(8.7) |
11,834 |
|
Engineering & Construction |
12,771 |
11,611 |
(1,160) |
(9.1) |
85 |
|
Other activities |
119 |
80 |
(39) |
(32.8) |
1,365 |
|
Corporate and financial companies |
1,369 |
1,453 |
84 |
6.1 |
(54) |
|
Impact of unrealized intragroup profit elimination |
(75) |
18 |
93 |
|
(25,464) |
|
Consolidation adjustments |
(28,119) |
(25,020) |
3,099 |
|
107,690 |
|
|
127,220 |
114,722 |
(12,498) |
(9.8) |
In 2013, Eni’s net sales from operations (€114,722 million) decreased by €12,498 million from 2012 (down by 9.8%) reflecting lower realizations on commodities in dollar terms, negative impact of the appreciation of the euro against the US dollar, lower production and sales, and a marked slowdown in the Engineering & Construction business activity.
Revenues generated by the Exploration & Production Division (€31,268 million) decreased by €4,613 million, or 12.9%, due to lower oil and gas realizations in dollar terms (down by 2.1%), the appreciation of the euro against the US dollar and the extraordinary disruptions in Libya and Nigeria.
Revenues generated by the Gas & Power Division (€32,124 million) decreased by €4,076 million, down by 11.3%, due to continued deterioration in selling prices to large customers in Italy reflecting a weak gas demand and increasing competitive pressure. In addition spot prices at Italian hubs which are the main benchmark for selling prices in short-term supplies to large Italian customers have aligned very rapidly to continental hubs, thus driving a large fall in average realizations. Finally, the segment recorded lower sales to European target markets (down by 7.2%).
Revenues generated by the Refining & Marketing Division (€57,329 million) decreased by €5,327 million, or 8.5%, mainly reflecting lower sales of refined products (down 4.84 mmtonnes; or 10%, from 2012) and the negative impact of the currency.
Revenues generated by Versalis (€5,859 million) decreased by €559 million, down by 8.7% from 2012 mainly due to a decline in volumes sold (down by 4.2%) against the backdrop of the continuing weak commodity demand, impacted by the economic downturn, declining average sales prices (down by 3.2%), mainly in olefin prices (down by 23%), as result of the fall in butadiene’s unit margins.
Revenues generated by the Engineering & Construction business (€11,611 million) decreased by €1.160 million, or 9.1% due to marketing and operating difficulties, mainly in the first half of 2013 and the decline of business activity in onshore and offshore construction segments.