Eni’s 2013 annual report is the integrated report prepared in accordance with principles included in “Prototype of the International Framework”, published by International Integrated Reporting Council (IIRC). It is aimed at representing financial and sustainability performance, underlining the existing connections between competitive environment, group strategy, business model, integrated risk management and a stringent corporate governance system.
Read more Annual ReportEni’s business model targets long-term value creation for its stakeholders by delivering on profitability and growth in each of its businesses, improving efficiency and mitigating risks. These results rely on the responsible and efficient use of our capitals.
Read more Our business modelAgainst a challenging trading environment reflecting higher Country risks in the upstream segment and continuing weak fundamentals in the European market, management reaffirms its strategy of profitable growth in the upstream and offurther strengthening and turning around the mid-downstream businesses.
Read more Our strategyEni’s Corporate Governance system, inspired by Integrity and transparency principles, supplementing the Company’s business strategy, is designed to sustain the relationship of trust between Eni and its stakeholders and to help achieve business results, creating sustainable long-term value.
Read more Governance
In 2013 Eni faced challenging market conditions. Hydrocarbon production in our upstream segment was severely hit by disruptions in Libya and, to a lesser extent, in Nigeria and Algeria due to social unrest, internal conflicts and other geopolitical risks. In our mid-downstream businesses, the economic downturn and strong competition from alternative sources of energy drove a further decline in the consumption of gas and fuels, mainly in Italy.
In 2013 Eni achieved solid results in a particularly difficult market. In spite of geopolitical factors in Libya, Nigeria and Algeria, the Exploration & Production Division delivered robust earnings and cash flow leveraging its cost leadership and extraordinary exploration successes. The mid-downstream businesses, which were impacted by the downturn and plunging demand in Europe and Italy, boosted their restructuring efforts achieving an impressive €2 billion improvement in cash generation.
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