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Eni Annual Report 2019 Index 2 | MANAGEMENT REPORT Activities 3 Business model 4 Responsible and sustainable approach 5 Letter to shareholders 6 Eni at a glance 12 Stakeholders engagement activities 14 Strategy 16 Integrated Risk Management 20 Governance 24 Operating review Exploration & Production 30 Gas & Power 49 Refining & Marketing and Chemicals 54 Corporate and other activities 60 Financial review and other information ˇ Financial review 63 Risk factors and uncertainties 88 Outlook 105 Consolidated disclosure of non-financial information (NFI) 106 Other information 140 Glossary 141 143 | CONSOLIDATED FINANCIAL STATEMENTS 275 | ANNEX CONSOLIDATED DISCOLOSURE OF NON-FINANCIAL INFORMATION This Annual Report includes the consolidated disclosure of non-nancial information (NFI), prepared in accordance with Legislative Decree No. 254/2016, relating to the following topics: ˙ environment; ˙ social; ˙ people; ˙ human rights; ˙ anti-corruption. The disclosure on these topics and KPIs included in this report are dened in accordance with the “Sustainability Reporting Standards” published by the Global Reporting Initiative (GRI Standards). INTEGRATED ANNUAL REPORT Eni’s 2019 Annual Report is prepared in accordance with principles included in the “International Framework”, published by International Integrated Reporting Council (IIRC). It is aimed at representing nancial and sustainability performance, underlining the existing connections between competitive environment, group strategy, business model, integrated risk management and a stringent corporate governance system. FINANCIAL HIGHLIGHTS 2019 2018 2017 Sales from operations (€ million) 69,881 75,822 66,919 Operating profit (loss) 6,432 9,983 8,012 Adjusted operating profit (loss)(a) 8,597 11,240 5,803 Adjusted net profit (loss)(a)(b) 2,876 4,583 2,379 Net profit (loss)(b) 148 4,126 3,374 Net cash flow from operating activities 12,392 13,647 10,117 Capital expenditure 8,376 9,119 8,681 of which: exploration 586 463 442 development of hydrocarbon reserves 5,931 6,506 7,236 Dividend to Eni's shareholders pertaining to the year(c) 3,089 2,989 2,881 Cash dividend to Eni's shareholders 3,018 2,954 2,880 Total assets at year end 123,440 118,373 114,928 Shareholders' equity including non-controlling interests at year end 47,900 51,073 48,079 Net borrowings at year end before IFRS 16 11,477 8,289 10,916 Net borrowings at year end after IFRS 16 17,125 n.a. n.a. Net capital employed at year end 65,025 59,362 58,995 of which: Exploration & Production 53,358 50,358 49,801 Gas & Power 2,744 3,143 3,394 Refining & Marketing and Chemicals 10,387 7,371 7,440 Share price at year end (€) 13.9 13.8 13.8 Weighted average number of shares outstanding (million) 3,592.2 3,601.1 3,601.1 Market capitalization(d) (€ billion) 50 50 50 (a) Non-GAAP measures. (b) Attributable to Eni’s shareholders. (c) The amount of dividend for the year 2019 is based on the Board’s proposal. (d) Number of outstanding shares by reference price at year end. SUMMARY FINANCIAL DATA 2019 2018 2017 Net profit (loss) - per share(a) (€) 0.04 1.15 0.94 - per ADR(a)(b) ($) 0.09 2.72 2.12 Adjusted net profit (loss) - per share(a) (€) 0.80 1.27 0.66 ˇ - per ADR(a)(b) ($) 1.79 3.00 1.49 Cash flow - per share(a) (€) 3.45 3.79 2.81 - per ADR(a)(b) ($) 7.72 8.95 6.35 Adjusted Return on average capital employed (ROACE) (%) 5.3 8.5 4.7 Leverage before IFRS 16 24 16 23 Leverage after IFRS 16 36 n.a. n.a. Gearing 26 14 18 Coverage 7.3 10.3 6.5 Current ratio 1.2 1.4 1.5 Debt coverage 72.4 164.6 92.7 Net Debt/EBITDA adjusted 100.7 45.2 80.6 Dividend pertaining to the year (€ per share) 0.86 0.83 0.80 Total Share Return (TSR) (%) 6.7 4.8 (5.6) Dividend yield(c) 6.3 5.9 5.7 (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. EMPLOYEES (number) 2019 2018 2017 Exploration & Production 11,502 11,645 11,970 Gas & Power 3,015 3,040 4,313 Refining & Marketing and Chemicals 11,291 11,136 10,916 Corporate and other activities 6,245 5,880 5,735 Group 32,053 31,701 32,934 INNOVATION 2019 2018 2017 R&D expenditure (€ million) 194 197 185 Digital transformation expenditure 105 86 n.a. First patent filing application (number) 34 43 27 HEALTH, SAFETY AND ENVIRONMENT 2019 2018 2017 TRIR (Total Recordable Injury Rate) (total recordable injuries/worked hours) x 1,000,000 0.34 0.35 0.33 of which: Exploration & Production 0.33 0.30 0.28 employees 0.18 0.29 0.23 contractors 0.37 0.30 0.30 Gas & Power 0.59 0.56 0.37 employees 0.46 0.34 0.45 contractors 0.84 0.99 0.23 Refining & Marketing and Chemicals 0.27 0.56 0.62 employees 0.24 0,49 0,56 contractors 0.29 0.62 0.69 Corporate and other activities 0.51 0.53 0.41 employees 0.20 0.55 0.21 contractors 1.01 0.48 1.00 Direct GHG emissions (Scope 1) (mmtonnes CO2 eq) 41.20 43.35 43.15 of which: CO2 equivalent from combustion and process 32.27 33.89 33.03 CO2 equivalent from flaring 6.49 6.26 6.83 CO2 equivalent from venting 1.88 2.12 2.15 CO2 equivalent from methane fugitive emissions 0.56 1.08 1.14 Direct GHG emissions - Exploration & Production 22.75 24.06 24.02 Direct GHG emissions - Gas & Power 10.47 11.08 11.30 Direct GHG emissions - Refining & Marketing and Chemicals 7. 97 8.19 7. 82 GHG emissions/100% operated hydrocarbon gross production (upstream) (tonnes CO2 eq/kboe) 19.58 21.4 4 22.75 Volumes of hydrocarbon sent to flaring (billion Sm3) 1.9 1.9 2.3 Total volumes of oil spills (> 1 barrel)(a) (barrels) 7,258 6,687 6,559 of which: due to sabotage 6,222 4,022 3,236 operational 1,036 2,665 3,323 Reinjected production water (%) 58 60 59 Groundwater treated at TAF plants and used in the production cycle or reinjected (Eni Rewind) (mmcm) 5.1 4.8 4.2 Groundwater used in the production cycle/reinjected vs. total treated groundwater (Eni Rewind) (%) 19 21 21 Recovered waste vs. recoverable waste (Eni Rewind) 59 58 48 (a) In line as reported on page 122. OPERATING DATA 2019 2018 2017 EXPLORATION & PRODUCTION Hydrocarbon production (kboe/d) 1,871 1,851 1,816 Net proved reserves of hydrocarbons (mmboe) 7,268 7,153 6,990 Reserve life index (years) 10.6 10.6 10.5 Organic reserve replacement ratio (%) 92 100 103 Profit per boe(a) ($/boe) 5.1 9.3 8.7 Opex per boe(b) 6.4 6.8 6.6 Finding & Development cost per boe(c) 15.5 10.4 10.4 GAS & POWER Worldwide gas sales (bcm) 73.07 76.71 80.83 of which: Italy 37.85 39.03 37.43 outside Italy 35.22 37.68 43.40 LNG sales 10.1 10.3 8.3 Installed capacity power plants (GW) 4.7 4.7 4.7 Electricity produced (TWh) 21.66 21.62 22.42 Electricity sold 39.49 37.07 35.33 REFINING & MARKETING AND CHEMICALS Retail sales of petroleum products in Europe (mmtonnes) 8.25 8.39 8.54 Retail market share in Italy (%) 23.7 24.0 24.3 Service stations in Europe at year end (number) 5,411 5,448 5,544 Average throughput of service stations in Europe (kliters) 1,766 1,776 1,783 Refinery throughputs on own account (mmtonnes) 22.74 23.23 24.02 Average refineries utilization rate (%) 88 91 90 Capacity of biorefineries (ktonnes/year) 660 360 360 Production of biofuels (ktonnes) 256 219 206 Production of petrochemical products 8,068 9,483 8,955 Average chemical plant utilization rate (%) 67 76 73 (a) Related to consolidated subsidiaries. (b) Includes Eni’s share in joint ventures and equity-accounted entities. (c) Three-year average. Eni Annual Report 2019 Disclaimer This Annual Report contains certain forward-looking statements in particular under the section “Outlook” regarding capital expenditures, dividends, buy-back programs, allocation of future cash ow from operations, nancial structure evolution, future operating performance, targets of production and sale growth and the progress and timing of projects. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. Actual results may dier from those expressed in such statements, depending on a variety of factors, including the timing of bringing new oil and gas elds on stream; management’s ability in carrying out industrial plans and in succeeding in commercial transactions; future levels of industry product supply; demand and oil and natural gas pricing; operational problems; general macroeconomic conditions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; development and use of new technology; changes in public expectations and other changes in business conditions; the actions of competitors.
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