Eni ends the first semester with net profit more than halved compared to the same period last year (-51%), to 1,82 billion. Yet, considering only the second quarter, the result was much better, with a 76% year-on-year growth, to 0,28 billion. It will be proposed to the Board of Directors an interim dividend for 2013 of €0,55 per share (0,54 euro in 2012) to be paid starting from 26 September 2013 with coupon detachment on 23 September 2013.
Meanwhile, the group announces an important one discovery of oil and gas offshore Congo, in the Nene' Marine exploratory prospectus, located in Block Marine XII about 17 kilometers from the coast. “The company estimates the volumes of the discovery, tested with the two wells drilled so far, at around 600 million barrels of oil and 20 billion cubic meters of gas in place – reads a note -. The structure has considerable additional potential which will be evaluated with other delineation wells”. Eni will continue the evaluation phase of the discovery and will at the same time start studies for the commercial development of these important hydrocarbon reserves with the partners of the joint venture.
Returning to the accounts of the first semester, adjusted operating profit it amounted to 1,95 billion in the quarter (-51%) and 5,66 billion in the half year (-43%), including the Saipem loss booked in the second quarter. Adjusted net profit amounted to €0,58 billion in the quarter (-55%2) and €1,96 billion in the half year (-46%2), again including the Saipem loss. Cash flow at 1,95 billion in the quarter and 4,75 billion in the half year.
As of June 30, 2013 net financial debt amounted to 16.492 million, with an increase of 981 million compared to 31 December 2012 due for 335 million to the lower factoring of trade receivables. Compared to 31 March 2013, net financial debt increased by 507 million, attributable for 368 million to the lower factoring of trade receivables.
"The half-year results were affected by a difficult economic context in Italy and in Europe, by production interruptions in Libya and Nigeria and by the fall in Saipem's results - commented the CEO of Eni, Paolo scaroni –. We strengthened our capital structure by continuing the Snam and Galp disposal programme. I am satisfied with the operational progress achieved in the half-year, 6 production starts out of the 8 planned throughout 2013, and with the renegotiations of the gas contracts with Sonatrach and Gazprom. Thanks to these successes, we expect a significant improvement in results in the next six months. I will propose an interim dividend of 19 euro per share to the Eni board meeting on 0,55 September”.
For the production of hydrocarbons, Eni estimates the production level on an annual basis substantially in line with the 2012 final balance, assuming the continuation of the extraordinary events in Nigeria and Libya that characterized the first half of 2013. "The launch of important projects, including those in Algeria, Angola and Kazakhstan and the coming on stream of fields started up in 2012, particularly in Egypt, more than compensate for these phenomena, the decline of mature productions and the impact of divestments in 2012”, explains the company.
For 2013, management expects investments essentially in line with 2012 (€12,76 billion in technical investments and €0,57 billion in financial investments for 2012, excluding Snam investments). Leverage at the end of 2013, assuming an average annual Brent price of 104 dollars/barrel, is expected to improve slightly compared to the level at the end of 2012 due to industrial and portfolio management.
By mid-morning, Eni's stock on the Stock Exchange gained about one and a half points.
