Eni archive 2014 with a net profit down 74% year-on-year, at 1,33 billion euros. The result was affected by charges and write-downs of 1,94 billion and the revision of the value of inventories of 860 million. L'adjusted net profit fell 16,3%, to 3,70 billion, while theadjusted operating profit it dropped by 8,5%, to 11,57 billion euros. In sharp increase, however, the operating cash flow, which in 2014 amounted to 15,08 billion euro compared to 11,02 billion the previous year (+36,8%).
After the publication of these numbers, Eni's share on the Stock Exchange rallied upwards by more than three percentage points, achieving the best performance of the Ftse Mib.
The board of directors of the group, after having approved the preliminary results, has proposed a dividend of 1,12 euro per share, compared to the €1,10 paid last year, of which €0,56 already distributed last September. The balance of €0,56 will be paid from 20 May with coupon detachment on 18 May 2015.
Just in fourth quarter the net result was negative by 2,34 billion euro, compared to the red of 647 million in the same period last year, while the adjusted net profit went from 1,28 billion to 464 million euro. Adjusted operating income decreased by 33,8% to €2,32 billion. Hydrocarbon production stood at 1,648 million boe per day, an increase of 6,7% over the fourth quarter 2013.
"In the fourth quarter, in the presence of an unfavorable market context, Eni achieved excellent results and a record cash generation in the last six years - commented the CEO of the group, Claudio Descalzi –. The main reasons for this performance were the high value of upstream production and the acceleration of the restructuring of the mid-downstream businesses. The initiatives launched in May 2014 to rebalance the group portfolio, focus on core upstream activities further strengthened by continued exploration successes and constant organic growth in proved reserves, and seek a greater level of efficiency continued" .
For 2015 Eni expects an increase in production due to the start-up of new fields and the ramp-up of those started in 2014 and a reduction in investment expenditure compared to last year, when it stood at 12,6 billion in total.
