In 2022, the energy giant of Piazza Affari, Eni has registered a useful record thanks to the high prices of the petrolium he was born in gas, despite missing Bloomberg’s estimates for the fourth quarter. The share continues downwards in Piazza Affari (-1.1%) at share 13,96 euros per share.
In detail, the blue chip finished the year with an operating profit adjusted (Ebit adjusted) di €20.4 billiondoubled compared to 2021, reflecting the excellent performance of the E&P (Exploration and Production), GGP (Global Gas & LNG Portfolio) and R&M business sectors.
The adjusted net profit attributable to shareholders for the year 2022 is equal to €13,3 mldincreasing by €9 mld compared to 2021 thanks to the excellent results of the industrial management and the significant contribution of the investees valued using the equity method.
Examining Eni’s results as at 31 December 2022, the CEO, Claudio Descalzi commented: “In 2022 we are strongly committed to not only advancing our goals of environmental sustainabilitybut also in the guarantee energy security for Italy and therefore for Europebuilding a geographical diversification and of energy sources. The operational and financial results we have achieved have been excellent, as have the ability to quickly guarantee stable supplies to Italy and Europe and progress in decarbonisation plans.”
Furthermore, Eni’s number one confirmed the strategic priorities: “we will continue to invest to ensure the stability and regularity of supplies to meet energy needs and to decarbonise our activities and the offer to customers, maintaining the financial discipline essential to guarantee attractive returns to shareholders.”
Read also: Eni: “Excellent results, strategic priorities confirmed”
Eni, fourth quarter profit below estimates
As for i fourth quarter numbers, Group Adjusted Ebit stood at €3,6 mld (lower than Bloomberg estimates of €4,1 mld), with a deflection of €0,2 mld compared to the corresponding quarter of 2021 due to the reclassification of Azule Energy (Eni’s E&P business in Angola) in equity investments, lower hydrocarbon production and 2021 one-off income from GGP, partly offset by the robust performance of the R&M business.
L’utile netto adjusted of the fourth quarter 2022 was equal to €2,5 mld (under the Bloomberg consensus, equal to 2.6 billion), recording an increase of almost 50% compared to the corresponding period of 2021, therefore an increase of €0,8 mlddue to the higher results of the companies valued at equity which partly reflect the start-up of the Azule JV, more than offsetting the lower operating result.
Il cash flow Group adjusted operating capital before working capital at replacement cost was €4,1 mld. On an annual basis it has reached €20,4 mldnet of €8,5 mld of taxes paid, with an increase of 60% compared to 2021.
Net financial debt pursuant to IFRS 16 (International Financial Reporting Standards) as at 31 December 2022 is equal to €7 mlddown €2 bn compared to 31 December 2021. Group leverage at 0.13, compared to 0.20 as at 31 December 2021.
Chapter Plenitude
With regard to Plenitudethe benefit company in the world of energy 100% controlled by Eni, Claudio Descalzi declared: “Plenitude has reached 2,2 GW of renewable capacity, double that of last year, and will be joined by the newly established one Eni Sustainable Mobility in advancing the customers’ zero emission plan. This vehicle, leveraging its strong presence in the biofuel sector, will offer solutions for increasingly decarbonised mobility to customers in Italy and Europe.”