L’esperienza degli IR Officer
Jadran Trevisan
IR manager
Milano, 14 Giugno 2005
Eni nel mondo*
Presenza in 70 paesi con ~ 400 imprese (300 all’estero)
Exploration
& Production
EniPower
Saipem
S.p.A.
Divisioni





* Dati al 31 Dicembre 2004
Refining &
Marketing
Gas & Power
Snam
Rete Gas
Snam Progetti
S.p.A.
Polimeri Europa
S.p.A.
Società controllate
Dipendenti
Capitale Investito Netto
Ricavi
Risultato operativo
Risultato netto
 71.000
43 miliardi di €
58 miliardi di €
12,5 miliardi di €
7,3 miliardi di €
2
Market capitalization: Eni vs Peers
miliardi di US$
361
218
208
144
115
105
76
30
Exxon
BP
RD/Shell
Total
CVX
Eni
Conoco
Phillips
Repsol
YPF
Sulla base delle quotazioni dell’8 giugno 2005

Tutte le società europee sono quotate sul mercato nazionale e su
quello americano e di conseguenza redigono il 20F (USGAAP)
3
Maggiore affinità principi IFRS e USGAAP
PRINCIPALI DIFFERENZE
IT GAAP/US GAAP
 Definizione area consolidamento
(Valutazione di Saipem e delle
joint venture a patrimonio netto)
 Attività mineraria
 Imposte sul reddito differite e
anticipate
 Ammortamenti
 Immobilizzazioni immateriali
PRINCIPALI DIFFERENZE
IFRS/US GAAP
 Rimanenze (ammesso il LIFO
secondo gli USGAAP)
 Attività mineraria (gli IFRS
ammetto il mantenimento del
trattamento in essere ITGAAP)
 TFR
(goodwill)




Oneri finanziari
Smantellamento e ripristino siti
Altri fondi per rischi e oneri
Contratti derivati
4
Criteri contabili adottati:
confronto con i Peers
Prima
Dopo
Società
DOMESTIC
GAAP
USGAAP
IFRS
USGAAP
Eni
ITGAAP
P
P
P
L’uniformità dei principi
Total
FRGAAP
P
P
P
contabili adottati
ExxonMobil
USGAAP
P
Chevron
USGAAP
P
RD/Shell
NLGAAP
P
P
P
Repsol
SPGAAP
P
P
P
BP
UKGAAP
P
P
P
ConocoPhillips
USGAAP
facilita il confronto
all’interno del settore
in termini di:
 Indicatori industriali
 Indicatori finanziari
P
5
Applicazione IFRS:
criticità affrontate dalla funzione IR

First application:
• redazione situazione patrimoniale di apertura (1/1/2004)
• restatement delle situazioni contabili esercizio 2004


Limitata conoscenza specifica da parte degli analisti finanziari
Individuazione delle grandezze economico finanziarie più
rilevanti ai fini dei modelli di valutazione degli analisti

Le altre majors Oil & Gas hanno presentato con largo anticipo gli
impatti della transizione agli IFRS (BP best practice)

Scelta del timing presentazione transizione agli IFRS
6
Implementazione IAS “first application”:
metodologia di lavoro
Gennaio / Febbraio
 Riunioni interne
 Condivisione dati
a
criteri IFRS sulla
base del 3° forecast
2004
1° Marzo
Road Show:
 Anticipazione temi
introduzione IFRS
Marzo / Aprile
 Consuntivo 2004
 Inizio revisione e
analisi dati 2004 a
criteri IFRS
7
Implementazione IAS “first application”:
metodologia di lavoro
27 Aprile
 Conference Call
 Press release
 Predisposizione area dedicata
nella pagina IR del sito
istituzionale con
documentazione specifica:
• presentazione tematica
• slide di back up
• file excel con dati di
dettaglio 1Q04
• press release
11 Maggio

Presentazione
risultati 1Q05
a principi IFRS
30 Maggio

La PwC emette
la relazione
sulla revisione
contabile
sull’adozione
degli IFRS
2ª metà Giugno

Pubblicazione
dati trimestrali del
2004 a principi
IFRS
8
Transition to IFRS
Marco Mangiagalli
CFO
Milan, 27th April, 2005
IFRS: Highlights





No impact on group strategy and financial targets

IFRS adoption review by external auditors almost completed
Minor movement in cash generation
No change on economic value
More in line with USGAAP (20-F)
IFRS implemented starting from 1st January 2005 with 2004
comparatives(*)
(*) With regard to IAS 32 and IAS 39 (evaluation of financial instruments including
derivatives contracts) Eni has chosen January 1, 2005, as transition date
10
IFRS – Impacts on Net Capital Employed as at
1st January 2004 and 2004 Net Result
 Review of assets’ useful life
 Inventories
 Higher financial charges


capitalized
Abandonment costs
Employee termination
benefits
41.9
+ 2.6
 Goodwill amortization
 Reclassification of


extraordinary income/charges
Deferred tax adjustments
Saipem and joint ventures now
equity method accounted
(mainly E&P and E&OS)
44.5
- 0.2
7.3
(billion euro)
7.1
Net capital Employed
1st January 2004
2004 Net result
ITGAAP
IFRS
ITGAAP
IFRS
11
IFRS Main Impacts on Net Capital
Employed as at 1st January 2004
Billion €
2.5
Overall
+2.6
IAS 19
0.8
0.6
0.3
Review
of useful
life
IAS 16
Inventory
IAS 2
Financial
charges
capitalized
IAS 23
Abadonment
cost
IAS
16 & 37
Employee
benefits
IAS 27/28
IAS 31
IAS 12
Saipem and JV
now equity
Deferred tax
accounted
adjustments
-0.1
-0.5
-1.0
12
IFRS First Application:
Review of Assets’ Useful Life
 Review (extension) of the useful life of transportation & distribution
networks on a retrospective basis
 Lower net result related to higher amortization
 Main impact in G&P business
 No impact on cash generation
2.1 Snam Rete Gas
0.3 Italgas
0.1 Stoccaggi Gas (E&P)
Group impact (billion euro)
Opening 2004 net capital employed
before tax
+2.5
2004 operating result
-0.1
2004 net result
-0.05
Cash generation
13
IFRS First Application:
Inventory




From LIFO to weighted average costs
Higher volatility on inventory valuation according to market scenario
Main impact in R&M business
No impact on cash generation
0.5 billion euro
related to R&M
business
Group impact (billion euro)
Opening 2004 net capital employed
before tax
+0.8
2004 operating result
+0.3
2004 net result
+0.2
Cash
14
IFRS First Application:
Financial Charges
 Higher financial charges capitalized
 Negligible impact on net result (higher amortizations offset by
lower financial charges)
 No impact on cash generation
Group impact (billion euro)
Opening 2004 net capital employed
before tax
2004 operating result
2004 net result
Cash
+0.6
-0.05
negligible
15
IFRS First Application:
Abandonment Costs




Capitalization of abandonment costs (at present value)
In line with US GAAP
Impact on E&P business
No impact on cash generation
Group impact (billion euro)
Opening 2004 net capital employed
before tax
+0.3
2004 operating result
+0.2
2004 net result
+0.1
Cash
16
IFRS First Application:
Employee Termination Benefits
 Actuarial techniques for the provisions’ valuation
 Negligible impact on net result
 No impact on cash generation
Group impact (billion euro)
Opening 2004 net capital employed
before tax
2004 net result
Cash
-0.1
negligible
-
17
IFRS First Application:
Goodwill Amortization
 No more goodwill amortization
 Impairment test at least on a yearly basis
 No asset write down following the first
(million euro)
adoption
 No impact on cash generation
Inpact on operating result
Italgas:
+43
Lasmo:
+18
61
Impact on net income from investments
GALP:
+106
Saipem SA
+20
UFG:
+10
GVS
+8
144
Overall impact
205
Group impact (billion euro)
Opening 2004 net capital employed
before tax
2004 net result
Cash
+0.2
18
IFRS First Application: Saipem and Joint
Venture now Equity accounted for
 Main impact on Engineering & Oilfield Services and Exploration &
Production Divisions
 Minor impact on cash generation
Group impact (billion euro)
Opening 2004 net capital employed
-0.5
2004 net financial debt at closing
+0.3
2004 operating result
-0.3
2004 net result
Cash
No impact
Minor impact
19
1st January 2004 Consolidated Balance Sheet:
ITGAAP vs IFRS
ITGAAP
(million euro)
Non-current assets
Net fixed assets
Intangible assets
Investments
Other non-current assets
Net working capital
Reserve for employee
termination indemnities
Net capital employed
Shareholders’ equity including
minority interest
Net borrowings
Total liabilities and
shareholders’ equity
Exchange rate Euro/US$ as at
31st december
Equity accounted
Saipem
J.V
Other IFRS
Restatements
36.360
3.610
3.160
(35)
43.095
(679)
(1.696)
(847)
600
186
(1.757)
1.079
(191)
(555)
Overall
Restatements
IFRS
198
9
16
163
3.241
(6)
(36)
(33)
3.166
(93)
1.354
(853)
762
162
1.425
1.149
37.714
2.757
3.922
127
44.520
470
31
2
26
59
(496)
41.861
(647)
181
3.099
2.633
44.494
28.318
13.543
(749)
102
181
3.195
(96)
2.446
187
30.764
13.730
41.861
(647)
181
3.099
2.633
44.494
1,263
20
31st December 2004 Consolidated Balance
Sheet: ITGAAP vs IFRS
ITGAAP
(million euro)
Non-current assets
Net fixed assets
Intangible assets
Investments
Other non-current assets
Net working capital
Reserve for employee
termination indemnities
Net capital employed
Shareholders’ equity including
minority interest
Net borrowings
Total liabilities and
shareholders’ equity
Exchange rate Euro/US$ as at
31st december
Other IFRS
Restatements
Equity accounted
J.V
Saipem
Overall
Restatements
IFRS
189
2
(15)
184
3.239
92
105
5
3.441
(498)
1.343
(711)
912
142
1.686
694
38.959
2.479
4.194
(58)
45.574
90
34
2
31
67
(523)
42.694
(698)
171
2.974
2.447
45.141
32.466
10.228
(843)
145
171
3.058
(84)
2.215
232
34.681
10.460
42.694
(698)
171
2.974
2.447
45.141
37.616
3.190
3.282
(200)
43.888
(604)
(1.690)
(803)
618
135
(1.740)
1.008
(206)
(590)
1,362
21
2004 Income Statement:
ITGAAP vs IFRS
Reclass. of
Saipem
J.V
extraordina reclassifica Reclassifica
reported
ry items
tion
tion
IT GAAP
Exploration & Production
Gas & Power
Refining & Marketing
Petrochemical
Corporate & Others
Operating income
Net financial income (expense)
Net income (expense) from investments
Net extraordinary income (expense)
Income before income taxes
Income taxes
Income before minority interest
Minority interest
Net income
8.017
3.463
965
271
(253)
(50)
(32)
(233)
17
(318)
(293)
12.463
(616)
(95)
229
(56)
608
56
12.541
(4.653)
7.888
(614)
7.274
48
(48)
0
0
(34)
Pro
IFRS
Forma
Adjustments
IFRS
(17)
7.933
3.431
732
288
(881)
162
(3)
348
32
57
8.095
3.428
1.080
320
(824)
(293)
(51)
11.503
596
12.099
42
71
(5)
26
(58)
934
0
(24)
(80)
(82)
854
0
(180)
66
(114)
114
0
(30)
30
0
12.379
(4.605)
7.774
(500)
7.274
492
(859)
(367)
154
(213)
12.871
(5.464)
7.407
(346)
7.061
0
22
Adjusted Results
Billion €

Adjusted operating and net income defined as:
• Excluding special items
• Excluding weighted average cost valuation
on inventory
 Special items details provided to financial
analiysts (by business and nature)
2004 adjusted
operating income
12.1
IT GAAP RECLASS.
12.5
IFRS
2004 adjusted
net income
6.7
IT GAAP RECLASS.
6.8
Commento
importante per
gestire il
consensus del
1Q05 e preparare
il mercato al
diverso modo di
rappresentare i
risultati
IFRS
23
Debt and Gearing: ITGAAP vs IFRS
Bn €
IFRS
ITALIAN GAAP
Debt to equity ratio
13.5
13.7
10.2
0.48
10.5
0.45
0.31
1st January
2004
31st December
2004
1st January
2004
0.30
31st December
2004
24
IFRS - 2005 onwards
 No impact on cash generation
 Tax rate guideline unchanged
 Higher volatility on inventory valuation according to
market scenario
 Wider use of fair value in place of historical cost
More details on IFRS first application and 1Q 2004 on our website at the
following internet page: www.eni.it/investor
25
Risultati 1° trimestre 2005 a criteri IFRS
 Gestione Consensus:
• rischio informativa asimmetrica
• nuova nozione di risultato “adjusted”
• alta volatilità soprattutto nel business R&M
• agevolazione confronto con risultati 1Q04 a
principi IFRS
26
Gestione del Consensus: nuova
rappresentazione dei risultati economici
Utile operativo reported
ITGAAP
1Q05 - IFRS
P
4.387
Profit (loss) on stock
194
Utile operativo a valori correnti
4.193
Special Items
P
(92)
Utile operativo adjusted
P
4.285
Utile netto reported
P
Profit (loss) on stock


Presentazione

Dati di dettaglio 1Q04
disponibili in formato
excel
2.445
122
Utile netto a valori correnti
Maggiore articolazione
nella modalità di
rappresentazione
dei risultati
2.323
Special Items
P
(62)
Utile netto adjusted
P
2.385
Press release e
tabelle per analisti
27
R&M – Operating Income
Million €
Adjusted*
Reported
Maggiore volatilità del
risultato:
269
+115.2%
Oltre il 50% del risultato
operativo del 1Q05 è
+55.1%
125
152
ascrivibile agli inventory gains
98
Brent
$/boe
1Q 2004
1Q 2005
1Q 2004
1Q 2005
Special items & Inventory valuation
1Q04



Inventory gains 25
Redundancy incentives (5)
Others 7
1Q05
€/boe
50
50
45
45
40
40
35
35
30
30
25
25


Inventory gains 143


Redundancy incentives (4)
$/boe
+48.7
Others 3
€/boe
+41.7
Provisions for environmental
laws and decommissioning (25)
* Excluding special items and gains (losses) on inventory
1Q04
2Q04
1Q05/1Q04
3Q04
4Q04
1Q05
Δ%
28
Principali impatti
adozione IFRS su attività IR
 Maggiore volatilità del risultato
 Rappresentazione dei risultati più
articolata
Maggiore
complessità
nella gestione
del consensus
 Agevola il confronto con i peers:
• Indicatori di performance industriali
• Indicatori economici
29
L’esperienza degli IR Officer
Jadran Trevisan
IR manager
14 Giugno 2005, Milano