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Annual Report 2017

Financial Information

Selected Financial Data

Group (amounts in millions €)

Statement of Comprehensive Income 2017 2016 2015 2014 2013
Sales 7,995 6,613 7,303 9,478 9,674
Adjusted EBITDA 834 731 758 417 178
Operating profit 662 632 245 (289) (195)
Profit before income tax 520 466 39 (485) (338)
Minority Interest (3) 1 2 (3) (3)
Profit for the year (attributable to owners of the parent) 381 330 47 (365) (269)
Adjusted Net Income 372 265 268 2 (117)
EPS 1.25 1.08 0.15 (1.20) (0.88)
Statement of Cash Flows 2017 2016 2015 2014 2013
Net cash generated from operating activities 443 (334) 460 853 493
Net cash used in investing activities (185) (116) (136) (83) (89)
Net cash generated from financing activities (300) (589) (74) 85 (339)
Net increase/(decrease) in cash & cash equivalents (42) (1,039) 250 855 64
Statement of Financial Position 2017 2016 2015 2014 2013
Total Assets 7,160 7,189 8,029 7,719 7,177
Non-current assets 4,282 4,282 4,506 4,526 4,470
Cash and cash equivalents 1,019 1,082 2,108 1,848 960
Non-current liabilities 1,220 1,879 1,768 1,974 1,475
Long term borrowings 920 1,456 1,598 1,812 1,312
Short term borrowings 1,900 1,386 1,633 1,178 1,338
Minority Interest 63 102 106 110 116
Total Equity 2,372 2,142 1,790 1,729 2,214

Group Consolidated Financial Statements

Statement of Financial Position (Amounts in thousands €)

ASSETS 31/12/17 31/12/16
Property, plant and equipment 3,311,893 3,290,806
Intangible assets 105,684 108,294
Other non-current assets 862,616 881,711
Inventories 1,056,393 941,281
Trade and other receivables 791,205 868,331
Derivative financial instruments 11,514 15,192
Cash, cash equivalents and restricted cash 1,018,913 1,081,580
Available-for-sale non-current assets 1,857 1,626
TOTAL ASSETS 7,160,075 7,188,821
EQUITY AND LIABILITIES 31/12/17 31/12/16
Share capital 666,285 666,285
Share premium 353,796 353,796
Retained earnings and other reserves 1,288,578 1,019,679
Capital and reserves attributable to Company Shareholders (a) 2,308,659 2,039,760
Non-controlling interests (b) 62,915 101,875
TOTAL EQUITY (c) = (a) + (b) 2,371,574 2,141,635
Long-term borrowings 920,234 1,456,204
Provisions and other long term liabilities 299,938 422,598
Short-term borrowings 1,900,269 1,386,299
Other short-term liabilities 1,668,060 1,782,085
Total liabilities (d) 4,788,501 5,047,186
TOTAL EQUITY AND LIABILITIES (c) + (d) 7,160,075 7,188,821

Statement of Comprehensive Income for the Period (Amounts in thousands €)

1/1/2017-31/12/17 1/1/2016-31/12/16
Sales 7,994,690 6,613,253
Gross profit 1,087,492 1,007,128
Operating profit / (loss) 661,783 631,771
Profit / (loss) before Income Tax 519,785 465,671
Less: Taxes (135,862) (136,936)
Profit / (loss) for the year 383,923 328,735
Attributable to:
Owners of the parent 381,372 329,760
Non-controlling interests 2,551 (1,025)
383,923 328,735
Other comprehensive income / (loss) for the year, net of tax (13,111) 25,930
Total comprehensive (loss) / income for the year 370,812 354,665
Attributable to:
Owners of the parent 368,989 355,819
Non-controlling interests 1,823 (1,154)
370,812 354,665
Basic and diluted earnings per share (in Euro per share) 1.25 1.08
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) 850,181 839,845

Statement of Changes In Equity (Amounts in thousands €)

31/12/17 31/12/16
Total equity at beginning of the year (1/1/2017 & 1/1/2016) 2,141,635 1,790,270
Total comprehensive (loss) / income for the year 370,812 354,665
Dividends to shareholders of the parent (106,962) -
Dividends to non-controlling interests (2,561) (2,925)
Participation of minority holding to share capital decrease of subsidiary 76 -
Share based payments (9,714) -
Acquisition of treasury shares (10,245) -
Issue of treasury shares to employees 9,714 -
Tax on intra-group dividends (136) (375)
Acquisition of non-controlling interests (21,045) -
Total equity at the end of the year 2,371,574 2,141,635

Statement of Cash Flow (Amounts in thousands €)

1/1/2017-31/12/17 1/1/2016-31/12/16
Cash flows from operating activities
(Loss) / Profit before Tax 519,785 465,671
Adjustments for:
Depreciation and amortisation of tangible and intangible assets 189,276 209,478
Impairment of fixed assets 2,689 8,313
Amortisation of government grants (878) (1,404)
Interest expense and similar charges 169,653 205,909
Interest income (4,600) (5,129)
Share of operating profit of associates (31,228) (13,907)
Provisions for expenses and valuation charges 55,594 71,511
Foreign exchange (gains) / losses 8,173 (20,773)
Discounting effect on long term payables 6,272 (8,285)
(Gain)/Loss from disposal of Non Current Assets 1,685 (633)
916,421 910,751
Changes in working capital
(Increase) / decrease in inventories (116,523) (281,476)
(Increase) / decrease in trade and other receivables 62,948 (155,812)
Increase / (decrease) in payables (409,535) (790,829)
Less:
Income tax paid (10,375) (16,159)
Net cash generated from / (used in) operating activities (a) 442,936 (333,525)
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets (208,732) (125,719)
Cash from sale of property, plant and equipment & tangible assets 30 2,168
Grants received 110 1,431
Interest received 4,600 5,129
Acquisition of subsidiary, net of cash acquired - (350)
Dividends received 19,346 1,139
Participation in share capital (increase) / decrease of associates (147) -
Proceeds from disposal of available for sale financial assets 8 -
Net cash used in investing activities (b) (184,785) (116,202)
Cash flows from financing activities
Interest paid (160,830) (190,479)
Dividends paid to shareholders of the Company (104,115) (473)
Dividends paid to non-controlling interests (2,561) (2,925)
Movements in restricted cash 11,873 (1,969)
Acquisition of treasury shares (10,245) -
Participation of minority shareholders in share capital increase of subsidiary 76 -
Proceeds from borrowings 288,000 507,732
Repayments of borrowings (322,622) (900,799)
Net cash generated from / (used in ) financing activities (c) (300,424) (588,913)
Net (decrease) / increase in cash & cash equivalents (a)+(b)+(c) (42,273) (1,038,640)
Cash and cash equivalents at the beginning of the year 924,055 1,952,808
Exchange gains / (losses) on cash and cash equivalents (8,521) 9,887
Net (decrease) / increase in cash and cash equivalents (42,273) (1,038,640)
Cash and cash equivalents at end of the year 873,261 924,055

Segmental Information

Group (amounts in millions €)

Refining, Supply & Trading 2017 2016 2015 2014 2013
Sales 7,001 5,707 6,644 8,818 9,078
Adjusted EBITDA 639 536 561 253 57
Operating profit 528 508 117 (371) (238)
Purchase of property, plant and equipment & intangible assets 153 95 138 110 86
Depreciation & amortisation of property, plant and equipment & intangible assets 143 154 139 138 155
Refinery production (MT million) 15.0 14.8 14.4 13.7 13.0
Refinery sales volume (MT million) 16.1 15.5 14.3 13.5 12.7
Average Brent price ($/bbl) 55 45 52 99 109
Benchmark FOB MED Cracking Margin ($/bbl) 5.9 5.0 6.5 3.4 2.4
Average exchange rate (€/$) 1.13 1.11 1.11 1.33 1.33
Marketing 2017 2016 2015 2014 2013
Sales 2,912 2,336 2,712 3,220 3,345
Adjusted EBITDA 107 101 107 90 68
Operating profit 56 45 55 27 8
Purchase of property, plant and equipment & intangible assets 49 30 26 25 17
Depreciation & amortisation of property, plant and equipment & intangible assets 39 48 49 52 55
Sales ('000 tonnes) 5,165 4,668 4,672 4,131 4,043
Petrol stations 2,037 2,013 1,977 1,977 2,095
Petrochemicals 2017 2016 2015 2014 2013
Sales 267 252 263 322 327
Adjusted EBITDA 95 100 93 81 57
Operating profit 91 94 84 64 40
Purchase of property, plant and equipment & intangible assets 1 0 1 1 0
Depreciation & amortisation of property, plant and equipment & intangible assets 4 6 9 12 13
Sales ('000 tonnes) 243 256 221 236 295
31/12/17 31/12/16
Total Assets
Refining 5,100,986 5,337,313
Marketing 1,262,001 1,272,293
Exploration & Production 5,349 9,123
Petro-chemicals 517,612 367,398
Gas & Power 721,102 693,498
Other Segments 1,516,314 1,662,431
Inter-Segment (1,963,289) (2,153,235)
Total 7,160,075 7,188,821
Total Liabilities
Refining 3,412,030 3,783,405
Marketing 618,744 630,432
Exploration & Production 14,091 14,626
Petro-chemicals 207,250 111,208
Gas & Power 3,483 3,337
Other Segments 1,483,475 1,648,586
Inter-Segment (950,572) (1,144,408)
Total 4,788,501 5,047,186
Net Sales
Domestic 2,740,924 2,196,260
Aviation & Bunkering 1,098,784 797,830
Exports 3,021,704 2,612,134
International activities 1,133,278 1,007,029
Total 7,994,690 6,613,253

Parent Company Financial Statements

Statement of Financial Position (Amounts in thousands €)

ASSETS 31/12/17 31/12/16
Property, plant and equipment 2,719,172 2,706,681
Intangible assets 7,042 6,490
Other non-current assets 691,308 729,213
Inventories 963,746 851,423
Trade and other receivables 989,901 1,036,420
Derivative financial instruments 11,514 15,192
Cash, cash equivalents and restricted cash 813,251 888,783
Available-for-sale non-current assets 1,252 1,017
TOTAL ASSETS 6,197,186 6,235,219
EQUITY AND LIABILITIES 31/12/17 31/12/16
Share capital 666,285 666,285
Share premium 353,796 353,796
Retained earnings and other reserves 789,142 570,069
Capital and reserves attributable to Company Shareholders (a) 1,809,223 1,590,150
Non-controlling interests (b) - -
TOTAL EQUITY (c) = (a) + (b) 1,809,223 1,590,150
Long-term borrowings 909,579 1,460,281
Provisions and other long term liabilities 215,917 341,755
Short-term borrowings 1,704,951 1,150,418
Other short-term liabilities 1,557,516 1,692,615
Total liabilities (d) 4,387,963 4,645,069
TOTAL EQUITY AND LIABILITIES (c) + (d) 6,197,186 6,235,219

Statement of Comprehensive Income for the Period (Amounts in thousands €)

1/1/2017-31/12/17 1/1/2016-31/12/16
Sales 7,233,600 5,925,776
Gross profit 758,145 701,165
Operating profit / (loss) 597,421 581,888
Profit / (loss) before Income Tax 482,391 466,224
Less: Taxes (136,400) (131,901)
Profit / (loss) for the year 345,991 334,323
Other comprehensive income / (loss) for the year, net of tax (9,711) 30,936
Total comprehensive (loss) / income for the year 336,280 365,259
Basic and diluted earnings per share (in Euro per share) 1.13 1.09
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) 736,697 732,068

Statement of Changes In Equity (Amounts in thousands €)

31/12/17 31/12/16
Total equity at beginning of the year (1/1/2017 & 1/1/2016) 1,590,150 1,224,891
Total comprehensive (loss) / income for the year 336,280 365,259
Dividends to shareholders of the parent (106,962) -
Dividends to non-controlling interests - -
Participation of minority holding to share capital decrease of subsidiary - -
Share based payments (9,714) -
Acquisition of treasury shares (10,245) -
Issue of treasury shares to employees 9,714 -
Tax on intra-group dividends - -
Acquisition of non-controlling interests - -
Total equity at the end of the year 1,809,223 1,590,150

Statement of Cash Flow (Amounts in thousands €)

1/1/2017-31/12/17 1/1/2016-31/12/16
Cash flows from operating activities
(Loss) / Profit before Tax 482,391 466,224
Adjustments for:
Depreciation and amortisation of tangible and intangible assets 140,001 151,452
Impairment of fixed assets - -
Amortisation of government grants (725) (1,272)
Interest expense and similar charges 153,105 189,015
Interest income (12,834) (13,541)
Share of operating profit of associates (33,724) (38,348)
Provisions for expenses and valuation charges 43,259 55,413
Foreign exchange (gains) / losses 8,483 (21,462)
Discounting effect on long term payables - -
(Gain)/Loss from disposal of Non Current Assets 280 71
780,236 787,552
Changes in working capital
(Increase) / decrease in inventories (117,608) (272,911)
(Increase) / decrease in trade and other receivables 57,287 (83,302)
Increase / (decrease) in payables (412,132) (826,694)
Less:
Income tax paid (20) (1,279)
Net cash generated from / (used in) operating activities (a) 307,763 (396,634)
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets (149,930) (91,161)
Cash from sale of property, plant and equipment & tangible assets - 82
Grants received - -
Interest received 12,834 13,541
Acquisition of subsidiary, net of cash acquired - -
Dividends received 33,724 38,348
Participation in share capital (increase) / decrease of associates 1,584 (9,711)
Proceeds from disposal of available for sale financial assets - -
Net cash used in investing activities (b) (101,788) (48,901)
Cash flows from financing activities
Interest paid (162,494) (180,425)
Dividends paid to shareholders of the Company (104,116) (474)
Dividends paid to non-controlling interests - -
Movements in restricted cash 11,873 (1,969)
Acquisition of treasury shares (10,245) -
Participation of minority shareholders in share capital increase of subsidiary - -
Proceeds from borrowings 283,606 505,968
Repayments of borrowings (279,775) (839,789)
Net cash generated from / (used in ) financing activities (c) (261,151) (516,689)
Net (decrease) / increase in cash & cash equivalents (a)+(b)+(c) (55,176) (962,224)
Cash and cash equivalents at the beginning of the year 731,258 1,683,600
Exchange gains / (losses) on cash and cash equivalents (8,483) 9,882
Net (decrease) / increase in cash and cash equivalents (55,176) (962,224)
Cash and cash equivalents at end of the year 667,599 731,258