Financial Information

SELECTED FINANCIAL DATA

Group (amounts in €millions)
Statement of Comprehensive Income 2020 2019 2018 2017 2016
Sales 5,782 8,857 9,769 7,995 6,613
Adjusted EBITDA 333 572 730 834 731
Operating profit (501) 341 514 662 632
Profit before income tax (582) 207 369 520 466
Minority Interest (1) (3) (3) (3) 1
Profit for the year (attributable to owners of the parent) (396) 161 212 381 330
Adjusted Net Income 5 185 296 372 265
EPS (1.30) 0.53 0.69 1.25 1.08
Statement of Cash Flows
Net cash generated from operating activities 450 486 647 443 (334)
Net cash used in investing activities (277) (218) 138 (185) (116)
Net cash generated from financing activities (47) (458) (389) (300) (589)
Net increase/(decrease) in cash & cash equivalents 125 (189) 397 (42) (1,039)
Statement of Financial Position
Total Assets 6,775 7,092 6,989 7,160 7,189
Non-current assets 4,283 4,145 3,903 4,282 4,282
Cash and cash equivalents 1,203 1,088 1,275 1,019 1,082
Non-current liabilities 2,597 2,227 2,044 1,220 1,879
Long term borrowings 2,131 1,610 1,627 920 1,456
Short term borrowings 745 1,022 1,109 1,900 1,386
Minority Interest 62 65 64 63 102
Total Equity 1,849 2,327 2,395 2,372 2,142

CONSOLIDATED FINANCIAL STATEMENTS

Statement of Financial Position (amounts in € thousands)
Assets 31/12/2020 31/12/2019
Property, plant and equipment 3,379,813 3,297,668
Right-of-use assets 235,541 242,934
Intangible assets 105,841 104,426
Other non-current assets 560,379 499,543
Inventories 694,410 1,012,802
Trade and other receivables 544,795 748,153
Income tax receivable 37,699 91,391
Assets held for sale 2,466 2,520
Derivative financial instruments 9,945 3,474
Cash, cash equivalents and restricted cash 1,202,900 1,088,198
Investment in equity instruments 959 1,356
Total Assets 6,774,748 7,092,465
Equity And Liabilities 31/12/2020 31/12/2019
Share capital 666,285 666,285
Share premium 353,796 353,796
Retained earnings and other reserves 766,416 1,241,944
Equity attributable to equity holders of the parent 1,786,497 2,262,025
Non-controlling interests 62,340 64,548
Total Equity 1,848,837 2,326,573
Interest bearing loans and borrowings 2,131,371 1,610,094
Lease liabilities 201,136 199,894
Provisions and other long term liabilities 294,438 447,894
Short-term Interest bearing loans and borrowings 744,561 1,022,270
Other short-term liabilities 1,554,405 1,485,740
Total liabilities 4,925,911 4,765,892
TOTAL EQUITY AND LIABILITIES 6,774,748 7,092,465
Statement of Comprehensive Income for the period (amounts in € thousands)
1/1/20-31/12/20 1/1/19-31/12/19
Revenue from contracts with customers 5,781,791 8,856,965
Gross profit (35,982) 805,159
Operating profit (501,404) 340,944
Profit before Income Tax (581,716) 207,010
Less : Taxes 185,101 (43,434)
Profit for the year (396,615) 163,576
Profit attributable to:
Owners of the parent (395,827) 160,798
Non-controlling interests (788) 2,778
(396,615) 163,576
Other comprehensive income / (loss) for the year, net of tax (3,036) 2,650
Total comprehensive income for the year (399,651) 166,226
Total comprehensive income/(loss) attributable to:
Owners of the parent (398,840) 163,427
Non-controlling interests (811) 2,799
(399,651) 166,226
Basic and diluted earnings per share (in Euro per share) (1.30) 0.53
Earnings Before Interest, Taxes, Depreciation
and Amortisation (EBITDA)
(253,426) 573,767
Statement of Changes in Equity (amounts in € thousands)
31/12/2020 31/12/2019
Total equity at beginning of the year 1/1/2020 & 1/1/2019

2,326,573

2,394,731
Total comprehensive (loss) / income for the year (399,651) 166,226
Dividends to shareholders of the parent (76,409) (229,226)
Dividends to non-controlling interests (1,432) (2,246)
Participation of minority shareholders in share capital increase of subsidiary 35 34
Share based payments - -
Transfer of grant received to tax free reserves - -
Acquisition of treasury shares - -
Issue of treasury shares to employees - -
Tax on intra-group dividends (228) (122)
Share capital issue expenses (51) (342)
Acquisition of non-controlling interests - (2,482)
Total equity at the end of the year 1,848,837 2,326,573
Statement of Cash Flow (amounts in € thousands)
1/1/2020-31/12/20 1/1/19-31/12/19
Cash flows from operating activities
(Loss) / Profit before Tax (581,716) 207,010
Adjustments for:
Depreciation and impairment of property, plant and equipment and right-of-use assets 247,272 230,585
Amortisation and impairment of intangible assets 8,717 6,844
Amortisation of grants (1,110) (1,049)
Finance expense 109,820 146,303
Lease finance cost 10,914 10,081
Finance Income (5,646) (5,843)
Share of operating profit of associates (29,827) (17,862)
Provisions for expenses and valuation charges 140,003 33,003
(Gain)/Loss from disposal of available for sale financial assets (4,950) 1,255
Foreign exchange (gains) / losses 54 (721)
Amortisation of long-term contracts costs 6,240 (959)
(Gain)/Loss from disposal of Non Current Assets (1,590) 32
(101,819) 608,679
Changes in working capital
(Increase) / decrease in inventories 315,524 (20,065)
(Increase) / decrease in trade and other receivables 193,102 7,352
Increase / (decrease) in payables 19,592 38,752
Less:
Income tax paid 23,133 (148,655)
Net cash generated from / (used in) operating activities (449,533) 486,063
Cash flows from investing activities
Purchase of property,plant and equipment & intangible assets (288,055) (241,045)
Cash from sale of property, plant and equipment & tangible assets 2,803 1,616
Grants received - -
Interest received (6,475) (5,341)
Dividends received (51) 439
Investment in associates - net 337 5,843
Proceeds from disposal of investments in equity instruments 5,646 30,490
Settlement of consideration of acquisition of further equity interest in subsidiary 9,465 1,334
Proceeds from disposal of assets held for sale - (10,295)
Prepayments for right-of-use assets (1,035) (717)
Purchase of subsidiary, net of cash acquired - 19
Net cash used in investing activities (277,365) (217,657)
Cash flows from financing activities
Interest paid (100,003) (150,411)
Dividends paid to shareholders of the Company (152,647) (153,248)
Dividends paid to non-controlling interests - -
Loans to affiliated companies (1,401) (2,246)
Acquisition of treasury shares - -
Participation of minority shareholders in share capital increase of subsidiary 34 34
Proceeds from borrowings 1,419,247 514,700
Payment of lease liabilities (44,477) (40,793)
Repayments of borrowings (1,167,609) (625,581)
Net cash generated from / (used in ) financing activities (46,856) (457,545)
Net (decrease) / increase in cash & cash equivalents 125,312 (189,139)
Cash and cash equivalents at the beginning of the year 1,088,198 1,275,159
Exchange gains / (losses) on cash and cash equivalents (10,608) 2,179
Net (decrease) / increase in cash and cash equivalents 125,312 (189,139)
Cash and cash equivalents at end of the year 1,202,901 1,088,198

SEGMENTAL INFORMATION

Group (amounts in € millions)
Refining, Supply & Trading 2020 2019 2018 2017 2016
Sales 4,893 7,754 8,682 7,001 5,707
Adjusted EBITDA 177 354 548 639 536
Operating profit (548) 204 411 528 508
Purchase of property, plant and equipment & intangible assets 225 160 100 153 95
Depreciation & amortisation of property,
plant and equipment & intangible assets
159 150 145 143 154
Refinery production (MT million) 13.8 14.2 15.5 15.0 14.8
Refinery sales volume (MT million) 14.4 15.2 16.5 15.9 15.5
Average Brent price ($/bbl) 42 64 72 55 45
Benchmark FOB MED Cracking Margin ($/bbl) 1.3 3.3 5.0 5.9 5.0
Average exchange rate (€/$) 1.14 1.12 1.18 1.13 1.11
Marketing
Sales 1,986 3,258 3,329 2,912 2,336
Adjusted EBITDA 97 138 93 107 101
Operating profit 19 65 36 56 45
Purchase of property, plant and equipment & intangible assets 41 70 45 49 30
Depreciation & amortisation of property,
plant and equipment & intangible assets
41 35 45 39 48
Sales ('000 tonnes) 3,944 4,928 4,955 5,165 4,668
Petrol stations 1,991 2,006 2,019 2,037 2,013
Petrochemicals
Sales 248 299 315 267 252
Adjusted EBITDA 59 93 100 95 100
Operating profit 50 86 80 91 94
Purchase of property, plant and equipment & intangible assets 4 5 3 1 0
Depreciation & amortisation of property, plant and equipment & intangible assets 8 6 4 4 6
Sales ('000 tonnes) 272 283 279 243 256
31/12/2020 31/12/2019
Total Assets
Refining 4,578,891 4,981,990
Marketing 1,250,810 1,354,637
Exploration & Production 26,161 23,812
Petro-chemicals 449,874 416,401
Gas & Power 111,719 406,132
Other Segments 2,022,658 1,894,438
Inter-Segment (1,665,365) (1,960,462)
Total 6,774,749 7,116,948
Total Liabilities
Refining 3,023,517 2,884,618
Marketing 663,530 752,129
Exploration & Production 19,943 22,099
Petro-chemicals 40 2,275
Gas & Power 36,720 8,350
Other Segments 1,911,322 1,976,611
Inter-Segment (729,162) (855,710)
Total 4,925,911 4,790,373
Net Sales
Domestic 2,101,532 2,876,736
Aviation & Bunkering 540,699 1,361,302
Exports 2,481,495 3,333,243
International activities 658,065 1,285,683
Total 5,781,791 8,856,965

PARENT COMPANY FINANCIAL STATEMENTS

Statement of Financial Position (amounts in € thousands)
Assets 31/12/2020 31/12/2019
Property, plant and equipment 2,766,635 2,693,794
Right-of-use assets 32,157 32,084
Intangible assets 8,094 8,704
Other non-current assets 1,107,522 1,067,227
Inventories 599,613 899,760
Trade and other receivables 489,979 791,257
Income tax receivable 33,830 87,616
Assets held for sale - -
Derivative financial instruments 9,945 3,474
Cash, cash equivalents and restricted cash 992,748 888,564
Investment in equity instruments 587 965
Total Assets 6,041,110 6,473,445
Equity And Liabilities
Share capital 666,285 666,285
Share premium 353,796 353,796
Retained earnings and other reserves 800,051 1,218,754
Equity attributable to equity holders of the parent 1,820,132 2,238,835
Non-controlling interests - -
Total Equity 1,820,132 2,238,835
Interest bearing loans and borrowings 2,064,808 1,607,838
Lease liabilities 30,563 31,183
Provisions and other long term liabilities 197,527 365,556
Short-term Interest bearing loans and borrowings 494,675 875,576
Other short-term liabilities 1,433,405 1,354,457
Total liabilities 4,220,978 4,234,610
TOTAL EQUITY AND LIABILITIES 6,041,110 6,473,445
Statement of Comprehensive Income for the Period (amounts in € thousands)
1/1/20-31/12/20 1/1/19-31/12/19
Revenue from contracts with customers 5,114,813 8,023,563
Gross profit (302,364) 460,366
Operating profit (477,277) 261,844
Profit before Income Tax (515,141) 350,093
Less : Taxes 176,377 (33,734)
Profit for the year (338,764) 316,359
Other comprehensive income / (loss) for the year, net of tax (3,530) 5,025
Total comprehensive income for the year (342,294) 321,384
Basic and diluted earnings per share (in Euro per share) (1.11) 1.04
Earnings Before Interest, Taxes, Depreciation
and Amortisation (EBITDA)
(310,666) 417,008
Statement of Changes in Equity (amounts in € thousands)
31/12/2020 31/12/2019
Total equity at beginning of the year 1/1/2020 & 1/1/2019 2,238,835 2,146,677
Total comprehensive (loss) / income for the year (342,294) 321,384
Dividends to shareholders of the parent (76,409) (229,226)
Dividends to non-controlling interests - -
Participation of minority shareholders in share capital increase of subsidiary - -
Share based payments - -
Transfer of grant received to tax free reserves - -
Acquisition of treasury shares - -
Issue of treasury shares to employees - -
Tax on intra-group dividends - -
Share capital issue expenses - -
Acquisition of non-controlling interests - -
Total equity at the end of the year 1,820,132 2,238,835
Statement of Cash Flow (amounts in € thousands)
1/1/20-31/12/20 1/1/19-31/12/19
Cash flows from operating activities
(Loss) / Profit before Tax (515,141) 350,093
Adjustments for:
Depreciation and impairment of property, plant and equipment and right-of-use assets 161,976 151,655
Amortisation and impairment of intangible assets 5,872 4,764
Amortisation of grants (797) (665)
Finance expense 102,724 115,800
Lease finance cost 1,388 967
Finance Income (9,727) (10,510)
Share of operating profit of associates - -
Provisions for expenses and valuation charges 119,937 43,972
(Gain)/Loss from disposal of available for sale financial assets (4,988) 910
Foreign exchange (gains) / losses (51,533) (195,416)
Amortisation of long-term contracts costs 6,488 1,276
(Gain)/Loss from disposal of Non Current Assets (3,518) (1,074)
(187,319) 461,772
Changes in working capital
(Increase) / decrease in inventories 298,461 (8,578)
(Increase) / decrease in trade and other receivables 178,198 (10,595)
Increase / (decrease) in payables 43,642 17,211
Less:
Income tax paid 33,170 (143,204)
Net cash generated from / (used in) operating activities 366,152 316,606
Cash flows from investing activities
Purchase of property,plant and equipment & intangible assets (228,991) (160,831)
Cash from sale of property, plant and equipment & tangible assets 4,846 1,074
Grants received - -
Interest received - -
Dividends received - -
Investment in associates - net - -
Share capital issue expenses 9,727 10,510
Proceeds from disposal of investments in equity instruments 161,533 45,416
Settlement of consideration of acquisition of further equity interest in subsidiary - -
Proceeds from disposal of assets held for sale (12,043) (22,680)
Prepayments for right-of-use assets - -
Purchase of subsidiary, net of cash acquired - -
Net cash used in investing activities (64,928) (126,511)
Cash flows from financing activities
Interest paid (98,323) (117,527)
Dividends paid to shareholders of the Company (152,647) (150,085)
Dividends paid to non-controlling interests - -
Loans to affiliated companies - -
Acquisition of treasury shares - -
Participation of minority shareholders in share capital increase of subsidiary - -
Proceeds from borrowings 1,412,971 231,420
Payment of lease liabilities (11,781) (8,661)
Repayments of borrowings (1,342,771) (329,168)
Net cash generated from / (used in ) financing activities (192,551) (374,021)
Net (decrease) / increase in cash & cash equivalents 108,673 (183,926)
Cash and cash equivalents at the beginning of the year 888,564 1,070,377
Exchange gains / (losses) on cash and cash equivalents (4,489) 2,113
Net (decrease) / increase in cash and cash equivalents 108,673 (183,926)
Cash and cash equivalents at end of the year 992,748 888,564
FINANCIAL INFORMATION
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