Selected Financial Data
Group
(amounts in € million)
| Statement of Comprehensive Income | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Sales | 12,768 | 12,803 | 14,508 | 9,222 | 5,782 |
| Adjusted EBITDA | 1,026 | 1,237 | 1,601 | 401 | 333 |
| Operating profit | 475 | 736 | 1,413 | 400 | -501 |
| Profit before income tax | 326 | 604 | 1,421 | 407 | -582 |
| Minority Interest | 2 | 3 | 5 | 4 | -1 |
| Profit for the year (attributable to owners of the parent) | 60 | 478 | 890 | 337 | -396 |
| Adjusted Net Income (attributable to owners of the parent) | 401 | 606 | 1,006 | 140 | 5 |
| EPS | 0.20 | 1.56 | 2.91 | 1.10 | -1.30 |
| Statement of Cash Flows | |||||
|---|---|---|---|---|---|
| Net cash generated from operating activities | 700 | 965 | 624 | 270 | 450 |
| Net cash used in investing activities | (405) | (238) | (227) | (376) | (277) |
| Net cash generated from financing activities | (596) | (702) | (552) | (61) | (47) |
| Net increase/(decrease) in cash & cash equivalents | (301) | 25 | (155) | (167) | 125 |
| Statement of Financial Position | |||||
|---|---|---|---|---|---|
| Total Assets | 7,754 | 8,108 | 8,562 | 7,832 | 6,775 |
| Non-current assets | 4,800 | 4,768 | 4,950 | 4,406 | 4,283 |
| Cash and cash equivalents | 618 | 919 | 900 | 1,053 | 1,203 |
| Non-current liabilities | 2,776 | 1,981 | 2,048 | 2,045 | 2,584 |
| Long term borrowings | 2,169 | 1,388 | 1,433 | 1,517 | 2,131 |
| Short term borrowings | 241 | 1,158 | 1,409 | 1,474 | 745 |
| Non-controlling interest | 55 | 67 | 68 | 64 | 62 |
| Total Equity | 2,762 | 2,946 | 2,727 | 2,129 | 1,849 |
Consolidated Financial Statements
Statement of Financial Position
(amounts in € thousands)
| Assets | 31/12/24 | 31/12/23 |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipment | 3,742,339 | 3,643,045 |
| Right-of-use assets | 238,753 | 232,189 |
| Intangible assets | 357,905 | 333,692 |
| Investments in associates and joint ventures | 202,251 | 404,743 |
| Deferred income tax assets | 101,802 | 95,546 |
| Investment in equity instruments | 646 | 514 |
| Derivative financial instruments | — | 746 |
| Loans, advances and long term assets | 156,496 | 57,771 |
| Total non-current assets | 4,800,192 | 4,768,246 |
| Current assets | ||
| Inventories | 1,311,169 | 1,472,536 |
| Trade and other receivables | 935,932 | 880,986 |
| Income tax receivable | 80,810 | 66,148 |
| Derivative financial instruments | 8,196 | 930 |
| Cash and cash equivalents | 618,055 | 919,457 |
| Total current assets | 2,954,162 | 3,340,057 |
| Total assets | 7,754,354 | 8,108,303 |
| Equity | ||
| Share capital and share premium | 1,020,081 | 1,020,081 |
| Reserves | 326,690 | 291,010 |
| Retained earnings | 1,360,168 | 1,568,384 |
| Equity attributable to the owners of the parent | 2,706,939 | 2,879,475 |
| Non-controlling interests | 55,283 | 66,916 |
| Total equity | 2,762,222 | 2,946,391 |
| Liabilities | 31/12/24 | 31/12/23 |
|---|---|---|
| Non-current liabilities | ||
| Interest bearing loans and borrowings | 2,169,486 | 1,388,010 |
| Lease liabilities | 191,832 | 182,335 |
| Deferred income tax liabilities | 164,716 | 174,063 |
| Retirement benefit obligations | 168,784 | 176,305 |
| Derivative financial instruments | 1,940 | 1,541 |
| Provisions | 36,247 | 33,835 |
| Other non-current liabilities | 43,099 | 25,348 |
| Total non-current liabilities | 2,776,104 | 1,981,437 |
| Current liabilities | ||
| Trade and other payables | 1,602,981 | 1,598,726 |
| Derivative financial instruments | 0 | 13,333 |
| Income tax payable | 276,388 | 285,570 |
| Interest bearing loans and borrowings | 240,893 | 1,158,495 |
| Lease liabilities | 33,482 | 32,220 |
| Dividends payable | 62,284 | 92,131 |
| Total current liabilities | 2,216,028 | 3,180,475 |
| Total liabilities | 4,992,132 | 5,161,912 |
| Total equity and liabilities | 7,754,354 | 8,108,303 |
Statement of Comprehensive Income for the Period
(amounts in € thousands)
| 31/12/24 | 31/12/23 | |
|---|---|---|
| Revenue from contracts with customers | 12,767,894 | 12,803,061 |
| Cost of sales | (11,693,626) | (11,474,830) |
| Gross profit / (loss) | 1,074,268 | 1,328,231 |
| Selling and distribution expenses | (456,454) | (415,225) |
| Administrative expenses | (203,788) | (185,877) |
| Exploration and development expenses | (10,674) | (6,707) |
| Other operating income and other gains | 153,216 | 65,203 |
| Other operating expense and other losses | (81,731) | (49,400) |
| Operating profit / (loss) | 474,837 | 736,225 |
| Finance income | 13,327 | 11,918 |
| Finance expense | (132,245) | (133,944) |
| Lease finance cost | (9,810) | (9,669) |
| Currency exchange gains / (losses) | 3,952 | (4,743) |
| Share of profit / (loss) of investments in associates and joint ventures | (23,956) | 4,272 |
| Profit / (loss) before income tax | 326,105 | 604,059 |
| Income tax (expense) / credit | (263,841) | (123,450) |
| Profit / (loss) for the period | 62,264 | 480,609 |
| Profit / (loss) attributable to: | ||
| Owners of the parent | 59,789 | 477,732 |
| Non-controlling interests | 2,475 | 2,877 |
| 62,264 | 480,609 |
| 31/12/24 | 31/12/23 | |
|---|---|---|
| Other comprehensive income / (loss): | ||
| Other comprehensive income / (loss) that will not be reclassified to profit or loss (net of tax): | ||
| Actuarial gains / (losses) on defined benefit pension plans | (2,783) | (10,746) |
| Changes in the fair value of equity instruments | 131 | 97 |
| (2,652) | (10,649) | |
| Other comprehensive income / (loss) that may be reclassified subsequently to profit or loss (net of tax): | ||
| Share of other comprehensive income / (loss) of associates | 825 | 1,460 |
| Fair value gains / (losses) on cash flow hedges | 11,265 | 6,615 |
| Recycling of (gains) / losses on hedges through comprehensive income | 4,525 | (17,725) |
| Currency translation differences and other movements | 49 | (404) |
| 16,664 | (10,054) | |
| Other comprehensive income / (loss) for the period, net of tax | 14,012 | (20,703) |
| Total comprehensive income / (loss) for the period | 76,276 | 459,906 |
| Total comprehensive income / (loss) attributable to: | ||
| Owners of the parent | 73,857 | 457,160 |
| Non-controlling interests | 2,419 | 2,746 |
| 76,276 | 459,906 | |
| Earnings / (losses) per share (expressed in Euro per share) | 0.20 | 1.56 |
Statement of Changes in Equity
(amounts in € thousands)
| 31/12/24 | 31/12/23 | |
|---|---|---|
| Total Equity at Beginning of the Year 1/1/2024 & 1/1/2023 | 2,946,391 | 2,727,401 |
| Total comprehensive (loss) / income for the year -after tax- | 76,276 | 459,906 |
| Dividends to shareholders of the parent | (244,508) | (244,508) |
| Dividends to non-controlling interests | (2,741) | (3,529) |
| Share of acquisition of non-controlling interest in subsidiary | (11,311) | - |
| Other movements | (1,885) | 7,121 |
| Total equity at the end of the year | 2,762,222 | 2,946,391 |
Statement of Cash Flows
(amounts in € thousands)
| 31/12/24 | 31/12/23 | |
|---|---|---|
| Cash flows from operating activities | ||
| Cash generated from operations | 1,009,436 | 1,315,349 |
| Income tax (paid) / received | (309,839) | (350,782) |
| Net cash generated from/ (used in) operating activities | 699,597 | 964,567 |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipment & intangible assets | (434,424) | (291,035) |
| Proceeds from disposal of property, plant and equipment & intangible assets | — | 5,630 |
| Acquisition of share of associates and joint ventures | (11,506) | (174) |
| Cash and cash equivalents of acquired subsidiaries | 6,930 | 101 |
| Grants received | 19,423 | 2,832 |
| Interest received | 13,327 | 11,918 |
| Prepayments for right-of-use assets | (65) | (2,710) |
| Dividends received | 1,742 | 34,980 |
| Net cash generated from/ (used in) investing activities | (404,573) | (238,458) |
| Cash flows from financing activities | ||
| Interest paid on borrowings | (126,989) | (128,277) |
| Dividends paid to shareholders of the Company | (274,748) | (229,006) |
| Dividends paid to non-controlling interests | (2,741) | (3,707) |
| Proceeds from borrowings | 2,809,832 | 1,519,407 |
| Repayments of borrowings | (2,952,700) | (1,816,846) |
| Payment of lease liabilities - principal | (39,310) | (33,505) |
| Payment of lease liabilities - interest | (9,810) | (9,669) |
| Net cash generated from/ (used in) financing activities | (596,466) | (701,603) |
| Net increase/ (decrease) in cash and cash equivalents | (301,442) | 24,506 |
| Cash and cash equivalents at the beginning of the year | 919,457 | 900,176 |
| Exchange (losses) / gains on cash and cash equivalents | 40 | (5,225) |
| Net increase / (decrease) in cash and cash equivalents | (301,442) | 24,506 |
| Cash and cash equivalents at end of the period | 618,055 | 919,457 |
Segmental Information
Group
(amounts in € million)
| Refining, Supply & Trading | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Sales | 11,348 | 11,442 | 13,087 | 8,047 | 4,893 |
| Adjusted EBITDA | 795 | 1,043 | 1,388 | 153 | 187 |
| Operating profit | 406 | 703 | 1,257 | 254 | (548) |
| Purchase of property, plant and equipment & intangible assets | 163 | 182 | 192 | 110 | 225 |
| Depreciation & amortisation of property, plant and equipment & intangible assets | 191 | 180 | 187 | 163 | 158 |
| Refinery production (MT million) | 15.4 | 14.6 | 13.0 | 14.4 | 13.8 |
| Refinery sales volume (MT million) | 16.3 | 15.4 | 14.3 | 15.2 | 14.4 |
| Average Brent price ($/bbl) | 81 | 83 | 101 | 71 | 42 |
| HELPE System Benchmark Margin ($/bbl) | 5.6 | 8.7 | 10.7 | 2.0 | 0.8 |
| Average exchange rate (€/USD) | 1.08 | 1.08 | 1.05 | 1.18 | 1.14 |
| Marketing | |||||
| Sales | 5,130 | 5,206 | 6,296 | 3,341 | 1,986 |
| Adjusted EBITDA | 124 | 111 | 135 | 128 | 97 |
| Operating profit | 23 | 15 | 34 | 41 | 1 |
| Purchase of property, plant and equipment & intangible assets | 66 | 52 | 42 | 44 | 41 |
| Depreciation & amortisation of property, plant and equipment & intangible assets | 51 | 50 | 47 | 45 | 41 |
| Sales (‘000 tonnes) | 6,028 | 5,889 | 5,933 | 5,046 | 3,944 |
| Fuel stations | 1,912 | 1,954 | 1,972 | 1,996 | 1,991 |
| Petrochemicals | |||||
| Sales | 300 | 302 | 380 | 379 | 248 |
| Adjusted EBITDA | 54 | 43 | 74 | 131 | 61 |
| Operating profit | 40 | 28 | 60 | 122 | 50 |
| Purchase of property, plant and equipment & intangible assets | 20 | 3 | 7 | 9 | 4 |
| Depreciation & amortisation of property, plant and equipment & intangible assets | 8 | 9 | 6 | 5 | 5 |
| Sales (‘000 tonnes) | 262 | 276 | 262 | 275 | 272 |
| RES | |||||
| Sales | 60 | 53 | 37 | 5 | 4 |
| Adjusted EBITDA | 46 | 42 | 29 | 3 | 3 |
| Operating profit | 23 | 21 | 13 | (2) | 0 |
| Purchase of property, plant and equipment & intangible assets | 146 | 32 | 188 | 236 | 23 |
| Depreciation & amortisation of property, plant and equipment & intangible assets | 22 | 20 | 14 | 2 | 1 |
| Installed capacity (MW) | 494 | 356 | 341 | 65 | 26 |
| Power Generated (GWh) | 695 | 658 | 472 | 56 | 43 |
(amounts in € thousands)
| Total Assets | 31/12/24 | 31/12/23 |
|---|---|---|
| Refining | 4,870,002 | 5,185,128 |
| Marketing | 1,537,485 | 1,514,249 |
| Exploration & Production | 11,067 | 15,133 |
| Petrochemicals | 223,049 | 228,819 |
| RES, Gas & Power | 927,768 | 981,876 |
| Other segments & inter-segment | 184,984 | 183,099 |
| Total | 7,754,354 | 8,108,303 |
| Total Liabilities | ||
| Refining | 3,710,618 | 3,857,528 |
| Marketing | 886,998 | 823,111 |
| Exploration & Production | 4,816 | 2,407 |
| Petrochemicals | 105,282 | 111,370 |
| RES, Gas & Power | 577,128 | 468,659 |
| Other segments & inter-segment | (292,710) | (101,164) |
| Total | 4,992,132 | 5,161,911 |
| Net Sales | ||
| Domestic | 3,933,695 | 4,085,415 |
| Aviation & Bunkering | 2,089,597 | 1,953,037 |
| Exports | 4,910,958 | 4,863,319 |
| International activities | 1,833,644 | 1,901,290 |
| Total | 12,767,894 | 12,803,062 |
