| Statement of Comprehensive Income | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Sales | 12,803 | 14,508 | 9,222 | 5,782 | 8,857 |
| Adjusted EBITDA | 1,237 | 1,601 | 401 | 333 | 572 |
| Operating profit | 736 | 1,413 | 400 | -501 | 341 |
| Profit before income tax | 604 | 1,421 | 407 | -582 | 207 |
| Minority Interest | 3 | 5 | 4 | -1 | 3 |
| Profit for the year (attributable to owners of the parent) | 478 | 890 | 337 | -396 | 161 |
| Adjusted Net Income (attributable to owners of the parent) | 606 | 1,006 | 140 | 5 | 185 |
| EPS € | 1.56 | 2.91 | 1.10 | -1.30 | 0.53 |
| Statement of Cash Flows | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 965 | 624 | 270 | 450 | 486 |
| Net cash used in investing activities | -238 | -227 | -376 | -277 | -218 |
| Net cash generated from financing activities | -702 | -552 | -61 | -47 | -458 |
| Net increase/(decrease) in cash & cash equivalents | 25 | -155 | -167 | 125 | -189 |
| Statement of Financial Position | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Total Assets | 8,108 | 8,562 | 7,832 | 6,775 | 7,092 |
| Non-current assets | 4,768 | 4,950 | 4,406 | 4,283 | 4,146 |
| Cash and cash equivalents | 919 | 900 | 1,053 | 1,203 | 1,088 |
| Non-current liabilities | 1,981 | 2,048 | 2,045 | 2,584 | 2,227 |
| Long term borrowings | 1,388 | 1,433 | 1,517 | 2,131 | 1,610 |
| Short term borrowings | 1,158 | 1,409 | 1,474 | 745 | 1,022 |
| Minority interest | 67 | 68 | 64 | 62 | 65 |
| Total equity | 2,946 | 2,727 | 2,129 | 1,849 | 2,327 |
| Assets | 31/12/23 | 31/12/22 |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipment | 3,643,045 | 3,639,004 |
| Right-of-use assets | 232,189 | 233,141 |
| Intangible assets | 333,692 | 518,073 |
| Investments in associates and joint ventures | 404,743 | 402,101 |
| Deferred income tax assets | 95,546 | 91,204 |
| Investment in equity instruments | 514 | 490 |
| Derivative financial instruments | 746 | 958 |
| Loans, advances and long term assets | 57,771 | 64,596 |
| Total non-current assets | 4,768,246 | 4,949,567 |
| Current assets | ||
|---|---|---|
| Inventories | 1,472,536 | 1,826,242 |
| Trade and other receivables | 880,986 | 866,109 |
| Income tax receivable | 66,148 | 14,792 |
| Derivative financial instruments | 930 | 5,114 |
| Cash and cash equivalents | 919,457 | 900,176 |
| Current assets total | 3,340,057 | 3,612,433 |
| Total assets | 8,108,303 | 8,562,000 |
| Equity | 31/12/23 | 31/12/22 |
|---|---|---|
| Share capital and share premium | 1,020,081 | 1,020,081 |
| Reserves | 291,010 | 297,713 |
| Retained Earnings | 1,568,384 | 1,341,908 |
| Equity attributable to the owners of the parent | 2,879,475 | 2,659,702 |
| Non-controlling interests | 66,916 | 67,699 |
| Total equity | 2,946,391 | 2,727,401 |
| Liabilities | 31/12/23 | 31/12/22 |
|---|---|---|
| Non - current liabilities | ||
| Interest bearing loans and borrowings | 1,388,010 | 1,433,029 |
| Lease liabilities | 182,335 | 177,745 |
| Deferred income tax liabilities | 174,063 | 202,523 |
| Retirement benefit obligations | 176,305 | 175,500 |
| Derivative financial instruments | 1,541 | — |
| Provisions | 33,835 | 36,117 |
| Other non-current liabilities | 25,348 | 22,662 |
| Total non-current liabilities | 1,981,437 | 2,047,576 |
| Current liabilities | ||
|---|---|---|
| Trade and other payables | 1,598,726 | 1,835,957 |
| Derivative financial instruments | 13,333 | 1,761 |
| Income tax payable | 285,570 | 432,385 |
| Interest bearing loans and borrowings | 1,158,495 | 1,409,324 |
| Lease liabilities | 32,220 | 30,372 |
| Dividends payable | 92,131 | 77,224 |
| Total current liabilities | 3,180,475 | 3,787,023 |
| Total Liabilities | 5,161,912 | 5,834,599 |
| Total equity and liabilities | 8,108,303 | 8,562,000 |
| 31/12/23 | 31/12/22 | |
|---|---|---|
| Revenue from contracts with customers | 12,803,061 | 14,508,068 |
| Cost of sales | -11,474,830 | -12,580,489 |
| Gross profit / (loss) | 1,328,231 | 1,927,579 |
| Selling and distribution expenses | -415,225 | -393,350 |
| Administrative expenses | -185,877 | -176,345 |
| Exploration and development expenses | -6,707 | -26,548 |
| Other operating income and other gains | 65,203 | 134,393 |
| Other operating expense and other losses | -49,400 | -53,109 |
| Operating profit / (loss) | 736,225 | 1,412,620 |
| Finance income | 11,918 | 3,315 |
| Finance expense | -133,944 | -108,233 |
| Lease finance cost | -9,669 | -9,261 |
| Currency exchange gains / (losses) | -4,743 | 2,499 |
| Share of profit / (loss) of investments in associates and joint ventures | 4,272 | 120,042 |
| Profit / (loss) before income tax | 604,059 | 1,420,982 |
| Income tax (expense) / credit | -123,450 | -526,004 |
| Profit / (loss) for the period | 480,609 | 894,978 |
| Profit / (loss) attributable to: | ||
| Owners of the parent | 477,732 | 889,501 |
| Non-controlling interests | 2,877 | 5,477 |
| 480,609 | 894,978 |
| 31/12/23 | 31/12/22 | |
|---|---|---|
| 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 | -10,746 | 29,709 |
| Changes in the fair value of equity instruments | 97 | 14 |
| -10,649 | 29,723 | |
| Other comprehensive income / (loss) that may be reclassified subsequently to profit or loss (net of tax): | ||
| Share of other comprehensive income / (loss) of associates | 1,460 | 658 |
| Fair value gains / (losses) on cash flow hedges | 6,615 | 5,753 |
| Recycling of (gains) / losses on hedges through comprehensive income | -17,725 | -4,941 |
| Currency translation differences and other movements | -404 | -278 |
| -10,054 | 1,172 | |
| Other comprehensive income / (loss) for the year, net of tax | -20,703 | 30,895 |
| Total comprehensive income / (loss) for the period | 459,906 | 925,873 |
| Total comprehensive income / (loss) attributable to: | ||
| Owners of the parent | 457,160 | 920,330 |
| Non-controlling interests | 2,746 | 5,543 |
| 459,906 | 925,873 | |
| Earnings / (losses) per share (expressed in Euro per share) | 1.56 | 2.91 |
| 31/12/23 | 31/12/22 | |
|---|---|---|
| Total equity at beginning of the year 01/01/2023 & 01/01/2022 | 2,727,401 | 2,129,055 |
| Total comprehensive (loss) / income for the year - after tax - | 459,906 | 925,873 |
| Dividends to shareholders of the parent | -244,508 | -320,940 |
| Dividends to non-controlling interests | -3,529 | -2,246 |
| Other movements | 7,121 | -4,341 |
| Total equity at the end of the year | 2,946,391 | 2,727,401 |
| 31/12/23 | 31/12/22 | |
|---|---|---|
| Cash flows from operating activities | ||
| Cash generated from operations | 1,315,349 | 630,118 |
| Income tax received / (paid) | -350,782 | -6,499 |
| Net cash generated from/(used in) operating activities | 964,567 | 623,619 |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipment & intangible assets | -291,035 | -512,175 |
| Proceeds from disposal of property, plant and equipment & intangible assets | 5,630 | 14,167 |
| Acquisition of share of associates and joint ventures | -174 | — |
| Cash and cash equivalents of acquired subsidiaries | 101 | 3,053 |
| Grants received | 2,832 | — |
| Interest received | 11,918 | 3,315 |
| Prepayments for right-of-use assets | -2,710 | -748 |
| Dividends received | 34,980 | — |
| Proceeds from disposal of assets held for sale | — | 265,516 |
| Net cash generated from/(used in) investing activities | -238,458 | -226,872 |
| Cash flows from financing activities | ||
| Interest paid on borrowings | -128,277 | -101,565 |
| Dividends paid to shareholders of the Company | -229,006 | -244,983 |
| Dividends paid to non-controlling interests | -3,707 | -2,240 |
| Proceeds from borrowings | 1,519,407 | 1,102,636 |
| Repayments of borrowings | -1,816,846 | -1,259,597 |
| Payment of lease liabilities - principal | -33,505 | -36,522 |
| Payment of lease liabilities - interest | -9,669 | -9,261 |
| Net cash generated from/(used in) financing activities | -701,603 | -551,532 |
| Net increase / (decrease) in cash and cash equivalents | 24,506 | -154,785 |
| Cash and cash equivalents at the beginning of the year | 900,176 | 1,052,618 |
| Exchange (losses) / gains on cash and cash equivalents | -5,225 | 2,343 |
| Net increase / (decrease) in cash and cash equivalents | 24,506 | -154,785 |
| Cash and cash equivalents at end of the period | 919,457 | 900,176 |
| Refining, Supply & Trading | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Sales | 11,442 | 13,087 | 8,047 | 4,893 | 7,754 |
| Adjusted EBITDA | 1,043 | 1,388 | 153 | 187 | 354 |
| Operating profit | 703 | 1,257 | 254 | -548 | 204 |
| Purchase of property, plant and equipment & intangible assets | 182 | 192 | 110 | 225 | 160 |
| Depreciation & amortisation of property, plant and equipment & intangible assets | 180 | 187 | 166 | 158 | 150 |
| Refinery production (MT million) | 14.6 | 13.0 | 14.4 | 13.8 | 14.2 |
| Refinery sales volume (MT million) | 15.4 | 14.3 | 15.2 | 14.4 | 15.2 |
| Average Brent price ($/bbl) | 83 | 101 | 71 | 42 | 64 |
| HELPE refineries' Reference System Margin (yearly average - $/bbl) | 8.7 | 10.7 | 2.0 | 0.8 | 2.9 |
| Average exchange rate (€/US$) | 1.08 | 1.05 | 1.18 | 1.14 | 1.12 |
| Marketing | |||||
| Sales | 5,206 | 6,291 | 3,341 | 1,986 | 3,258 |
| Adjusted EBITDA | 111 | 135 | 128 | 97 | 138 |
| Operating profit | 15 | 34 | 41 | 1 | 65 |
| Purchase of property, plant and equipment & intangible assets | 52 | 42 | 44 | 41 | 70 |
| Depreciation & amortisation of property, plant and equipment & intangible assets | 50 | 47 | 45 | 41 | 35 |
| Sales ('000 tonnes) | 5,889 | 5,933 | 5,046 | 3,944 | 4,928 |
| Petrol stations | 1,954 | 1,972 | 1,996 | 1,991 | 2,006 |
| Petrochemicals | |||||
| Sales | 302 | 380 | 379 | 248 | 299 |
| Adjusted EBITDA | 43 | 74 | 131 | 61 | 93 |
| Operating profit | 28 | 60 | 122 | 50 | 86 |
| Purchase of property, plant and equipment & intangible assets | 3 | 7 | 9 | 4 | 5 |
| Depreciation & amortisation of property, plant and equipment & intangible assets | 9 | 6 | 5 | 5 | 6 |
| Sales ('000 tonnes) | 276 | 262 | 275 | 272 | 283 |
| Renewable Energy Sources (RES) | |||||
| Sales | 53 | 37 | 5 | 4 | 4 |
| Adjusted EBITDA | 42 | 29 | 3 | 3 | 2 |
| Operating profit | 21 | 13 | -2 | 0 | 1 |
| Purchase of property, plant and equipment & intangible assets | 32 | 188 | 236 | 23 | 0 |
| Depreciation & amortisation of property, plant and equipment & intangible assets | -20 | 14 | 2 | 1 | 1 |
| Installed capacity (MW) | 356 | 341 | 65 | 26 | 26 |
| Volume Generated (GWh) | 658 | 472 | 56 | 43 | 45 |
| Total Assets | 31/12/23 | 31/12/22 |
|---|---|---|
| Refining | 5,185,128 | 5,642,728 |
| Marketing | 1,514,249 | 1,552,937 |
| Exploration & Production | 15,133 | 23,172 |
| Petro-chemicals | 228,819 | 227,874 |
| RES, Gas & Power | 981,876 | 912,182 |
| Other Segments & Inter-Segment | 183,099 | 203,108 |
| Total | 8,108,303 | 8,562,000 |
| Total Liabilities | ||
| Refining | 3,857,528 | 4,522,398 |
| Marketing | 823,111 | 832,561 |
| Exploration & Production | 2,407 | 17,626 |
| Petro-chemicals | 111,370 | 123,682 |
| RES, Gas & Power | 468,659 | 512,806 |
| Other Segments & Inter-Segment | -101,164 | -174,474 |
| Total | 5,161,912 | 5,834,599 |
| Net Sales | ||
| Domestic | 4,085,415 | 5,409,461 |
| Aviation & Bunkering | 1,953,037 | 2,459,243 |
| Exports | 4,863,319 | 4,655,626 |
| International activities | 1,901,290 | 1,983,738 |
| Total | 12,803,061 | 14,508,068 |
