Energy SpA

Quarterly Report • Nov 15, 2024

	Q1 2021	Q2 2021	Q3 2021	Q4 2021	FY 2021	Q1 2022	Q2 2022	Q3 2022
Operating revenue	54.1	89.8	23.9	103.7	271.5	111.0	12.2	95.4
Operating expenses	(20.9)	(42.8)	(15.6)	(45.0)	(124.3)	(45.5)	(6.7)	(33.9)
Operating profit /(loss) before depreciation/amortisation	33.2	47.0	8.3	58.7	147.2	65.5	5.5	61.5
Depreciation	(15.7)	(18.6)	(7.2)	(19.9)	(61.4)	(18.2)	(7.9)	(15.0)
Amortisation	(0.1)	(0.2)	(0.2)	(0.2)	(0.7)	(1.0)	(1.1)	(1.1)
Impairment	-	-	-	13.3	13.3	-	-	-
Gain/(loss) sale of assets	-	-	-	-	-	-	-	-
Operating profit/(loss)	17.4	28.2	0.9	51.9	98.4	46.3	(3.5)	45.4
Interest income	0.2	0.2	0.2	0.1	0.7	0.1	0.1	0.3
Interest expense	-	-	-	-	-	-	-	-
Other financial items	0.1	(3.9)	(3.0)	(3.5)	(10.3)	(0.5)	(2.1)	(2.4)
Net financial income/(expense)	0.3	(3.7)	(2.8)	(3.4)	(9.6)	(0.4)	(2.0)	(2.1)
Profit/(loss) before tax	17.7	24.5	(1.9)	48.5	88.8	45.9	(5.5)	43.3
Income tax expense	(9.7)	(9.0)	(8.4)	(9.7)	(36.8)	(10.2)	(11.0)	(9.5)
Net profit/(loss) for the period	8.0	15.5	(10.3)	38.8	52.0	35.7	(16.5)	33.8
Attributable to shareholders of the parent	8.0	15.5	(10.3)	38.8	52.0	35.7	(16.5)	33.8
Attributable to non-controlling interests	-	-	-	-	-	-	-	-
Basic earnings/(loss) per share (USD) net *	0.03	0.06	(0.04)	0.15	0.20	0.14	(0.06)	0.13
Diluted earnings/(loss) per share (USD) net	0.03	0.06	(0.04)	0.15	0.20	0.14	(0.06)	0.13

ASSETS	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022
Property and other equipment	0.4	0.4	0.4	0.3	0.8	0.8	0.8
Right-of-use assets	218.0	211.1	205.0	197.2	183.7	219.2	212.8
E&P tangible assets *)	238.4	246.1	255.0	351.0	399.8	437.4	480.4
Intangible assets	115.2	134.4	178.0	175.2	179.1	191.6	198.4
Other non-current assets	2.3	2.3	2.0	1.6	1.1	0.8	0.6
Deferred tax assets	-	-	-	-	-	-	-
Derivatives	2.9	1.5	2.0	2.1	5.1	7.3	9.5
Investment in shares	-	-	-	-	-	-	-
Total non-current assets	577.2	595.8	642.4	727.4	769.6	857.1	902.5
Inventories	14.0	13.6	27.0	7.4	5.7	25.1	35.5
Trade receivables and other current assets	59.5	64.1	38.6	71.8	145.3	33.7	30.1
Derivatives	-	-	-	-	-	-	-
Cash and cash equivalents	184.8	216.5	170.6	150.9	110.8	123.3	186.5
Total current assets	258.3	294.2	236.2	230.1	261.8	182.1	252.1
TOTAL ASSETS	835.5	890.0	878.6	957.5	1,031.4	1,039.2	1,154.6

EQUITY AND LIABILITIES	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022
Shareholders' equity	524.8	540.3	530.2	569.2	605.1	588.9	623.0
Non-controlling interests	-	-	-	-	-	-	-
Total equity	524.8	540.3	530.2	569.2	605.1	588.9	623.0
Long-term related parties payables	-	-	-	-	-	-	-
Interest-bearing non-current debt	-	-	-	-	-	-	94.1
Deferred tax liabilities	5.4	5.9	6.4	6.9	7.5	8.1	8.5
Asset retirement obligations *)	13.2	14.7	14.9	14.2	26.8	27.1	27.2
Long-term lease liabilities	228.1	223.1	218.1	213.6	204.7	245.5	191.4
Other non-current liabilities	-	-	-	50.3	50.3	50.3	50.3
Derivatives	-	-	-	-	5.0	4.5	-
Total non-current liabilities	246.7	243.7	239.4	285.0	294.3	335.5	371.5
Interest-bearing current debt	-	-	-	-	-	-	-
Trade and other payables	44.4	86.2	88.9	82.8	96.4	88.3	90.4
Short-term lease liabilities	19.3	19.5	19.7	19.6	17.6	15.0	65.2
Income tax liabilities	0.3	0.3	0.4	0.9	0.8	0.8	0.9
Derivatives	-	-	-	-	17.2	10.7	3.6
Total current liabilities	64.0	106.0	109.0	103.3	132.0	114.8	160.1
Total liabilities	310.7	349.7	348.4	388.3	426.3	450.3	531.6
TOTAL EQUITY AND LIABILITIES	835.5	890.0	878.6	957.5	1,031.4	1,039.2	1,154.6

*) Restated 2022 figure due to a policy change affecting ARO

	Q1 2021	Q2 2021	Q3 2021	Q4 2021	FY 2021	Q1 2022	Q2 2022	Q3 2022
Profit/(loss) before taxes	17.7	24.5	(1.9)	48.5	88.8	45.9	(5.5)	43.3
Depreciation and amortisation	15.8	18.8	7.4	20.1	62.1	19.3	9.0	16.1
Impairment	-	-	-	(13.3)	(13.3)	-	-	-
Change in fair value of derivatives	(3.3)	1.4	(0.5)	(0.1)	(2.5)	19.2	(9.1)	(13.9)
Unrealised currency exchange loss/(gain)	0.2	(0.8)	0.2	0.9	0.5	0.1	1.1	1.5
Add back of net interest expense	(0.2)	(0.2)	(0.2)	(0.1)	(0.7)	(0.1)	(0.1)	(0.3)
Accretion expense related to abandonment provisions	0.1	0.2	0.2	0.2	0.7	0.2	0.2	0.2
Loss/ (gain) on sale of property, plant and equipment	-	-	-	-	-	-	-	-
Share-based payment expense	-	-	0.2	0.2	0.4	0.2	0.3	0.3
Changes in working capital, other balance sheet items and items related to operating activities	(9.0)	27.4	23.8	(34.7)	7.5	(62.5)	86.8	4.0
Taxes paid in kind	(9.6)	(8.5)	(7.7)	(8.8)	(34.6)	(9.8)	(10.2)	(9.0)
Net cash flow from operating activities	11.7	62.8	21.5	12.9	108.9	12.5	72.5	42.2
Transactions with JV partners	-	-	-	-	-	-	-	-
Investment in shares
Investment in property, plant and equipment and intangible assets	(13.4)	(23.3)	(59.7)	(24.8)	(121.2)	(44.8)	(52.1)	(65.4)
Interest received	0.2	0.2	0.2	0.1	0.7	0.1	-	0.3
Net cash flow from (used by) investing activities	(13.2)	(23.1)	(59.5)	(24.7)	(120.5)	(44.7)	(52.1)	(65.1)
Proceeds from interest-bearing debt	-	-	-	-	-	-	-	100.0
Repayment of interest-bearing debt	-	-	-	-	-	-	-	-
Proceeds from share issue	75.0	-	-	-	75.0	-	-	-
Net transaction costs on issue of shares	(1.4)	-	-	-	(1.4)	-	-	-
Transaction costs related to loans and borrowings	-	-	-	-	-	-	-	-
Payment of lease liabilities	(7.9)	(8.0)	(7.9)	(7.9)	(31.7)	(7.9)	(7.9)	(7.9)
Interest paid	-	-	-	-	-	-	-	(5.9)
Net cash flow from (used by) financing activities	65.7	(8.0)	(7.9)	(7.9)	41.9	(7.9)	(7.9)	86.2
Net change in cash and cash equivalents	64.2	31.7	(45.9)	(19.7)	30.3	(40.1)	12.5	63.3
Cash and cash equivalents at beginning of period	120.6	184.8	216.5	170.6	120.6	150.9	110.8	123.3
Cash and cash equivalents at end of period	184.8	216.5	170.6	150.9	150.9	110.8	123.3	186.6