General
Information
Last Update:
March 1, 2012
Seitenende

Business review

  • Sales grow in 2011 due to higher prices; earnings decline owing to lower contribution from Libyan activities
  • Net income rises significantly despite suspension of production in Libya
  • The oil price in 2012 is expected to remain at the level of the previous year; our planning is based on the following annual average assumptions: Oil price of $110 per barrel, euro/dollar exchange rate of $1.30 per euro
  • Outlook 2012: increase in sales and earnings

Sales to third parties in the Oil & Gas segment in 2011 increased by €1,260 million to €12,051 million as a result of higher prices (volumes –11%, prices/currencies 23%). However, income from operations declined by €223 million to €2,111 million, due to the lower contribution from activities in Libya. Net income improved by €141 million to €1,064 million.

Sales – Oil & Gas
(million €)

Income from operations – Oil & Gas
(million €)

Sales by business sector

Factors influencing sales – Oil & Gas

Oil & Gas – Sales by region
(Location of customer)

We expect the oil price in 2012 to remain at the previous year’s level. Our planning is based on an average oil price of $110 per barrel and a U.S. dollar exchange rate of $1.30 per euro. Owing to the resumption of oil production in Libya at the end of 2011, we expect to post a rise in sales and earnings.

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Segment data Oil & Gas1 (million €)

 

 

 

1

  Supplementary information on oil and gas producing activities

2

In the Oil & Gas segment, non-compensable foreign income taxes for oil production are deducted.

3

Information on the net income of the Oil & Gas segment can be found in the reconciliation reporting Oil & Gas in the Notes to the Consolidated Financial Statements.

 

 

2011

2010

Change
in %

Sales to third parties

 

12,051

10,791

11.7

Thereof Exploration & Production

 

3,182

3,819

(16.7)

Natural Gas Trading

 

8,869

6,972

27.2

Intersegmental transfers

 

1,015

852

19.1

Sales including intersegmental transfers

 

13,066

11,643

12.2

Income from operations before depreciation and amortization (EBITDA)

 

2,616

2,977

(12.1)

Thereof Exploration & Production

 

2,042

2,428

(15.9)

Natural Gas Trading

 

574

549

4.6

EBITDA margin

%

21.7

27.6

Income from operations (EBIT) before special items

 

2,111

2,430

(13.1)

Thereof Exploration & Production

 

1,686

2,014

(16.3)

Natural Gas Trading

 

425

416

2.2

Income from operations (EBIT)

 

2,111

2,334

(9.6)

Thereof Exploration & Production

 

1,686

1,918

(12.1)

Natural Gas Trading

 

425

416

2.2

Income from operations (EBIT) after cost of capital2

 

667

588

13.4

Assets

 

10,232

9,150

11.8

Thereof Exploration & Production

 

5,315

5,158

3.0

Natural Gas Trading

 

4,917

3,992

23.2

Exploration expenses

 

184

190

(3.2)

Additions to property, plant and equipment and intangible assets

 

1,274

996

27.9

Income taxes on oil-producing operations non-compensable with German corporate income tax

 

439

983

(55.3)

Net income3

 

1,064

923

15.3

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