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Eni announces results for the third quarter and the nine months of 2012

Continuing operations:
- Adjusted operating profit: €14.80 billion for the nine months (up 13.9%); €4.36 billion for the quarter (up 2.2%);
- Adjusted net profit: €5.61 billion for the nine months (up 4.6%); €1.78 billion for the quarter (up 3.1%)

- Oil and natural gas production: 1.718 million boe per day in the quarter. Up 16% from 2011 on a comparable basis (up 8% in the nine months)

Rome, October 30, 2012 – Eni, the international oil and gas company, today announces its group results for the third quarter and the nine months of 2012 (unaudited)1.

Financial highlights2

  • Continuing operations:
    • Adjusted operating profit: €14.80 billion for the nine months (up 13.9%); €4.36 billion for the quarter (up 2.2%);
    • Adjusted net profit: €5.61 billion for the nine months (up 4.6%); €1.78 billion for the quarter (up 3.1%);
    • Cash flow: €10.25 billion for the nine months; €1.91 billion for the quarter;
  • Adjusted net profit: €5.81 billion for the nine months (up 6.9%); €1.82 billion for the quarter (up 1.5%);
  • Net profit: €6.33 billion for the nine months; €2.48 billion for the quarter.


Operational highlights

  • Oil and natural gas production: 1.718 million boe per day in the quarter. Up 16% from 2011 on a comparable basis3 (up 8% in the nine months);
  • Natural gas sales: up 9% to 19.48 billion cubic meters in the quarter (down 2% in the nine months);
  • Completed the divestment of 30% of Snam to Cassa Depositi e Prestiti;
  • Achieved significant hydrocarbon exploration successes offshore Ghana and in Pakistan;
  • Acquired exploration licenses in Liberia;
  • Expanded presence of Versalis in Asian markets;
  • Launched the project for the conversion of the Venice industrial site into a green refinery.


Paolo Scaroni, Chief Executive Officer, commented:

“In the third quarter, Eni delivered strong results with production growth supported by the continued improvement of the Libyan output. In the gas, refining and chemical sectors we have contained the impact of a difficult European scenario. Eni’s financial structure has been strengthened as a result of the divestment of our stakes in Snam and Galp and this will bolster our excellent growth prospects, which will be further fuelled by our portfolio of development projects and our extraordinary success in exploration activities.‘

 

(1) This press release represents the quarterly report prepared in compliance with Italian listing standards as provided by article 154-ter of the Italian code for securities and exchanges (Testo Unico della Finanza).
(2) Following the announced divestment plan of the Regulated Businesses in Italy, results of Snam are represented as discontinued operations throughout this press release.
(3) Excluding the impact of updating the natural gas conversion rate. For further information see page 7.

 

Financial highlights
Third Quarter 2011 Second Quarter 2012 Third Quarter 2012 % Ch
3Q.12
vs.3Q.11
SUMMARY GROUP RESULTS(a) (€ million) Nine Months % Ch.
2011 2012
4,267 4,210 4,361 2.2

Adjusted operating profit - continuing operations(b)

12,994 14,796 13.9
1,723 1,368 1,777 3.1

Adjusted net profit - continuing operations

5,363 5,610 4.6
0.48 0.38 0.49 2.1

- per share (€)(c)

1.48 1.55 4.7
1.36 0.97 1.23 (9.6)

- per ADR ($)(c)(d)

4.16 3.97 (4.6)
1,775 156 2,462 38.7

Net profit - continuing operations

5,586 6,162 10.3
0.49 0.04 0.68 38.8

- per share (€)(c)

1.54 1.70 10.4
1.38 0.10 1.70 23.2

- per ADR ($)(c)(d)

4.33 4.36 0.7
(5) 71 21 ..

Net profit - discontinued operations

(15) 165 ..
1,770 227 2,483 40.3

Net profit

5,571 6,327 13.6

(a) Attributable to Eni’s shareholders.
(b) For a detailed explanation of adjusted operating profit and net profit see paragraph “Reconciliation of reported operating and net profit to results on an adjusted basis‘.
(c) Fully diluted. Dollar amounts are converted on the basis of the average EUR/USD exchange rate quoted by the ECB for the periods presented.
(d) One ADR (American Depositary Receipt) is equal to two Eni ordinary shares.

Adjusted operating profit
In the third quarter of 2012, adjusted operating profit from continuing operations was €4.36 billion, up 2.2% from the third quarter of 2011. The result reflected a better operating performance reported by the Exploration & Production division (up 10.8%) due to an ongoing production recovery in Libya. The performance of the Refining & Marketing division improved supported by a positive trading environment as well as efficiency and optimization gains. The Engineering & Construction segment reported an increase in operating results (up 15.9%). Against the backdrop of weak demand and strong competitive pressures, the Marketing business unit within the Gas & Power division reported a greater operating loss (down by 17.6%) driven by the negative effects of price revisions with certain long-term gas suppliers and customers, this was also due to the settlement of a number of arbitration proceedings. The benefits of the renegotiations of certain supply contracts and an ongoing recovery in Libyan supplies helped the Marketing performance. Finally, Eni’s adjusted operating profit for the quarter benefitted from the appreciation of the US dollar against the euro (up 11.5%).

In the nine months of 2012, adjusted operating profit from continuing operations was €14.80 billion, an increase of 13.9% compared to the nine months of 2011. This was due to the above mentioned drivers as explained in the review of the third quarter operating profit.

Adjusted net profit
In the third quarter of 2012, adjusted net profit from continuing operations was €1.78 billion, up 3.1% from the same period of the previous year. In the nine months of 2012, adjusted net profit from continuing operations amounted to €5.61 billion, up 4.6%.

Net profit
In the third quarter of 2012, net profit from continuing operations amounted to €2.46 billion, up by €0.69 billion (or 38.7%) from the same quarter of 2011. Net profit was driven by the recognition of extraordinary gains amounting to €1.15 billion on the divestment of a 5% stake in Galp Energia SGPS SA to Amorim Energia BV and the revaluation of the residual interest in the investee at market fair value through profit.

These gains were partly offset by a decrease in operating profit (down €0.17 billion) mainly due to the lower performance of the Gas & Power division (down by €0.59 billion) which was hit by the negative effects of price revisions to certain long-term gas purchase and selling contract, owing also to the definition of a number of arbitration proceedings. Particularly, the division recognized overall charges amounting to €909 million and €986 million in the third quarter and the nine months of 2012, respectively, to adjust the price of volumes purchased in previous reporting periods in execution of the said contracts. Those charges have been presented as special items when assessing the gas marketing business underlying performance as the contractual time span of price revision expired long ago.

Capital expenditure
Capital expenditure for the third quarter of 2012 amounting to €3.22 billion (€8.87 billion for the nine months of 2012), mainly related to the continuing development of oil and gas reserves, and the upgrading of rigs and offshore vessels in the Engineering & Construction division. The Group also incurred expenditures of €0.51 billion in finance acquisitions, joint-venture projects and equity investments.

Cash flow
Net cash generated by operating activities attributable to continuing operations amounted to €1,909 million for the third quarter of 2012 (€10,249 million for the nine months of 2012). Net cash generated by the Group’s operating activities, cash from disposals of €902 million and the divestment of a 5% stake in Snam (€0.61 billion) accounted as an equity transaction, were used to fund the financing requirements associated with capital expenditure and dividend payments. The reduction in net borrowings4 of €8,415 million from December 31, 2011 reflected the reimbursement of intercompany loans due by Snam as financing with third-party lenders (€10.5 billion) has been arranged by the same Snam. Group consolidated net borrowings did not include third-party finance debt of Snam which was reported as discontinued operations, as prescribed by IFRS 5.

The ratio of net borrowings to shareholders’ equity including non-controlling interest – leverage 5 – decreased to 0.31 at September 30, 2012 from 0.46 as of December 31, 2011 (0.42 as of June 30, 2012) reflecting an increase in total equity, as well as the re-financing of intercompany loans due by Snam reported as discontinued operations, thus reducing the Group’s consolidated net debt.

Operational highlights and trading environment
Third Quarter 2011 Second Quarter 2012 Third Quarter 2012 % Ch.
3Q. 12
vs.3Q.11
KEY STATISTICS Nine Months % Ch.
2011 2012
1,473 1,656 1,718 n.m.

Production of oil and natural gas (a)

(kboe/d) 1,548 1,686 n.m.
1,473 1,647 1,709 16.0

Production of oil and natural gas net of updating the natural gas conversion rate

1,548 1,677 8.3
793 856 891 12.4

- Liquids

(kbbl/d) 828 871 5.2
3,773 4,394 4,545 20.6

- Natural gas

(mmcf/d) 3,997 4,473 12.4
17.96 20.15 19.48 8.5

Worldwide gas sales

(bcm) 71.29 70.24 (1.5)
9.55 9.62 10.54 10.4

Electricity sales

(TWh) 28.89 32.45 12.3
3.03 2.74 3.05 0.7

Retail sales of refined products in Europe

(mmtonnes) 8.57 8.32 (2.9)

(a) From July 1, 2012, the conversion rate of natural gas from cubic feet to boe has been updated to 1 barrel of oil = 5,492 cubic feet of gas (it was 1 barrel of oil = 5,550 cubic feet of gas). The effect on production has been 9 kboe/d. For further information see page 7.

Exploration & Production
In the third quarter of 2012, Eni reported a liquids and gas production of 1,718 kboe/d (1,686 kboe/d in the nine months) calculated assuming a conversion rate of gas to barrels equivalent updated to 5,492 standard cubic feet of gas, equal to 1 barrel of oil (it was 5,550 standard cubic feet of gas per barrel in previous reporting periods; for further disclosure on this matter see page 7). On a comparable basis, i.e. when excluding the effect of updating the gas conversion rate, production increased by 16% in the quarter (up 8.3% in the nine months of 2012). The performance was driven by an ongoing recovery in Libyan production, the start-up and ramp-up of new fields in Australia and Russia, as well as increased production in Iraq. These positives were partly offset by the shutdown of the Elgin/Franklin field operated by a major oil company (Eni’s interest 21.87%) in the UK due to a gas leak and mature field declines.

Gas & Power
Despite lower gas demand and rising competitive pressure, sales of natural gas for the third quarter of 2012 were 19.48 bcm, an increase of 8.5% from the third quarter of 2011. The improved performance was due to increased volumes sold in European markets (up 13.2%) mainly in UK/Northern Europe and Germany/Austria and France, and higher LNG sales in Argentina and Japan. These positives were partly offset by lower sales in Benelux and the Iberian Peninsula as Eni discontinued reporting its share of gas volumes marketed by Galp due to the loss of significant influence on the investee. Sales volumes in the Italian market decreased by 5.2% from the third quarter of 2011. This was mainly due to sharply lower supplies to the power generation sector. Other declines were recorded in sales to wholesalers and industrial customers (down 38.6% and 11%, respectively). Sales to importers doubled due to the recovered availability of Libyan gas.

In the nine months of 2012, gas sales declined by 1.5% to 70.24 bcm, reflecting a 3% decrease in Italy, and a 34% drop in supplies to importers to Italy due to the expiry of certain supply contracts, partly offset by a recovery in Libyan gas supplies. Sales on European markets were almost unchanged.

Refining & Marketing
In the third quarter of 2012 refining margins in the Mediterranean area reached the highest levels on record in the last four years (TRC Brent benchmark margin was 7.96 $/bbl in the third quarter of 2012 and 5.59 $/bbl in the nine months of 2012) supported by a strong recovery in relative prices of gasoline and other middle distillates. However, results at complex refineries were affected by shrinking differentials between light and heavy crude.

In the third quarter of 2012, retail sales of oil products in Italy were almost unchanged, or up 0.4% (down 4.4% to 6.03 million tonnes in the nine months of 2012). The sharp decline in demand was partly offset by the effect of marketing initiatives, particularly a discount campaign on prices at the pump during the summer week-ends that boosted Eni’s market share to 34.3% in the third quarter of 2012 (31.2% in the third quarter of 2011). Retail sales on European markets increased by 1.3% to 0.81 million tonnes in the quarter (up 1.3% to 2.29 million tonnes in the nine months).

Currency
Results of operations for the third quarter and the nine months of 2012 were positively impacted by the appreciation of the US dollar vs. the euro (up 11.5% in the quarter and 8.9% in the nine months).

Sale of Snam to Cassa Depositi e Prestiti
On October 15, 2012, after the occurrence of conditions precedent, including in particular, the Antitrust authority approval, Eni finalized the sale to Cassa Depositi e Prestiti SpA (“CDP) of 30% less 1 share of the voting shares of Snam.
The total consideration of the sale amounted to €3.517 billion, of which €1.759 billion was paid at the closing. The residual amount is expected to be paid in tranches as follows:
(i) the second is to be paid by December 31, 2012 for a total amount of €879 million; and
(ii) the third, for a total amount of €879 million, is to be paid no later than May 31, 2013.
On July 18, 2012, Eni finalized the sale of a further 5% interest in Snam to institutional investors. Following the mentioned divestment, the residual interest of Eni in Snam is equal to 20.2%.

The divestment of the Italian regulated businesses will strengthen Eni’s financial position, targeting a debt to equity ratio in line with that of other major integrated international oil companies.

(4) Information on net borrowings composition is furnished on page 34.
(5) Non-GAAP financial measures disclosed throughout this press release are accompanied by explanatory notes and tables to help investors to gain a full understanding of said measures in line with guidance provided for by CESR Recommendation No. 2005-178b. See page 34 for leverage.

Portfolio developments

Pakistan
In September 2012 exploration activities achieved a significant gas discovery onshore Pakistan in the Badhra Area B concession. In test production the Badhra B North-1 well yielded 25 and 35 million cubic feet of gas per day from two reservoirs. Volumes of gas in place are estimated to range between 300 and 400 billion cubic feet and its delineation will require further appraisal wells. Development of reserves will leverage on the nearby Bhit treatment plant operated by Eni. Eni has started discussions with the Pakistan regulator and the joint venture partners in order to speed up the production of the discovery through a long-term production test that will allow for the commercialization of gas. The short time-to-market for the development of the field is part of Eni’s strategy to focus on the rapid development of conventional and synergic assets.

Ghana
In August 2012, Eni and the partner Vitol signed a Memorandum of Understanding with the Government of Ghana for the development and marketing of gas reserves discovered in the Offshore Cape Three Points Block in the Tano basin operated by Eni with a 47.22% interest. In September 2012, as part of the ongoing exploration campaign in the Block, Eni made an oil discovery with the Sankofa East-1X well, which produced around 5,000 high quality barrels of oil per day, during the production test. Eni plans to drill other wells as soon as possible to delineate the size of the discovery and confirm its possible commercial development.

Liberia
In August 2012, Eni acquired a 25% interest in three blocks offshore Liberia operated by another international oil company. The blocks extend over an area of 9,560 square kilometers at a maximum water depth of 3,000 meters. This operation marks Eni’s entry in Liberia.

Chemicals
In October 2012, Versalis, Eni’s chemical subsidiary and global leader in elastomers, and Honam Petrochemical Corporation, one of the major petrochemical companies in South Korea, signed an agreement for the development of an elastomer production plant in South Korea. The new site will leverage on Versalis’ proprietary technologies and will have a production capacity of about 200,000 tonnes of elastomers per year. The start-up is planned by the end of 2015. Versalis has also formed a joint venture with Petronas, a market leader in the chemical industry in Asia, for the development and joint operation of a production facility for elastomers, in Pengerang, Johor, China at Petronas’s refinery and the Petronas’ integrated center for the development, and the production and marketing of synthetic rubbers based on Versalis’ proprietary technology and expertise. These initiatives are part of Versalis’ strategy of international expansion in Asian markets with interesting growth prospects where Versalis can leverage on its technological and industrial leadership in elastomers. To this end, two new companies, Eni Chemicals Trading and Versalis Pacific Trading will handle the import and sale of chemical products, technology licenses and the development of partnerships in Asia.

Refining & Marketing
In October 2012, the Green Refinery project was launched for the conversion of the Venice industrial site into a “bio-refinery‘ producing innovative and high quality bio-fuels. The project, which involves an estimated investment of approximately €100 million, is the first in the world to convert a conventional refinery into a bio-refinery and is based on the Ecofining technology developed and patented by Eni. Biofuel production will start from January 1, 2014 and will grow progressively as the new facilities enter into operation. The new facilities to be built under the project will be completed in the first half of 2015.

Outlook

The outlook for the remainder of 2012 is weighted down by a slowdown in global economic activities driven by an ongoing contraction in the euro-zone GPD and as economic growth in emerging economies continues to slow down. The energy commodities markets are expected to remain volatile. In making short-term financial projections, Eni assumes a full-year oil price of $112 a barrel for the Brent crude benchmark supported by ongoing geopolitical risks and uncertainties, as well as expanding monetary policies against the backdrop of fading demand. Management expects unfavourable trading conditions to continue in the European gas sector. Gas demand is projected to fall sharply as a consequence of the downturn. In the meantime the marketplace is seen as well supplied, with very liquid continental hubs for spot transactions. Against this backdrop, management expects stiff price competition among operators, taking into account minimum off-take obligations in gas purchase take-or-pay contracts and reduced sales opportunities. Refining margins are anticipated to improve from the depressed levels of the previous year supported by price increases in gasoline and middle distillates benefiting from capacity rationalization measures. The Mediterranean area remains weak due to falling demand and lower discounts for heavy crude as compared to light.

Against this backdrop, key volumes trends for the year are expected to be the following:

- production of liquids and natural gas: production is expected to grow compared to 2011 (in 2011 hydrocarbons production was reported at 1.58 million boe/d). It excludes the effect of updating the gas conversion rate. Growth will be driven by an ongoing recovery in the Company’s Libyan output to achieve the pre-crisis level. This driver will help the Company absorb the impact of project rescheduling at important fields, the shutdown of the Elgin-Franklin platform off the British section of the North Sea, and crude oil losses in Nigeria due to rapidly escalating acts of sabotage and theft;

- worldwide gas sales: management expects natural gas sales to be roughly in line with 2011 (in 2011, worldwide gas sales were reported at 96.76 bcm and included sales of both consolidated subsidiaries and equity-accounted entities, as well as upstream direct sales in the US and the North Sea). In Italy, against the backdrop of falling demand due to recession and a drop in consumption for power generation, management is targeting to boost sales volumes and market share and to retain and develop its retail customer base. Outside Italy, the main engines of growth will be sales expansion in the key markets of France and Germany/Austria, and opportunities in the global LNG market. Management intends to leverage on an improved cost position due to the benefits of contract renegotiations, integration of recently-acquired assets in core European markets, development of the commercial offer through a multi-Country platform, and service excellence. Management is also planning to enhance trading activities to draw value from existing assets;

- refining throughputs on Eni’s account: management expects to reduce processed volumes at the Company’s refineries (in 2011 refining throughputs on Eni’s account were reported at 31.96 million tonnes) in response to falling demand and a negative trading environment impacting complex refineries. Management will seek to reduce the business exposure to the market volatility and improve profit and loss by means of better yields, plant re-configuration and flexibility targeting to capture the upside from an improving gasoline price environment, as well as efficiency gains by cutting fixed and logistics costs and energy savings;

- retail sales of refined products in Italy and the Rest of Europe: management foresees retail sales volumes to decline from 2011 (in 2011, retail sales volumes in Italy and Rest of Europe were reported at 11.37 million tonnes) dragged down by an expected sharp contraction in domestic consumption of fuels. In Italy where competition has been increasing remarkably, management intends to preserve the Company’s market share by leveraging marketing initiatives tailored to customers’ needs, the strength of the Eni brand targeting to complete the rebranding of the network, the development of non-oil activities and an excellent service. Outside Italy, the Company will target stable volumes on the whole;

- Engineering & Construction: the profitability outlook of this business remains bright due to an established competitive position and a robust order backlog.

For the full year 2012, management expects a capital budget in its continuing operations broadly in line with 2011 (in 2011 capital expenditure of the continuing operations amounted to €11.91 billion, while expenditures incurred in joint venture initiatives and other investments amounted to €0.36 billion). Management plans to continue spending on exploration to appraise the mineral potential of recent discoveries (Mozambique, Norway, Ghana and Indonesia) and invest large amounts on developing growing areas and maintaining field plateaus in mature basins. Other investment initiatives will target the completion of the EST project in the refining business, strengthening selected chemical plants and the continued upgrading of the Saipem vessels and rigs. The ratio of net borrowings to total equity – leverage – is expected to improve from the level achieved at the end of 2011, assuming a Brent price of $112 a barrel and the positive impacts of the already completed divestments.

This press release for the third quarter and the first nine months of 2012 (unaudited) provides data and information on business and financial performance in compliance with article 154-ter of the Italian code for securities and exchanges (“Testo Unico della Finanza‘ – TUF).

In this press release results and cash flows are presented for the third quarter, the second quarter and the first nine months of 2012 and for the third quarter and the first nine months of 2011. Information on liquidity and capital resources relates to the end of the periods as of September 30, 2012, June 30, 2012, and December 31, 2011. Tables contained in this press release are comparable with those presented in management’s disclosure section of the Company’s annual report and interim report.

Accounts set forth herein have been prepared in accordance with the evaluation and recognition criteria set by the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and adopted by the European Commission according to the procedure set forth in Article 6 of the European Regulation (CE) No. 1606/2002 of the European Parliament and European Council of July 19, 2002.

The Decree of the President of the Council of Ministers issued on May 25, 2012 (the “DPCM‘) defined the criteria, terms and conditions to implement the provisions of Article 15 of Law Decree No. 1 of January 24, 2012 (enacted into Law No. 27 of March 24, 2012), pursuant to which Eni shall divest its shareholding in Snam in accordance with the model of ownership unbundling set out in Article 19 of Legislative Decree No. 93 of June 1, 2011. The Italian regulated businesses managed by Snam represent a major line of business and therefore they have been reported as discontinued operations within results for the third quarter 2012 and nine months of 2012 in accordance with the guidelines of IFRS 5. The suspension of the amortization process of Snam tangible and intangible assets as requested by the above mentioned accounting standard was immaterial to the Group results for both reporting periods as the deal was finalized late in the quarter. Assets and liabilities, results of operations and cash flow of the discontinued operations are reported separately from the Group’s continuing operations. Accordingly, considering that Snam and its subsidiaries are fully consolidated in Eni’s accounts, results of the discontinued operations are those deriving from transactions with third parties and therefore profits earned by the discontinued operations on sales to the continuing operations are eliminated on consolidation from the discontinued operations and attributed to the continuing operations and vice versa. This representation does not indicate the profits earned by continuing or discontinued operations, as if they were standalone entities. Results of the previous reporting periods have been restated accordingly.

From July 1, 2012, Eni has updated the conversion rate of gas to 5,492 cubic feet of gas equals 1 barrel of oil (it was 5, 550 cubic feet of gas per barrel in previous reporting periods). This update reflected changes in Eni’s gas properties that took place in the last three years and was assessed by collecting data on the heating power of gas in Eni’s gas fields currently on stream. The effect of this update on production expressed in boe for the third quarter of 2012 was 9 kboe/d. For the sake of comparability also production of the first and the second quarter of 2012 was restated resulting in an effect equal to that of the third quarter. Other per-boe indicators were only marginally affected by the update (e.g. realization prices, costs per boe) and also negligible was the impact on depletion charges. Other oil companies may use different conversion rates.

Non-GAAP financial measures and other performance indicators disclosed throughout this press release are accompanied by explanatory notes and tables to help investors to gain a full understanding of said measures in line with guidance provided by recommendation CESR/05-178b.

Eni’s Chief Financial Officer, Alessandro Bernini, in his position as manager responsible for the preparation of the Company’s financial reports, certifies, that data and information disclosed in this press release correspond to the Company’s evidence and accounting books and records, pursuant to rule 154-bis paragraph 2 of Legislative Decree No. 58/1998.

Disclaimer
This press release, in particular the statements under the section “Outlook‘, contains certain forward-looking statements particularly those regarding capital expenditures, development and management of oil and gas resources, dividends, allocation of future cash flow from operations, future operating performance, gearing, targets of production and sales growth, new markets, and the progress and timing of projects. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. Actual results may differ from those expressed in such statements, depending on a variety of factors, including the timing of bringing new fields on stream; management’s ability in carrying out industrial plans and in succeeding in commercial transactions; future levels of industry product supply; demand and pricing; operational problems; general economic conditions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; development and use of new technology; changes in public expectations and other changes in business conditions; the actions of competitors and other factors discussed elsewhere in this document. Due to the seasonality in demand for natural gas and certain refined products and the changes in a number of external factors affecting Eni’s operations, such as prices and margins of hydrocarbons and refined products, Eni’s results from operations and changes in net borrowings for the third quarter cannot be extrapolated on an annual basis.

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