Analyst Note| Allen Good, CFA |
Eni reported adjusted net profit of EUR 270 million in the first quarter of 2021 compared with adjusted net profit of EUR 59 million the year before. The company reported negative free cash flow of EUR 109 million compared with negative free cash flow of EUR 922 million a year ago. Net debt excluding leases decreased to EUR 12.2 billion, implying a gearing ratio of 30% compared with 29% the year before. Eni reiterated capital spending guidance of EUR 6 billion for 2021.