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Q1 2015 Earnings Call – Hellenic Petroleum Sa

Hellenic Petroleum Sa · May 28, 2015 · 33 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 1
    2015 1Q Results Presentation Athens, 28 May 2015
  2. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 2
    CONTENTS Executive Summary Industry Environment Group Results Overview Business Units Performance Financial Results Q&A 1
  3. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 3
    1Q15 KEY HIGHLIGHTS Strong 1Q15 with Adj. EBITDA at 205m (51m LY), and Adj. Net Income at 55m (-19m LY); 3rd consecutive quarter of improved performance Positive IFRS Net Income, despite inventory loss from crude oil price drop in…
  4. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 4
    1Q15 GROUP KEY FINANCIALS Adj. EBITDA (m) FY million, IFRS 1Q 2014 2014 2015 % +302% Income Statement 205 13,538 Sales Volume (MT'000) - Refining 2,790 3,616 30% 4,131 Sales Volume (MT'000) - Marketing 807 1,004 24% 9,478 Net…
  5. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 5
    CONTENTS Executive Summary Industry Environment Group Results Overview Business Units Performance Financial Results Q&A 4
  6. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 6
    INDUSTRY ENVIRONMENT Significant drop of crude oil price in January mostly reversed by end of 1Q15; stronger USD positive for European refiners; improved crude availability in the region led to wider sour spreads ICE Brent (/bbl) and…
  7. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 7
    INDUSTRY ENVIRONMENT Weak crude oil prices and wider spreads supported refining benchmarks; strong gasoline cracks led to highest FCC margins since 2Q07 Product Cracks* (/bbl) Med benchmark margins** (/bbl) FCC /bbl +4.6 20 6.8 15…
  8. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 8
    DOMESTIC MARKET ENVIRONMENT Weather conditions and lower international prices led to increased heating gasoil consumption while transport fuels remained flat; change in IMO regulation on marine fuel sulphur content accounts for switch…
  9. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 9
    CONTENTS Executive Summary Industry Environment Group Results Overview Business Units Performance Financial Results Q&A 8
  10. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 10
    CAUSAL TRACK & SEGMENTAL RESULTS OVERVIEW 1Q 2015 Operational performance and Elefsina delivery capitalise on positive refining economics leading to improved clean EBITDA Adjusted EBITDA causal track 1Q15 vs 1Q14 (m) Performance 205…
  11. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 11
    OPERATIONS, PROFITABILITY & RETURNS Favorable refining environment and Group transformation of asset base and competitiveness reflected in steady results improvement (quarterly and 12M trailing) Adj. EBITDA (m) 571 ROACE (%) 7% L12M…
  12. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 12
    CASH FLOW PROFILE Strong results benefit operating cashflow to be used for deleverage; working capital increase affected by T/A inventory built-up and contago trades Free Cashflow from Operations (Adj. EBITDA less capex- m) 188…
  13. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 13
    CREDIT FACILITIES LIQUIDITY Credit capacity and quality enhanced following new 200m 3-year committed facility; improved maturity profile Credit Lines % of Gross Debt 1Q15 Credit Lines Maturity Profile 2015-16: c. 490m Total: 700…
  14. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 14
    CONTENTS Executive Summary Industry Environment Group Results Overview Business Units Performance Refining & Petchems Fuels Marketing Power & Gas Financial Results Q&A 13
  15. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 15
    DOMESTIC REFINING, SUPPLY & TRADING OVERVIEW Positive refining environment, sustained operational performance and high sales volume led 1Q15 Adj. EBITDA at 172m and L12M at 401m FY IFRS FINANCIAL STATEMENTS 1Q 2014 MILLION 2014 2015…
  16. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 16
    DOMESTIC REFINING, SUPPLY & TRADING OPERATIONS Improved crude availability and pricing reflected in diversification of feedstock and higher runs Feedstock (MT000) Gross Production by refinery (MT000) +46% 3,962 +36% 3,819 724 TR…
  17. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 17
    DOMESTIC REFINING, SUPPLY & TRADING SALES & OPERATIONS High utilisation at all Group refineries led to significant exports increase y-o-y; heating gasoil recovery drove domestic market sales Quarterly Sales* by market (MT000) +30%…
  18. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 18
    DOMESTIC REFINING, SUPPLY & TRADING INTEGRATED DOWNSTREAM Sustained overformance adds to strong refining benchmark margins ELPE realised vs benchmark* margin 2014-2015 (/bbl) Overperformance consistently 5.5/bbl at normal…
  19. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 19
    PETROCHEMICALS Stronger benchmark PP margins and BOPP operational performance led 1Q15 EBITDA to 19m; supply chain integration with refining to exceed 90% post T/A FY IFRS FINANCIAL STATEMENTS 1Q 2014 MILLION 2014 2015 % KEY…
  20. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 20
    CONTENTS Executive Summary Industry Environment Group Results Overview Business Units Performance Refining & Petchems Fuels Marketing Power & Gas Financial Results Q&A 19
  21. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 21
    DOMESTIC MARKETING Higher sales driven from heating gasoil, marine fuels and overall market share gains; seasonality of business reflected in 1Q profitability FY IFRS FINANCIAL STATEMENTS 1Q 2014 MILLION 2014 2015 % KEY FINANCIALS -…
  22. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 22
    INTERNATIONAL MARKETING Lower price levels (Platts effect) resulted in higher demand in most markets FY IFRS FINANCIAL STATEMENTS 1Q 2014 MILLION 2014 2015 % KEY FINANCIALS - INTERNATIONAL 1,079 Volume (MT '000) 221 238 8% 992 Net…
  23. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 23
    CONTENTS Executive Summary Industry Environment Group Results Overview Business Units Performance Refining & Petchems Fuels Marketing Power & Gas Financial Results Q&A 22
  24. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 24
    POWER GENERATION: 50% stake in Elpedison Profitability reflects transitional regulatory environment; Increased market demand covered from hydro and Imports FY FINANCIAL STATEMENTS 1Q 2014 MILLION 2014 2015 % KEY FINANCIALS 965 Net…
  25. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 25
    GAS: 35% stake in DEPA Lower DEPA profitability on weak gas demand from power generators and industrial customers; 1Q contribution to Group Net Income of 10m FY FINANCIAL STATEMENTS 1Q 2014 MILLION 2014 2015 % KEY FINANCIALS 2,958…
  26. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 26
    CONTENTS Executive Summary Industry Environment Group Results Overview Business Units Performance Financial Results Q&A 25
  27. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 27
    1Q 2015 FINANCIAL RESULTS GROUP PROFIT & LOSS ACCOUNT FY IFRS FINANCIAL STATEMENTS 1Q 2014 MILLION 2014 2015 % 9,478 Sales 2,076 1,879 (9%) (9,334) Cost of sales (1,997) (1,670) 16% 145 Gross profit 79 209 - (440) Selling,…
  28. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 28
    1Q 2015 FINANCIAL RESULTS REPORTED VS ADJUSTED EBITDA FY ( million) 1Q 2014 2014 2015 -84 Reported EBITDA 25 155 484 Inventory effect 22 49 17 One-offs 4 1 417 Adjusted EBITDA 51 205 27
  29. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 29
    1Q 2015 FINANCIAL RESULTS GROUP BALANCE SHEET IFRS FINANCIAL STATEMENTS FY 1Q MILLION 2014 2015 Non-current assets Tangible and Intangible assets 3,530 3,501 Investments in affiliated companies* 682 690 Other non-current assets 313…
  30. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 30
    1Q 2015 FINANCIAL RESULTS GROUP CASH FLOW FY IFRS FINANCIAL STATEMENTS 1Q 2014 MILLION 2014 2015 Cash flows from operating activities 876 Cash generated from operations (586) (765) (23) Income and other taxes paid (2) (15) 853 Net…
  31. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 31
    1Q 2015 FINANCIAL RESULTS SEGMENTAL ANALYSIS I FY 1Q 2014 million, IFRS 2014 2015 % Reported EBITDA -233 Refining, Supply & Trading -1 123 - 76 Petrochemicals 17 19 12% 80 Marketing 10 14 37% -77 Core Business 26 156 - -6 Other…
  32. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 32
    1Q 2015 FINANCIAL RESULTS SEGMENTAL ANALYSIS II FY 1Q 2014 million, IFRS 2014 2015 % Volumes (MT'000) 13,538 Refining, Supply & Trading 2,790 3,616 30% 236 Petrochemicals 60 60 0% 4,131 Marketing 807 1,004 24% 17,905 Total - Core…
  33. Q1 2015 Earnings Call – Hellenic Petroleum Sa – slide 33
    CONTENTS Executive Summary Industry Environment Group Results Overview Business Units Performance Financial Results Q&A 32

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