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Q1 2014 RESULTS – Hellenic Petroleum Sa

Hellenic Petroleum Sa · May 27, 2014 · 31 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 2014 RESULTS – Hellenic Petroleum Sa – slide 1
    2014 1Q Results Presentation Athens, 27 May 2014 0
  2. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 2
    CONTENTS Executive Summary Industry Environment Group Results Overview Business Units Performance Financial Results Q&A 1
  3. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 3
    1Q 2014 GROUP KEY FINANCIALS Adj. EBITDA (m) FY million, IFRS 1Q +35% 51 2013 2013 2014 % 38 Income Statement 12,696 Sales Volume (MT) - Refining 2,872 2,790 -3% 4,043 Sales Volume (MT) - Marketing 862 807 -6% 9,674 Net Sales…
  4. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 4
    1Q14 HIGHLIGHTS Improved results across all our businesses, as Elefsina contribution and enhanced operational performance offset weak margins and USD Industry and Market Med benchmark refining margins significantly lower y-o-y…
  5. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 5
    CONTENTS Executive Summary Industry Environment Group Results Overview Business Units Performance Financial Results Q&A 4
  6. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 6
    INDUSTRY ENVIRONMENT Challenging supply environment remains as Libya and Iraq flows remain uncertain /bbl ICE Brent (/bbl) 160 140 31/03/14 Uncertainty in crude markets continued, 120 107.8 100 with supply availability and…
  7. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 7
    INDUSTRY ENVIRONMENT Weakness in product cracks affects FCC margins; Elefsina benchmark margin more resilient ULSD cracks (/bbl) Med FCC benchmark margins (/bbl) 20.0 4.7 -59% 4.1 15.0 3.5 10.0 2.4 1.7 2013 2014 1.0 1.0…
  8. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 8
    DOMESTIC MARKET ENVIRONMENT Mild weather conditions account for lower heating gasoil demand; transport fuels flat with new car registrations +19% y-o-y Domestic Market 1Q Aviation and Bunkering 1Q 000* 000* -4% 1.646 1.588 150…
  9. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 9
    CONTENTS Executive Summary Industry Environment Group Results Overview Business Units Performance Financial Results Q&A 8
  10. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 10
    CAUSAL TRACK & SEGMENTAL RESULTS OVERVIEW 1Q 2014 Improved operational performance offset weaker margins and USD with Adjusted EBITDA +35% Adjusted EBITDA causal track 1Q13 1Q14 (m) 51 2 19 38 17 Chems 14 Chems 18 11 MK…
  11. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 11
    COMPETITIVENESS IMPROVEMENTS Low margin environment highlight importance of competitiveness improvement initiatives; 1Q14 benefits at 18m, with FY14 target exceeding 80m Overview of transformation initiatives (m) Evolution of…
  12. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 12
    NEW USD EUROBOND ISSUANCE Successful execution of 400m, 4.625% issue confirms increased funding source optionality and de-escalating costs Demand by Geography for new Eurobond Unrated, 2-year 400m issue priced on 9 May 2014 25% at…
  13. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 13
    DEBT STRUCTURE AND FUNDING STRATEGY DCM issuance increased capacity at competitive costs Term lines maturity overview* (m) Gross debt by source 800 New USD Bond* 700 600 27% 26% 500 Syndicated Banking Billaterals facilities…
  14. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 14
    CONTENTS Executive Summary Industry Environment Group Results Overview Business Units Performance Financial Results Q&A 13
  15. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 15
    DOMESTIC REFINING, SUPPLY & TRADING OVERVIEW Elefsina performance (Jan-Feb) and improved operations offset weak benchmark margins and USD FY IFRS FINANCIAL STATEMENTS 1Q 2013 MILLION 2013 2014 % KEY FINANCIALS - GREECE 12,664 Sales…
  16. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 16
    DOMESTIC REFINING, SUPPLY & TRADING SALES VOLUMES* Increased exports compensate for weak heating gasoil demand in domestic market 1Q Sales by market (MT000) 1Q Sales by product (MT000) +1% +1% 2,758 2,775 2,758 2,775 Other 120 180…
  17. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 17
    DOMESTIC REFINING, SUPPLY & TRADING REFINERY PRODUCTION Elefsina maintenance in March and Thessaloniki shut-down drive production and yields; all three refineries operating in 2Q14 1Q Production by refinery gross* (MT 000) 1Q System…
  18. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 18
    DOMESTIC REFINING, SUPPLY & TRADING ELEFSINA PERFORMANCE Elefsina utilisation affected by March maintenance shut-down; refinery operating at planned utilisation in 2Q14 Elefsina conversion units and total refinery 1Q14 utilisation vs…
  19. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 19
    DOMESTIC MARKETING Restructuring, improved commercial policy and network management led to increased contribution from retail despite softer heating gasoil market FY IFRS FINANCIAL STATEMENTS 1Q 2013 MILLION 2013 2014 % KEY FINANCIALS…
  20. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 20
    INTERNATIONAL MARKETING Cost control and improved product supply chain led to record results for 1Q from International Marketing FY IFRS FINANCIAL STATEMENTS 1Q 2013 MILLION 2013 2014 % KEY FINANCIALS - INTERNATIONAL 1,072 Volume…
  21. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 21
    PETROCHEMICALS Despite flat PP benchmark margins, value chain integration and cost control led EBITDA to 17m FY IFRS FINANCIAL STATEMENTS 1Q 2013 MILLION 2013 2014 % KEY FINANCIALS* 295 Volume (MT '000) 68 60 -12% 327 Net…
  22. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 22
    POWER GENERATION: 50% stake in Elpedison Improved contribution in 1Q14 with capacity remuneration partly offsetting adverse market and regulation impact Power consumption (GWh) FY FINANCIAL STATEMENTS 1Q 14,677 2013 MILLION 2013 2014…
  23. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 23
    GAS: 35% stake in DEPA Weak gas demand drives lower Net Income contribution (13m); 1Q13 included positive impact of retroactive discounts recorded post year-end Volumes (bcm*) FY FINANCIAL STATEMENTS 1Q 2013 MILLION 2013 2014 % KEY…
  24. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 24
    CONTENTS Executive Summary Industry Environment Group Results Overview Business Units Performance Financial Results Q&A 23
  25. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 25
    1Q 2014 FINANCIAL RESULTS GROUP PROFIT & LOSS ACCOUNT FY IFRS FINANCIAL STATEMENTS 1Q 2013 MILLION 2013 2014 % 9,674 Sales 2,241 2,076 (7%) (9,369) Cost of sales (2,210) (1,997) 10% 305 Gross profit 32 79 - (448) Selling,…
  26. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 26
    1Q 2014 FINANCIAL RESULTS REPORTED VS ADJUSTED EBITDA FY ( million) 1Q 2013 2013 2014 29 Reported EBITDA -12 25 149 Inventory effect & one-offs 50 26 178 Adjusted EBITDA 38 51 25
  27. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 27
    1Q 2014 FINANCIAL RESULTS GROUP BALANCE SHEET IFRS FINANCIAL STATEMENTS FY 1Q MILLION 2013 2014 Non-current assets Tangible and Intangible assets 3,607 3,582 Investments in affiliated companies* 692 708 Other non-current assets 172…
  28. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 28
    1Q 2014 FINANCIAL RESULTS GROUP CASH FLOW FY IFRS FINANCIAL STATEMENTS 1Q 1Q 2013 MILLION 2013 2014 Cash flows from operating activities 502 Cash generated from operations (276) (586) (9) Income and other taxes paid (1) (2) 493 Net…
  29. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 29
    1Q 2014 FINANCIAL RESULTS SEGMENTAL ANALYSIS FY 1Q 2013 million, IFRS 2013 2014 % Reported EBITDA -80 Refining, Supply & Trading -34 -1 98% 63 Marketing 9 10 10% 53 Petrochemicals 14 17 19% 36 Core Business -11 26 - -8 Other…
  30. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 30
    1Q 2014 FINANCIAL RESULTS SEGMENTAL ANALYSIS II FY 1Q 2013 million, IFRS 2013 2014 % Volumes (M/T'000) 12,696 Refining, Supply & Trading 2,872 2,790 -3% 4,043 Marketing 862 807 -6% 295 Petrochemicals 68 60 -12% 17,035 Total - Core…
  31. Q1 2014 RESULTS – Hellenic Petroleum Sa – slide 31
    CONTENTS Executive Summary Industry Environment Group Results Overview Business Units Performance Financial Results Q&A 30

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