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Q4 2013 RESULTS – Hellenic Petroleum Sa

Hellenic Petroleum Sa · Feb 27, 2014 · 37 slides

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Slides

  1. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 1
    2013 4Q Results Presentation Athens, 27 February 2014 0
  2. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 2
    CONTENTS Executive Summary Industry Environment Group Results Overview Segmental Performance Financial Results Q&A 1
  3. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 3
    4Q 2013 GROUP KEY FINANCIALS million, IFRS 4Q FY 2012 2013 % 2012 2013 % Income Statement Sales Volume (MT) - Refining 3,611 2,915 -19% 12,796 12,696 -1% Sales Volume (MT) - Marketing 978 967 -1% 4,434 4,043 -9% Net Sales 2,864…
  4. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 4
    4Q HIGHLIGHTS Elefsina positive performance and improved Marketing results offset by weak benchmark margins Industry and Market Tight crude supply balances in the Med and increased US refinery runs (ULSD exports) led to one of the…
  5. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 5
    CONTENTS Executive Summary Industry Environment Group Results Overview Segmental Performance Financial Results Q&A 4
  6. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 6
    INDUSTRY ENVIRONMENT Supply environment remains challenging as heavy crude flows in the Med depend on Urals and Libya crude supplies are limited 160 ICE Brent (/bbl) 140 31/12/12 111.1 31/12/13 Brent trading in the 105-110/bbl area…
  7. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 7
    INDUSTRY ENVIRONMENT 4Q Med benchmark margins affected by weak product cracks and unfavorable crude spreads ULSD cracks (/bbl) Med FCC benchmark margins (/bbl) : 20.0 7.0 6.49 6.30 -2.3 6.0 4.69 15.0 5.0 3.77 4.13 : 4.0 3.49…
  8. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 8
    DOMESTIC MARKET ENVIRONMENT Heating gasoil recovery drives domestic demand increase in 2H13; transport fuels demand flat, with substitution between Mogas and Autodiesel becoming more evident Domestic Market 1Q Domestic Market 2Q…
  9. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 9
    CONTENTS Executive Summary Industry Environment Group Results Overview Segmental Performance Financial Results Q&A 8
  10. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 10
    CAUSAL TRACK & SEGMENTAL RESULTS OVERVIEW 4Q 2013 Improved performance from all business units is offset by the very weak regional refining environment Adjusted EBITDA causal track 4Q12 4Q13 (m) 78 Chems 12 MK 1 35 45 11 11…
  11. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 11
    COMPETITIVENESS IMPROVEMENTS Completion of Elefsina project allows increased focus on cost control and performance improvement, with FY benefits to 272m vs original baseline. Overall Net Cash benefit 500m Overview of transformation…
  12. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 12
    CASH FLOW PROFILE Working capital changes and completion of investment cycle support net debt reduction Group Cash flow and Net debt evolution FY13 (m) Group Cash flow 2012 (m) 112 1.855 1.687 231 399 1.855 218 -450 29 1.687…
  13. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 13
    GEARING Growth capex of 2bn during 2008-12 led to Net Debt peak in FY12; Deleveraging remains a priority with expected DESFA proceeds later in 2014, earmarked for debt reduction Capex evolution 2008-2013 (m) Net debt and gearing(1)…
  14. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 14
    DEBT STRUCTURE AND FUNDING STRATEGY Successfully refinanced all maturing debt in 2013, with improved maturity profile and mix; priority for 2014 set on cost reduction and optimisation of funding mix Term lines maturity overview (m)…
  15. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 15
    CONTENTS Executive Summary Industry Environment Group Results Overview Segmental Performance Financial Results Q&A 14
  16. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 16
    DOMESTIC REFINING, SUPPLY & TRADING OVERVIEW Clean EBITDA at 22m (as 3Q13) reflects record weak benchmark margins, Elefsinas positive contribution and operational improvements partly mitigated negative environment IFRS FINANCIAL…
  17. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 17
    DOMESTIC REFINING, SUPPLY & TRADING SALES VOLUMES* Increased domestic market sales as Heating gasoil demand picked up; production available for exports affected by Thessaloniki shut-down 4Q Sales by market (MT000) 4Q Sales by product…
  18. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 18
    DOMESTIC REFINING, SUPPLY & TRADING REFINERY PRODUCTION Middle distillates yield at 54% on improved ER operation; TR did not operate during 4Q 4Q Production by refinery - gross (MT 000) 4Q Product yield - net (MT 000) 3.732 -19%…
  19. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 19
    DOMESTIC REFINING, SUPPLY & TRADING ELEFSINA RAMP-UP New refinery utilisation stabilised since 3Q13 with performance enhancing opportunities identified Elefsina conversion units and total refinery 2013 utilisation vs design rates…
  20. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 20
    DOMESTIC REFINING, SUPPLY & TRADING - PERFORMANCE Over-performance between 5-7/bbl vs benchmarks; Elefsina start-up issues in 1H13 reflect on 2H realised margins ELPE realised vs benchmark* margin 2012-2013 (/bbl) 10.6 9.9 8.5…
  21. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 21
    DOMESTIC MARKETING Improved network performance and cost restructuring deliver increased results vs LY. Heating gasoil demand partly recovers from the lows of 2012 IFRS FINANCIAL STATEMENTS 4Q FY MILLION 2012 2013 % 2012 2013 % KEY…
  22. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 22
    DOMESTIC MARKETING Sales volume recovery sustained in 4Q13; higher heating gasoil volumes and improvement across all channels Volumes market breakdown (MT000) Volumes market breakdown (MT000) 2012 4Q 2013 2012 FY 2013 +4% -12% 722…
  23. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 23
    INTERNATIONAL MARKETING Increased results in most markets with better retail network performance and cost control; Cyprus crisis impact partly mitigated through cost restructuring IFRS FINANCIAL STATEMENTS 4Q FY MILLION 2012 2013 %…
  24. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 24
    INTERNATIONAL MARKETING FY13 volumes sustained despite challenging conditions in most markets; improved margins drove profitability increase Volumes per country (MT 000) EBITDA per country (m) 2012 4Q 2013 2012 FY 2013 281 44 41…
  25. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 25
    PETROCHEMICALS PP margins throughout the year and operational performance led to historically highest FY EBITDA; exports at 60% of total sales in 4Q13 IFRS FINANCIAL STATEMENTS 4Q FY MILLION 2012 2013 % 2012 2013 % KEY…
  26. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 26
    PETROCHEMICALS Improvement in integrated PP value chain and margin environment drive record performance Volumes 4Q (MT 000) Volumes FY (MT 000) -14% -15% 84 348 72 295 189 51 49 187 24 6 62 11 23 6 18 5 16 73 67…
  27. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 27
    POWER GENERATION: 50% stake in Elpedison Improved profitability in 4Q driven by higher electricity demand, bringing FY13 in line with LY EBITDA (m) Power consumption (GWh) 2012 4Q 2013 2012 FY 2013 17 57 57 9 System…
  28. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 28
    GAS: 35% stake in DEPA Increased gas demand lead DEPA Group Net Income contribution at 10m (+33%) EBITDA* (m) Volumes (bcm*) 1.60 1.50 1.40 2012 4Q 2013 2012 FY 2013 1.26 1.20 1.13 1.02 1.03 0.95 0.97 0.97 0.99 -22% -24%…
  29. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 29
    2013 SUMMARY Results affected by most challenging Med refining environment in a decade; operational improvement, capital discipline and deleverage remain key priorities for 2014 Environment Crude supply conditions and weak products…
  30. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 30
    CONTENTS Executive Summary Industry Environment Group Results Overview Segmental Performance Financial Results Q&A 29
  31. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 31
    4Q 2013 FINANCIAL RESULTS GROUP PROFIT & LOSS ACCOUNT IFRS FINANCIAL STATEMENTS 4Q FY MILLION 2012 2013 % 2012 2013 % Sales 2,864 2,227 (22%) 10,469 9,674 (8%) Cost of sales (2,767) (2,134) 23% (9,902) (9,369) 5% Gross profit 97…
  32. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 32
    4Q 2013 FINANCIAL RESULTS REPORTED VS ADJUSTED EBITDA ( million) 4Q FY 2012 2013 2012 2013 Reported EBITDA 13 -11 298 29 Inventory effect & one-offs 65 56 146 149 Adjusted EBITDA 78 45 444 178 31
  33. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 33
    4Q 2013 FINANCIAL RESULTS GROUP BALANCE SHEET IFRS FINANCIAL STATEMENTS FY FY MILLION 2012 2013 Non-current assets Tangible and Intangible assets 3,728 3,607 Investments in affiliated companies* 646 692 Other non-current assets 137…
  34. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 34
    4Q 2013 FINANCIAL RESULTS GROUP CASH FLOW IFRS FINANCIAL STATEMENTS FY FY MILLION 2012 2013 Cash flows from operating activities Cash generated from operations 558 501 Income and other taxes paid (34) (9) Net cash (used in) /…
  35. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 35
    4Q 2013 FINANCIAL RESULTS SEGMENTAL ANALYSIS 4Q FY million, IFRS 2012 2013 % 2012 2013 % Reported EBITDA Refining, Supply & Trading 2 -18 - 210 -80 - Marketing -1 2 - 44 63 44% Petrochemicals 12 9 -25% 47 53 14% Core Business 13…
  36. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 36
    4Q 2013 FINANCIAL RESULTS SEGMENTAL ANALYSIS II 4Q FY million, IFRS 2012 2013 % 2012 2013 % Volumes (M/T'000) Refining, Supply & Trading 3,611 2,915 -19% 12,796 12,696 -1% Marketing 978 967 -1% 4,434 4,043 -9% Petrochemicals 84 72…
  37. Q4 2013 RESULTS – Hellenic Petroleum Sa – slide 37
    CONTENTS Executive Summary Industry Environment Group Results Overview Segmental Performance Financial Results Q&A 36

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