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Q2 2015 Results – Hellenic Petroleum Sa

Hellenic Petroleum Sa · Aug 27, 2015 · 34 slides

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Slides

  1. Q2 2015 Results – Hellenic Petroleum Sa – slide 1
    2015 2Q Results Presentation Athens, 27 August 2015
  2. Q2 2015 Results – Hellenic Petroleum Sa – slide 2
    CONTENTS Executive Summary Industry Environment Group Results Overview Business Units Performance Financial Results Q&A 1
  3. Q2 2015 Results – Hellenic Petroleum Sa – slide 3
    2Q15 KEY HIGHLIGHTS 2Q15 Adj. EBITDA at 130m (49m LY), and Adj. Net Income at 38m (-53m LY); main drivers for 2Q results were: Positive refining margins and USD exchange rate Negative impact of extended refinery shut-down at…
  4. Q2 2015 Results – Hellenic Petroleum Sa – slide 4
    2Q15 GROUP KEY FINANCIALS Adj. EBITDA (m) FY million, IFRS 2Q 1H 2014 2014 2015 % 2014 2015 % +165% Income Statement 130 13,538 Sales Volume (MT'000) - Refining 3,185 2,950 -7% 5,976 6,565 10% 4,131 Sales Volume (MT'000) -…
  5. Q2 2015 Results – Hellenic Petroleum Sa – slide 5
    CONTENTS Executive Summary Industry Environment Group Results Overview Business Units Performance Financial Results Q&A 4
  6. Q2 2015 Results – Hellenic Petroleum Sa – slide 6
    INDUSTRY ENVIRONMENT Crude oil prices recovery from 1Q15 lows (reversing in 3Q), mainly on demand growth ICE Brent and EURUSD Higher crude oil price q-o-q, at 60- 130 1.6 0 112 110 109 110 108 110 103 102 1.5 0 65/bbl…
  7. Q2 2015 Results – Hellenic Petroleum Sa – slide 7
    INDUSTRY ENVIRONMENT Refining benchmarks remain robust with gasoline at record high cracks Product Cracks* (/bbl) Med benchmark margins** (/bbl) /bbl FCC +4.7 20 MOGAS 7.3 6.8 15 Diesel 10 4.2 4.3 3.3 5 2.6 2.6 2.2 0…
  8. Q2 2015 Results – Hellenic Petroleum Sa – slide 8
    DOMESTIC MARKET ENVIRONMENT Demand growth in transport fuels in 2Q15; however 3Q15 expected to be affected by macro developments Domestic Market demand* Domestic Market demand* (MT 000) (MT 000) 22% 1,922 175 +4% +6% 1,581…
  9. Q2 2015 Results – Hellenic Petroleum Sa – slide 9
    GREEK CRISIS Limited impact on business due to contingency planning and preparation Capital controls and 3-week bank holiday imposed on 28 June 2015 Contingency plan was in place as part of corporate risk management. Key areas of…
  10. Q2 2015 Results – Hellenic Petroleum Sa – slide 10
    CONTENTS Executive Summary Industry Environment Group Results Overview Business Units Performance Financial Results Q&A 9
  11. Q2 2015 Results – Hellenic Petroleum Sa – slide 11
    CAUSAL TRACK & SEGMENTAL RESULTS OVERVIEW 2Q 2015 Positive refining economics and operational performance led to improved clean EBITDA despite refinery maintenance S/D effect Adjusted EBITDA causal track 2Q15 vs 2Q14 (m) 49 130…
  12. Q2 2015 Results – Hellenic Petroleum Sa – slide 12
    CASH FLOW PROFILE Strong operating cashflows continue in 2Q despite lower production and shut-down capex; Prolonged shut-down and capital controls distorted half year working capital and cash balances as bank transfers in Greece were not…
  13. Q2 2015 Results – Hellenic Petroleum Sa – slide 13
    OPERATIONS, PROFITABILITY & RETURNS Results improvement in 2Q15 vs LY despite effect of shut-down. L12M EBITDA at a historic high level with benefits on balance sheet and leverage becoming more evident Adj. EBITDA (m) Production and…
  14. Q2 2015 Results – Hellenic Petroleum Sa – slide 14
    CREDIT FACILITIES - LIQUIDITY Balanced sourcing of liquidity and reduced reliance on Greek banking system critical in supporting operations during the crisis period. Improved performance supports Liability Management plan to be…
  15. Q2 2015 Results – Hellenic Petroleum Sa – slide 15
    CONTENTS Executive Summary Industry Environment Group Results Overview Business Units Performance Refining & Petchems Fuels Marketing Power & Gas Financial Results Q&A 14
  16. Q2 2015 Results – Hellenic Petroleum Sa – slide 16
    DOMESTIC REFINING, SUPPLY & TRADING OVERVIEW Adjusted EBITDA at 77m, as strong margins and improved Elefsina and Thessaloniki contribution partly mitigated the effect of Aspropyrgos S/D FY IFRS FINANCIAL STATEMENTS 2Q 1H 2014…
  17. Q2 2015 Results – Hellenic Petroleum Sa – slide 17
    DOMESTIC REFINING, SUPPLY & TRADING OPERATIONS Aspropyrgos downtime reflected in lower production and yields. Utilisation at 63% with negative impact on realised margin as well Aspropyrgos Gross Production by refinery (MT000) S/D 4,043…
  18. Q2 2015 Results – Hellenic Petroleum Sa – slide 18
    DOMESTIC REFINING, SUPPLY & TRADING SALES Sales growth in Greek market (Domestic and Aviation & Bunkering); exports reduction reflect lower production due to refinery shutdown Sales* by market (MT000) 3,956 Aspropyrgos S/D 3,543…
  19. Q2 2015 Results – Hellenic Petroleum Sa – slide 19
    DOMESTIC REFINING, SUPPLY & TRADING INTEGRATED DOWNSTREAM Over-performance consistently higher than 5.5/bbl at normal operations driven by new refinery configuration and sales channel mix. 2Q15 performance affected by refinery S/D ELPE…
  20. Q2 2015 Results – Hellenic Petroleum Sa – slide 20
    PETROCHEMICALS Lower propylene production impact due to Aspropyrgos shut-down, offset by stronger PP margin, with Adj. EBITDA at 23m FY IFRS FINANCIAL STATEMENTS 2Q 1H 2014 MILLION 2014 2015 % 2014 2015 % KEY FINANCIALS* 236 Volume…
  21. Q2 2015 Results – Hellenic Petroleum Sa – slide 21
    CONTENTS Executive Summary Industry Environment Group Results Overview Business Units Performance Refining & Petchems Fuels Marketing Power & Gas Financial Results Q&A 20
  22. Q2 2015 Results – Hellenic Petroleum Sa – slide 22
    DOMESTIC MARKETING Higher sales volume and improved performance in Aviation & Bunkering during the early months of touristic season led EBITDA to 13m FY IFRS FINANCIAL STATEMENTS 2Q 1H 2014 MILLION 2014 2015 % 2014 2015 % KEY…
  23. Q2 2015 Results – Hellenic Petroleum Sa – slide 23
    INTERNATIONAL MARKETING Increased sales and further supply chain integration, mainly with Thessaloniki refinery, contributed to profitability improvement FY IFRS FINANCIAL STATEMENTS 2Q 1H 2014 MILLION 2014 2015 % 2014 2015 % KEY…
  24. Q2 2015 Results – Hellenic Petroleum Sa – slide 24
    CONTENTS Executive Summary Industry Environment Group Results Overview Business Units Performance Refining & Petchems Fuels Marketing Power & Gas Financial Results Q&A 23
  25. Q2 2015 Results – Hellenic Petroleum Sa – slide 25
    POWER GENERATION: 50% stake in Elpedison Results reflect delay of implementing transitional regulatory environment; electricity imports at record high FY FINANCIAL STATEMENTS 2Q 1H 2014 MILLION 2014 2015 % 2014 2015 % KEY FINANCIALS…
  26. Q2 2015 Results – Hellenic Petroleum Sa – slide 26
    GAS: 35% stake in DEPA DEPA profitability affected by weak gas demand from power generators and industrial customers; 2Q contribution to Group Net Income of 3m FY FINANCIAL STATEMENTS 2Q 1H 2014 MILLION 2014 2015 % 2014 2015 % KEY…
  27. Q2 2015 Results – Hellenic Petroleum Sa – slide 27
    CONTENTS Executive Summary Industry Environment Group Results Overview Business Units Performance Financial Results Q&A 26
  28. Q2 2015 Results – Hellenic Petroleum Sa – slide 28
    2Q 2015 FINANCIAL RESULTS GROUP PROFIT & LOSS ACCOUNT FY IFRS FINANCIAL STATEMENTS 2Q 1H 2014 MILLION 2014 2015 % 2014 2015 % 9,478 Sales 2,386 1,785 (25%) 4,463 3,664 (18%) (9,334) Cost of sales (2,273) (1,580) 30% (4,272) (3,250)…
  29. Q2 2015 Results – Hellenic Petroleum Sa – slide 29
    2Q 2015 FINANCIAL RESULTS REPORTED VS ADJUSTED EBITDA FY ( million) 2Q 1H 2014 2014 2015 2014 2015 -84 Reported EBITDA 53 144 78 299 484 Inventory effect - Loss/(Gain) -13 -20 9 29 17 One-offs 9 6 13 7 417 Adjusted EBITDA 49 130…
  30. Q2 2015 Results – Hellenic Petroleum Sa – slide 30
    2Q 2015 FINANCIAL RESULTS GROUP BALANCE SHEET IFRS FINANCIAL STATEMENTS FY 1H MILLION 2014 2015 Non-current assets Tangible and Intangible assets 3,530 3,514 Investments in affiliated companies* 682 675 Other non-current assets 313…
  31. Q2 2015 Results – Hellenic Petroleum Sa – slide 31
    2Q 2015 FINANCIAL RESULTS GROUP CASH FLOW FY IFRS FINANCIAL STATEMENTS 1H 2014 MILLION 2014 2015 Cash flows from operating activities 876 Cash generated from operations 212 300 (23) Income and other taxes paid (8) (25) 853 Net cash…
  32. Q2 2015 Results – Hellenic Petroleum Sa – slide 32
    2Q 2015 FINANCIAL RESULTS SEGMENTAL ANALYSIS I 2Q 1H million, IFRS 2014 2015 % 2014 2015 % Reported EBITDA Refining, Supply & Trading 14 93 - 13 216 - Petrochemicals 19 23 21% 36 42 16% Marketing 22 27 26% 32 41 30% Core Business…
  33. Q2 2015 Results – Hellenic Petroleum Sa – slide 33
    2Q 2015 FINANCIAL RESULTS SEGMENTAL ANALYSIS II FY 2Q 1H 2014 2014 2015 % 2014 2015 % Volumes (MT'000) 13,538 Refining, Supply & Trading 3,185 2,950 -7% 5,977 6,565 10% 236 Petrochemicals 54 47 -14% 114 107 -7% 4,131 Marketing 972…
  34. Q2 2015 Results – Hellenic Petroleum Sa – slide 34
    CONTENTS Executive Summary Industry Environment Group Results Overview Business Units Performance Financial Results Q&A 33

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