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2011 Interim Results Presentation Athens, 31 August 2011

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Page 1: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

2011 Interim Results PresentationAthens, 31 August 2011

Page 2: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

1

• Results Highlights

• Business Units Performance

• Financial Results

• Q&A

AGENDA

Page 3: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

2

RESULTS HIGHLIGHTS

INDUSTRY ENVIRONMENT: Conditions remain difficult

• Weak benchmark margins, partly due to crude oil prices; cracking margins at 3.1$/bbl (vs

5.3$/bbl in 2Q10) and hydroskimming margins at -5.0$/bbl (vs -0.6 $/bbl)

• Domestic environment remains challenging; auto fuels demand down c.10% in 2Q;

nevertheless, rate of decrease gradually slowing down

FINANCIAL RESULTS: Positive performance

• 2Q11 Adjusted EBITDA at €144m (-21% vs 2Q10); 1H11 at €217m (-29% vs 1H10);

– Satisfactory refining results benefited from international trading, despite lower

margins, weaker USD vs EUR and volume decline

– Lower opex as a result of tight cost control and reduced refinery runs

– Sustained strong performance by Petchems driven by high PP margins

• Reported 2Q Net Income of €60m (Adjusted Net Income €93m, +56%) reflecting

– Increased DEPA and Elpedison contribution (EUR12m)

– FX gains on USD loans revaluation

– Reversal of €12m provision for dividend tax, following new tax law

Page 4: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

3

STRATEGY UPDATE & KEY DEVELOPMENTS

STRATEGY UPDATE

• Elefsina refinery upgrade progress at 90% with mechanical completion due at the end of

2011

• Completion of Thessaloniki refinery upgrade, currently at start-up phase

• Divestment of EKO Georgia for cash consideration of €6.6m (13 July)

• West Obayed transaction at final regulatory approval stage; Mesaha entering the first 3-

year extension period in October with one well planned for 2012

COLLECTIVE LABOUR AGREEMENT

• Successful completion of CLA negotiation in line with Group strategy for increased

competitiveness, following a 6-month negotiation process

– Agreement with Group unions for a 3-year period; cumulative benefit from

productivity and cost benefits, c.€54m (€10m in 2011, €20m in 2012 and €24m in

2013) and €43m for HEP at EBITDA level

– One-off losses of €26m incurred as a result of industrial actions at HEP Greek

refineries

Page 5: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

4

GROUP KEY FINANCIALS – 2Q/1H 2011

(*) Calculated as Reported less the Inventory effects and other non-operating items including strike effect of €26m; Associate contribution included at EBT level

FY € million, IFRS 2Q 1H 2010 2010 2011 ∆% 2010 2011 ∆%

Income Statement Figures

14,557 Sales Volume (MT) - Refining 3,434 2,815 -18% 7,406 6,189 -16%

5,735 Sales Volume (MT) - Marketing 1,315 1,217 -7% 2,830 2,539 -10%

8,477 Net Sales 2,080 2,180 5% 4,214 4,600 9%

501 EBITDA 142 103 -27% 292 269 -8%

180 Net Income 16 60 - 59 179 -

0.59 EPS (€) 0.05 0.20 - 0.19 0.59 -

474 Adjusted EBITDA * 183 144 -21% 306 217 -29%

317 Adjusted EBIT * 143 106 -26% 229 141 -39%

249 Adjusted EBT * 65 117 81% 127 186 47%

205 Adjusted Net Income * 60 93 56% 103 138 34%

0.67 Adjusted EPS (€) * 0.20 0.30 56% 0.34 0.45 34%

Balance Sheet / Cash Flow Items

4,191 Capital Employed - - - 4,306 4,554 6%

1,659 Net Debt - - - 1,831 1,967 7%

709 Capital Expenditure 136 150 10% 233 241 3%

Page 6: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

5

5.32

3.843.16

2.65

3.73

4.775.25

2.91

4.58 4.37 4.083.13

53% 57% 55%61%

56% 57% 61%66% 68%

63%

77%

99%

0.0

2.0

4.0

6.0

8.0

10.0

12.0

1Q09 2Q09 3Q09 4Q09 2009 1Q10 2Q10 3Q10 4Q10 2010 1Q11 2Q11-30%

-10%

10%

30%

50%

70%

90%

110%

1.10

1.15

1.20

1.25

1.30

1.35

1.40

1.45

1.50

1.55

1.60

Jan-

10Feb

-10

Mar

-10

Apr-1

0M

ay-1

0Ju

n-10

Jul-1

0Aug

-10

Sep-1

0Oct-

10Nov

-10

Dec-1

0Ja

n-11

Feb-1

1M

ar-1

1Apr

-11

May

-11

Jun-

11Ju

l-11

31/12/101.34

30/6/101.23

30/6/111.45

31/12/101.34

20

40

60

80

100

120

140

Jan-

10Feb

-10

Mar

-10

Apr-1

0M

ay-1

0Ju

n-10

Jul-1

0Aug

-10

Sep-1

0Oct-

10Nov

-10

Dec-1

0Ja

n-11

Feb-1

1M

ar-1

1Apr

-11

May

-11

Jun-

11Ju

l-11

30/6/11$75

31/12/10$95

30/6/11$112

31/3/11$117

100

200

300

400

1-Ja

n

31-J

an

2-M

ar

1-Apr

1-M

ay

31-M

ay

30-J

un

30-J

ul

29-A

ug

28-S

ep

28-O

ct

27-N

ov

27-D

ec

INDUSTRY ENVIRONMENT

ULSD-HSFO ($/MT)

€/$ exchange rateICE Brent ($/bbl)

2010

2011

Med Cracking benchmark margins ($/bbl) and % of HEP volume from cracking

Q2 '11 Q2 '10Avg ULSD HSFO ∆ 367 248

Q2 '11 Q2 '10Average €/$ 1.44 1.27

Q2 '11 Q2 '10Average Brent 117 79

Page 7: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

107

20

16

21

195 4 3

-41

148

-4 -2

-6

6

SEGMENTAL RESULTS OVERVIEW 2Q 2011Performance affected by adverse environment for ref ining and weak domestic market

Refining, S&T

MKT

Chems

Other(incl. E&P)

-45%

∆% vs 2Q10

-28%-21% -9% -21%

183

144

Refining Marketing Petchems Other2Q 2010 2Q 2011

Adjusted EBITDA evolution 2Q10 – 2Q11 (€m)

E&P

Page 8: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

1,661

269

306

261

1,661

1,419

30

30

43

211

0

500

1,000

1,500

2,000

Net Debt 4Q09 Net Debt 4Q10 EBITDA Interest, Tax &Dividends

Maintenance Capex Working Capital Upgrade Capex Other cash flows Net Debt 2Q11

CASH FLOW & GEARINGUpgrade investments and increased working capital f unded through operating cash flows during the first six months and new debt draw down

7

Group Cash flow and Net debt evolution (€m)

gearing levels (%) calculated as Debt / (Debt + Equity)

33%

41%

45%

1,967

1H11

Page 9: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

8

1.0

1.4

0.70.6

1.4

1.8

1.6

2.2

2.0

43%41%

48%

45% 45%

35%40%

43%

36%

20%22%

28%

37%

0.0

0.5

1.0

1.5

2.0

2.5

2007 6M08 FY08 6M09 FY09 6M10 FY10 1Q11 2Q11 2011 2012 2013 2014

Net Debt

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Gearing

NET DEBT D/(D+E)

Long-term target range: 25-35%

GEARINGNet debt decreased to €2bn in 2Q , due to reduced working capital requirements;gearing at 45%

Net debt and gearing (1) levels (%)€ billion

(1) Debt / (Debt + Equity)

Page 10: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

18

23

45

8016

4

24

40

15

24

1151

80

5

2530

40

13

221

-30.0

20.0

70.0

120.0

170.0

220.0

2008 2009 2010 1Q2011 2Q2011 Annualised

cumulativ e impact

Medium Term

Target

9

TRANSFORMATION BENEFITSTotal annual benefit of initiatives since launch re ached €150m

15

63

63

1505

240

4

Evolution of transformation initiatives (€m)

Annual Cumulative Impact 15 78 141 146 150

Group Reorganisation & HR

Procurement Processes

Marketing Competitiveness

Refining Excellence

Page 11: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

10

• Executive Summary: Results Highlights

• Business Unit Performance

• Financial Results

• Q&A

AGENDA

Page 12: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

11

708 595

1,2661,103

815

612

119

84

318

184

2Q 10 2Q 11

MT '000

1,3531,071

760

585

270

162

842

760

2Q 10 2Q 11

MT '000

DOMESTIC REFINING, SUPPLY & TRADING

• Sales volumes affected by Greek market and lower refinery runs (export volumes)

• Weak margins for simple refineries, Thessaloniki upgrade and labor actions affected utilisation

• Adverse EBITDA impact partly offset by trading performance

• Strikes effect at €20m; benefits over 3 year period at €38m

SALES BREAKDOWN - MARKETSKEY FINANCIALS

RESULTS OVERVIEW SALES BREAKDOWN - PRODUCTS

Other2,578

3,226-20%

Exports

International

Domestic- 21%

- 23%

- 40%

- 10%

MOGAS

LPG

FO

Middle Distillates

Other2,578

3,226-20%

- 16%

- 25%

- 42%

- 13%

- 30%

MT’000

MT’000

(*) Calculated as Reported less the Inventory effects and other non-operating items including strike effect

FY 10 IFRS FINANCIAL STATEMENTS 2Q 1H € MILLION 2010 2011 ∆% 2010 2011 ∆%

REPORTED RESULTS - GREECE

13,647 Volume (MT '000) 3,226 2,578 -20% 6,992 5,733 -18%

7,336 Sales 1,782 1,884 6% 3,642 4,029 11%

360 EBITDA 107 65 -39% 222 197 -11%

292 EBIT 91 48 -47% 189 166 -13%

ADJUSTED RESULTS (*)

326 Adjusted EBITDA 143 98 -31% 232 140 -40%

Page 13: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

12

850522

1,008

517

132

80

877

386

215

443

2Q10 2Q11

DOMESTIC REFINING, SUPPLY & TRADING - PRODUCTIONMargin environment for simple refiners as well as Th essaloniki upgrade and industrial actions affected refinery runs

2,0101,720

761

539

2Q10 2Q11

Other

MOGAS

Middle Distillates

LPG

PRODUCT YIELDPRODUCTION BY REFINERY

ASPROPYRGOS

ELEFSINA

THSESSALONIKI

3,310

1,720 1,720

3,310

- 15%

ΜΤ ’000

FO

30%

30%

22%

13%

5%

ΜΤ ’000

-48% -48%

30%

26%

27%

13%

4%

Page 14: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

1604 1522 1503 1483 1460 1437

677 667 665 668 657 654

35 36 36 35 38 37

0

500

1000

1500

2000

2500

Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11

PS #

DODO CODO COMO

801

484 579 635 694485

242

217194

240 160

129

224

326425 270 235

348

0

200

400

600

800

1000

1200

1400

Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11

Retail C&I Bunkers & Aviation

13

DOMESTIC MARKETING

(*) Net of VAT and excise duties(**) Calculated as Reported less non-operating items

• Market conditions remain challenging, however volume decline eased and market share regained with retail volumes at 2010 levels

• Marketing initiatives launched during the quarter positively affected sales and market shares

• Network rationalisation continues

• Lower PPC FO volumes impacted C&I channel sales

• Aviation & Bunkering business increased volumes vs 2Q10 (mainly Marine FO)

SALES VOLUMES

DOMESTIC NETWORK

67%

31%

2%

1,266 1,027 1,198 1,145 1,089

2,316 2,225 2,204 2,186 2,155

RESULTS OVERVIEW

KEY FINANCIALSΜΤ ’000

962

2,128

FY 10 IFRS FINANCIAL STATEMENTS 2Q 1H € MILLION 2010 2011 ∆% 2010 2011 ∆%KEY FINANCIALS - GREECE

4,637 Volume (MT '000) 1,027 962 -6% 2,294 2,050 -11%

2,662 Net Sales(*) 578 724 25% 1,296 1,526 18%

59 EBITDA 4 4 3% 31 16 -48%

11 EBIT -9 -7 23% 6 -6 -

17 CAPEX 3 3 0% 6 5 -

ADJUSTED OPERATING RESULTS (**)

66 Adjusted EBITDA 7 4 -36% 34 16 -52%

KEY INDICATORS

2,186 Petrol Stations - - - 2,225 2,128 -4%

Page 15: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

107 119 107 121 116 101

4156 66 57

36 54

4660 82 55

45 5631

3645

40

29398

177

11

76

-30

20

70

120

170

220

270

320

Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11

CY BU JPK SER Other

14

82 82 82 83 83 83

81 81 81 81 81 81

39 39 39 39 39 40

47 47 47 47 47 47

32 32 32 32 32 32

0

50

100

150

200

250

300

Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11

PS #

CY BU JPK SER Other

INTERNATIONAL MARKETING

• Lower margins in Bulgaria partly offset by increasing volumes and market share gains

• Performance sustained in Cyprus despite deteriorating economic environment

• Lower fuel demand impacted JPK volumes; market share gains

• Serbia improved volumes and EBITDA performance

SALES VOLUMES

INTERNATIONAL NETWORK281 281 281 282 282

233 288 307 284 233

(*) Net of VAT and excise duties

CORE MARKETS OVERVIEW

KEY FINANCIALS256

283

ΜΤ ’000FY 10 IFRS FINANCIAL STATEMENTS 2Q 1H € MILLION 2010 2011 ∆% 2010 2011 ∆%

KEY FINANCIALS - INTERNATIONAL

1,098 Volume (MT '000) 288 256 -11% 536 489 -9%

846 Net Sales(*) 198 247 25% 382 455 19%

47 EBITDA 13 11 -12% 20 18 -10%

31 EBIT 9 7 -19% 13 11 -19%

11 CAPEX 2 3 69% 5 5 0%

ADJUSTED OPERATING RESULTS (***)

48 Adjusted EBITDA 13 11 -12% 20 18 -10%

KEY INDICATORS

282 Petrol Stations - - - 281 283 1%

Page 16: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

15

0

100

200

300

400

500

600

700

1-Ja

n

1-F

eb

1-M

ar

1-A

pr

1-M

ay

1-Ju

n

1-Ju

l

1-A

ug

1-S

ep

1-O

ct

1-N

ov

1-D

ec

$/T

PP FOB Margin 2011 PP FOB Margin 2010

6 3

66

26

2

14

13

49

34

3

2

-

20

40

60

80

100

120

Q2 10 Q2 11

MT '000

PVC BOPP Film Solvents

Caustic Soda PP Other

PETROCHEMICALS:Effect of industrial actions and lower refinery run s on volumes and EBITDA (€6m); Strong PP margins continue to support strong profit ability

-42%

PP FOB MARGINS

KEY FINANCIALS

104

61

PETCHEMS VOLUMES

(*) Calculated as Reported less the Inventory effects and other non-operating items including strike effect

FY 10 IFRS FINANCIAL STATEMENTS 2Q 1H € MILLION 2010 2011 ∆% 2010 2011 ∆%

KEY FINANCIALS

408 Sales Volume (MT '000) 104 61 -42% 198 144 -27%

377 Net Sales 101 73 -27% 181 170 -6%

50 EBITDA 21 13 -37% 29 31 7%

33 EBIT 16 9 - 21 23 -

ADJUSTED RESULTS (*)

Adjusted EBITDA 21 19 -9% 29 37 26%

6 Capital Expenditure 1 0 - 1 1 -

Page 17: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

16

13,181

12,604

14,359

12,67812,74412,353

14,829

12,434

12,992

11,852

11,000

13,000

15,000

1Q 2Q 3Q 4Q

TWh

2009 2010 2011

54% 51%

19% 30%

8%

7%3%

5%17%6%

2Q10 2Q11

Lignite NatGas Hydro RES Imports

Source: HTSO

POWER GENERATION: 50% stake in ElpedisonImproved profitability, despite drop in demand; Net Income contribution at €2m

• 2Q Greek market demand was down 4% y-o-y, as commercial and retail consumption contracted mainly due to mild weather conditions and reduced economic activity

• Increased capacity payment (CAT at €45k/MW vs €35k/MW) improved revenues; PPC strike in the last days of the quarter resulted to SMP reaching regulatory cap with a positive impact on Elpedisonprofitability

• 2Q EBITDA at €19m (€0.1m 2Q10); HEP share of after tax income at €2m

COUNTRY ENERGY MIXGREEK POWER CONSUMPTION (TWh)

+1,241TWh

- 634TWh

+ 268TWh

- 1435TWh

- 50TWh

Page 18: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

17

0.770.90

1.22

1.00

0.73

1.13

0.950.76

0.750.84

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

Q1 Q2 Q3 Q4

bcm

2009 2010 2011

GAS: 35% stake in DEPADEPA after tax contribution to HEP at EUR10m compare d to a loss in 2Q10

• Increased gas-fired participation in energy mix, resulted to 21% volume increase in 1H11 vs1H10

• c.42% of profits coming from regulated business (DESFA)

• Distribution & supply companies, particularly EPA Attiki, improved performance due to higher volumes

RESULTS OVERVIEW DEPA VOLUMES

FY10 IFRS FINANCIAL STATEMENTS 2Q 1H ∆%€ MILLION 2010 2011 ∆% 2010 2011 ∆%KEY FINANCIALS

91 DEPA Reported Profit after tax -10 28 - 31 97 217%

32 Contribution to ELPE Group (35% Stake) -3 10 - 11 34 217%

Page 19: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

18

• Executive Summary: Results Highlights

• Business Unit Performance

• Financial Results

• Q&A

AGENDA

Page 20: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

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2Q/1H 2011 FINANCIAL RESULTS GROUP PROFIT & LOSS ACCOUNT

FY IFRS FINANCIAL STATEMENTS 2Q 1H2010 € MILLION 2010 2011 ∆ % 2010 2011 ∆ %

8,477 Sales 2,080 2,180 5% 4,214 4,600 9%

(7,661) Cost of sales (1,848) (2,012) (9%) (3,756) (4,205) (12%)

816 Gross profit 231 168 (27%) 457 395 (14%)

(487) Selling, distribution and administrative expenses (127) (112) 12% (240) (220) 8%

(21) Exploration expenses (5) (1) 79% (17) (2) 90%

35 Other operating (expenses) / income - net 3 10 - 14 19 34%

344 Operating profit 103 65 (37%) 215 193 (10%)

(59) Finance costs - net (16) (14) 13% (29) (30) (4%)

(16) Currency exchange gains /(losses) (44) 12 - (66) 39 -

30 Share of operating profit of associates (5) 12 - 6 37 -

299 Profit before income tax 37 76 - 125 238 90%

(111) Income tax expense (21) (13) 40% (65) (53) 18%

187 Profit for the period 16 63 - 61 185 -

(8) Minority Interest (0) (3) - (2) (6) -

180 Net Income 16 60 - 59 179 -

0.59 Basic and diluted EPS (in €) 0.05 0.20 - 0.19 0.59 -

501 Reported EBITDA 142 103 (27%) 292 269 (8%)

Page 21: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

20

2Q/1H 2011 FINANCIAL RESULTS REPORTED VS ADJUSTED EBITDA

FY (€ million) 2Q 2Q 1H 1H

2010 2010 2011 2010 2011

501 Reported EBITDA 142 103 292 269

-38 Inventory (gains)/losses 34 14 8 -79

11 Restructuring / One-off effects (incl. strike) 7 27 7 27

474 Adjusted EBITDA 183 144 306 217

Page 22: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

21

2Q/1H 2011 FINANCIAL RESULTSGROUP BALANCE SHEET

IFRS FINANCIAL STATEMENTS FY 1H

€ MILLION 2010 2011

Non-current assets

Tangible and Intangible assets 2,834 3,001

Investments in affiliated companies 561 590

Other non-current assets 164 1463,559 3,737

Current assets

Inventories 1,601 1,610

Trade and other receivables 939 940

Held to maturity securities 168 168

Cash and cash equivalents 596 7093,303 3,427

Total assets 6,862 7,165

Shareholders equity 2,387 2,439

Minority interest 145 148

Total equity 2,532 2,587

Non- current liabilities

Borrowings 1,128 1,108

Other non-current liabilities 310 3281,438 1,436

Current liabilities

Trade and other payables 1,473 1,223

Borrowings 1,297 1,738

Other current liabilities 122 1812,892 3,142

Total liabilities 4,330 4,578

Total equity and liabilities 6,862 7,165

Page 23: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

22

2Q/1H 2011 FINANCIAL RESULTSGROUP CASH FLOW

FY IFRS FINANCIAL STATEMENTS 1H 1H2010 € MILLION 2010 2011

Cash flows from operating activities719 Cash generated from operations (40) (72)(14) Income and other taxes paid (2) (11)706 Net cash (used in) / generated from operating ac tivities (42) (83)

Cash flows from investing activities(709) Purchase of property, plant and equipment & intangible assets (233) (241)

11 Acquisition of BP (Hellenic Fuels) - -9 Sale of property, plant and equipment & intangible assets 1 10 Grants received - -

13 Interest received 6 11(18) Investments in associates (18) -

4 Dividends received 1 -(689) Net cash used in investing activities (243) (229)

Cash flows from financing activities(72) Interest paid (35) (40)

(141) Dividends paid - (3)(168) Securities held to maturity

662 Proceeds from borrowings 770 574(191) Repayment of borrowings (68) (109)

90 Net cash generated from / (used in ) financing ac tivities 667 422

106 Net increase/(decrease) in cash & cash equivalents 382 110

491 Cash & cash equivalents at the beginning of the period 491 596(2) Exchange losses on cash & cash equivalents 2 1

106 Net increase/(decrease) in cash & cash equivalents 382 110596 Cash & cash equivalents at end of the period 875 707

Page 24: 2011 Interim Results Presentation - helpe.gr 2Q11 Results-Presentation.pdf · 2011 Interim Results Presentation Athens, 31 August 2011. 1 • Results Highlights • Business Units

23

2Q/1H 2011 FINANCIAL RESULTSKEY FINANCIAL RATIOS

(*) Calculated as Reported less the Inventory effects and other non-operating items

FY 10 IFRS FINANCIAL STATEMENTS 2Q 1H € MILLION 2010 2011 ∆% 2010 2011 ∆%

KEY RATIOS

0.59 Net Earnings per Share (€/share) 0.05 0.20 - 0.19 0.59 -

0.67 Adjusted EPS (€/share) (*) 0.20 0.30 56% 0.34 0.45 34%

5% ROACE % - LAST 12M - - - 5% 7% -

7% ROE% - LAST 12M - - - 3% 12% -

41% Gearing Ratio (D/D+E) - - - 43% 45% -

142% CAPEX as % of EBITDA - - - 80% 90% -

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2Q/1H 2011 FINANCIAL RESULTSSEGMENTAL ANALYSIS

(*) Calculated as Reported less the Inventory effects and other non-operating items

FY 2Q 1H

2010 € million, IFRS 2010 2011 ∆% 2010 2011 ∆%

Reported EBITDA

372 Refining, Supply & Trading 110 71 -35% 229 208 -9%

106 Marketing 17 16 -8% 52 35 -33%

50 Petrochemicals 21 13 -37% 29 31 7%

529 Core Business 148 100 -32% 310 274 -12%

-28 Other (incl. E&P) -7 3 - -18 -5 71%

501 Total 141 103 -27% 292 269 -8%

84 Associates (Power & Gas) share attributable to G roup 10 27 - 34 70 -

Adjusted EBITDA (*)

338 Refining, Supply & Trading 148 106 -28% 241 150 -38%

114 Marketing 20 16 -21% 54 35 -36%

50 Petrochemicals 21 19 -9% 29 37 26%

502 Core Business 188 142 -25% 324 222 -32%

-28 Other (incl. E&P) -5 3 - -18 -5 70%

474 Total 183 145 -21% 306 217 -29%

84 Associates (Power & Gas) share attributable to G roup 10 27 - 34 70 -

Adjusted EBIT (*)

264 Refining, Supply & Trading 130 88 -32% 205 114 -45%

50 Marketing 3 0 -83% 22 4 -81%

33 Petrochemicals 16 15 -11% 21 29 38%

347 Core Business 149 103 -31% 248 146 -41%

-29 Other (incl. E&P) -6 3 - -19 -6 69%

317 Total 143 106 -26% 229 141 -39%

54 Associates (Power & Gas) share attributable to G roup 4 18 - 21 52 -

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2Q/1H 2011 FINANCIAL RESULTSSEGMENTAL ANALYSIS – II

FY 2Q 1H

2010 € million, IFRS 2010 2011 ∆% 2010 2011 ∆%

Volumes (M/T'000)

14,557 Refining, Supply & Trading 3,434 2,815 -18% 7,406 6,189 -16%

5,735 Marketing 1,315 1,217 -7% 2,820 2,539 -10%

408 Petrochemicals 104 61 -42% 198 144 -27%

20,701 Total - Core Business 4,853 4,093 -16% 10,423 8,871 -15%

Sales

7,832 Refining, Supply & Trading 1,899 2,053 8% 3,862 4,341 12%

3,508 Marketing 776 971 25% 1,678 1,981 18%

377 Petrochemicals 101 73 -27% 181 170 -6%

11,717 Core Business 2,775 3,097 12% 5,721 6,492 13%

-3,240 Intersegment & other -695 -917 -32% -1,507 -1,893 -26%

8,477 Total 2,080 2,180 5% 4,214 4,600 9%

Capital Employed

1,521 Refining, Supply & Trading 2,110 1,784 -15%

886 Marketing 1,014 783 -23%

145 Petrochemicals 146 152 4%

2,552 Core Business 3,270 2,719 -17%

1,066 Refinery Upgrades 607 1,258 -

561 Associates (Power & Gas) 537 590 10%

12 Other (incl. E&P) -108 -14 87%

4,191 Total 4,306 4,554 6%

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2Q/1H 2011 FINANCIAL RESULTSKEY FINANCIALS – INTERNATIONAL REFINING

FY 10 IFRS FINANCIAL STATEMENTS 2Q 1H € MILLION 2010 2011 ∆% 2010 2011 ∆%REPORTED RESULTS - INTERNATIONAL

911 Volume (MT '000) 208 237 14% 414 456 10%

496 Sales 116 170 47% 220 313 42%

12 EBITDA 3 6 - 7 11 49%

6 EBIT 1 4 - 4 7 74%

ADJUSTED RESULTS (*)

12 Adjusted EBITDA 5 8 78% 8 11 31%

(*) Calculated as Reported less the Inventory effects and other non-operating items

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• Executive Summary: Results Highlights

• Business Unit Performance

• Financial Results

• Q&A

AGENDA

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DISCLAIMER

Forward looking statementsHellenic Petroleum do not in general publish forecasts regarding their future financial results. The financial forecasts contained in this document are based on a series of assumptions, which are subject to the occurrence of events that can neither be reasonably foreseen by Hellenic Petroleum, nor are within Hellenic Petroleum's control. The said forecasts represent management's estimates, and should be treated as mere estimates. There is no certainty that the actual financial results of Hellenic Petroleum will be in line with the forecasted ones.

In particular, the actual results may differ (even materially) from the forecasted ones due to, among other reasons, changes in the financial conditions within Greece, fluctuations in the prices of crude oil and oil products in general, as well as fluctuations in foreign currencies rates, international petrochemicals prices, changes in supply and demand and changes of weather conditions. Consequently, it should be stressed that Hellenic Petroleum do not, and could not reasonably be expected to, provide any representation or guarantee, with respect to the creditworthiness of the forecasts.

This presentation also contains certain financial information and key performance indicators which are primarily focused at providing a “business” perspective and as a consequence may not be presented in accordance with International Financial Reporting Standards (IFRS).