2011 interim results presentation - helpe.gr 2q11 results-presentation.pdf · 2011 interim results...
TRANSCRIPT
2011 Interim Results PresentationAthens, 31 August 2011
1
• Results Highlights
• Business Units Performance
• Financial Results
• Q&A
AGENDA
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
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
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%
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
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
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
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)
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
10
• Executive Summary: Results Highlights
• Business Unit Performance
• Financial Results
• Q&A
AGENDA
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%
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%
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%
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%
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 -
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
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%
18
• Executive Summary: Results Highlights
• Business Unit Performance
• Financial Results
• Q&A
AGENDA
19
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%)
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
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
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
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% -
24
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 -
25
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%
26
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
27
• Executive Summary: Results Highlights
• Business Unit Performance
• Financial Results
• Q&A
AGENDA
28
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).