FOURTH QUARTER 2013 RESULTS

Transcription

1 FOURTH QUARTER 213 RESULTS 12 MARCH 214 LUCA BETTONTE, CEO

2 DISCLAIMER This document contains certain forward-looking information that is subject to a number of factors that may influence the accuracy of the statements and the projections upon which the statements are based. There can be non assurance that the projections or forecasts will ultimately prove to be accurate; accordingly, the Company makes no representation or warranty as to the accuracy of such information or the likelihood that the Company will perform as projected. 2

3 AGENDA 4Q 213 Highlights Key Figures 213 main Achievements Results Review Business Environment 4Q 213 Group EBITDA Results by Segments Key Financials Profit & Loss Investments Cash Flow Statement 214 Guidance and Conclusions Appendix 3

4 HIGHLIGHTS: KEY FIGURES 458 RC Ebitda Adj ( mn) RC Net Profit ( mn) 38 POWER & GAS 328 RENEWABLES REFINING & MARKETING CORPORATE (28) (5) (3) (9) 4Q 212 (2) 59 (7) 4Q Q Q 213 1, % 84 31/12/ % /12/213 (1) ADJ. NFP EXCL. DERIVATIVES DERIVATIVES Leverage A year of strong growth (1) Adjusted Net Financial Position does not include NFP of ISAB Srl Highlights 4

5 213 MAIN ACHIEVEMENTS February Acquisition of IP Maestrale wind assets (636MW) June M&A deal for wind assets in Romania (7MW) and Bulgaria (14MW) October Integration of O&M activities on Italian wind farms Completion of new wind farms construction in Italy (34MW) and Romania (82MW) December Agreement with Unicredit to enter into the capital of ERG Renew as minority shareholder Full exit from ISAB refinery Agreement for the sale of ISAB Energy plant, subject to CIP6 early termination Highlights 5

6 RESULTS REVIEW PAOLO MERLI CFO 6

7 BUSINESS ENVIRONMENT Renewables: Electricity Prices ( /Mwh) Electricity Prices ( /Mwh) Q 212 1Q 213 2Q 213 3Q 213 4Q 213 (1) (2) FRANCE ITALY BULGARIA GERMANY ROMANIA Q 212 1Q 213 2Q 213 3Q 213 4Q 213 ITALIAN PRICE ZONAL PRICE SICILY CIP6 Industry Retail Fuels Volumes (M tons) EMC Margin ($/bbl) (1.1) (3.) 4Q 212 1Q 213 2Q 213 3Q 213 4Q 213 4Q 212 1Q 213 2Q 213 3Q 213 4Q 213 (1) Italian price is theoretical price based on National Average Electricity Price (PUN) + GC (2) Price in Romania is based on ERG Renew average price which includes two GCs. Second GC will be cashed in from 218 onwards Results Review 7

8 FY 213 GROUP EBITDA 18 3 (25) (1) , Renewables Power & Gas Refining & Marketing Corporate 213 Ebitda growth driven by Renewables and Power Results Review 8

9 RENEWABLES RESULTS RC Ebitda ( mn) Volumes (Gwh) 245 2, ERG Wind 22 1, ,1 1,154 ERG Wind Q 212 4Q ERG Wind 1, Q Q ERG Wind ITALY GERMANY FRANCE LUKERG (1) Strong growth driven by ERG Wind (1) LUKERG: ERG s stake = 5% in Bulgaria and Romania Results Review 9

10 POWER RESULTS ISAB ENERGY ERG POWER RC Ebitda ( mn) Volumes (Gwh) ,997 6,85 4,142 4, Q Q 213 2, , ,766 1,592 1, Q 212 4Q 213 Solid figures in Power Results Review 1

11 MARKETING RESULTS RC Ebitda ( mn) Market Share (%) TOTALERG EOS % 11.5% %.7% 14 4Q 212 1Q 213 2Q 213 3Q 213 4Q EOS TOTALERG (1) 1 4Q 212 4Q 213 Results still penalized by a tough environment Results Review 11

12 REFINING RESULTS: COASTAL AND INLAND COASTAL REFINING INLAND REFINING (1) 212 (3) (32) RC Ebitda ( mn) 4Q (3) (.6) (9) (4) 4Q (13) (13) 8,333 4,479 3, Volumes (2) (k tons) 3,6 2,215 1, , Q 212 4Q 213 (5) Margins ($/bbl) (35) (59) Worsened and negative Refining (1) Inland Refining EBITDA includes Logistics (2) Volumes relate to 1% of TOTALERG stake in Rome (1%) and Sarpom (24%) (1.1) 4Q 212 1Q 213 2Q 213 3Q 213 4Q 213 EMC MARGIN COASTAL REFINING MARGIN INLAND REFINING MARGIN (.3) (3.) Results Review 12

13 KEY FINANCIALS 13

14 PRO-FORMA REPLACEMENT COST P&L Euro millions 4Q 213 4Q RC Adjusted EBITDA (291) (242) Amortization and depreciation (76) (57) RC Adjusted EBIT 56 7 (88) (64) Net financial income (expenses) (23) (13) 4 () Net income (loss) from equity investments RC Results before taxes (1) (89) Income taxes (18) (34) RC Results for the period (56) (52) Minority interests (13) (14) RC Net profit 3 1 Note: figures based on NO GAAP measures Key Financials 14

15 ADJUSTED INVESTMENTS 238 ( mn) POWER & GAS RENEWABLES(1) REFINING & MARKETING (2) CORPORATE (4) 71 (3) (5) Q 212 4Q 213 (1) Renewables adjusted for LUKERG Renew (5%). (2) R&M adjusted for TOTALERG (51%). It does not include ISAB Srl as of September 212 (3) It includes investment for the acquisition of Tcherga wind farm (ca. 26mn) (4) It includes investments for the acquisition of Gebeleisis (ca. 55mn) and Hrabrovo (ca. 9mn) wind farms and ERG Renew O&M (ca. 1mn) (5) It includes investment for the acquisition of ERG Renew O&M (ca. 1mn) Key Financials 15

16 FY 213 ADJUSTED CASH FLOW STATEMENT 63 (6) 1 1,799 1,565 (426) (28) 1, (487) % 87 (46) % 27% Adj. Net Debt 31/12/212 Cash Flow from operation Working Capital CAPEX Financial Charges Taxes and Other Dividends ERG Wind Acquisition Gebeleisis & Hrabrovo Acquisition Eolo Disposal ERG Renew O&M Acquisition PUT Option on last 2% ISAB Adj. Net Debt 31/12/213 NFP 51% TotalErg and 5% LUKERG Renew Net Debt 31/12/213 reported Leverage Key Financials 16

17 214 GUIDANCE AND CONCLUSIONS LUCA BETTONTE CEO 17

18 214 GUIDANCE AND CONCLUSIONS > EBITDA: 437 (1) P&G EBITDA decrease from July 1, 214 following CIP6 early termination and sale of ISAB Energy plant 213 FCST E Like-for-like growth driven by Renewables and exit from Coastal Refining P&G RENEWABLES R&M CORPORATE CAPEX: 9 CAPEX consistent with Business Plan New Business Plan under definition 213 FCST 213 (2) 214 E 1,3 1,15 1,1 8 NFP: Positive effect on NFP from ISAB Energy transaction 213 FCST E LIQUIDITY PF OTHER AT MLT 214: a year of further transformation (1) Excluding EBITDA of ISAB Energy in 2H 213 ( 132mn) (2) Excluding 2% ISAB investments (ca. 21mn); including investments for Gebeleisis ( 55mn) and Hrabrovo ( 9mn) wind farms, and ERG Renew O&M ( 1mn) 18

19 APPENDIX 19

20 4Q 213 GROUP EBITDA (6) (13) ,292 4Q 212 Renewables Power & Gas Refining & Marketing Corporate 4Q 213 Ebitda growth driven by Renewables Appendix 2

21 4Q 213 ADJUSTED CASH FLOW STATEMENT 1,565 (114) (178) (426) 44% 1 (28) 1,15 34% 87 29% Adj. Net Debt 3/9/213 Cash Flow from operation Working Capital CAPEX Financial Charges Taxes and Other PUT Option on last 2% ISAB ERG Renew O&M Acquisition Adj. Net Debt 31/12/213 NFP 51% TotalErg and 5% LUKERG Renew Net Debt 31/12/213 reported Leverage Appendix 21

22 4Q AND FY 213 RESULTS Euro millions 4Q 213 4Q 212 1,368 12,457 Adjusted Revenues 2,843 2, RC EBITDA Adjusted Renewables Power & Gas (5) 21 - Refining & Marketing (2) 1 (3) (28) - Corporate (7) (9) Appendix 22

23 RENEWABLES: KEY FIGURES (1/2) Q 213 4Q 212 1, Installed capacity (end-period, MW) 1, of which: 1, Italy 1, n.a. - Germany 86 n.a France Bulgaria (1) n.a. - Romania (1) 76 n.a. 2,43 1,222 Electricity Production (GWh) of which: 2,1 1,72 - Italy n.a. - Germany 51 n.a France Bulgaria (1) n.a. - Romania (1) 34 n.a. (1) ERG s stake = 5% Appendix 23

24 RENEWABLES: KEY FIGURES (2/2) Euro millions 4Q 213 4Q 212 RC EBITDA: Italy n.a. Germany 4 n.a. 8 8 France LUKERG (1) 3 1 of which: Bulgaria (1) n.a. - Romania (1) 2 n.a Total RC EBITDA (126) (66) Depreciation (32) (18) RC EBIT 27 2 (1) ERG s stake = 5% Appendix 24

25 ISAB ENERGY: KEY FIGURES Q 213 4Q 212 4,142 4,77 Sales (Gwh) 923 1, Sales ( mn) RC EBITDA (Eu mn) RC EBIT (Eu mn) % 88% Net capacity utilization (%) 79% 89% CIP6 tariffs (Eu/MWh) EBITDA IT GAAP (Eu mn) Appendix 25

26 ERG POWER: KEY FIGURES Euro millions 4Q 213 4Q 212 2,663 2,92 Electricity Production (GWh) RC EBITDA (28) (27) Depreciation (7) (7) RC EBIT Appendix 26

27 INTEGRATED DOWNSTREAM: KEY FIGURES (1) Euro millions 4Q 213 4Q Adjusted RC EBITDA Marketing (9) (3) - Inland refining and logistics (3) (6) (59) Adjusted Depreciation (16) (14) (15) (6) Adjusted RC EBIT (5) (3) Investments % 11.2% TOTALERG retail market share (2) 11.5% 12.1%.8% 1.% EOS retail market share.7%.8% (1) Figures include 51% stake intotalerg and 1% EOS (2) Estimated market share referring to 1% of TOTALERG Appendix 27

28 COASTAL REFINING: KEY FIGURES (1) Euro millions 4Q 213 4Q Gross refining margin 1 21 (5) (32) Adjusted RC EBITDA (13) (1) (23) (38) Adjusted Depreciation (6) (6) (73) (7) Adjusted RC EBIT (19) (7) 14 (2) Investments (2) (1) Figures are adjusted for ERG s stake in ISAB Srl (4% from January to August 212, 2% afterwards) (2) Investments do not include 2% ISAB investments Appendix 28