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SECOND QUARTER 2014 RESULTS7 AUGUST 2014
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.
3
AGENDA
2Q 2014 Highlights✓ Key Figures✓ Recent Developments in 2Q 2014
Results Review✓ Business Environment✓ 2Q 2014 Group EBITDA✓ Results by Segments
Key Financials✓ Profit & Loss✓ Investments ✓ Cash Flow Statement
2014 Guidance and ConclusionsAppendix
4
RC Ebitda Adj (€ mn)
HIGHLIGHTS: KEY FIGURESRC Net Profit (€ mn)
Strong growth in Net Profit
POWER
RENEWABLES
INTEGRATED DOWNSTREAM
CORPORATE
293
175
149
(16)(16)
58
(14)(9)
1H 20132Q 2014
1H 2014 2Q 2013
120147
150
(14)17
6385
63
12(6)
1H 20132Q 2014
25
(2)
1H 2014 2Q 2013
Highlights
Leverage
DERIVATIVES
ADJ. NFP EXCL. DERIVATIVES
34%
41%
1,234
30/06/2014
1,058
176
868
147
31/12/2013
1,015
300
132
63
20
Adj NFP (€ mn)
5
RECENT DEVELOPMENTS
✓Acquisition of a wind farm project in Poland (42MW) which will enter into operation by 1H 2015
✓ Finalisation of 3 project financing for a total of €167mn for Gebeleisis and Topolog wind farms in Romania and Palazzo San Gervasio wind farm in Italy
✓Completion of ISAB Energy transaction:
- Antitrust Authority approval
- GSE’s acceptance of CIP6 early termination from July, 1
- Acquistion of 49% minority in ISAB Energy from GDF-SUEZ on June, 16
- Sale of IGCC production plant to LUKOIL on June, 30
- Overall estimated net cash-in of about €300mn (positive impact on 2H14)
Highlights
6
RESULTS REVIEW
CFO
PAOLO MERLI
7
BUSINESS ENVIRONMENT
2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014
ITALIAN PRICE ZONAL PRICE SICILY CIP6
Electricity Prices (€/MWh)
115
9886
57
Results Review
2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014
Renewables: Electricity Prices (€/MWh)
148144
90 9197 96
(1) Italian price is theoretical price based on National Average Electricity Price (PUN) + GC
94
79
FRANCE ITALY BULGARIA GERMANY ROMANIA(1)
71
47
95
2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014
Industry Retail Fuels Volumes (M tons)
5.725.62
2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014
EMC Margin ($/bbl)
(1.04)
(2.3)
97
8
1,292
2Q 2013
120 5 26(22)3
PowerRenewables Integrated Downstream Corporate 2Q 2014
132
2Q 2014 GROUP EBITDA
Growth driven by exit from Coastal Refining and Renewables
Results Review
9
RC Ebitda (€ mn)
RENEWABLES RESULTS
1,400
Volumes (GWh)
2
139
Results Review
4
(1) LUKERG: ERG ‘s stake = 50% in Bulgaria and Romania
5
ERG Wind
29
700
ERG Wind
590
27
516
32286
ERG Wind
150
58
54
2
ERG Wind
78
ITALY FRANCE LUKERG(1)GERMANY
65
12
76
31
0.62
1,231
2Q 2013
1H 2013
2Q 2014
1H 2014
2Q 2013
1H 2013
2Q 2014
1H 2014
Weaker production in Italy, higher abroad
1,408
1,128
131
7277
491
29
5725
60268
ERG Wind
247
ERG Wind
149
63
7
131
57
57
23 1
623
ERG Wind
26
ERG Wind
10
RC Ebitda (€ mn)
POWER RESULTS
Volumes (GWh)
Weaker results due to decline of CIP6 tariff
and weaker merchant environmentResults Review
5347
28
19
122
100
57
45
ERG POWERISAB ENERGY
147
85
1H 2013
2Q 2013
1H 2014
2Q 2014
175
63
3,227
1H 2013
2Q 2013
3,423
1,6171,630
1H 2014
2Q 2014
2,042
1,185
1,032
585
2,109
1,3141,037
592
(12) (9) (8) (5)
3 2
21
(16)
17
(14)
12
(27) (21)
21 21
2
1315
11
RC Ebitda (€ mn)
INTEGRATED DOWNSTREAM RESULTS
TOTALERG Market Share (%)
Exit from Coastal Refining and higher contribution from TotalErg
11.4%
10.7%
Results Review
RC Ebitda (€ mn)
4Q 20132Q 2013 3Q 2013 1Q 2014 2Q 2014
Refining: processed Volumes(2) (k tons)
670 683328 316
1,028
555
1,698
883
(1) TOTALERG Refining EBITDA includes Logistics(2) Volumes relate to 100% of TOTALERG stake in Sarpom (24%)
TOTALERG REFININGCOASTAL REFINING
TOTAL INTEGRATED DOWNSTREAMTOTALERG MARKETINGTOTALERG REFININGEOSERG SUPPLY & TRADINGCOASTAL REFINING
(1)
1H 20132Q 2013
1H 20142Q 2014
1H 20132Q 20131H 2014
2Q 2014
316
683
12
KEY FINANCIALS
13
PRO-FORMA REPLACEMENT COST P&L
Note: figures based on NO GAAP measures
Key Financials
1H 2014 1H 2013 Euro millions 2Q 2014 2Q 2013
300 293 RC Adjusted EBITDA 132 120
(129) (143) Amortization and depreciation (66) (73)
170 150 RC Adjusted EBIT 66 47
(34) (47) Net financial income (expenses) (19) (23)
3 3 Net income (loss) from equity investments 2 2
138 106 RC Results before taxes 49 27
(50) (55) Income taxes (19) (17)
88 52 RC Results for the period 30 10
(25) (27) Minority interests (10) (12)
63 25 RC Net profit 20 (2)
14
ADJUSTED INVESTMENTS
Key Financials
CORPORATEINTEGRATED DOWNSTREAMRENEWABLESPOWER
(2)(1)
17 1611 10
75
13
64
4
10
7
6
4
37
1H 20132Q 2013
(€ mn)
1H 20142Q 2014
102
82
1 1
(3)
(3)
(1) Renewables adjusted for LUKERG Renew (50%).(2) Integrated Downstream adjusted for TOTALERG (51%).(3) It includes investment for the acquisition of Gebeleisis (ca. €55mn)
19
0.4 0.5
15
1,510
33%
41%
37%
Adj. Net Debt
31/03/2014
Cash Flowfrom operation
WorkingCapital CAPEX Financial
Charges
Adj. Net Debt
30/06/2014
NFP 51% TotalErg and
50% LUKERG Renew
Net Debt30/06/2014reported
Leverage
2Q 2014 ADJUSTED CASH FLOW STATEMENT
(26)
(193)
0
Taxesand Other
Key Financials
Dividends Acquisition 49% IE/IES
(112)1,799
1,048
19 19143
Disposal of IE plant to
ISAB
1,234
1,041
32
(43)
153
16
2014 GUIDANCE AND CONCLUSIONS
CEO
LUCA BETTONTE
17
300
1H 2014
2014 GUIDANCE AND CONCLUSIONS
2014 FCST
37
LIQUIDITY PF OTHER AT MLT
1,234
RENEWABLES CORPORATEIDPOWER
1H 20142014 FCST
1H 20142014 FCST
EBITDA:
CAPEX:
NFP:
✓P&G EBITDA decrease from July 1, 2014 after CIP6 early
termination and sale of ISAB Energy plant
✓Like-for-like growth driven by Renewables and exit from
Coastal Refining
✓CAPEX consistent with 2013-2015 Business Plan
✓New Business Plan under definition
✓Guidance updated to include Poland wind farm investment
✓Positive effect on NFP in 2H from ISAB Energy transaction
2014: a year of further transformation
≈470
≈110
≈800
18
APPENDIX
19
1,292
1H 2013
293 (1) (28)33 3
PowerRenewables Corporate 1H 2014
300
1H 2014 GROUP EBITDA
Ebitda growth driven by significant improvement in ID
Appendix
Integrated Downstream
20
1,234
34%
41%
37%
Adj. Net Debt
31/12/2013
Cash Flowfrom operation
WorkingCapital
CAPEX Financial Charges
Adj. Net Debt
30/06/2014
NFP 51% TotalErg and
50% LUKERG Renew
Net Debt30/06/2014reported
Leverage
1H 2014 ADJUSTED CASH FLOW STATEMENT
(193)
0
Capital Increase
DividendsAcquisition 49% IE/IES
(258)
1,799
1,015
37 35143
Disposal IE plant to
ISAB
1,234
1,041
122
153
Appendix
(50)
Dividends to
minorities
Taxesand Other
42
22
(26)
21
1H AND 2Q 2014 RESULTS
Appendix
1H 2014 1H 2013 Euro millions 2Q 2014 2Q 2013
2,086 4,763 Adjusted Revenues 1,048 2,469
300 293 RC EBITDA Adjusted 132 120
149 150 - Renewables 63 58
147 175 - Power 63 85
17 (16) - Integrated Downstream 12 (14)
(14) (16) - Corporate (6) (9)
22
1H 2014 1H 2013 2Q 2014 2Q 2013
1,341 1,232 Installed capacity (end-period, MW) 1,341 1,232
of which:
1,087 1,062 - Italy 1,087 1,062
86 86 - Germany 86 86
64 64 - France 64 64
27 20 - Bulgaria (1) 27 20
77 n.a. - Romania (1) 77 n.a.
1,408 1,400 Electricity Production (GWh) 602 590
of which:
1,128 1,231 - Italy 491 516
77 76 - Germany 29 32
72 65 - France 25 31
32 27 - Bulgaria (1) 14 12
99 n.a. - Romania (1) 43 n.a.
RENEWABLES: KEY FIGURES (1/2)
Appendix(1) ERG ‘s stake = 50%
23
1H 2014 1H 2013 Euro millions 2Q 2014 2Q 2013
RC EBITDA:
131 139 Italy 57 54
7 5 Germany 3 2
5 4 France 1 2
7 2 LUKERG (1) 3 1
of which:
2 2 - Bulgaria (1) 1 1
5 n.a. - Romania (1) 2 n.a.
149 150 Total RC EBITDA 63 58
(65) (63) Depreciation (33) (32)
84 87 RC EBIT 30 26
Appendix(1) ERG ‘s stake = 50%
RENEWABLES: KEY FIGURES (2/2)
24
ISAB ENERGY: KEY FIGURES
Appendix
1H 2014 1H 2013 2Q 2014 2Q 2013
2,042 2,109 Sales (GWh) 1,032 1,037
653 313 Sales (€ mn) 510 152
100 122 RC EBITDA (€ mn) 45 57
75 97 RC EBIT (€ mn) 32 45
89% 92% Net capacity utilization (%) 89% 90%
98 115 CIP6 tariffs (€/MWh) 98 115
58 79 EBITDA IT GAAP (€ mn) 23 36
25
ERG POWER: KEY FIGURES
Appendix
1H 2014 1H 2013 Euro millions 2Q 2014 2Q 2013
1,185 1,314 Electricity Production (GWh) 585 592
47 53 RC EBITDA 19 28
(14) (14) Depreciation (7) (7)
33 39 RC EBIT 12 21
26
INTEGRATED DOWNSTREAM: KEY FIGURES
Appendix
(1) Estimated market share referring to 100% of TOTALERG
1H 2014 1H 2013 Euro millions 2Q 2014 2Q 2013
17 (16) Adjusted RC EBITDA 12 (14)
13 9 - TOTALERG (51%) 10 5
2 3 - ERG Oil Sicilia 1 2
2 n.a. - ERG Supply & Trading 0 n.a.
n.a. (27) - Coastal Refining n.a. (21)
(24) (41) Adjusted Depreciation (12) (22)
(7) (56) Adjusted RC EBIT (0) (36)
16 17 Investments 10 11
10.9% 11.3% TOTALERG retail market share(1) 10.7% 11.4%
27
1H 2014 1H 2013 Euro millions 2Q 2014 2Q 2013
13 75 Renewables 4 64
7 10 Power 4 6
16 17 Integrated Downstream(3) 10 11
1 1 Corporate 0 0
37 102 Adjusted Total 19 82
INVESTMENTS
(1) It includes investment for the acquisition of Gebeleisis (ca. €55mn)(2) It includes ERG quota of investments made by LUKERG Renew(3) It includes ERG quota of investments made by TOTALERG
(1) (2)
Appendix
(1)