Upload
erg-spa
View
595
Download
6
Embed Size (px)
DESCRIPTION
Citation preview
THIRD QUARTER 2013 RESULTS13 NOVEMBER 2013
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
3Q 2013 Highlights✓ Key Figures✓ Recent Developments
Results Review✓ Business Environment✓ 3Q 2013 Group EBITDA✓ Results by Segments
Key Financials✓ Profit & Loss✓ Investments ✓ Cash Flow Statement
2013 Guidance and ConclusionsAppendix
4
RC Ebitda Adj (€mn)
HIGHLIGHTS: KEY FIGURES
27%
44%
Leverage
RC Net Profit (€ mn)
Strong Renewables and Power, weak R&M
POWER & GAS
RENEWABLES
REFINING & MARKETING
CORPORATE
722
1,565
030/09/2013
DERIVATIVESNFP EXCL. DERIVATIVES1,398
(1) Adjusted Net Financial Position does not include NFP of ISAB Srl
167
638
84
31/12/2012
(1)
330
437
0
239
100
10(19)
2624(5)
9M 20123Q 2013
9M 2013 3Q 2012
125 143
275
186
(22)(2)
80100
3613(6)
9M 20123Q 2013
3
0
36
12 11
9M 2013 3Q 2012
Highlights
5
RECENT DEVELOPMENTS
• Gebeleisis wind farm (70MW) in Romania consolidated as of July 1, 2013
• On September 5, 2013: closing for Hrabrovo wind farm (14MW) in Bulgaria (EV: €17.6mn)
• On October 31, 2013: closing for acquisition of ERG Wind O&M activities (EV: €10mn)
• On October 9, 2013 ERG approved the exercise of the PUT option on the remaining 20% of ISAB Refinery
• Asset value: €400mn excluding inventories
• Closing expected by end of 2013
Refining
Highlights
Renewables
Further step in geographical diversification and integration of O&M activities to manage wind farms
Invested capital reallocated towards less volatile sectors with visible cash flows
6
RESULTS REVIEW
FINANCE DIRECTOR
PAOLO MERLI
FRANCE ITALY BULGARIA GERMANY ROMANIA(1)
7
BUSINESS ENVIRONMENT
3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013
ITALIAN PRICE ZONAL PRICE SICILY CIP6
Electricity Prices (€/Mwh)
119116
105103
82
66
3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013
EMC Margin ($/bbl)
2.29
(3.45)
3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013
Industry Retail Fuels Volumes (M tons)
6.13
5.89
Results Review
3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013
Renewables: Electricity Prices (€/Mwh)159
155
8990
96 96
(1) Italian price is theoretical price based on National Average Electricity Price (PUN) + GC(2) Price in Romania is based on ERG Renew average price which includes two GCs. Second GC will be cashed in from 2018 onwards
95
9495
(2)
8
1,292
3Q 2012
0
12510
(11)20(1)
Power & GasRenewables Refining & Marketing Corporate 3Q 2013
143
3Q 2013 GROUP EBITDA
Ebitda growth driven by Renewables and Power
Results Review
9
RC Ebitda (€ mn)
RENEWABLES RESULTS
1,809
243
Volumes (Gwh)
Strong growth driven by ERG Wind
100
26
4
170
0
0
Results Review
3Q 2012
9M 2012
5
23
(1) LUKERG: ERG ‘s stake = 50% in Bulgaria and Romania
60
7
94
585
ERG Wind
14
870ERG Wind
3Q 2013
409
20
873
84
9M 2013
779
1,561
211330
170ERG Wind
3Q 2012
9M 2012
3Q 2013
9M 2013
186
36
25 31
11
2
ERG Wind
92
0.6
0.6
ITALY FRANCE LUKERG(1)GERMANY
9
9
32
103
27
2
10
RC Ebitda (€ mn)
POWER RESULTS
Volumes (Gwh)
Strong figures in Power
Results Review
63 80
16 27
177195
6473
ERG POWERISAB ENERGY
239
100
0
9M 2012
3Q 2012
9M 2013
3Q 2013
275
80
5,231
9M 2012
3Q 2012
0
5,213
1,8341,790
9M 2013
3Q 2013
3,039
2,192
3,219
1,994 1,061
773
1,109
681
115
3 3
31 39
8
18
11
RC Ebitda (€ mn)
MARKETING RESULTS
2Q 2013
EOS TOTALERG
Market Share (%)
Q3 improved despite a still tough environment
3Q 2012 4Q 2012 1Q 2013
10.1%11.2%
1.0% 0.8%
Results Review
RC Ebitda (€ mn)
4442
0
3Q 2013
EOSTOTALERG
9M 20123Q 20129M 2013
3Q 2013
20
11
12
RC Ebitda (€ mn)
REFINING RESULTS: COASTAL AND INLAND
3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013
Margins ($/bbl)
3.00
4.14
(3.45)
1.82
Volumes(2) (k tons)
Worsened and negative Refining(1) Inland Refining EBITDA includes Logistics(2) Volumes relate to 100% of TOTALERG stake in Rome (100%) and Sarpom (24%)
Results Review
EMC MARGIN
COASTAL REFINING MARGIN
INLAND REFINING MARGIN
0.52
2.29
3,469
1,009 1,153340
3,801
1,668 1,147
640
7,270
2,677
9M 2012 9M 20130
3Q 2012 3Q 2013
2,300
980
INLAND REFININGCOASTAL REFINING
(32)
(47)
(10)
(37)
9
5
0
9M 20123Q 2012
9M 20133Q 2013
0.3
(32)
2
(9)
13
(7)
(1)
13
KEY FINANCIALS
14
PRO-FORMA REPLACEMENT COST P&L
Note: figures based on NO GAAP measures
Key Financials
9M 2013 9M 2012 Euro millions 3Q 2013 3Q 2012
437 330 RC Adjusted EBITDA 143 125
(215) (184) Amortization and depreciation (72) (61)
221 146 RC Adjusted EBIT 71 64
(64) (51) Net financial income (expenses) (17) (15)
4 (1) Net income (loss) from equity investments 1 (1)
161 94 RC Results before taxes 55 47
(82) (54) Income taxes (28) (22)
79 40 RC Results for the period 27 26
(43) (38) Minority interests (17) (14)
36 3 RC Net profit 11 12
15
ADJUSTED INVESTMENTS
(1) Renewables adjusted for LUKERG Renew (50%). (2) R&M adjusted for TOTALERG (51%). It does not include ISAB Srl as of September 2012(3) It includes investment for the acquisition of Tcherga (ca. €26mn)(4) It includes investment for the acquisition of Gebeleisis (ca. €55mn) and Hrabrovo (ca. €9mn)(5) It includes investment for the acquisition of Hrabrovo (ca. €9mn)
Key Financials
CORPORATEREFINING & MARKETINGRENEWABLESPOWER & GAS
(2)(1)
3827
13 10
54
119
7
45
20
15
9
5
CORPORATEREFINING & MARKETINGRENEWABLESPOWER & GAS
113
29
9M 20123Q 2012
(€ mn)
0
9M 20133Q 2013
162
60
0.7 1 0.2 0.3
(3)
(5)
(4)
16
1,510
27%
44%
39%
Adj. Net Debt
31/12/2012
Cash Flowfrom operation
WorkingCapital
CAPEX Financial Charges
Adj. Net Debt
30/09/2013
NFP 51% TotalErg and
50% LUKERG Renew
Net Debt30/09/2013reported
Leverage
9M 2013 ADJUSTED CASH FLOW STATEMENT
(276)
0
Taxesand Other
800
Dividends ERG Wind Acquisition
(373)
1,799
722
132
64
68
Gebeleisis & Hrabrovo
Acquisition
1,565
1,289
98
(6)63
722
Eolo Disposal
(4)
Key Financials
17
2013 GUIDANCE AND CONCLUSIONS
CEO
LUCA BETTONTE
18
437
9M 2013
2013 GUIDANCE AND CONCLUSIONS
2013 FCST
162
2013 FCST(2)
9M 2013 2013 FCST(3)
LIQUIDITY PF OTHER AT MLT
1,565 ≈1,300
EBITDA:
CAPEX:
NFP:
Strong growth consistent with new business model
RENEWABLES CORPORATER&MP&G
0
0
0
✓Economic guidance confirmed after 9M results
✓FY Capex guidance confirmed
✓For 3M focus will be in Renewables: advancement in Romania
and in Palazzo San Gervasio wind farm construction
✓Guidance confirmed
9M 2013(1)
≈220
(1) It does not include 20% ISAB investments (ca. €16mn); it includes €55mn for Gebeleisis in Romania, and €9mn for Hrabrovo in Bulgaria (2) It includes M&A investments in Renewables: €55mn for Gebeleisis in Romania, €9mn for Hrabrovo in Bulgaria and €10mn for ERG Wind O&M activities (3) It assumes closing of put on ISAB refinery within 31.12.2013
>500
19
APPENDIX
20
1,292
9M 2012
0
330
8636 (13)
(3)
Power & GasRenewables Refining & Marketing Corporate 9M 2013
437
9M 2013 GROUP EBITDA
Ebitda growth driven by Renewables and improvement in R&M
Appendix
9
21
1,28943%
44%
39%
Adj. Net Debt
30/06/2013
Cash Flowfrom operation
WorkingCapital
CAPEX Financial Charges
Adj. Net Debt
30/09/2013
NFP 51% TotalErg and
50% LUKERG Renew
Net Debt30/09/2013reported
Leverage
3Q 2013 ADJUSTED CASH FLOW STATEMENT
(276)
0
Taxesand Other
141
Eolo Disposal
(121)
1,565
1,462
51
Hrabrovo Acquisition
1,462
1,233
17 (6) 11
Appendix
22
3Q AND 9M 2013 RESULTS
Appendix
9M 2013 9M 2012 Euro millions 3Q 2013 3Q 2012
7,525 9,811 Adjusted Revenues 2,762 3,184
437 330 RC EBITDA Adjusted 143 125
186 100 - Renewables 36 26
275 239 - Power & Gas 100 80
(2) 10 - Refining & Marketing 13 24
(22) (19) - Corporate (6) (5)
23
9M 2013 9M 2012 3Q 2013 3Q 2012
1,265 572 Installed capacity (end-period, MW) 1,265 572
of which:
1,053 487 - Italy 1,053 487
86 n.a. - Germany 86 n.a.
64 64 - France 64 64
27 20 - Bulgaria (1) 27 20
35 n.a. - Romania (1) 35 n.a.
1,809 873 Electricity Production (GWh) 409 243
of which:
1,561 779 - Italy 330 211
103 n.a. - Germany 27 n.a.
84 85 - France 20 23
40 9 - Bulgaria (1) 12 9
21 n.a. - Romania (1) 21 n.a.
RENEWABLES: KEY FIGURES (1/2)
Appendix(1) ERG ‘s stake = 50%
24
9M 2013 9M 2012 Euro millions 3Q 2013 3Q 2012
RC EBITDA:
170 94 Italy 31 25
7 n.a. Germany 2 n.a.
5 5 France 1 1
4 1 LUKERG (1) 2 1
of which:
3 1 - Bulgaria (1) 1 1
1 n.a. - Romania (1) 1 n.a.
186 100 Total RC EBITDA 36 26
(94) (48) Depreciation (31) (17)
92 52 RC EBIT 5 10
Appendix(1) ERG ‘s stake = 50%
RENEWABLES: KEY FIGURES (2/2)
25
ISAB ENERGY: KEY FIGURES
Appendix
9M 2013 9M 2012 3Q 2013 3Q 2012
3,219 3,039 Sales (Gwh) 1,109 1,061
481 468 Sales (€ mn) 169 166
195 177 RC EBITDA (Eu mn) 73 64
158 140 RC EBIT (Eu mn) 61 52
92% 88% Net capacity utilization (%) 95% 91%
116 119 CIP6 tariffs (Eu/MWh) 116 119
128 106 EBITDA IT GAAP (Eu mn) 49 41
26
ERG POWER: KEY FIGURES
Appendix
9M 2013 9M 2012 Euro millions 3Q 2013 3Q 2012
1,994 2,192 Electricity Production (GWh) 681 773
80 63 RC EBITDA 27 16
(21) (20) Depreciation (7) (7)
59 43 RC EBIT 20 9
27
INTEGRATED DOWNSTREAM: KEY FIGURES(1)
Appendix
(1) Figures include 51% stake inTOTALERG and 100% EOS(2) Estimated market share referring to 100% of TOTALERG
9M 2013 9M 2012 Euro millions 3Q 2013 3Q 2012
34 42 Adjusted RC EBITDA 23 19
44 42 - Marketing 20 10
(10) 0 - Inland refining and logistics 2 9
(44) (46) Adjusted Depreciation (15) (15)
(10) (4) Adjusted RC EBIT 8 4
27 25 Investments 10 10
11.3% 10.9% TOTALERG retail market share(2) 11.2% 10.1%
0.9% 1.0% EOS retail market share 0.8% 1.0%
28
COASTAL REFINING: KEY FIGURES(1)
Appendix
(1) Figures are adjusted for ERG’s stake in ISAB Srl (40% from January to August 2012, 20% afterwards)(2) Investments do not include 20% ISAB investments
9M 2013 9M 2012 Euro millions 3Q 2013 3Q 2012
25 86 Gross refining margin 13 41
(37) (32) Adjusted RC EBITDA (9) 5
(17) (32) Adjusted Depreciation (6) (10)
(54) (64) Adjusted RC EBIT (15) (5)
0 14 Investments(2) 0 3