Helleniq Energy Holdings S.a. · ATHEX:ELPE
Helleniq Energy — Hellenic Petroleum Holdings — Q1 2022 Earnings Presentation
42 slides from Helleniq Energy's earnings presentation, May 12, 2022
Slide 1: Results Presentation
Results | Presentation Athens, 12 May 2022 © HELLENIC PETROLEU
Slide 2: Contents
Contents * Executive Summary * Industry Environment * Group Results Overview * Business Units Performance * Financial Results > Q&A © HELLENIC PETROLEUM
Slide 3: 1Q22 Results Highlights
1Q22 RESULTS HIGHLIGHTS: Improved performance, on increased demand and higher benchmark margins, despite Elefsina shutdown; Energy crisis exacerbated impact on costs • Strong benchmark refining margins on demand pick-up; tighter product balances and prolongation of energy crisis (electricity and CO2
Slide 4: 1Q22 Group Key Financials
1Q22 GROUP KEY FINANCIALS FY € million, IFRS 1Q 2021 2021 2022 Δ% Income Statement 15,199 Sales Volume (MT'000) - Refining 3,403 3,292 -3% 4,283 Sales Volume (MT'000) - Marketing 1,005 1,475 47% 56 Power Volume Generated (GWh) - RES 10 43 9,222 Net Sales 1,722 2,803 63% Segmental EBITDA 155 - Refini
Slide 5: Contents
Contents * Executive Summary * Industry Environment * Group Results Overview * Business Units Performance * Financial Results > Q&A HELLENIC PETROLEUM
Slide 6: Industry Environment
INDUSTRY ENVIRONMENT Crude oil prices increased to an 8-year record following invasion in Ukraine; USD strengthens further Platts Dated Brent ($/bbl) and EUR/USD* 1Q21 1Q22 102 Brent 61 102 80 73 69 61 51 43 44 29 1.21 1.20 1.19 1.18 1Q21 1Q22 1.17 1.14 €/$ 1.21 1.12 1.12 1.10 1.10 1Q20 2Q20 3Q20 4Q
Slide 7: Industry Environment – Benchmark Margins, Spreads
INDUSTRY ENVIRONMENT – BENCHMARK MARGINS, SPREADS ULSD crack at all time high in March; benchmark margins revised reflecting mainly natgas market pricing formula (TTF based) from 1Q21; Urals pricing reset at Brent Dtd, effective March onwards Product Cracks* ($/bbl) $/bbl Med benchmark margins** ($/
Slide 8: Industry Environment
INDUSTRY ENVIRONMENT The Energy crisis deteriorates further, especially from March, with natgas and electricity prices up 4-5x vs LY EUA Prices (€/T) / SMP (€/MWh) / TTF Natgas Prices (€/MWh)* 1Q21 1Q22 242 SMP 55 242 229 124 1Q21 1Q22 TTF prices 18 101 101 97 83 73 1Q21 1Q22 69 EUA Prices 38 83 56
Slide 9: Domestic Market Environment
DOMESTIC MARKET ENVIRONMENT Auto fuels demand recovery continued, +17% vs 1Q21, while weather conditions led to increased HGO offtake Domestic Market demand* (MT ‘000) Δ% vs Δ% vs +16% 1Q21 1Q19 1,713 +25% +16% +7% 1,483 181 +11% -4% -9% LPG & Others 163 1,874 1,713 544 +15% -3% 1,558 1,618 1,483 1,
Slide 10: Contents
Contents * Executive Summary * Industry Environment * Group Results Overview * Business Units Performance * Financial Results > Q&A © HELLENIC PETROLEUM
Slide 11: Causal Track & Segmental Results Overview 1Q 2022
CAUSAL TRACK & SEGMENTAL RESULTS OVERVIEW 1Q 2022 Improved benchmark margins and operational performance, outweigh impact from Elefsina T/A and increased energy costs Adjusted EBITDA1 causal track 1Q22 vs 1Q21 (€m) Environment Performance 11 14 21 9 56 99 99 2 1 79 3 RES 64 28 Petchems 64 RES 1 30 M
Slide 12: Credit Facilities - Liquidity
CREDIT FACILITIES - LIQUIDITY Sufficient liquidity and headroom to manage additional working capital needs due to increased prices Gross Debt Sourcing (%) Committed Facilities Maturity Profile (€m) 18% 1,000 800 20% 600 62% 400 200 0 Banks (committed) Debt capital markets 2022 2023 2024 Banks (Bilat
Slide 13: Contents
Contents * Executive Summary * Industry Environment * Group Results Overview * Business Units Performance * Financial Results > Q&A © HELLENIC PETROLEUM
Slide 14: Refining, Supply & Trading
Refining, Supply & Trading 1Q22
Slide 15: Domestic Refining, Supply & Trading – Overview
DOMESTIC REFINING, SUPPLY & TRADING – OVERVIEW Strong benchmark margins, FX and improved domestic market volumes more than offset Elefsina T/A and higher energy costs FY IFRS FINANCIAL STATEMENTS 1Q 2021 € MILLION 2021 2022 Δ% KEY FINANCIALS - GREECE 15,183 Sales Volume (MT '000) 3,403 3,292 -3% 0 0
Slide 16: Domestic Refining, Supply & Trading – Elefsina T/A
DOMESTIC REFINING, SUPPLY & TRADING – ELEFSINA T/A 10 years anniversary T/A, with focus on improving operations and HS&Ε performance • Increased maintenance scope for main conversion units: - Health, Safety & Environment top priority - Extensive equipment inspection and key equipment maintenance sco
Slide 17: Domestic Refining, Supply & Trading – Operations
DOMESTIC REFINING, SUPPLY & TRADING – OPERATIONS Elefsina full T/A drives production and yields Gross Production by refinery (MT’000) -16% 4,233 4,129 4,011 4,062 3,961 3,652 3,718 Thessaloniki 3,392 760 3,129 Elefsina 886 1,086 357 Aspropyrgos 1,871 1,886 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q2
Slide 18: Domestic Refining, Supply & Trading – Sales
DOMESTIC REFINING, SUPPLY & TRADING – SALES Sales volume flat y-o-y on increased trading, partially offsetting reduced Elefsina production Sales* by market (MT’000) -3% 4,055 3,883 3,842 3,884 3,644 3,647 3,403 3,218 3,292 Exports 2,116 1,756 Aviation & 419 Bunkering 383 Domestic 1,117 904 1Q20 2Q20
Slide 19: Domestic Refining, Supply & Trading – Realised Refining Margin
DOMESTIC REFINING, SUPPLY & TRADING – REALISED REFINING MARGIN Stronger benchmarks, sales mix and supply optimisation led to higher realised margins HELPE realised vs benchmark* margin ($/bbl) Adj. EBITDA1 67 127 73 85 38 13 41 9 10 55 83 44 (€m) 11.8 10.1 Contango trades 8.6 8.7 9.0 8.2 7.5 6.6 6.8
Slide 20: Petrochemicals
Petrochemicals 1Q22 Business Units Performance
Slide 21: Petrochemicals
PETROCHEMICALS Normalization of global balances in 2022 bring PP margins and results more in line with previous years FY IFRS FINANCIAL STATEMENTS 1Q 2021 € MILLION 2021 2022 Δ% KEY FINANCIALS* 275 Volume (MT '000) 72 68 -5% 379 Net Sales 91 107 17% 131 Adjusted EBITDA1 36 28 -21% KEY INDICATORS 475
Slide 22: Fuels Marketing
Fuels Marketing 1Q22 Business Units Performance
Slide 23: Domestic Marketing
DOMESTIC MARKETING Increased sales volumes on demand recovery and market share gains FY IFRS FINANCIAL STATEMENTS 1Q 2021 € MILLION 2021 2022 Δ% KEY FINANCIALS - GREECE 3,366 Volume (MT '000) 674 806 20% 2,093 Net Sales 349 701 - 58 Adjusted EBITDA1 11 18 65% KEY INDICATORS 1,682 Petrol Stations 1,6
Slide 24: International Marketing
INTERNATIONAL MARKETING Higher sales volumes offset increased opex leading to improved 1Q22 profitability FY IFRS FINANCIAL STATEMENTS 1Q 2021 € MILLION 2021 2022 Δ% KEY FINANCIALS - INTERNATIONAL 916 Volume (MT '000) 331 437 32% 827 Net Sales 215 417 94% 1 68 Adjusted EBITDA 11 13 17% KEY INDICATOR
Slide 25: Renewables
Renewables 1Q22 Business Units Performance
Slide 26: Renewables
RENEWABLES Inclusion of new operating assets (Evia, Viotia) contributes to profitability; 204MW Kozani operational in April FY IFRS FINANCIAL STATEMENTS 1Q 2021 € MILLION 2021 2022 Δ% KEY FINANCIALS 56 Volumes Generated (GWh) 10 43 - 5 Net Sales 1 3 - 1 3 Adjusted EBITDA 1 3 - 260 Capital Employed3
Slide 27: Power & Gas
Power & Gas 1Q22 Business Units Performance
Slide 28: Power Generation: 50% stake in Elpedison
POWER GENERATION: 50% stake in Elpedison Improved performance on increased electricity demand and higher gas-fired generation participation in energy mix FY FINANCIAL STATEMENTS 1Q 2021 € MILLION 2021 2022 Δ% KEY FINANCIALS 3,726 Net production (GWh) 738 885 20% 1,349 Sales 221 688 - 94 EBITDA 23 46
Slide 29: Gas: 35% stake in DEPA
GAS: 35% stake in DEPA Commercial, Infrastructure & International Projects Lower contribution from DEPA Infra deconsolidation; transaction closing expected in 2Q22 FY FINANCIAL STATEMENTS 1Q 2021 € MILLION 2021 2022 Δ% KEY FINANCIALS 286 EBITDA * 43 18 -58% 191 Profit after tax * 32 13 -58% 68 Inclu
Slide 30: Contents
Contents * Executive Summary * Industry Environment * Group Results Overview * Business Units Performance * Financial Results > Q&A HELLENIC PETROLEUM
Slide 31: 1Q22 Financial Results – Group Profit & Loss Account
1Q22 FINANCIAL RESULTS GROUP PROFIT & LOSS ACCOUNT FY IFRS FINANCIAL STATEMENTS 1Q 2021 € MILLION 2021 2022 Δ% 9,222 Sales 1,722 2,803 63% -8,346 Cost of sales -1,426 -2,258 -58% 876 Gross profit 297 545 84% -482 Selling, distribution, administrative & exploration expenses -103 -125 -22% 6 Other ope
Slide 32: 1Q22 Financial Results – Reported vs Adjusted EBITDA
1Q22 FINANCIAL RESULTS REPORTED VS ADJUSTED EBITDA FY (€ million) 1Q 2021 2021 2022 657 Reported EBITDA 258 501 -308 Inventory effect - Loss/(Gain) -122 -267 52 One-offs / Special items - Loss / (Gain) 3 17 - Accrual of CO2 emission deficit* -75 -153 1 401 Adjusted EBITDA 64 99 (*) A provision for C
Slide 33: 1Q22 Financial Results – Group Balance Sheet
1Q22 FINANCIAL RESULTS GROUP BALANCE SHEET IFRS FINANCIAL STATEMENTS FY 1Q € MILLION 2021 2022 Non-current assets Tangible and Intangible assets 3,713 3,743 Right of use assets 228 223 Investments in affiliated companies 314 340 Other non-current assets 150 159 4,406 4,465 Current assets Inventories
Slide 34: 1Q22 Financial Results – Group Cash Flow
1Q22 FINANCIAL RESULTS GROUP CASH FLOW FY IFRS FINANCIAL STATEMENTS 1Q 2021 € MILLION 2021 2022 Cash flows from operating activities 262 Cash generated from operations -518 -278 8 Income and other taxes paid - -2 270 Net cash (used in) / generated from operating activities -518 -280 Cash flows from
Slide 35: Segmental Analysis – I
1Q22 FINANCIAL RESULTS SEGMENTAL ANALYSIS – I FY 1Q 2021 € million, IFRS 2021 2022 Δ% Reported EBITDA 425 Refining, Supply & Trading 203 442 - 130 Petrochemicals 36 28 -22% 117 Marketing 23 37 58% 0 RES 1 3 - 672 Core Business 263 509 94% -15 Other (incl. E&P) -4 -9 - 657 Total 258 501 94% 147 Assoc
Slide 36: Segmental Analysis – II
1Q22 FINANCIAL RESULTS SEGMENTAL ANALYSIS – II FY 1Q 2021 € million, IFRS 2021 2022 Δ% Volumes (M/T'000) 15,199 Refining, Supply & Trading 3,403 3,292 -3% 275 Petrochemicals 72 68 -5% 4,283 Marketing 1,005 1,243 24% 56 RES 10 43 - Sales 8,079 Refining, Supply & Trading 1,489 2,507 68% 379 Petrochemi
Slide 37: Contents
Contents * Executive Summary * Industry Environment * Group Results Overview * Business Units Performance * Financial Results > Q&A HELLENIC PETROLEUM
Slide 38: Notes
NOTES 1. Calculated as Reported less the Inventory effect and other non-operating items, as well as the impact of quarterly accrual for estimated CO2 net deficit*. OKTA figures reclassified from RST to International Marketing (including comparatives for 2021). 2. Includes 35% share of operating prof
Slide 39: Alternative performance measures (not defined under IFRS)
Alternative performance measures (not defined under IFRS) • Reported EBITDA Reported EBITDA is defined as earnings/(loss) before interest, taxes, depreciation and amortisation, and is calculated by adding back depreciation and amortization to operating profit. • Adjusted EBITDA Adjusted EBITDA is de
Slide 40: Glossary (1/2)
Glossary (1/2) AGM Annual General Meeting BBL Barrel BPD Barrels per day BOPP Biaxially Oriented Polypropylene BU Business Units CAPEX Capital Expenditure CDU Crude Oil Distillation Unit C&I Commercial & Industrial CCGT Combined Cycle Gas Turbines CCS Carbon Capture and Storage CSR Corporate Social
Slide 41: Glossary (2/2)
Glossary (2/2) KT Kilo Tones LNG Liquified Natural Gas LPG Liquified Petroleum Gas LS Low Sulfur LSFO Low Sulfur Fuel Oil M&A Mergers & Acquisitions MD Middle Distilates MGO Marine Gasoil MOGAS Motor Gasoline MT Metric Tones MW Megawatt NG Natural Gas OPEX Operating Expenses PetChem Petrochemical PP
Slide 42: Disclaimer
DISCLAIMER Forward looking statements HELLENIC PETROLEUM Holdings does 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
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