Helleniq Energy Holdings S.a. · ATHEX:ELPE
Helleniq Energy — Q1 2023 Earnings Presentation
48 slides from Helleniq Energy's earnings presentation, May 18, 2023
Slide 1: Results Presentation 1Q 23
Results Presentation 1Q 23 Athens, 18 May 2023
Slide 2: Contents
Contents Highlights Transformation Agenda Market Financial Statements Group Performance Business Segments Summary 2
Slide 3: Highlights
&™ HELLENIA Se le ENERGY Highlights
Slide 4: 1Q23 Highlights
1Q23 Highlights A strong 1st Quarter on the back of positive refining economics and improved refinery operations Market Operations Financials Transformation • Positive refining environment, with • Refineries’ production and sales • €404m Adjusted EBITDA, 4x • 341 MW operating RES strong benchmark ma
Slide 5: Transformation Agenda
&™ HELLENIA Se le ENERGY Transformation Agenda
Slide 6: Transformation Agenda
Transformation Agenda Successfully completed first phase of transformation – Focus on maintaining change momentum and develop profitable RES capacity and decarbonization projects 2021 - 2022 2023 CCS at Elefsina hydrogen unit targeting 550k tons RES: 341 MW in operation by end of 2022 - CO2 abatemen
Slide 7: Market
&™ HELLENIA Se le ENERGY Market
Slide 8: Industry Environment – Crude Oil and FX
Industry Environment – Crude Oil and FX Crude oil prices dropped further q-o-q, while EUR strengthened vs the USD Platts Dated Brent ($/bbl, EUR/bbl) * 120 114 Brent ($/bbl) 2022 2023 Δ 102 101 1Q 102 81 -21% 100 107 89 80 100 81 $/bbl 80 69 73 91 61 87 Brent (€/bbl) 2022 2023 Δ 60 76 €/bbl 70 1Q 91
Slide 9: Industry Environment – Benchmark Margins, Spreads
Industry Environment – Benchmark Margins, Spreads Weaker middle distillates cracks drove lower benchmark margins q-o-q, albeit significantly higher y-o-y Product Cracks* ($/bbl) Med benchmark margins** ($/bbl) $/bbl $/bbl 2022 2023 40 ULSD ULSD 19 31 FCC 30 21.4 20 $/bbl 2022 2023 10 Gasoline Gasoli
Slide 10: Industry Environment – Energy Prices
Industry Environment – Energy Prices European natgas and electricity prices’ gradual normalization continued in 1Q23, however remain higher than pre-crisis; EUA prices close to €90/T TTF Natgas Price / EUA Price / Electricity Price * 424 452 358 Electricity Price 2022 2023 Δ (€/MWh) 276 275 1Q 241 1
Slide 11: Domestic Market Environment – 1Q23
Domestic Market Environment – 1Q23 Except for weather-driven HGO, Greek market grows on strong GDP performance Domestic Market Demand* (MT ‘000) Aviation Demand (MT ‘000) Bunkers Demand (MT ‘000) +25% -2% -7% Δ% vs 1,733 1Q22 114 595 582 1,620 182 207 +14% 135 91 146 554 -34% 366 558 588 +5% 460 436
Slide 12: Group Performance
&™ HELLENIA Se le ENERGY Group Performance
Slide 13: 1Q23 Group Key Financials
1Q23 Group Key Financials FY LTM € million, IFRS 1Q 1Q 2022 1Q 2022 2023 Δ% Income Statement 14,284 14,680 Sales Volume (MT'000) - Refining 3,292 3,688 12% 5,933 5,918 Sales Volume (MT'000) - Marketing 1,243 1,228 -1% 472 592 Power Volume Generated (GWh) - RES 43 163 14,508 14,818 Net Sales 2,803 3,
Slide 14: Causal Track & Segmental Results Overview – 1Q23
Causal Track & Segmental Results Overview – 1Q23 Positive industry backdrop (margins, FX), strong refining performance and higher exports led to improved operational profitability in 1Q23 Adjusted EBITDA causal track 1Q23 vs 1Q22 (€m) Environment Performance 404 7 4 10 4 15 17 93 -16 -17 23 207 366
Slide 15: Credit Facilities & Liquidity
Credit Facilities & Liquidity Funding costs affected by base rates increase, partly offset by balance sheet deleverage and reduced spreads Gross Debt Sourcing1, % Committed Facilities Maturity Profile1 (€m) 1,000 4% Banks (committed) 800 25% Banks (bilaterals) 600 Banks Debt Capital Markets Project
Slide 16: Business Segments
&™ HELLENIA Se le ENERGY Business Segments
Slide 17: Refining, Supply & Trading 1Q23
Refining, Supply & Trading 1Q23 Business Units Performance
Slide 18: Domestic Refining, Supply & Trading - Overview
Domestic Refining, Supply & Trading - Overview Higher utilization and exports contribution drive profitability; opex continue to be higher on energy and CO2 costs FY IFRS FINANCIAL STATEMENTS 1Q 1Q 2022 € MILLION 2022 2023 Δ% KEY FINANCIALS - GREECE 12,955 Net Production (MT '000) 2,798 3,603 29% 14
Slide 19: Domestic Refining, Supply & Trading – Operations
Domestic Refining, Supply & Trading – Operations Normal operations at Elefsina (vs shut-down in 1Q22) drives increased output (+27% y-o-y) and white product yields Gross Production by refinery (MT’000) +27% 4,062 4,129 3,961 3,841 3,975 3,718 3,755 3,548 3,129 933 886 Thessaloniki 1,269 Elefsina 357
Slide 20: Domestic Refining, Supply & Trading – Sales Mix
Domestic Refining, Supply & Trading – Sales Mix Increased production leads to highest exports since 2Q21 at 60% of sales Sales mix* by market (MT’000) +12% 4,055 3,842 3,884 3,889 3,685 3,688 3,403 3,407 3,292 2,222 1,756 Exports Aviation & Bunkering Domestic 419 442 1,117 1,024 1Q21 2Q21 3Q21 4Q21
Slide 21: Domestic Refining, Supply & Trading – Margins
Domestic Refining, Supply & Trading – Margins Higher benchmark margin and outperformance (crude selection, exports premia) resulted in improved realized margin in 1Q23 HELPE realised vs benchmark* margin ($/bbl) Adj. EBITDA1 85 38 13 41 9 10 55 83 44 467 432 445 366 (€m) 30.0 26.5 25.3 25.0 22.2 21.
Slide 22: Petrochemicals 1Q23
Petrochemicals 1Q23 Business Units Performance
Slide 23: Petrochemicals
Petrochemicals Multi-year low PP margins affect petchems contribution, despite higher sales volume FY IFRS FINANCIAL STATEMENTS 1Q 1Q 2022 € MILLION 2022 2023 Δ% KEY FINANCIALS* 262 Volume (MT '000) 68 74 9% 380 Net Sales 107 89 -17% 74 Adjusted EBITDA1 28 15 -47% KEY INDICATORS 282 EBITDA (€/MT) 41
Slide 24: Fuels Marketing 1Q23
Fuels Marketing 1Q23 Domestic & International Marketing Business Units Performance
Slide 25: Domestic Marketing
Domestic Marketing Except for HGO sales, volumes and market shares are improved Results comparable to LY (adjusting for inventory valuation), despite higher opex (energy, distribution, rents) FY IFRS FINANCIAL STATEMENTS 1Q 1Q 2022 € MILLION 2022 2023 Δ% KEY FINANCIALS - GREECE 3,959 Volume (MT '000
Slide 26: International Marketing
International Marketing Higher sales volumes drive profitability; all markets face higher opex on energy and distribution costs FY IFRS FINANCIAL STATEMENTS 1Q 1Q 2022 € MILLION 2022 2023 Δ% KEY FINANCIALS - INTERNATIONAL 1,974 Volume (MT '000) 437 475 9% 2,280 Net Sales 417 452 8% 74 Adjusted EBITD
Slide 27: Renewables 1Q23
Renewables 1Q23 Business Units Performance
Slide 28: Renewables
Renewables Full contribution from Kozani and Mani parks; emphasis on development of existing portfolio and selected acquisitions in Greece and internationally FY IFRS FINANCIAL STATEMENTS 1Q 1Q 2022 € MILLION 2022 2023 Δ% KEY FINANCIALS 341 Installed Capacity (MW) * 43 341 - 37 Net Sales 3 12 - 1 29
Slide 29: Renewables
Renewables Material and diversified pipeline of projects under development at various stages of maturity; Operating portfolio in Greece under FIT/FIP PPAs In operation : 0.34 GW In operation : 0.34 GW Pipeline : 3.1 GW by location by RES type by RES type 29% 27% 55% 71% 19% PV Wind PV Wind Storage 2
Slide 30: Power & Gas 1Q23
Power & Gas 1Q23 • ELPEDISON • DEPA Companies Business Units Performance
Slide 31: Power Generation: 50% stake in Elpedison
Power Generation: 50% stake in Elpedison Energy management and natgas trading opportunities drive robust 1Q23 contribution, outweighing negative supply results FY FINANCIAL STATEMENTS 1Q 1Q 2022 € MILLION 2022 2023 Δ% KEY FINANCIALS 3,173 Net production (GWh) 885 595 -33% 2,966 Sales 688 505 -27% 18
Slide 32: Gas: 35% participation in DEPA Commercial and DEPA International Projects
Gas: 35% participation in DEPA Commercial and DEPA International Projects Increased contribution from DEPA Commercial in 1Q23 FY FINANCIAL STATEMENTS 1Q 1Q 2022 € MILLION 2022 2023 Δ% KEY FINANCIALS 111 EBITDA * 18 37 - 84 Profit after tax * 13 27 - 29 Included in HELLENiQ ENERGY Group results (35%
Slide 33: Financial Statements Summary
Financial Statements Summary 33
Slide 34: 1Q23 Group Profit & Loss Account
1Q23 Group Profit & Loss Account FY IFRS FINANCIAL STATEMENTS 1Q 1Q 2022 € MILLION 2022 2023 Δ% 14,508 Sales 2,803 3,113 11% -12,558 Cost of sales -2,258 -2,778 -23% 1,950 Gross profit 545 335 -38% -615 Selling, distribution, administrative & exploration expenses -125 -139 -10% 77 Other operating (e
Slide 35: 1Q23 Reported vs Adjusted EBITDA
1Q23 Reported vs Adjusted EBITDA FY (€ million) 1Q 1Q 2022 2022 2023 1,717 Reported EBITDA 501 279 -102 Inventory effect - Loss/(Gain) -267 142 -14 One-offs / Special items - Loss / (Gain) 17 15 - Accrual of CO2 emission deficit* -153 -33 1 1601 Adjusted EBITDA 99 404 (*) A provision for CO2 emissio
Slide 36: 1Q23 Group Balance Sheet
1Q23 Group Balance Sheet IFRS FINANCIAL STATEMENTS FY 1Q IFRS FINANCIAL STATEMENTS FY 1Q € MILLION 2022 2023 € MILLION 2022 2023 Non-current assets Shareholders equity 2,660 2,809 Tangible and Intangible assets 4,157 4,159 Minority interest 68 68 Right of use assets 233 234 Total equity 2,727 2,877
Slide 37: 1Q23 Group Cash Flow
1Q23 Group Cash Flow FY IFRS FINANCIAL STATEMENTS 1Q 1Q 2022 € MILLION 2022 2023 Cash flows from operating activities 630 Cash generated from operations -278 615 -6 Income and other taxes paid -2 -2 624 Net cash (used in) / generated from operating activities -280 613 Cash flows from investing activ
Slide 38: 1Q23 Segmental Analysis I
1Q23 Segmental Analysis I FY € million, IFRS 1Q 1Q 2022 Reported EBITDA 2022 2023 Δ% 1,439 Refining, Supply & Trading 442 247 -44% 70 Petrochemicals 28 14 -50% 122 Marketing 37 14 -62% 28 RES 3 10 - 1,660 Core Business 509 285 -44% 58 Other (incl. E&P) -9 -6 33% 1,717 Total 501 279 -44% 131 Associat
Slide 39: 1Q23 Segmental Analysis II
1Q23 Segmental Analysis ΙI FY € million, IFRS 1Q 1Q 2022 Volume (M/T'000) 2022 2023 Δ% 14,284 Refining, Supply & Trading 3,292 3,688 12% 262 Petrochemicals 68 74 9% 5,933 Marketing 1,243 1,228 -1% 472 RES (GWh) 43 163 - Sales 13,087 Refining, Supply & Trading 2,507 2,809 12% 380 Petrochemicals 107 8
Slide 40: Q&A
&™ HELLENIA Se le ENERGY Q&A
Slide 41: Appendix
le ENERGY &™ HELLENIA Se Appendix
Slide 42: Annual Report and Sustainability Report 2021
Annual Report and Sustainability Report 2021 2 GW By 2030 Annual Report 2021 Digital Annual Report 2021 HELLENiQ ENERGY has participated with the 2021 Annual Report in the above international competitions and has been awarded with a total of 10 awards (6 for the print version and 4 Sustainability Re
Slide 43: 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* 2. Includes 35% share of operating profit of DEPA Companies and other associates adjusted for one-off / special items 3. Does not include
Slide 44: 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 45: Glossary (1/2)
Glossary (1/2) AGM Annual General Meeting ETBE Ethyl Tertiary Butyl Ether BBL Barrel EUA European Union Allowance BCM Billion Cubic Meters FCC Fluid Catalytic Cracking BOPP Biaxially Oriented Polypropylene FO Fuel Oil BPD Barrels per day FXK Flexicoker BU Business Units FY Full Year C&I Commercial &
Slide 46: Glossary (2/2)
Glossary (2/2) MARPOL International Convention for the Prevention of Pollution from Ships RNM Republic of North Macedonia MD Middle Distillates ROACE Return on Average Capital Employed MGO Marine Gasoil ROW Rest of the World MOGAS Motor Gasoline RST Refining, Supply & Trading MS Middle Sulfur SMP Sy
Slide 47: Disclaimer
Disclaimer HELLENiQ ENERGY does not in general publish forecasts regarding 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 HELLENiQ ENERGY, nor
Slide 48: Investor Relations Contacts
Investor Relations Contacts ir@helleniq.gr 8A Chimaras str., 151 25 Maroussi, Greece Nikos Katsenos, CFA Head of Investor Relations nkatsenos@helleniq.gr Tel: +30 210 6302305 HELLENiQ ENERGY is the new corporate name of HELLENIC PETROLEUM Holdings. Find more information on: www.helleniqenergy.gr 48
HELLENiQ ENERGY Holdings — Q1 2023 Earnings Presentation on 6ix