Company update. May 2018

Transcription

1 Company update May 2018

2 Contents HELLENIC PETROLEUM Overview Investment Highlights Downstream Oil Industry Update & Market Developments FY17 Results Appendix 1

3 Company overview HELLENIC PETROLEUM ownership structure FY17 Adj. EBITDA Key financials FY17 Paneuropean Oil and Industrial Holdings S.A. Hellenic Republic Asset Development Fund Free Float 45.5% 35.5% 19.0% Refining, Supply & Trading 74% 834m (1) Marketing 13% Petrochemicals 12% Sales 7,995m Adj. EBITDA 834m Net Debt Net Debt / Adj. EBITDA 1,800m 2.2x Key Business Areas Operational Footprint Refining, Supply & Trading Storage terminal Refinery 3 refineries, 65% Greek market share (by capacity): - Elefsina (100kbp/d, NCI 12.0) Marketing - Aspropyrgos (148kbp/d, NCI 9.7) - Thessaloniki (93kbp/d, NCI 5.8) 15.0MTmn of production in 2017 (c. 107% utilisation) 50-60% of sales exported Marketing Domestic market - > 30% market share across retail, commercial, aviation and bunkering - Total sales volume c.4.1mtmn - 1,760 service stations through marketing subsidiary (EKO and BP brand) International market service stations across Cyprus, Montenegro, Serbia, Bulgaria and FYROM - Total sales volume c.1.1mtmn Petrochemicals 240kt of polypropylene (PP) capacity vertically integrated with ELPE s refineries >50% of domestic petrochemicals market share 70% of sales are exports Montenegro (1) Includes other activities (exploration and production) which was - 7m in 2017, - 6m in 2016 and - 2m in (2) Includes 35% share of Adj. Net Income of DEPA Group adjusted for one-off items. As per Share of profit of investments in associates and JVs as reported in financial statements. FYROM Serbia OKTA Greece Bulgaria Thessaloniki Aspropyrgos Elefsina Adj. EBITDA Breakdown ( m) Cyprus Refining, Supply & Trading Marketing Petrochemicals Other (1) Total Share of Adj. Net Income of associates (2)

4 Key financials million, IFRS FY17 Income Statement Sales Volume (MT 000) - Refining 14,502 12,528 12,796 12,696 13,538 14,258 15,618 16,069 Net Sales 8,477 9,308 10,469 9,674 9,478 7,303 6,680 7,995 Segmental EBITDA - Refining, Supply & Trading Petrochemicals Marketing Other (incl. E&P) Adjusted EBITDA * Adjusted associates share of profit Adjusted Net Income * Balance Sheet / Cash Flow Capital Employed 4,191 4,217 4,350 3,905 2,870 2,913 3,903 4,173 Net Debt 1,659 1,687 1,855 1,689 1,140 1,122 1,759 1,800 Capital Expenditure (incl. refinery upgrades) (*) Calculated as Reported less the Inventory effects and other non-operating items 3

5 Refining, Supply & Trading economics Integrated supply chain management yields improved results vs Platt s commodity pricing Refining (Med benchmark + overperformance) Trading (Platt s + sales premia) Domestic market 4.5 MT Marketing (Cost +) Domestic 3.5MT 89% ELPE Refining System 8% 25% 55% Platt s Aviation & Bunkering 2.5 MT Exports, Intra-Group & 3 rd parties International 2MT 11% High sulphur Low sulphur 16 MT NCI: % Other Gasoline Middle Distillates 8.5 MT Fuel Oil Petchems (Benchmark Pricing plus premia) Domestic and international Markets (PP + BOPP 225kt) 4

6 Fuels Marketing Leading domestic market position and regional footprint increasing vertical integration No. of petrol stations (end 2017) Sales Greek subsidiaries ( 000MT) 40 Montenegro 54 Serbia 88 Bulgaria FYROM % CAGR OKTA Thessaloniki 1,760 Greece Turkey Aspropyrgos Elefsina Sales International marketing subsidiaries (1) ( 000MT) Adj. EBITDA 107m Domestic 44% Cyprus International 56% (1) Does not include OKTA sales which is mainly wholesale. Source: Company information Cyprus Bulgaria Serbia Montenegro 5

7 Petrochemicals Operations centered on utilising refining assets for higher value extraction; trading geared to export markets Overview Production and marketing of Polypropylene (PP), BOPP Film, polymers and solvents through the further processing of refinery production Margin contribution by product ( /T) (1) Propane Propylene Polypropylene BOPP Petrochemicals value chain Propane Aspropyrgos splitter Propylene 90% Thessaloniki PP plant (240 kt) PP c.10% c.90% BOPP film plant (26 kt) BOPP Domestic and International market Imports 10% Competitive advantages Vertical integration 85-90% of total production integrated using propylene produced at Aspropyrgos Best-in-class Polypropylene production technology Lyondell Basell s Spheripol technology (1) as of FY17. Source: Platts, Company information. Geographical diversification >70% of sales exported to Turkey, Italy, Iberia and Eastern Med, used as raw materials in a number of applications in manufacturing and other industries Strong domestic market share Domestic market share in petchems > 50% in all products, produced or traded Low exposure to refining margins PP margins largely unrelated to refining margins 6

8 Exploration & Production Exploration activity focused on Greece Patraikos Gulf (offshore) HELLENIC PETROLEUM W. Patraikos 50% (operator) Edison International S.p.A 50%. Main geological target confirmed from 3D seismic. Commitment for drilling one well during 2 nd phase (Apr 2018 Apr 2020) Sea of Thrace Concession (offshore) HELLENIC PETROLEUM 25%, Calfrac Well Services 75%. Prospective area surrounding the Prinos oilfield and Kavala gas field. NW Peloponnese and Arta-Preveza Blocks (onshore) HELLENIC PETROLEUM 100% Block 2 offshore W. Greece - Total 50% (operator), HELLENIC PETROLEUM 25% and Edison International Exploration works scheduled for 2018 with environmental and geological studies Offshore W. Greece HELPE submitted bids for Blocks 1 and 10; evaluation process ongoing for block 1, Lease Agreement in negotiation for block 10; JV with Repsol (50% - operator) submitted bid for one offshore block South Crete JV of Total (40% - operator), ExxonMobil (40%) and HELPE submitted offer for 2 offshore deep-water blocks 7

9 Power: second largest IPP in Greece; development of a renewable energy portfolio Elpedison BV, is a 50/50 JV between HELLENIC PETROLEUM and Edison, Italy s 2 nd largest electricity producer and gas distributor (EdF Group) Owns 75% of 810MW of installed CCGT capacity: a 390MW plant in Thessaloniki and a 420MW in Thisvi Increasing power trading & marketing, considering credit exposure; 2 nd largest independent supplier Thisvi 420MW CCGT power plant Energy market in Greece under restructuring; delays in capacity certificates regulatory framework; developments expected on current transitional regime Renewables portfolio target > 200MW (wind, PV, biomass), with 17MW in operation Consolidated as Associate 8

10 Gas: 35% participation in DEPA, Greece s incumbent gas company Natural gas transmission network DEPA Long-term contracts on pipe gas (Russian & Azeri) and capacity rights on two in-bound interconnecting pipelines Long-term contracts with power generators, eligible industrial customers and existing EPAs Owns 51% of the local supply (EPAs) and distribution (EDAs) companies, following unbundling International pipelines: Participation in Greece-Bulgaria Interconnector DESFA (RAB) Greece s gas grid and LNG import terminal owner and operator On 19 April 2018, HELPE and the HRADF accepted the bid for the sale of 66% of DESFA by a JV of Snam S.p.A., Enagas and Fluxys, for a consideration of 535m; closing is subject to customary approvals DEPA snapshot financials ( m) * * 2016* 2017 EBITDA DEPA Volumes (bcm) Net Income * 2012 Adjusted for settlement with PPC; 2015 adjusted for settlement with BOTAS; 2016 adjusted from previous year bad debt provisions and one-off items, Consolidated as Associate

11 Strategy Update Utilise strong refining and logistics asset base to consolidate position; cash flow for balance sheet de-risking STRATEGY TARGETS 1 Integrate and realise benefit of investments Capture positive refining cycles EBITDA m 2 Rebalance market position and de-risk business model Vertical integration Increased exports (50%) 3 4 Continue competitiveness improvement Manage business portfolio and develop selective growth areas Operating KPIs Solomon benchmarks Gas & Power Focus E&P in Greece Develop renewables portfolio 5 Strengthen financial position Business model and balance sheet derisking Cost of funding 10

12 Credit Facilities Liquidity Strong operational cash flows and improving market conditions, led to 600m Gross Debt reduction; combined with refinancing plan implementation, FY17 interest cost down 18% yoy Gross Debt ( m) 3,253 3,130-18% 2,868 2,658 2,675* Finance Costs ( m) % % % 35% 29% 7% H H Banks (committed) Debt Capital Markets Banks (uncommitted) EIB ELPE Bond (Mid YTM %) Interest Cover ratio (x times)** 6 ELPEGA EUR450m 5,2 5 3,9 3, ,013 2,1 2 10/ / / / /2018 * Pro-forma for the repayment of the facility used as collateral of the EIB loan ** (Adjusted EBITDA + Income from Associates) / Interest Cost

13 Credit Facilities Refinancing Refinancing of 2018 maturities in progress, driving additional cost reduction and further improvement in credit profile; options for 2019 Eurobond refinancing under consideration 4Q17 Term Credit Lines Maturity Profile ( m) 4Q17 Pro-Forma (post refinancing) Maturity Profile ( m) Debt Capital Markets Banks EIB Re-profiling of 2018 maturities to 2021 and 2023 Eurobonds refinancing under review subject to market conditions Target to achieve minimum average maturity on loan portfolio of 3-4 years for liquidity risk management 12

14 Dividend Policy Strong profitability, cash flows, lower interest costs and working capital normalization support dividend increase EPS and DPS ( /share) 1,22 1,26 1,08 0,87 0,4 0, Clean EPS Reported EPS DPS Based on results and financing position, BoD proposed a final dividend of 0.25/share i.e. FY17 DPS of 0.4/share (2016: 0.2/share) Dividend policy to be determined in 2018 taking into account DESFA transaction outcome 13

15 Capex Increased operational cash flows enabled implementation of selective opportunities to improve competiveness and grow; heavier refining maintenance capex in 2017; plans for 2018 include small growth projects Capex evolution ( m) capex mainly focused on refining maintenance and compliance, as well as targeted growth initiatives 521 FY18 planned capex at 175m subject to growth project opportunities Growth & Competitiveness (Plan) Maintenance & Compliance 14

16 Balance Sheet Strategy 1 Funding Current business model assumes Net Debt of bn depending on prices Gearing ratio targets for monitoring and compliance purposes Net debt / Adj. EBITDA target of x (1) Target weighted average life of debt of > 3 years, with c.25-40% of net debt sourcing from capital markets, subject to pricing conditions. 2 Liquidity Maintain liquidity at c.20% of gross debt (depending on supply market conditions) Reduce negative cost of carry Continue to utilise international banking structure for operational and risk management purposes 3 Capex/Divestments Recently upgraded refineries allow normalisation of capex to c m p.a. with selective growth opportunities considered Proceeds from material divestments to be used primarily for debt reduction 4 Working capital De-risk working capital position and increase optionality Explore market opportunities to improve cash flows and optimise costs/impact of asset conversion cycle (e.g. contango trades and securitisation) 5 Dividends Proposal for 0.40/share distribution in FY17, doubling FY16 payout FY18 payout to be considered subject to business outlook and DESFA transaction outcome (1) Proforma leverage excl. the carrying value of Investments in Associates from Net Debt. 15

17 Contents HELLENIC PETROLEUM Overview Investment Highlights Downstream Oil Industry Update & Market Developments FY17 Results Appendix 16

18 High complexity interconnected refining system and logistics assets Diversified, complex and interconnected asset base, with crude flexibility, high value output and wholesale margin capacity support over-performance margin Group refinery footprint and operating model Crude slate FY17 (%) Product yield FY17 (%) Naphtha for reforming SRAR* & VGO* for upgrading Thessaloniki 93kbpd NCI: 5.9 CCR VDU SRAR* for upgrading 39% Other crude & feedstock 13% S. Arabia 5% Urals 9% 9% 5% 22% HC FXC Elefsina 100kbpd NCI: 12.0 Naphtha for reforming Aspropyrgos 148kbpd NCI: 9.7 HC FCC 61% 2017 Sour Sweet Iran 22% Egypt 4% Libya 9% CPC 16% Iraq 22% FO Gasoline 48% 16% 2017 Middle Distillates LPG Consistent benchmark overperformance** 10,2 10,9 11,1 Naphta/Other 10,5 10,3 10,1 8,6 8,3 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 ELPE system benchmark (on feed) ELPE realised margin** * SRAR (Straight Run Atmospheric Residue) and VGO (Vacuum Gas Oil) are intermediate products. ** System benchmark calculated using actual crude feed weights. Includes wholesale trading premia and propylene contribution which is reported under Petchems. 17

19 High complexity interconnected refining system and logistics assets Energy efficiency, yield management, input optionality and South Hub refining complex synergies deliver sustainable operational improvements of 30-40m in 2017 Aspropyrgos Elefsina South hub conversion units optimisation Improved FCC operation: High octane blending components Propylene output Lower own consumption Increased natural gas feed (hydrogen) Improved flexicoker operation Thessaloniki Lower own consumption Increased natural gas feed (energy) CDU debottlenecking 18

20 Assets strategically located for exports in diesel-short Med region complementing a leading domestic business with performance leveraged to Greek macro improvement Exports sales (MT 000) Domestic market shares % of total sales 21% 36% 44% 49% 49% 56% 52% Other Refining (16MTmn of capacity) Hellenic Petroleum c.65% Marketing (4.1m MTmn of sales) Hellenic Petroleum >30% Other

21 Diversified business model limits exposure to cyclical refining margins 2017 Adj. EBITDA breakdown ( m) Key industry macro drivers for Group EBITDA m 834 No / low dependency on gross refining margin 254 -$1.0/bbl (100) 100 +$1.0/bbl 71% c. FX EUR/USD (50) c. FX EUR/USD Retail Petrochemicals Wholesale supply, logistics and overperformance Non-refining margin derived EBITDA Refining EBITDA at $5/bbl 2017 Adj. EBITDA Illustrative change in EBITDA for a given change in either benchmark margin or exchange rate Based on normal operations throughput of mmbbl (LTM) and LTM price environment Source: Company information. Note: The above is not intended to be representative of future performance. USD/EUR exchange rate of as of 02 March

22 Cash Flow Profile Post upgrade cashflows support balance sheet improvement and increased returns with reduced risk profile Free cash flow pro forma at mid-cycle economics excl. working capital movements ( m) ( ) ( ) (60-140) Benchmark margins & EUR/USD driven EBITDA (proforma run rate) Capex Interest Tax Free cash flow for deleverage and distribution 21

23 Contents HELLENIC PETROLEUM Overview Investment Highlights Downstream Oil Industry Update & Market developments FY17 Results Appendix 22

24 Med regional crude supply Improved supply of sour crude grades leads to favourable crude spreads for Med refiners; Crude exports / supply to Med* (kbpd) B-U spread ($/bbl) Siberian Light Kirkuk Urals (Novo) BTC Basrah (RHS) ,00 2,50 2,00 1,50 1,00 0,50 0,00-0,50-1, (*) Total exports for Bashra; Med loadings for other grades 23

25 European demand growth for refined products Strong demand growth in especially for light-ends, with middle distillates recovering in ; European consumption also improved Global demand growth per product (%) European fuel demand (mbpd) 6,0% Growth -3% -2% -1% +2% +2% +2% 5,0% 4,0% ,0% 2,0% 1,0% 10 0,0% -1,0% -2,0% Gasoline Distillate Others Source: Woodmac estimates as of Sep

26 Recent Industry developments Improvement in European refining environment mainly on supply dynamics; IMO / MARPOL bunkering regulation key next milestone for refining industry Med complex margins - $/bbl FCC 1 Hydrocracking 0 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2QTD 2017 margins impacted by supply / demand dynamics, FO cracks performance and diesel recovery Key drivers for Med margins in 2018: Regional and global supply trends Product inventory levels Global refinery capacity evolution / utilisation Demand growth (*) Data updated as of 02/03/2018 Med FCC margins: $/bbl 25

27 Contents HELLENIC PETROLEUM Overview Investment Highlights Downstream Oil Industry Update & Market developments FY17 Results Appendix 26

28 4Q17 KEY HIGHLIGHTS: Positive performance in 4Q leads to record FY results 4Q17 Adj. EBITDA at 170m (-21%), Adj. Net Income at 59m (-28%) Lower benchmark margins on increasing crude oil prices; stronger EUR vs USD Exports up (+12%) due to higher utilisation Strong realised margin on refining performance and feedstock mix FY17 Adj. EBITDA at 834m (+14%), with FY17 Adj. NI at 372m (+40%): Positive refining environment sustained (benchmark margins +11%), Weaker domestic demand offset by strong Aviation and Bunkering sales Record production (15m MT) and higher sales (16.1m MT); improved margin over-performance Consistent performance from non-refining business units 4Q17 IFRS Net Income at 111m (-24% yoy), with FY17 at 384m (+17%) Strong DESFA performance and contribution in FY17 Lower funding costs (-28% in 4Q17, -18% in FY17) Cashflow & Balance sheet 4Q17 operating cashflow (Adj. EBITDA Capex) at 99m, with FY17 at 625m; Net Debt at 1.8bn Refinancing of 2018 facilities in progress, further improving maturity profiles and cost of debt Final Dividend of 0.25/share proposed to AGM, FY17 DPS of 0.4 / share (2016: FY 0.20 / share) 27

29 4Q17 GROUP KEY FINANCIALS Refining sales volumes (m MT) % 16.1 million, IFRS 4Q FY Δ% Δ% Income Statement Sales Volume (MT'000) - Refining 3,802 4,077 7% 15,471 16,069 4% Sales Volume (MT'000) - Marketing 1,202 1,241 3% 4,668 5,165 11% Net Sales 1,860 2,106 13% 6,613 7,995 21% Adj. EBITDA ( m) +14% IFRS Net Income ( m) +17% Segmental EBITDA - Refining, Supply & Trading % % - Petrochemicals % % - Marketing % % - Other % % Adjusted EBITDA * % % Share of operating profit of associates ** % Adjusted EBIT * (including Associates) % % Adjusted EBIT * % % Currency exchange gains /(losses) % Finance costs - net % % Adjusted Net Income * % % IFRS Reported EBITDA % % IFRS Reported Net Income % % Balance Sheet / Cash Flow Capital Employed 3,903 4,173 7% Net Debt 1,759 1,800 2% Capital Expenditure % % (*) Calculated as Reported less the Inventory effects and other non-operating items (**) Includes 35% share of operating profit of DEPA Group adjusted for one-off items 28

30 ,60 1,50 1,40 1,30 1,20 1,10 1,00 INDUSTRY ENVIRONMENT Crude oil prices increase continued in 4Q17; stronger EUR vs USD ICE Brent ($/bb) and EUR/USD Crude oil prices averaged $62/bbl, on tighter supply/demand balance 1,17 1,18 1,08 1,06 1,10 4Q16 1Q17 2Q17 3Q17 4Q17 Brent ($/bbl) EURUSD Stronger euro on monetary policy and economic developments Crude differentials ($/bbl) 6,1 Further widening of Brent WTI to $6/bbl 2,7 2,6 4,0 Lower Russian exports led B U spread to $0.5/bbl 1,5 1,7 1,5 0,5 1,2 0,7 4Q16 1Q17 2Q17 3Q17 4Q17 Brent-WTI Brent - Urals 29

31 INDUSTRY ENVIRONMENT Weakness in product cracks, particularly FO and gasoline and increasing oil prices led benchmark margins lower Product Cracks* ($/bbl) Med benchmark margins** ($/bbl) $/bbl FCC % Q16 2Q16 3Q16 4Q Q17 2Q17 3Q17 4Q Hydrocracking & FXC % Q16 1Q17 2Q17 3Q17 4Q Q16 2Q16 3Q16 4Q Q17 2Q17 3Q17 4Q (*) Brent based. Naphtha Gasoline ULSD HSFO (**) Revised benchmark margins set post-upgrades and secondary feedstock pricing adjustment 30

32 CAUSAL TRACK & SEGMENTAL RESULTS OVERVIEW YEAR 2017 Strong operating performance and improved crude mix outweigh effect of heavier maintenance schedule Adjusted EBITDA causal track 2017 vs 2016 ( m) Environment Performance MK Chems MK 100 Chems Refining, S&T Refining, S&T Other (incl. E&P) Benchmark Refining Margins FX Refining Maintenance Supply benefits / Ops & Asset Utilisation -7 Others 2017 Other (incl. E&P) 31

33 DOMESTIC MARKET ENVIRONMENT Weaker heating GO on weather conditions and auto-fuels drive domestic demand; aviation and marine fuels consumption higher Domestic Market demand* (MT 000) -6% +3% % -1% LPG & Others Heating GO -2% 7,043 6, ,200 1,173-6% -2% Diesel 2,538 2,552 < +1% MOGAS 2,420 2,345-3% 1Q 2Q 3Q Q Aviation & Bunkers demand (MT 000) +16% 3, % 3, % % % Bunkers FO Bunkers Gasoil 1, , % +6% Aviation 1,040 1, % 1Q 2Q 3Q Q (*) Does not include PPC and armed forces Source: Ministry of Production Restructuring, Environment and Energy 32

34 Contents HELLENIC PETROLEUM post upgrade Investment Highlights Downstream Oil Industry Update & Market developments FY17 Results Appendix 33

35 Summary Group Structure 1 HELLENIC PETROLEUM S.A. Domestic Marketing International Marketing Exploration & Production Others Renewables Gas & Power associates 100% EKO S.A. HPI AG ELPET VALKANIKI ELPE UPSTREAM (OPCO) HPF plc (funding) RENEWABLE ENERGY SOURCES 35% DEPA Group (Gas supply, transportation & distribution 49% 25% EKOTA KO SAFCO KALYPSO Shipping companies EKO-ATHINA EKO- ARTEMIS EKO- DIMITRA EKO- AFRODITI EKO-IRA HP SERBIA HP BULGARIA HP CYPRUS JP HP Consulting Global 3 (Albania) 80% 82% VARDAX OKTA 25% 25% Asset Companies ELPE PATRAIKOS (50% in Patraikos 50% EDISON) Block 2 (50% Total, 25% Edison) Sea of Thrace (75% Calfrac) DIAXON S.A. (Petchems BOPP) Asprofos S.A. (Engineering Services) Shipping Companies HP Apollon HP Poseidon 51% 51% ELPE LARCO KOKKINOU ELPE LARCO SERVION ENERGEIAKI PYLOU METHONIS ATEN ENERGEIAKI SA 50% ELPEDISON B.V 2 Power Generation & Trading ELPEDISON S.A. 75% (1) All companies 100% owned unless otherwise noted (2) 45% owned through HPI 34 (3) Dormant co under HP

36 Assets overview Core business around downstream assets with activities across the energy value chain Exploration & Production Refining, Supply & Trading Petrochemicals DESCRIPTION Exploration assets in Greece Complex (recently upgraded) refining system: Aspropyrgos (FCC, 148kbpd) Elefsina (HDC, 100kbpd) Thessaloniki (HS, 93kbpd) Pipeline fed refinery/terminal in FYROM Basel technology PP production (integrated with refining) and trading > 60% exports in the Med basin METRICS 50% (operator) in W. Patraikos Exploration rights in 4 more areas Capacity: 16MT NCI: 9.3 Market share: 65% Tankage: 7m M 3 Capacity (PP): 220 kt Domestic Marketing International Marketing Leading position in all market channels (Retail, Commercial, Aviation, Bunkering) through EKO and BP networks Strong position in Cyprus, Montenegro, Serbia, Bulgaria, FYROM Advantage on supply chain/vertical integration 1,760 petrol stations >30% market share Sales volumes: 4.1MT c.302 petrol stations Sales volumes: 1.1MT ELPEDISON: JV with Edison/EdF Capacity: 810 MW Power & Gas DEPA/DESFA GROUP: 35% in Greece s incumbent NatGas supply company (DESFA in sale process bid offer accepted) Volumes (2016): 4.0bcm Renewables (Wind, PV), targeting >200MW 17MW operating 35

37 Greek petroleum market overview and route to market Leading domestic market position through vertical integration and competitive logistics assets 16MT Greek Refining capacity: 25MT ELPE exports: 6-8MT 60-65% 30-35% Domestic market: 11.5MT 3 rd party Imports 3 rd party exports: 5MT ELPE Group subsidiaries: 1-2MT ELPE Group subsidiaries: 3.5MT (30%) Independent marketing companies: 4.5MT (35%) Specialty markets (PPC, public sector): 1.5MT (15%) MOH Group subsidiaries: 2MT (20%) 0-10% Greek market product breakdown Others Fuel Oil Gasoline 9% 5% 19% Bunkers 23% 10% Jet 10% Gasoil 24% Diesel Retail C&I (Construction, wholesale) Aviation & Bunkering 36

38 Domestic market demand evolution (MT 000) -42% +1% +7% -1% -2% Does not include PPC and armed forces. Source: Ministry of Environment & Energy. 37

39 Key Diesel / Gasoil balances in the Med region, kb/d (2020) France Slovenia Serbia -11 Croatia Italy Bosnia Portugal -4 Spain Montenegro +73 FYROM Albania +79 Morocco Algeria Tunisia Greece +6 Libya Turkey -260 Syria Cyprus +23 Lebanon Egypt Israel Diesel / Gasoil surplus (2020) Diesel / Gasoil deficit (2020) Source: KBC Advanced Technologies, Company information. 38

40 Glossary of Key Terms Adjusted EBITDA ADO CCGT COMO DCM FCC HDC HGO HS HSFO IPP MOGAS LNG NatGas Nelson Complexity Index (NCI) POIH PP Solomon Complexity Index ULSD Reported EBITDA adjusted by inventory effect (impact of the fluctuation of crude prices on BS inventories and on the value of products sold during the related period) and other one-off non recurring items Auto Diesel Oil Combined Cycle Gas Turbine Company Owned Manager Operated Debt Capital Markets Fluid Catalytic Cracking Hydrocracking Heating Gasoil Hydroskimming High Sulfur Fuel Oil Independent Power Producer Motor Gasoline Liquefied Natural Gas Natural Gas Index assessing the refinery conversion capacity by relating each processing unit capacity against the crude distillation capacity and applying a weighting factor. Paneuropean Oil and Industrial Holdings Polypropylene Compares the relative refining configuration apart from throughput capacity. It is the total of EDC (Equivalent Distillation Capacity) divided by the sum of the crude unit stream-day capacities. Ultra-low-sulphur Diesel 39

41 Disclaimer Forward looking statements HELLENIC PETROLEUM do 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 reasonably foreseen by HELLENIC PETROLEUM, nor are within HELLENIC PETROLEUM's control. The said forecasts represent management's estimates, and should be treated as mere estimates. There is no certainty that the actual financial results of HELLENIC PETROLEUM will be in line with the forecasted ones. In particular, the actual results may differ (even materially) from the forecasted ones due to, among other reasons, changes in the financial conditions within Greece, fluctuations in the prices of crude oil and oil products in general, as well as fluctuations in foreign currencies rates, international petrochemicals prices, changes in supply and demand and changes of weather conditions. Consequently, it should be stressed that HELLENIC PETROLEUM do not, and could not reasonably be expected to, provide any representation or guarantee, with respect to the creditworthiness of the forecasts. This presentation also contains certain financial information and key performance indicators which are primarily focused at providing a business perspective and as a consequence may not be presented in accordance with International Financial Reporting Standards (IFRS). 40