ATHEX Annual Greek Roadshow. September 2013

Transcription

1 ATHEX Annual Greek Roadshow September 2013

2 Contents Introduction Group Overview Strategy update Strategic business units (SBUs) Funding & Dividend Appendix 1

3 Group s Profile Largest independent downstream Group in SEE, with Power & Gas investments 10b Turnover with 14 MT of product sales Leading domestic market position covering c. 60% of local wholesale market fuels demand Regional footprint through subsidiaries and exports enabling coastal location of assets Completed its transformational investment plan, with further upside on competitiveness improvement, supporting significant cash generation growth Implemented a 2bn investment plan allowing to deliver m of FY incremental EBITDA at mid-cycle margins Transformation initiatives added c. 250m annual benefits with additional opportunities of 150m over the next 24 months Assets allow upside potential on the back of refining margins and market growth Consistent delivery of targets with tight balance sheet management Achievement of strategic targets, despite Greek crisis & industry black swans Completion of capex cycle allows deleveraging from higher than target gearing Opportunities for value monetisation (DEPA/DESFA sale process) Strong balance sheet post refinancing and 500m Eurobond issue 2

4 Refinery assets: Coastal location supports integration and provides growth opportunities in neighboring markets BOSNIA SERBIA ROMANIA Coastal location of refineries ensures wide crude oil sourcing options MONTENEGRO ALBANIA FYROM BULGARIA Supply chain advantage for SEE/East Med markets with end-products GREECE TURKEY Opportunities for regional consolidation and synergies on logistics footprint Refining Marketing Power & Gas CYPRUS Group Crude slate Group product mix 10% 11% 23% 21% Nelson/Solomon complexity benchmark margins ($/bbl, average ) % 89% 10% 15% 0% 11% Pre Upgrade Current Low sulphur Medium sulphur High sulphur 9% 8% 32% 45% 26% 15% Pre upgrade Current Fuel oil Diesel/Gas oil Jet Gasoline Other Aspropygros Elefsina Thessaloniki NCI Solomon 3

5 Contents Introduction - Group overview Strategy update Strategic business units (SBUs) Funding & Dividend Appendix 4

6 strategy review Successful execution of Group strategy to deliver profitability growth 1 2 Upgrade Refining Assets Enhance vertical integration Completed Elefsina and Thessaloniki upgrades successfully m profitability step-up expected (benchmark margin driven) Doubled domestic market share - BP network Increased benefit of regional integration 3 Manage Portfolio for value Refocus E&P Power generation portfolio JV 4 Improve competitiveness Refining improvements (DIAS) Marketing competitiveness Procurement (BEST 80) Cost structure 5 Fit-for-purpose organisation Reduced headcount by 21% Established Group culture Shared services 5

7 Strategy Update Business priorities Business strategy refocuses on operational excellence 1 Realise full benefit of the new investment Realise new refinery potential Optimize South Hub refining operations and synergies with Thessaloniki refinery 2 Consolidate market position leveraging on new asset base Grow ex-refinery trading on the back of assets complexity Develop regional footprint strategy (wholesale/retail) 3 Enhance competitiveness improvement momentum Implement additional operational improvements in refining Rebase Domestic Marketing to current environment Achieve optimal organisational structure 4 Leverage business portfolio Maximise value out of gas participation (35% in DEPA/DESFA) Enhance value generation for all our businesses 5 Develop our people and continue to build culture of excellence 6

8 Strategy update Financial targets Risk management and cash flow maximisation are key strategic priorities 1 Improve profitability Achieve medium term EBITDA of 700m pa Deliver m FCF pa 2 Deleverage Group Reduce Debt/EBITDA < 2 within 3 years Decrease gearing to D/E < Diversify funding mix Increase capital markets participation Expand structured working capital financing 4 Reduce funding costs Exploit opportunities post Eurobond issue and Greek banking system recap Review debt structure and cash management policy 7

9 Transformational change of ELPE cash flow profile, on operating profitability uplift and capex cycle completion Adjusted EBITDA projected evolution ( mil) Average FCC benchmark refining margin at $4/bbl Pre-upgrade Elefsina upgrade Performance Improvement Greek market decline Margins* Medium Term Cash Flow profile pre and post-investment plan** ( mil) Investment phase Post-upgrade 400 (700) (100)-(150) (300) EBITDA Capex Pre Tax Free Cash Flow EBITDA Capex Pre Tax Free Cash Flow (*) $1/bbl sensitivity in margins results to 90m, assuming full utilisation of refineries and /$ at 1.3 (**) assuming mid-cycle margins 8

10 Marketing Competitiveness Reorganisation & HR Procurement (BEST 80) Refining Excellence Competitiveness improvements Targets raised in response to market condition; further opportunities to increase annual performance of 150m (vs current baseline) for implementation Overview of transformation initiatives ( m) Original target Additional scope Evolution of transformation initiatives ( m) Upside potential in excess of 150m Achieved YTD H13 YTD Medium Term Target 9

11 Competitiveness improvements Implementation of transformation initiatives supported Group results through a period of weak margins and Greek crisis Group adjusted EBITDA ( m) vs benchmark FCC cracking margins ($/bbl) 800 EURm Benchmark FCC cracking margins Contribution from transformation initiatives

12 Contents Introduction - Group overview Strategy update Strategic Business Units (SBUs) Funding & Dividend Appendix 11

13 Greek Refining, Supply & Trading economics USD based value chain with significant trading returns complementing refining; export sales expected to exceed 50%, with domestic market premia accounting for less than 30% of EBITDA Refining (Med benchmark returns & operations performance) Markets (sales premia varying across channels) Elefsina NCI kbpd HDC Domestic market (Import parity pricing) 5 MT $ / Aspropyrgos NCI kbpd FCC Refined Products (16.0m MT) Aviation & Bunkering (Med competitive pricing) Thessaloniki NCI kbpd Hydroskimming Total ELPE capacity 16 MT 3 MT Exports, Intra-Group (Platts Med FOB based + premia) 2 MT MT Imported Products (1-1.5m MT) Exports, 3 rd parties (Platts Med FOB based) 6 MT 12

14 Greek petroleum market overview and route to market HP enjoys leading domestic market position with high vertical integration and good logistics assets 16MT Greek Refining capacity: 25MT ELPE exports: 7MT 3 rd party exports: 5MT ELPE Group subsidiaries: 2MT 60-65% 25-30% ELPE Group subsidiaries: 3.5MT (30%) Domestic market: 12.5MT Independent marketing companies: 5MT (40%) Specialty markets (PPC, public sector): 1.5MT (10%) MOH Group subsidiaries: 2.5MT (20%) 3 rd party Imports 0-10% Greek market product breakdown Others Gasoline 12% 23% Bunkers 21% 7% Jet 16% 21% Diesel Retail C&I (Construction, wholesale) Aviation & Bunkering Gasoil 13

15 Contribution per business and refining volumes breakdown Reliance on Greek market significantly reduced following Elefsina upgrade Group see-through EBITDA breakdown pro-forma post upgrade (%) Dependency on Greek market Refining sales volume breakdown pro-forma post upgrade (%) % Domestic market 9 60 None Exports 50% % 17 Low Aviation & Bunkering 23 High Public sector sales accounts for c.4% of domestic market (1.5% of total sales) Refining Domestic market (trading & marketing) Aviation & Bunkering (trading & marketing) International (trading & marketing) PetChems Export trading Total 14

16 Balances, Mt. Regional market Increased middle distillates yield leveraging on regional market dynamics Domestic Oil products demand million tonnes / year Refined Oil products balances f million tonnes / year Surplus Deficit LPG Naphtha Gasoline Jet/Kero Diesel Gasoil LSFO HSFO Source Wood Mackenzie, Top European markets with expected demand increase ( ) - mil MT 2012 Group product balances pro forma million tonnes / year % LONG % 37% 20% MOGAS MD FO Naphtha SHORT 0 TUR UKR POL NL Source: Wood Mackenzie, Feb 2013 GR BUL CZ BEL ROM HUN SLV SER Pro forma 15

17 Marketing Leading position in the Greek market enhanced following BP Greek business acquisition; diversification in other SE European markets increases downstream integration Autofuels domestic market share evolution (%) 30 International Marketing: Regional footprint (EKO only) Domestic Retail network evolution (# PS) 2,345 2,186 2,022 1,931 1,170 1,175 1, (post BP acquisition) 949 1,078 1, International Marketing: Sales volumes evolution (MT) EKO HF JPK SER BU CY

18 Petrochemicals Operations centred on vertical integration for higher value product; trading shifted to exports markets Position: Only petrochemicals producer in Greece with material presence Domestic market share exceeds 50% in all products, produced or traded Strong competitive advantage in polypropylene - vertical integration play Exports account for 60% of total sales; strong export markets in Turkey, Italy and Iberia Petrochemicals supply chain Aspropyrgos Refinery Thessaloniki Refinery Propylene Splitter PP Plant (220 kt) Solvents Plant (90 kt) BOPP Film (26 kt) M A R K E T Targets Debottleneck propylene production Exploit niche markets: Add new commodity plastics (PE) Increase selectively PP resin grade portfolio Increase selectively BOPP film types Leverage regional positioning and in-market presence to increase trading Imported Chemicals NaCI Imports Distribution Centre (90 kt) Caustic/Chlorine Plant 17

19 Power: second largest IPP in Greece; development of a renewable energy portfolio Elpedison, is a 50/50 joint venture between Hellenic Petroleum and Edison, Italy s 2 nd largest electricity producer and gas distributor and subsidiary of EdF Group Owns and operates 810MW of installed CCGT capacity: a 390MW plant in Thessaloniki and a 420MW in Thisvi Energy market in Greece under restructuring; cost recovery model allows system stability and debt servicing in the short term Active in power trading & marketing, albeit with limited exposure due to market anomalies Renewables portfolio target > 100MW (wind, PV, biomass) subject to fiscal environment and market developments Thisvi 420MW CCGT power plant Consolidated as Associate 18

20 Gas: 35% participation in DEPA, Greece s incumbent gas company (in sale process) 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 companies (EPAs), with rights until 2036 to sell gas to non-eligible customers DESFA (RAB) Greece s gas grid and LNG import terminal owner and operator International pipelines: Participation in TAP and Greece- Bulgaria Interconnector Natural gas transmission network DEPA joint sale process with HRADF; SOCAR 400m offer for DESFA accepted by HRADF and ELPE EGM; proposed transaction subject to customary regulatory approvals DEPA Volumes (bcm) 4,0 3,8 3,6 3,3 4,3 4,2 DEPA snapshot financials ( m) * EBITDA Net Income * Adjusted for settlement with PPC Consolidated as Associate

21 Contents Introduction - Group overview Strategy update Strategic business units (SBUs) Funding & Dividend Appendix 20

22 Debt profile Successful refinancing consistent with communicated strategy. Funding and liquidity issues addressed; main remaining challenge is A-L currency matching. 4-year, 500m bond issued on 8 May 2013 Funding base diversification and maturity profile extension achieved with new 500m Eurobond and 605m Term Loans Part of proceeds used to prepay 225m facility maturing within 2013; balance to be used for further reduction of bank debt and crude supply trade finance 400m RCF maturing 2Q13 extended for 12+6 months Further changes to funding mix will be evaluated during the year, aiming to reduce costs and match Drawn credit facilities by source breakdown (post Eurobond) 14% 6% 18% Greek 62% International Supranational DCM Term lines maturity overview ( m) Banking facilities currency exposure Q

23 Eurobond issuance Successful execution of inaugural 500m issuance; benchmark transaction for Greek issuers with strong additional interest and reverse enquiries from investors Unrated, 4-year 500m issue priced on 29 April 2013 Standard Eurobond documentation structure with listing in Luxemburg stock exchange Books closed early (24hrs) due to strong demand at 3.5bn, an oversubscription of 7 times Significant interest from international investors, exceeding 80% of order book The transaction was arranged by Alpha Bank, Credit Suisse, Eurobank, HSBC and National Bank of Greece Demand by Geography 18% 55% 27% Greek International private International institutional 22

24 Debt structure and finance costs Debt structure during last 24 months was driven by emphasis on liquidity risk management and response to the banking crisis. Opportunities for finance cost reduction through deleverage and optimisation of gross debt and cash structure Gross/Net debt structure overview - bn 3,0 2,7 Step up in P&L interest charge due to Elefsina completion 1,1 0,8 0,9 1, refinancing resulted in a 2-2.5% increase of average cost of funding Negative carry due to risk management and debt capacity maintenance strategy throughout 2012 and 1H13 1,9 1,9 Opportunity for improvement post Eurobond issue and Greek bank recap Credit Lines Gross debt Commited lines Cash Net Debt 23

25 Dividend policy Reduced payout in FY12 on risk management considerations and weak margin environment EPS and DPS* ( /share) Reported EPS Adj. EPS DPS * Dividend will be subject to withholding tax in line with legislation in place at the time of approval / distribution 24

26 Contents Introduction - Group overview Strategy update Strategic business units (SBUs) Funding & Dividend Appendix 25

27 Assets overview Core business around downstream assets with activities across the energy value chain DESCRIPTION METRICS Exploration & Production Refining, Supply & Trading Exploration assets in Egypt: West Obayed (30%), Mesaha (30%) Recently upgraded refining asset base: Aspropyrgos (FCC, 145kbpd) Elefsina (HDC, 100kbpd) Thessaloniki (HS, 95kbpd) Owner of only refinery in FYROM Capacity: 16MT NCI: 9.3 /Solomon: 11.0 Market share: 65% Tankage: 7m M 3 Domestic Marketing International Marketing Petrochemicals Power & Gas Leading position in all market channels (Retail, Commercial, Aviation, Bunkering) Presence in Cyprus, Montenegro, Serbia, Bulgaria Significant advantage on supply chain/vertical integration Sole producer and main marketer in Greece with strong export orientation PP value chain integrated with refineries Second largest IPP in Greece (JV with Edison/EdF) 35% in Greece s incumbent NatGas supply company c.1,900 petrol stations 30% market share Sales volumes: 3.3MT c.280 petrol stations Sales volumes: 1MT Capacity (PP): 220 kt Capacity: 810 MW (CCGT) Volumes (2012): 4.2bcm 26

28 Our Group in numbers key financials (FY12) ASSETS Μ SALES Μ EBITDA Μ FTEs Refining, Supply & Trading 2,691 10, ,666 Domestic Marketing International Marketing 566 2, , Petrochemicals Power & Gas 646 2, GROUP TOTAL 3 4,350 10, ,051 (1) Total sales (not consolidated at Group level) (2) Net income contribution (consolidated using equity method) (3) As consolidated (does not include associates), includes other business segments 27

29 Key Milestones Transforming stand-alone government controlled Greek companies to a leading private sector regional energy player PETROLA ( Elefsina Refinery) DEP & DEPEKY (Greek E&P) Listing of new Group in ASE/LSE POIH becomes strategic investor with 25% stake Elpedison: 50/50 JV with Italy s Edison, in Power Elpedison s 2 nd CCGT Plant (420MW) in commercial operation Greek Government announces its intention to divest its shareholding in ELPE DEPA/DESFA privatisation process ELDA ( Aspropyrgos Refinery) ESSO - PAPPAS ( Thessaloniki Refinery) Merger with Petrola Hellas Libyan upstream concessions sold to GDF Suez for $170m Acquisition of BP s Ground Fuels business in Greece Sale of 70% stake in W. Obayed upstream concession in Egypt Thessaloniki Refinery upgrade completed Float 22% Elefsina upgraded refinery commercial operation 42% POIH 36% Shareholding events Greek State 28

30 Shareholding & Governance Controlling shareholders agreement supported successful transition from state to private sector Group, divestment of remaining 35.5% held by the Greek State already announced Corporate Governance Shareholding structure Board of Directors: Consists of 13 members (4 executive and 9 non executive) appointed as per Articles of Association Board Committees (Finance / Audit / HR) Retail Int l institutionals 7% 4% GR institutionals 11% 43% POIH Executive Committee: Key management executives with responsibility for strategy and operations Greek State 36% 29

31 Summary Group Structure 1 HELLENIC PETROLEUM HPF plc (treasury) Domestic Marketing International Marketing International Refining Others Gas & Power associates 63% EKO S.A. (and subsidiaries) HPI AG ELPET VALKANIKI Shipping companies 35% DEPA Group HELLENIC FUELS S.A. HP SERBIA LTD 80% VARDAX DIAXON S.A. Gas supply, transportation & distribution HP BULGARIA LTD HPMCYPRUS LTD 82% OKTA PetChems (BOPP film) Asprofos S.A. Engineering Services 50% ELPEDISON B.V 2 Power Generation & Trading JPK (1) All companies 100% owned unless otherwise noted (2) 45% owned through HPI 30

32 Refineries complexity upgrade impact on the Group s crude and product slate Crude slate Group-wide Product slate Group-wide High sulphur 10% 11% 23% 21% Other 75% 89% 9% 8% Gasoline Medium sulphur 32% 45% Jet 10% 15% 0% 11% Pre Upgrade Current Low sulphur 26% Pre upgrade 15% Current Diesel/Gas oil Fuel oil Crude slate Elefsina Product slate Elefsina 17% 25% Other 59% High sulphur 11% 11% 100% 24% Jet 41% Medium sulphur 47% 64% Diesel/Gas oil Fuel oil Pre upgrade Current Pre upgrade Current 31

33 Group Key financials: Strong track record of consistent delivery and balance sheet resilience million, IFRS (Published) Income Statement Figures Sales Volume (MT)- Refining 15,807 16,525 16,952 17,130 16,997 15,885 14,557 12,528 13,532 Sales Volume (MT)- Marketing 4,793 4,727 4,790 5,236 4,910 4,787 5,735 5,126 4,434 Net Sales 4,907 6,653 8,122 8,538 10,131 6,757 8,477 9,308 10,469 EBITDA Adjusted EBITDA* Net Income Adjusted Net Income* EPS (E) Adjusted EPS ( )* Balance Sheet / cash Flow Items Capital Employed 2,335 2,956 3,442 3,557 3,153 3,927 4,191 4,217 4,350 Net Debt , ,419 1,629 1,687 1,855 Capital Expenditure Dividend ( /share) Key drivers Brent crude ($/bbl) FCC cracking Med margins ($/bbl) /$ (*) Calculated as Reported less the Inventory effects and other one-off non-operating items and special income taxes 32

34 2Q 2013 GROUP KEY FIGURES FY million, IFRS 2Q 1H Δ% Δ% Income Statement 13,532 Sales Volume (MT) - Refining 3,258 3,857 18% 6,573 6,843 4% 4,434 Sales Volume (MT) - Marketing 1,102 1,032-6% 2,263 1,894-16% 10,469 Net Sales 2,363 2,556 8% 5,079 4,797-6% 298 EBITDA Associates' share of profit % % 158 EBIT (including Associates' share of profit) Net Income Adjusted EBITDA * % % 335 Adjusted EBIT * (including Associates) Adjusted Net Income * Balance Sheet / Cash Flow 4,350 Capital Employed 4,259 4,101-4% 1,855 Net Debt 1,818 1,802-1% 521 Capital Expenditure % % (*) Calculated as Reported less the Inventory effects and other non-operating items, including deferred tax charge due to tax rate increase 33

35 RESULTS HIGHLIGHTS Record low refining margins and increased crude supply costs outweighed positive impact of Elefsina operation and 18% higher refining sales volumes; improved cashflow from further working capital release led to Net Debt reduction 2Q13 Adjusted EBITDA at 21m (vs 197m in 2Q12) driven by historically low hydrocracking margins and challenging industry conditions, especially in the Med. Average HP system benchmark refining $3.3/bbl lower vs 2Q12 Positive impact through the doubling of exports, as Elefsina overcomes start-up and initial optimisation issues to reach 95% utilisation in 2Q13; additional benefits expected in the next months Domestic market consumption excluding heating gasoil down by 3%, the lowest drop since 2010, driven by diesel demand recovery Net Income affected by reporting of higher depreciation and finance costs due to Elefsina start up. Reported results include negative impact of inventory losses on lower crude prices q-o-q Reduction of Net Debt to 1.8bn, with Gearing (D/CE) at 43.5%; lower domestic market sales led to working capital release, with cashflow benefit offsetting lower profitability DESFA privatisation at final stage; binding offer received from SOCAR for 400m considered as acceptable by HRADF and HELPE BoD. Transaction subject to ELPE EGM approval (2 Sep) and competent regulatory authorities clearance. HELPE cash proceeds for 35% of DESFA will be 212m, enabling accelerated deleveraging 34

36 INDUSTRY ENVIRONMENT Lower product cracks due to weak demand led to low benchmark margins for both HP complex refineries, especially in April and May Med Gasoline cracks ($/bbl) Med HSFO cracks ($/bbl) Med FCC Cracking benchmark margins ($/bbl) Med Hydrocracking benchmark margins ($/bbl) Med ULSD cracks ($/bbl) Med Naphtha cracks ($/bbl) 35

37 CAUSAL TRACK & SEGMENTAL RESULTS OVERVIEW 2Q 2013 Weak Med refining environment underlines results, despite Elefsina positive contribution Adjusted EBITDA causal track 2Q12 2Q13 ( m) Other (incl. E&P) Chems MK Q Adjusted EBITDA by Segment (EURm) 2Q12 2Q13 Δ% Refining, Supply & Trading % Marketing % Petrochemicals % Other (incl. E&P, intersegment) Group Total % 30 Refining, S&T Q 12 Elefsina contribution Refining Margins Crude supply Domestic market (R&M) Others (FX, provisions, other BUs) Q 13 36

38 CASH FLOW PROFILE Completion of investment capex and lower domestic market sales result in release of working capital and lower debt Group Cash flow and Net debt evolution 1H13 ( m) Net Debt FY 11 Net Debt FY 12 EBITDA Interest, Tax & Dividends Maintenance capex Working Capital Other Cash Flows Net Debt 1H13 37

39 2Q 2013 FINANCIAL RESULTS GROUP PROFIT & LOSS ACCOUNT FY IFRS FINANCIAL STATEMENTS 2Q 1H 2012 MILLION Δ % Δ % Sales % (6%) (9.931) Cost of sales (2.253) (2.516) (12%) (4.804) (4.733) 1% 538 Gross profit (63%) (77%) (409) Selling, distribution and administrative expenses (106) (116) (10%) (204) (216) (6%) (4) Exploration expenses (1) (1) 3% (1) (2) (40%) (6) Other operating (expenses) / income - net* 7 (7) - 9 (3) Operating profit (loss) 10 (84) - 78 (157) - (54) Finance costs - net (10) (55) - (21) (102) - 11 Currency exchange gains /(losses) (46) 10 - (28) 9-38 Share of operating profit of associates** 12 7 (37%) % 115 Profit before income tax (34) (122) - 61 (211) - (33) Income tax expense / (credit) (19) Profit for the period (28) (95) - 43 (178) - 3 Minority Interest 1 (0) Net Income (Loss) (28) (95) - 44 (173) - 0,28 Basic and diluted EPS (in ) (0,09) (0,31) - 0,14 (0,57) Reported EBITDA 54 (23) (35) - (*) Includes derecognition of Elefsina project hedges (non-recurring) (**) Includes 35% share of operating profit of DEPA Group 38

40 2Q 2013 FINANCIAL RESULTS GROUP BALANCE SHEET IFRS FINANCIAL STATEMENTS FY 1H MILLION Non-current assets Tangible and Intangible assets Investments in affiliated companies* Other non-current assets Current assets Inventories Trade and other receivables Cash and cash equivalents Total assets Shareholders equity Minority interest Total equity Non- current liabilities Borrowings Other non-current liabilities Current liabilities Trade and other payables Borrowings Other current liabilities Total liabilities Total equity and liabilities (*) 35% share of DEPA Group book value (consolidated as an associate) 39

41 2Q 2013 FINANCIAL RESULTS GROUP CASH FLOW FY IFRS FINANCIAL STATEMENTS 1H 1H 2012 MILLION Cash flows from operating activities 558 Cash generated from operations (34) Income and other taxes paid (3) (4) 524 Net cash (used in) / generated from operating activities Cash flows from investing activities (518) Purchase of property, plant and equipment & intangible assets (219) (37) 4 Sale of property, plant and equipment & intangible assets Sale of subsidiary Interest received 7 4 (1) Investments in associates (1) (3) 9 Dividends received - - (491) Net cash used in investing activities (213) (33) Cash flows from financing activities (67) Interest paid (27) (93) (140) Dividends paid (2) (2) 683 Proceeds from borrowings (591) Repayment of borrowings (283) (1.361) (6) Payments to minority holdings from share capital decrease - - (122) Net cash generated from / (used in ) financing activities 37 (180) (89) Net increase/(decrease) in cash & cash equivalents (53) (4) 985 Cash & cash equivalents at the beginning of the period Exchange losses on cash & cash equivalents 3 (2) (89) Net increase/(decrease) in cash & cash equivalents (53) (4) 901 Cash & cash equivalents at end of the period

42 2Q 2013 FINANCIAL RESULTS SEGMENTAL ANALYSIS FY 2Q 1H 2012 million, IFRS Δ% Δ% Reported EBITDA 210 Refining, Supply & Trading Marketing % % 47 Petrochemicals % % 300 Core Business Other (incl. E&P) % Total Associates (Power & Gas) share attributable to Group % % Adjusted EBITDA (*) 345 Refining, Supply & Trading % 53 Marketing % % 47 Petrochemicals % % 444 Core Business % % 0 Other (incl. E&P) % Total % % 121 Associates (Power & Gas) share attributable to Group % % Adjusted EBIT (*) 244 Refining, Supply & Trading Marketing % Petrochemicals % % 267 Core Business Other (incl. E&P) % Total Associates (Power & Gas) share attributable to Group % % (*) Calculated as Reported less the Inventory effects and other non-operating items 41

43 2Q 2013 FINANCIAL RESULTS SEGMENTAL ANALYSIS II FY 2Q 1H 2012 million, IFRS Δ% Δ% Volumes (M/T'000) Refining, Supply & Trading % % Marketing % % 348 Petrochemicals % % Total - Core Business % % Sales Refining, Supply & Trading % % Marketing % % 371 Petrochemicals % % Core Business % % Intersegment & other % % Total % % Capital Employed Refining, Supply & Trading % 840 Marketing % 144 Petrochemicals % Core Business % Refinery Upgrades % 646 Associates (Power & Gas) % 29 Other (incl. E&P) Total % 42

44 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). 43