FY 2008 Financial Results
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1 FY 2008 Financial Results Milan, 31 March
2 Oct Nov Dec Nov Dec Market Environment General $/bbl Brent Price /MWh Eni Gas Release Price Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Jan Feb Mar Apr May Jun Jul Aug Sep Oct /$ EUR/USD Exchange Rate TTF Gas Price /MWh Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
3 FY08 Results Highlights The Group s highest results: Revenues M (+55.8% vs FY07), EBITDA 61.6 M (+16.7% vs FY07), EBIT 34.2 (+44.8% vs FY07). Lower Net Profit (11.5 M, % vs FY2007 due to higher tax rate. Ratio from 38.5% to 57.5% due to Robin Tax and postponement of deffered tax asset on international activities. Italian+Int. E&P Domestic reserves Production: MSmc (+2.2% vs FY07); Achieved the target of yearly reserves replacement keeping the level of production; First International successful discovery: Ana/Doina Field Resources 1.1 BScm ; Storage Achievement of the EIA Approval for Sinarca Project; Assignation by MSE of the third project San Benedetto in JV with Gaz de France and Acea; S&S Sales over 1 BScm; International Gas Import : over 30% of Total in 4Q08; Retail Over final customers due to the merge of Gas Plus Vendite with Gas Plus Emilia, Strong sales expansion: 372 MScm (+49.3% vs FY07); Transport Entry in the Group s consolidation area of the activities of Bagnolo Mella Servizi and Salso Servizi. Network 2
4 FY 2008 Results Fin. Overview (Euro M) % FY08 FY07 change 4Q08 4Q07 % change Total Revenues % % EBITDA % % EBIT % % Profit before Tax % % Net Profit % % EPS % % 44,019, ,835, % 44,019,620 44,835,000 Net Debt % Equity % Fixed assets % 3
5 FY08 Financial Data Fin. Overview EBITDA by Business Unit M + 17% % FY FY08 4Q Q08 Exploration & Production Supply & Sales Retail Network Other Activities M +44% 34.2 EBIT by Business Unit % % FY07 FY08 4Q07 4Q08 4Q07 Adj 4Q08 Adj Exploration & Production Supply & Sales Retail Network Other Activities Balance Sheet Net Debt and Cash Flow 4
6 E&P E&P Reserves vs Production Reserves replacement Ratio: + 105%; /12/ /12/ /12/ /12/ Successful new discovery: Monte della Crescia 1Dir; Gas In: Monte Guzzo, Accettura 3 and 5. Million Scm Change in reserves Production 2P Reserves * Reserves certified by S.I.M. S.r.l. 5
7 International Activities E&P UK Farm-out 50% Block P1539 to Fairfield Seismic reprocessing Block PEDL071 Block P001-Monkwell expected drill in 1H09 NL JVS on Blocks E15c, E13, D9 with Tullow oil (op) Poland Assigned Block 106 on December Farm-out 50% to Gold Point Energy Romania (15% ) Drilled 3 wells Quota Resources 1,1 BScm Change of operator (IQ09) with Melrose Romania Albania Not successful bid: left 6
8 Storage Storage SINARCA PROJECT (60% GPS) Published EIA Ministry Decree; Gas Plus is operator in all the projects San Benedetto (49% GPS) Working Gas : 522 MSmc Front End Engineering Design completed; Poggiofiorito (100% GPS) Working Gas : 157 MSmc SAN BENEDETTO (49% GPS) Assignment of EPIC underway; Sinarca (60% GPS) Working Gas : 324 MSmc Ministry (Ministero dello Sviluppo Economico) assigned in June the site to Gas Plus (49% and operatorship), Gaz de France (35,7%) and ACEA (15,30%). Projects Schedule Total Working Gas 1,003 MSmc Total Gas Plus Share 607 MSmc Signed in October a binding Term-Sheet to rule the JV Sinarca San Benedetto POGGIOFIORITO (100%GPS) Prelimininary approval of CIRM; Poggiofiorto EIA ongoing;
9 Supply & Sales - Retail S&S - Retail S&S Retail 4Q08 4Q07 % 4Q FY08 FY07 % FY Supply (MSmc) % % Sales (MSmc) % % Captive Retail/PPP % % Thirds Retail % % Trading % % 4Q08 4Q07 % 4Q FY08 FY07 % FY Sales (MSmc) % % Residential % % Small Business/Multipod % % Industrial % % EBITDA (M ) % % EBITDA (M ) % % The 4Q08 has suffered from the different alignment of supply/sales price formula, in 1Q09 expected normalized trend; Reached 1BScm gas sales; Imported gas, available thanks to successful bid for international transport rights and indexed to TTF, is about 30% of supply from 4Q08. Merger with Gas Plus Emilia; Over customers; Strong expansion in Small Business and Multipod all around Italy. 8
10 Network Network Distributed Volumes (MSmc) 4Q08 4Q07 % Q FY08 FY07 % FY % % Direct End Users (#K) % Pipeline (Km) % Increased distributed volumes and end users mainly due to the acquisition of the activity of two partecipated companies; Bagnolo Mella Servizi S.p.A. : merging with Gas Plus Reti S.r.l.; Salso Servizi S.p.A. : spin-off of gas distribution from water activities (still in Salso Servizi). The gas distribution is managed by Gas Plus Salso S.r.l. (GPR 96,96%; Municipality of Salsomaggiore 3%, Municipality of Fontanellato 0.04%). Gas Plus Reti still owns 20.78% interest of Salso Servizi S.p.A.; In 4Q08 the new tariff mechanism has been approved by the AEEG. Still uncertain the application. 9
11 What we will do The path ahead E&P Storage S&S Abroad: in 2009 Romania will come into development. This asset will be one of the main cornerstone for production and capex in coming years. Expected results in UK; Italy: selection of projects on the basis of the new market scenarios with a attention to the profitability and Gas-In time; The growth could be achieved also with M&A operations. Sinarca Project: in 2009 the storage installation and construction is about to start. Sinarca, among the new projects, is one of the most advanced; San Benedetto Project: drawing of the design for EIA approval; Poggiofiorito Project: EIA approval process; Enlarge international trading; Stabilize profitability. Retail Match the sales growth to a stable enforcement of the internal structure and control; Focus on more profitable segments. Network Continue maximizing asset value and stability of the B.U.. 10
12 Company Profile Annex Shareholding Share information Share price performance 72.19% N. of share: 44,909,620 IPO price: 8.5 per share Price as of 03/30/08: 7.64 per share 2.60% Mkt capitalization: 302M Us.fin. S.r.l. (Davide Usberti) 25.21% Italian Stock Exchange segment MTA Specialist: Banca IMI S.p.A. Own Shares Market Own shares as of 03/27/08: 1,169,134 Group structure Management Gas Plus SpA Davide Usberti Paolo Tedesco Giovanni Baroni Chief Executive Officer Chief Financial Officer and responsible for the preparation of the company s financial reporting Director Corporate Business Development and Investor Relator 100% Gas Plus Italiana SpA Gas Plus Storage Srl 100% 100% 85% Gas Plus Reti Srl Gas Plus Trasporto Srl Gas Plus Vendite Srl Gas Plus Energia Srl Achille Capelli Davide Cornaggia Luigi Diamante Director of Network Business Unit Director of Supply&Sales and Retail Business Units Director of Exploration&Production Business Unit 100% 100% Cinzia Triunfo Project Manager of Storage Business Unit E&P Business Unit S&S Business Unit Storage Business Unit Network Business Unit Retail Business Unit Other Other Group's Executives Gian Maria Viscardi Network CEO 11 Giovanni Dell'Orto Chairman International B&P
13 Disclaimer This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Gas Plus. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Gas Plus to market risks and statements expressing management s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as anticipate, believe, could, estimate, expect, intend, may, plan, objectives, outlook, probably, project, will, seek, target, risks, goals, should and similar terms and phrases. There are a number of factors that could affect the future operations of Gas Plus and could cause those results to differ materially from those expressed in the forward-looking statements included in this Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Group s products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorisation of reserves; (k) economic and financial market conditions in various countries and regions; (l) political risks, project delay or advancement, approvals and cost estimates; and (m) changes in trading conditions. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this presentation. Neither Gas Plus nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated,implied or inferred from the forward-looking statements contained in this presentation. 12
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