2. 2
DISCLAIMER
This document contains certain forward-looking information that is subject
to a number of factors that may influence the accuracy of the statements
and the projections upon which the statements are based.
There can be non assurance that the projections or forecasts will ultimately
prove to be accurate; accordingly, the Company makes no representation or
warranty as to the accuracy of such information or the likelihood that the
Company will perform as projected.
3. 3
AGENDA
2012 Highlights
✓ Key Figures
✓ Delivery and main Achievements
Results Review
✓ Business Environment
✓ 4Q 2012 Group EBITDA
✓ Results by Segments
Key Financials
✓ Profit & Loss
✓ Investments
✓ Cash Flow Statement
2013 Guidance and Conclusions
Appendix
4. 4
RC Ebitda Adj (€mn)
HIGHLIGHTS: KEY FIGURES
284
458
39%
27%
NFP Adj (€ mn)
Leverage
RC Net Profit (€ mn)
2011 4Q 2012
Strong Renewables and Power, still weak R&M
bottom line back to positive
POWER & GAS
RENEWABLES
REFINING & MARKETING
CORPORATE
(49)
0
0
239
69
6
(31) 29
(11)
(6)
12 10
2012 4Q 20112011 4Q 20122012 4Q 2011
55
128
328
137
(28)
21
89
37
10
(9)
1,179
722
31/12/2011 0
31/12/2012(1)
DERIVATIVES
NFP EXCL. DERIVATIVES
1,125
638
(1) Adjusted Net Financial Position at 31/12/2012 does not include NFP of ISAB Srl
Highlights
(17)
43
54
84
5. 5
458
2012 FCST
ACTUALVS EARLY 2012 GUIDANCE
2012
165≈175
LIQUIDITY PF OTHER AT MLT
722≈900
EBITDA:
CAPEX:
NFP:
✓ -6% due to further rationalisation of R&M Capex
2012 Financials: strong delivery
RENEWABLES CORPORATER&MP&G
0
0
0
✓ -20% thanks to higher cash generation, lower Capex and
gimprovement in NWC
2012 FCST(2)
2012(2)
2012 FCST 2012
≈400(1)
✓ +15% driven by Power and Renewables
(1) Guidance announced in May 2012 (1Q 2012 Results), then revised to >420 in December 2012 (Business Plan 2013-2015)
(2) 2012 investments include 20% ISAB investment (€7mn) as of September 2012, €7mn of wind acquisition in Romania, and €25mn ca. for the
gggacquistion ofTcherga (Bulgaria)
Highlights
6. 6
2012 MAIN ACHIEVEMENTS
• Selected growth in Italy1: completion of Amaroni (24MW) and PsG (34MW)2 brought to construction
• Expansion in East-Europe: Bulgaria (40MW3 operative) and Romania (84MW3 under construction)
• Acquisition of Maestrale (636MW, 550MW in Italy and 86MW in Germany)
• Exiting gas projects (Ionio Gas and Rivara Storage)
• FY contribution from MSD (“Second Dispatching Market”)
Highlights
Renewables: keep growing
Power: streamlining business model
R&M: progressive reduction of refining activities
• 20% exercise of ISAB refinery
• Closure of Rome refinery and start-up of conversion works into a logistic hub
Financials: 2012 guidance well exceeded (both EBITDA and NFP)
1. FdL (98MW) in operation and Project Financed for €126mn in 1Q 2012
2. Palazzo San Gervasio applied for GSE auction in December 2012 and successfully bid in January 2013 with the lowest discount among competitors
3. Considering 100% of LukERG Renew (50% ERG Renew)
• FY EBITDA and NFP considerably better than guidance given in early 2012
• Ongoing optimization of the Group’s indebtedneness allocation among businesses
• Value creation for shareholders through dividend (0.4€/share) and buy-back (5% own shares)
15. 15
2012 2011 Euro millions 4Q 2012 4Q 2011
458 284 RC Adjusted EBITDA 128 55
(242) (247) Amortization and depreciation (57) (71)
216 37 RC Adjusted EBIT 70 (16)
(64) (48) Net financial income (expenses) (13) (12)
(0) (0) Net income (loss) from equity investments 1 (1)
152 (11) RC Results before taxes 58 (28)
(89) (7) Income taxes (34) 13
64 (18) RC Results for the period 24 (15)
(52) (31) Minority interests (14) (2)
12 (49) RC Net profit 10 (17)
PRO-FORMA REPLACEMENT COST P&L
Note: figures based on NO GAAP measures
Key Financials
16. 16
ADJUSTED INVESTMENTS
77
58
20 20
53
71
10 17
22 35
8
15
(1) Renewables adjusted for LUKERG Renew (50%).
(2) R&M adjusted forTOTALERG (51%) and for ISAB Srl (40% from January to August 2012).
(3) 2012 Investments include 20% ISAB investments (€7mn) as of September 2012, and €7mn of wind acquisition in
gg Romania plus €25mn ca. for the acquisition of Tcherga (Bulgaria)
Key Financials
156
39
2011
4Q 2011
(€ mn)
0
4Q 2012
165
52
2 1
CORPORATE
REFINING & MARKETING
RENEWABLES
POWER & GAS
(2)
(3)
(1)
2012
35
(3)
1
17. 17
722
513
39%
27%
21%
Adj. Net
Debt
31/12/2011
Cash Flow
from operation
Working
Capital
CAPEX(1) Financial
Charges
Adj. Net
Debt
31/12/2012
NFP 51%
TotalErg and
50%
LUKERG
Renew
Net Debt
31/12/2012
reported
Leverage
FY 2012 ADJUSTED CASH FLOW STATEMENT
33
(209)
0
Wind
Acquisition
in Bulgaria
and Romania
Taxes
and Other
(378)
53
Key Financials
Dividends &
Buyback
Cash-in
20% Put
ISAB
Change in
representation
for ISAB Srl
1,179
(485)(85) 126
64
88
126
(1) CAPEX do not include 20% ISAB investments (€7mn) as of September 2012
19. 19
458
>500
2012
2013 GUIDANCE AND CONCLUSIONS
2013 FCST
165
≈190
2012(1)
2013 FCST
2012 2013 FCST
LIQUIDITY PF OTHER AT MLT
722
≈1,300
✓2013 Economic guidance in line with BP:
- Renewables: full year contribution of IP Maestrale
- Power: still favourable local market conditions
- R&M: lower exposure to refining
EBITDA:
CAPEX:
NFP:
✓2013 Capex guidance confirmed and in line with BP
Strong growth through a sustainable
business model
RENEWABLES CORPORATER&MP&G
0
0
0
Guidance and Conclusions
✓2013 NFP guidance confirmed and in line with BP
(1) 2012 investments include 20% ISAB investment (€7mn) as of September 2012, €7mn of wind acquisition in Romania, and €25mn ca. for the
gggacquistion ofTcherga (Bulgaria)
