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
4Q 2013 Highlights
✓ Key Figures
✓ 2013 main Achievements
Results Review
✓ Business Environment
✓ 4Q 2013 Group EBITDA
✓ Results by Segments
Key Financials
✓ Profit & Loss
✓ Investments
✓ Cash Flow Statement
2014 Guidance and Conclusions
Appendix
4. 4
RC Ebitda Adj (€mn)
HIGHLIGHTS: KEY FIGURES
27%
34%
Leverage
RC Net Profit (€ mn)
A year of strong growth
POWER & GAS
RENEWABLES
REFINING & MARKETING
CORPORATE
722
1,015
0
31/12/2013
DERIVATIVES
ADJ. NFP EXCL. DERIVATIVES
868
(1) Adjusted Net Financial Position does not include NFP of ISAB Srl
147
638
84
31/12/2012
(1)
458
569
0
328
137
21
(28)
37
10
(9)
2012
4Q 2013
2013
4Q 2012
128 132
358
245
(30)
(5)
89 83
59(2)
(7)
2012
4Q 2013
12
0
38
10
3
2013
4Q 2012
Highlights
5. 5
2013 MAIN ACHIEVEMENTS
• Completion of new wind farms construction in Italy (34MW) and Romania (82MW)
• Agreement with Unicredit to enter into the capital of ERG Renew as minority shareholder
• Full exit from ISAB refinery
• Agreement for the sale of ISAB Energy plant, subject to CIP6 early termination
Highlights
• Acquisition of IP Maestrale wind assets (636MW)
December
February
• M&A deal for wind assets in Romania (70MW) and Bulgaria (14MW)June
• Integration of O&M activities on Italian wind farmsOctober
14. 14
PRO-FORMA REPLACEMENT COST P&L
Note: figures based on NO GAAP measures
Key Financials
2013 2012 Euro millions 4Q 2013 4Q 2012
569 458 RC Adjusted EBITDA 132 128
(291) (242) Amortization and depreciation (76) (57)
278 216 RC Adjusted EBIT 56 70
(88) (64) Net financial income (expenses) (23) (13)
4 (0) Net income (loss) from equity investments 0 1
194 152 RC Results before taxes 33 58
(100) (89) Income taxes (18) (34)
94 64 RC Results for the period 15 24
(56) (52) Minority interests (13) (14)
38 12 RC Net profit 3 10
15. 15
ADJUSTED INVESTMENTS
(1) Renewables adjusted for LUKERG Renew (50%).
(2) R&M adjusted forTOTALERG (51%). It does not include ISAB Srl as of September 2012
(3) It includes investment for the acquisition of Tcherga wind farm (ca. €26mn)
(4) It includes investments for the acquisition of Gebeleisis (ca. €55mn) and Hrabrovo (ca. €9mn) wind farms and ERG Renew O&M (ca. €10mn)
(5) It includes investment for the acquisition of ERG Renew O&M (ca. €10mn)
Key Financials
CORPORATE
REFINING & MARKETING
RENEWABLES
POWER & GAS
(2)
(1)
51
41
13 14
71
170
17
51
35
26
15
11
CORPORATE
REFINING & MARKETING
RENEWABLES
POWER & GAS
158
45
2012
4Q 2012
(€ mn)
0
2013
4Q 2013
238
77
1.2 1.7 0.5 0.7
(3)
(5)
(4)
16. 16
1,015
27%
34%
29%
Adj. Net
Debt
31/12/2012
Cash Flow
from operation
Working
Capital CAPEX
Financial
Charges
Adj. Net
Debt
31/12/2013
NFP 51%
TotalErg and
50%
LUKERG
Renew
Net Debt
31/12/2013
reported
Leverage
FY 2013 ADJUSTED CASH FLOW STATEMENT
(208)
0
Taxes
and Other
Dividends ERG Wind
Acquisition
(487)
1,799
722
88
68
Gebeleisis &
Hrabrovo
Acquisition
1,565
807
165
722
Eolo
Disposal
Key Financials
ERG
Renew
O&M
Acquisition
PUT
Option on
last 20%
ISAB
(46)
800
(6)63 10
(426)
63
18. 18
569
2013
2014 GUIDANCE AND CONCLUSIONS
237
2013
2014 E
LIQUIDITY PF OTHER AT MLT
1,015
≈800
EBITDA:
CAPEX:
NFP:
2014: a year of further transformation
RENEWABLES CORPORATER&MP&G
0
0
0
✓P&G EBITDA decrease from July 1, 2014 following CIP6 early
termination and sale of ISAB Energy plant
✓Like-for-like growth driven by Renewables and exit from
Coastal Refining
✓CAPEX consistent with 2013-2015 Business Plan
✓New Business Plan under definition
2013(2)
≈90
(1) Excluding EBITDA of ISAB Energy in 2H 2013 (€132mn)
(2) Excluding 20% ISAB investments (ca. €21mn); including investments for Gebeleisis (€55mn) and Hrabrovo (€9mn) wind farms, and ERG Renew O&M (€10mn)
>500
2013 FCST
2013 FCST
≈175
2013 FCST
≈1,300
437(1)
≈1,100
✓Positive effect on NFP from ISAB Energy transaction
2014 E
2014 E
≈470