In the first quarter of 2013, ERG reported a 27% increase in adjusted EBITDA to €173 million compared to the same period last year, driven by strong performance in renewables and improvements in refining and marketing. Renewables and power contributed over 90% of EBITDA for the quarter. Net debt was reduced to €1.8 billion and guidance for the full year was confirmed, with EBITDA expected to exceed €500 million and net debt to decrease to around €1.3 billion.
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
1Q 2013 Highlights
✓ Key Figures
Results Review
✓ Business Environment
✓ 1Q 2013 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
27%
47%
Leverage
RC Net Profit (€ mn)
Strong Renewables and Power, still weak R&M
bottom line extremely positive
POWER & GAS
RENEWABLES
REFINING & MARKETING
CORPORATE
722
1,799
0
31/03/2013
DERIVATIVES
NFP EXCL. DERIVATIVES
1,597
(1) Adjusted Net Financial Position does not include NFP of ISAB Srl
202
111
1Q 2012
1Q 2013
173
0
90
92
(2)
(7)
92
41
(15)
(6)
638
84
31/12/2012
1Q 2012
1Q 2013
27
0
1
(1)
17. 17
173
>500
1Q 2013
2013 GUIDANCE AND CONCLUSIONS
2013 FCST
20
≈175
2013 FCST(1)
1Q 2013 2013 FCST(2)
LIQUIDITY PF OTHER AT MLT
1,799
≈1,300
EBITDA:
CAPEX:
NFP:
Strong growth and delivery in line with
new business model
RENEWABLES CORPORATER&MP&G
0
0
0
✓Economic guidance confirmed after Q1 results
✓Renewables & Power to contribute for more than 90% of
gg2013 EBITDA
✓R&M to slightly improve, also in light of lower exposure to
ggRefining
✓FY Capex guidance confirmed
✓For 9M we expect spending acceleration (vs Q1),
particularly in Renewables: advancement in Romania and
in Palazzo San Gervasio wind farm construction
✓Guidance confirmed
1Q 2013
(1) It does not include 20% ISAB investments (ca. €15mn)
(2) It assumes put exercise on ISAB refinery within 31.12.2013