ERG, ERG Group, Renewables, Power

1. THIRD QUARTER 2014 RESULTS
13 NOVEMBER 2014
LUCA BETTONTE, CEO

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
3Q 2014 Highlights
✓ Key Figures
Results Review
✓ Business Environment
✓ 3Q 2014 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
RC Net Profit (€ mn)
Strong bottom line and reduction in NFP
POWER
RENEWABLES
INTEGRATED DOWNSTREAM
CORPORATE
437
275
201
(2)
(22)
36
13
(6)
9M 2013
3Q 2014
9M 2014
3Q 2013
143
183
186
(19)
35
35
100
52
18
(5)
9M 2013
3Q 2014
36
11
9M 2014
3Q 2013
Highlights
Leverage
DERIVATIVES
ADJ. NFP EXCL. DERIVATIVES
34%
26%
640
30/09/2014
446
194
868
147
31/12/2013
1,015
400
100
75
12
Adj NFP (€ mn)

5. 5
RESULTS REVIEW
CFO
PAOLO MERLI

6. 6
BUSINESS ENVIRONMENT
3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014
ITALIAN PRICE ZONAL PRICE SICILY CIP6
Electricity Prices (€/MWh)
116
100
103
66
Results Review
3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014
Renewables: Electricity Prices (€/MWh)
155
148
90
91
9796
(1) Italian price is theoretical price based on National Average Electricity Price (PUN) + GC
94
80
FRANCE ITALY BULGARIA GERMANY ROMANIA
(1)
95
50
95
3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014
Industry Retail FuelsVolumes (M tons)
5.93
5.82
3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014
EMC Margin ($/bbl)
(3.45)
(0.5)
97

7. 7
1,292
3Q 2013
143
16
4
(65)
1
Power(1)Renewables Integrated Downstream Corporate 3Q 2014
100
3Q 2014 GROUP EBITDA
Improved results in Renewables
Decrease in Power figures due to ISAB Energy plant disposal
Results Review
(1) ISAB Energy EBITDA in 3Q13 was at €73mn, while in 3Q14 it is at €2mn (related to price adjustements in 1H14 productions)

8. 8
RC Ebitda (€ mn)
RENEWABLES RESULTS
1,809
Volumes (GWh)
5
170
Results Review
4
(1) LUKERG: ERG ‘s stake = 50% in Bulgaria and Romania
7
ERG Wind
14
870
ERG Wind
409
60
330
27170
ERG Wind
186
36
31
2
ERG Wind
92
ITALY FRANCE LUKERG(1)GERMANY
84
32
103
20
2
1
1,561
3Q 2013
9M 2013
3Q 2014
9M 2014
3Q 2013
9M 2013
3Q 2014
9M 2014
Higher production both in Italy and abroad
1,948
1,570
187
90
102
443
18
56
25
542
90
ERG Wind
214
ERG Wind
201
52
6
178
10
8
47
1
3
1
837
ERG Wind
21
ERG Wind

9. 9
RC Ebitda (€ mn)
POWER RESULTS
Volumes (GWh)
Strong ERG Power results
ISAB Energy plant disposal effective as of July, 1
Results Review
80 80
27
33
195
102
73
2
ERG POWER
ISAB ENERGY
183
100
9M 2013
3Q 2013
9M 2014
3Q 2014
275
35
3,963
9M 2013
3Q 2013
5,213
736
1,790
9M 2014
3Q 2014
2,042
1,921
736
3,219
1,994
1,109
681

10. (10) (6)
2 3
5
4
3
2
(2)
35
13
18
(37)
(10)
39
36
18
15
10
RC Ebitda (€ mn)
INTEGRATED DOWNSTREAM RESULTS
TOTALERG
Market Share (%)
Still tough environment in Marketing
11.2%
10.4%
Results Review
RC Ebitda (€ mn)
1Q 20143Q 2013 4Q 2013 2Q 2014 3Q 2014
Refining:
processedVolumes(2) (k tons)
1,009 1,071
340 389
1,668
640
2,677
980
(1) TOTALERG Refining EBITDA includes Logistics
(2) Volumes relate to 100% of TOTALERG stake in Sarpom (24%)
TOTALERG REFINING
COASTAL REFINING
TOTAL INTEGRATED DOWNSTREAM
TOTALERG REFINING
TOTALERG MARKETING
EOS
ERG SUPPLY & TRADING
COASTAL REFINING
(1)
9M 2013
3Q 2013
9M 2014
3Q 2014
9M 2013
3Q 20139M 2014
3Q 2014
389
1,071
0.7
(1.4)

11. 11
KEY FINANCIALS

12. 12
PRO-FORMA REPLACEMENT COST P&L
Note: figures based on NO GAAP measures
Key Financials
9M 2014 9M 2013 Euro millions 3Q 2014 3Q 2013
400 437 RC Adjusted EBITDA 100 143
(182) (215) Amortization and depreciation (52) (72)
218 221 RC Adjusted EBIT 48 71
(60) (64) Net financial income (expenses) (25) (17)
3 4 Net income (loss) from equity investments (0) 1
161 161 RC Results before taxes 23 55
(61) (82) Income taxes (10) (28)
100 79 RC Results for the period 12 27
(25) (43) Minority interests (0) (17)
75 36 RC Net profit 12 11

13. 13
ADJUSTED INVESTMENTS
Key Financials
CORPORATE
INTEGRATED DOWNSTREAM
RENEWABLES
POWER
(2)
(1)
27 23
10 7
119
29
45
16
15
10 5
3
64
9M 2013
3Q 2013
(€ mn)
9M 2014
3Q 2014
162
60
1 2
(3)
(4)
(1) Renewables adjusted for LUKERG Renew (50%)
(2) Integrated Downstream adjusted forTOTALERG (51%)
(3) It includes investment for the acquisition of Gebeleisis (ca. €55mn) and Hrabrovo (ca. €9mn)
(4) It includes investment for the acquisition of Hrabrovo (ca. €9mn)
28
0.3
1

14. 14
41%
26%
18%
Adj. Net
Debt
30/06/2014
Cash Flow
from operation
Working
Capital
CAPEX
Financial
Charges
Adj. Net
Debt
30/09/2014
NFP 51%
TotalErg and
50%
LUKERG
Renew
Net Debt
30/09/2014
reported
Leverage
3Q 2014 ADJUSTED CASH FLOW STATEMENT
(253)
Taxes
and Other
Key Financials
(100)
387
1,234
18
25
(515)
Cash-in
from CIP6
early
termination
640
(50) 28

15. 15
2014 GUIDANCE AND CONCLUSIONS
CEO
LUCA BETTONTE

16. 16
400
9M 2014
2014 GUIDANCE AND CONCLUSIONS
2014 FCST
64
LIQUIDITY PF OTHER AT MLT
640
RENEWABLES CORPORATEIDPOWER
9M 2014
2014 FCST
9M 2014
2014 FCST
EBITDA:
CAPEX:
NFP:
✓Like-for-like growth driven by Renewables and exit from
Coastal Refining
✓Guidance revised downward for optimization in the
Downstream segment
✓CAPEX consistent with 2013-2015 Business Plan
✓New Business Plan under definition
Group’s transformation still ongoing
≈470
≈100
≈700
✓Guidance updated from ≈800 to ≈700

17. 17
APPENDIX

18. 18
1,292
9M 2013
437
15 (93)
37 4
PowerRenewables Corporate 9M 2014
400
9M 2014 GROUP EBITDA
Appendix
Integrated Downstream

19. 19
640
34%
26%
18%
Adj. Net
Debt
31/12/2013
Cash Flow
from
operation
Working
Capital
CAPEX Financial
Charges
Adj. Net
Debt
30/09/2014
NFP 51%
TotalErg and
50%
LUKERG
Renew
Net Debt
30/09/2014
reported
Leverage
9M 2014 ADJUSTED CASH FLOW STATEMENT
(253)
Capital
Increase
Dividends Acquisition
49% IE/IES
(358)
1,799
1,015
143
Disposal IE
plant to
ISAB
1,234
1,041
72
153
Appendix
(515)
Dividends
to
minorities
Taxes
and Other
22
(26)
Cash-in
from CIP6
early
termination
64
60
387
(50) 60

20. 20
9M AND 3Q 2014 RESULTS
Appendix
9M 2014 9M 2013 Euro millions 3Q 2014 3Q 2013
3,411 7,525 Adjusted Revenues 1,081 2,762
400 437 RC EBITDA Adjusted 100 143
201 186 - Renewables 52 36
183 275 - Power 35 100
35 (2) - Integrated Downstream 18 13
(19) (22) - Corporate (5) (6)

21. 21
9M 2014 9M 2013 3Q 2014 3Q 2013
1,341 1,265 Installed capacity (end-period, MW) 1,341 1,265
of which:
1,087 1,053 - Italy 1,087 1,053
86 86 - Germany 86 86
64 64 - France 64 64
27 27 - Bulgaria (1) 27 27
77 35 - Romania (1) 77 35
1,948 1,809 Electricity Production (GWh) 542 409
of which:
1,570 1,561 - Italy 443 330
102 103 - Germany 25 27
90 84 - France 18 20
45 40 - Bulgaria (1) 14 12
141 21 - Romania (1) 43 21
RENEWABLES: KEY FIGURES (1/2)
Appendix
(1) ERG ‘s stake = 50%

22. 22
9M 2014 9M 2013 Euro millions 3Q 2014 3Q 2013
RC EBITDA:
178 170 Italy 47 31
8 7 Germany 1 2
6 5 France 1 1
10 4 LUKERG (1) 3 2
of which:
3 3 - Bulgaria (1) 1 1
7 1 - Romania (1) 2 1
201 186 Total RC EBITDA 52 36
(97) (94) Depreciation (32) (31)
104 92 RC EBIT 19 5
Appendix
(1) ERG ‘s stake = 50%
RENEWABLES: KEY FIGURES (2/2)

23. 23
ISAB ENERGY: KEY FIGURES
Appendix
9M 2014 9M 2013 3Q 2014 3Q 2013
2,042 3,219 Sales (GWh) 0 1,109
250 481 Sales (€ mn) 5 169
102 195 RC EBITDA (€ mn) 2 73
77 158 RC EBIT (€ mn) 2 61
100 116 CIP6 tariffs (€/MWh) 100 116
60 128 EBITDA IT GAAP (€ mn) 2 49

24. 24
ERG POWER: KEY FIGURES
Appendix
9M 2014 9M 2013 Euro millions 3Q 2014 3Q 2013
1,921 1,994 Electricity Production (GWh) 736 681
80 80 RC EBITDA 33 27
(22) (21) Depreciation (7) (7)
59 59 RC EBIT 26 20

25. 25
INTEGRATED DOWNSTREAM: KEY FIGURES
Appendix
(1) Estimated market share referring to 100% of TOTALERG
9M 2014 9M 2013 Euro millions 3Q 2014 3Q 2013
35 (2) Adjusted RC EBITDA 18 13
30 29 - TOTALERG (51%) 17 20
4 5 - ERG Oil Sicilia 2 3
1 n.a. - ERG Supply & Trading (1) n.a.
n.a. (37) - Coastal Refining n.a. (10)
(36) (61) Adjusted Depreciation (12) (20)
(1) (63) Adjusted RC EBIT 6 (7)
23 27 Investments 7 10
10.7% 11.3% TOTALERG retail market share(1) 10.4% 11.2%

26. 26
9M 2014 9M 2013 Euro millions 3Q 2014 3Q 2013
29 119 Renewables 16 45
10 15 Power 3 5
23 27 Integrated Downstream(3) 7 10
2 1 Corporate 1 0
64 162 Adjusted Total 28 60
INVESTMENTS
(1) It includes investment for the acquisition of Gebeleisis (ca. €55mn)
(2) It includes ERG quota of investments made by LUKERG Renew
(3) It includes ERG quota of investments made byTOTALERG
(1) (2)
Appendix
(1)