IH 2009 Financial Results

Transcription

1 IH 2009 Financial Results Milan, 7 th August

2 Market Environment General Brent Price lug ago set ott nov dic gen feb mar apr mag giu $/bbl /2008 $/bbl / Eni Gas Release Price lug ago set ott nov dic gen feb mar apr mag giu ( /MWh) /2008 ( /MWh) /2009 Euro Us Dollar Exchange rate 1,65 1,6 1,55 1,5 1,45 1,4 1,35 1,3 1,25 1,2 lug ago set ott nov dic gen feb mar apr mag giu EUR - USD 2007/2008 EUR - USD 2008/2009 TTF Gas Price lug ago set ott nov dic gen feb mar apr mag giu Gas TTF ( /MWh) /2008 Gas TTF ( /MWh) /2009 1

3 IH09 Results Highlights The Group reacts in a complex macroeconomic scenario bearing the economic reasults: Revenues 224.5M (+19.4% vs IH08), EBITDA 23.9 M (-27.6% vs IH08), EBIT 14.6 (-29.7% vs IH08). Higher Net Profit 10.2 M (+15.1 % vs IH08). Italian+Int. E&P Domestic Production: 102 MSmc (- 16.4% vs IH08) due to expected extraordinary maintenance on some wells, now the production is achieving yearly target. Reserves replacement due to workover activities near to 100% Under evaluation acquisition opportunity of Italian Assets; Storage Sinarca: near to complete the process to obtain the concession; San Benedetto: begining the JV s operative activities; S&S Sales MScm (+8.3% vs IH08); Positive operating profitability (EBITDA 4.1 M ) notwithstanding the negative economic scenario; Retail Volume of gas sold : MScm (-0.3% vs IQH8); Lower consumption individual customers due to slowdown of industrial customers; Thin margins led to a negative global result, expected recovery in IIH09: EBITDA -1,1M ( IH08 : +0,5M) Transport Network Distributed volumes: 107 MSmc (-3.2% vs IQH8) due to the consumption slowdown Gas Plus Reti S.r.l. became fully owned by Gas Plus. Signed the agreement with the local municipalities in order to spinoff pipeline asset in 3Q and start-up the operations of BU Transport in 4Q09. 2

4 IH09 Results Fin. Overview (Euro M) % % IH09 on sales IH08 on sales % change Total Revenues % Operating Costs % % +29.5% EBITDA % % -27.6% EBIT % % -29.8% Profit before Tax % % -9.8% Net Profit % % +15.1% EPS % 44,909,620 44,835,000 Net Debt Equity Fixed assets

5 IH09 Financial Data Fin. Overview M EBITDA by Business Unit % 0,244 2,131 0,508 3, ,402 M ,148 1,063 0,494 3,383-21% ,837 4,101 EBIT by Business Unit ,148 1,063 0,494 3,383-32% ,837 4,101 4,101 26,808 19,366 15,759 11,853 14,179 8, IH IH09 Other Activities Network Retail Supply & Sales Exploration & Production IH08 IH09 IH08 adj IH09 adj. Other Activities Network Retail Supply & Sales Exploration & Production Balance Sheet 30th June st December Net Debt and Cash Flow Inventories 41,190 48,663 Receivables 133, ,472 Payables (55,481) (102,213) Other working credits/debts (41,622) (8,792) Net working capital 78,017 76,130 Non current assets 225, ,474 Tax, Abandonment, Severance and other provisions (62,810) (62,849) 0 (5.000) (10.000) (15.000) (20,746) 23,929 (6,919) Taxes (1,926) Change in funds and WC (11,806) (22.010) Net Invested Capital 240, ,755 Net financial Position 22,010 20,746 Equity 218, ,009 Total sources 240, ,755 (20.000) (25.000) (30.000) Initial 1st Jan 2009 Ebitda Net Capex / Disposal (6,578) Dividends 2,036 Financial profit/loss Final 30th June

6 E&P E&P IH09 IH08 % Gas Production (MScm) % Transfer Price ( cent/scm) % Exploration Capex Italy (M ) % Exploration Capex International (M ) % Development Capex Italy (M ) % EBITDA % Production IH09 Successful Workover: Metaponto 1, Accettura 2; Setting up of the compression station in Poggiofiorito; Restablished the interrupted production at Muzza 4. 5

7 International Activities E&P UK Block P001-Monkwell expected drill in 2H09 NL JVS on Blocks E15c, E13, D9 with Tullow oil (op) Poland Assigned Block 106 on December Tender for assigment of 3D seismic survey Romania (15% ) Change of operator (IQ09) with Melrose; Slowdown of formal permitting procedure due to the authorization process Romania 6

8 Storage Storage SINARCA PROJECT (60% GPS) MSE convened the Conferenza dei Servizi, last stage in authorization procedure; Published EIA Ministry Decree (2008), under implement the prescription enclosed in the Decree; Gas Plus is operator in all the projects San Benedetto (49% GPS) Working Gas : 522 MSmc Poggiofiorito (100% GPS) Working Gas : 157 MSmc Sinarca (60% GPS) Working Gas : 324 MSmc SAN BENEDETTO (49% GPS) Assignment of EPIC underway; Total Working Gas 1,003 MSmc Total Gas Plus Share 607 MSmc POGGIOFIORITO (100%GPS) JV operating and technical bodies began the activities; Ongoing the setting up of the EIA study; Ongoing the setting up of the EIA study. Sinarca San Benedetto Poggiofiorto Projects Schedule

9 Supply & Sales - Retail S&S - Retail S&S IH09 IH08 % Supply (MSmc) % Sales (MSmc) % Retail % Small Business % Trading % EBITDA (M ) % Retail IH09 IH08* % Sales (MSmc) % Residential % Small Business % Multipod % Industrial % EBITDA (M ) % * GPE excluded. Growing profit linked even if the consumption crisis; Increase of operating margins thanks to profitability on the supply side (gas purchase on foreingn markets). Negative result due to low margins, expected a recovery in 2H09 thanks also to the AEEG act n.64/90 ; Higher fixed costs incidence due to commercial expansion and decrease of average business customer consumption linked to economic recession. 8

10 Network Network IH09 IH08* % Distributed volumes (MSmc) n.a. Direct end users (#k) n.a. Pipeline n.a. EBITDA (M ) % * Former Salso Servizi Netwok business unit excluded Gas Plus Reti S.r.l. became fully owned by Gas Plus; Still applied the old tariff mechanism and assumed as yearly budget reference. Uncertain the application of the new tariff mechanism approved by the AEEG. (act #159/08); Signed the agreement with local municipalities in order to spin off in 3Q09 of almost 30km of network to Gas Plus Trasporto S.r.l., new company that operates in the regional transport business unit. 9

11 Company Profile Annex Shareholding Share information Share price performance 73,62% N. of share: 44,909,620 IPO price: 8.5 per share 8, ,74% 13,64% Us.fin. S.r.l. (Davide Usberti) Findim S.A. Market (included own shares) Price as of 08/03/09: 7.25 per share Mkt capitalization: 324M Italian Stock Exchange segment MTA Specialist: Banca IMI S.p.A. Own shares as of 08/03/09 : 1,104,073. 7,5 7 6,5 6 5, GAS PLUS MIBTEL Group structure Management E&P Business Unit Gas Plus SpA 100% 100% 100% 96.1% 85% Gas Plus Italiana SpA S&S Business Unit Gas Plus Storage Srl Storage Business Unit Gas Plus Reti Srl Network Business Unit Gas Plus Vendite Srl Retail Business Unit Gas Plus Energia Srl Other Davide Usberti Paolo Tedesco Giovanni Baroni Achille Capelli Davide Cornaggia Luigi Diamante Cinzia Triunfo Other Group's Executives Chief Executive Officer Chief Financial Officer and responsible for the preparation of the company s financial reporting Director Corporate Business Development and Investor Relator Director of Network Business Unit Director of Supply&Sales and Retail Business Units Director of Exploration&Production Business Unit Responsable of General Affairs and Storage Business Unit Gian Maria Viscardi Network CEO 10 Giovanni Dell'Orto Chairman International B&P

12 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. 11