2011 Interim Results Presentation Athens, 31 August 2011
AGENDA Results Highlights Business Units Performance Financial Results Q&A 1
RESULTS HIGHLIGHTS INDUSTRY ENVIRONMENT: Conditions remain difficult Weak benchmark margins, partly due to crude oil prices; cracking margins at 3.1$/bbl (vs 5.3$/bbl in 2Q10) and hydroskimming margins at -5.0$/bbl (vs -0.6 $/bbl) Domestic environment remains challenging; auto fuels demand down c.10% in 2Q; nevertheless, rate of decrease gradually slowing down FINANCIAL RESULTS: Positive performance 2Q11 Adjusted EBITDA at 144m (-21% vs 2Q10); 1H11 at 217m (-29% vs 1H10); Satisfactory refining results benefited from international trading, despite lower margins, weaker USD vs EUR and volume decline Lower opex as a result of tight cost control and reduced refinery runs Sustained strong performance by Petchems driven by high PP margins Reported 2Q Net Income of 60m (Adjusted Net Income 93m, +56%) reflecting Increased DEPA and Elpedison contribution (EUR12m) FX gains on USD loans revaluation Reversal of 12m provision for dividend tax, following new tax law 2
STRATEGY UPDATE & KEY DEVELOPMENTS STRATEGY UPDATE Elefsina refinery upgrade progress at 90% with mechanical completion due at the end of 2011 Completion of Thessaloniki refinery upgrade, currently at start-up phase Divestment of EKO Georgia for cash consideration of 6.6m (13 July) West Obayed transaction at final regulatory approval stage; Mesaha entering the first 3- year extension period in October with one well planned for 2012 COLLECTIVE LABOUR AGREEMENT Successful completion of CLA negotiation in line with Group strategy for increased competitiveness, following a 6-month negotiation process Agreement with Group unions for a 3-year period; cumulative benefit from productivity and cost benefits, c. 54m ( 10m in 2011, 20m in 2012 and 24m in 2013) and 43m for HEP at EBITDA level One-off losses of 26m incurred as a result of industrial actions at HEP Greek refineries 3
GROUP KEY FINANCIALS 2Q/1H 2011 FY million, IFRS 2Q 1H 2010 2010 2011 % 2010 2011 % Income Statement Figures 14,557 Sales Volume (MT) - Refining 3,434 2,815-18% 7,406 6,189-16% 5,735 Sales Volume (MT) - Marketing 1,315 1,217-7% 2,830 2,539-10% 8,477 Net Sales 2,080 2,180 5% 4,214 4,600 9% 501 EBITDA 142 103-27% 292 269-8% 180 Net Income 16 60-59 179-0.59 EPS ( ) 0.05 0.20-0.19 0.59-474 Adjusted EBITDA * 183 144-21% 306 217-29% 317 Adjusted EBIT * 143 106-26% 229 141-39% 249 Adjusted EBT * 65 117 81% 127 186 47% 205 Adjusted Net Income * 60 93 56% 103 138 34% 0.67 Adjusted EPS ( ) * 0.20 0.30 56% 0.34 0.45 34% Balance Sheet / Cash Flow Items 4,191 Capital Employed - - - 4,306 4,554 6% 1,659 Net Debt - - - 1,831 1,967 7% 709 Capital Expenditure 136 150 10% 233 241 3% (*) Calculated as Reported less the Inventory effects and other non-operating items including strike effect of 26m; Associate contribution included at EBT level 4
12.0 10.0 8.0 6.0 4.0 2.0 0.0 99% 77% 53% 57% 55% 61% 56% 57% 61% 66% 68% 63% 5.32 4.77 5.25 4.58 4.37 3.84 3.73 4.08 3.16 2.65 2.91 3.13 1Q09 2Q09 3Q09 4Q09 2009 1Q10 2Q10 3Q10 4Q10 2010 1Q11 2Q11 110% 90% 70% 50% 30% 10% -10% -30% 1.60 1.55 1.50 1.45 1.40 1.35 1.30 1.25 1.20 1.15 1.10 30/6/10 1.23 31/12/10 1.34 31/12/10 1.34 30/6/11 1.45 5 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 1-May 31-May 30-Jun 30-Jul 29-Aug 28-Sep 28-Oct 27-Nov 27-Dec 1-Apr Mar-10 Apr-10 May-10 2-Mar 31-Jan Feb-10 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 140 120 100 80 60 40 20 30/6/11 $75 31/12/10 $95 31/3/11 $117 30/6/11 $112 400 300 200 100 1-Jan INDUSTRY ENVIRONMENT ICE Brent ($/bbl) Q2 '11 Q2 '10 Average Brent 117 79 Med Cracking benchmark margins ($/bbl) and % of HEP volume from cracking 2011 /$ exchange rate Q2 '11 Q2 '10 Average /$ 1.44 1.27 ULSD-HSFO ($/MT) Q2 '11 Q2 '10 Avg ULSD HSFO 367 248 2010 Jan-10
SEGMENTAL RESULTS OVERVIEW 2Q 2011 Performance affected by adverse environment for refining and weak domestic market Adjusted EBITDA evolution 2Q10 2Q11 ( m) Chems MKT 183 21 20-28% -41-21% -45% -9% -21% 144-4 5 4 3-2 19 16 Refining, S&T 148 107 Other (incl. E&P) -6 2Q 2010 Refining Marketing Petchems E&P Other 2Q 2011 % vs 2Q10 6
CASH FLOW & GEARING Upgrade investments and increased working capital funded through operating cash flows during the first six months and new debt drawdown Group Cash flow and Net debt evolution ( m) 2,000 30 45% 1,967 41% 211 306 1,500 33% 269 43 30 261 1,000 500 1,419 1,661 1H11 1,661 0 Net Debt 4Q09 Net Debt 4Q10 EBITDA Interest, Tax & Dividends Maintenance Capex Working Capital Upgrade Capex Other cash flows Net Debt 2Q11 gearing levels (%) calculated as Debt / (Debt + Equity) 7
GEARING Net debt decreased to 2bn in 2Q, due to reduced working capital requirements; gearing at 45% Net debt and gearing (1) levels (%) billion Long-term target range: 25-35% Net Debt 2.5 2.0 37% 36% 43% 1.8 41% 48% 2.2 45% 45% 2.0 43% 40% Gearing 50% 45% 40% 35% 35% 1.5 28% 1.6 30% 1.0 0.5 1.0 1.4 22% 0.7 20% 0.6 1.4 25% 20% 15% 10% 5% 0.0 2007 6M08 FY08 6M09 FY09 6M10 FY10 1Q11 2Q11 2011 2012 2013 2014 NET DEBT D/(D+E) 0% (1) Debt / (Debt + Equity) 8
TRANSFORMATION BENEFITS Total annual benefit of initiatives since launch reached 150m Evolution of transformation initiatives ( m) 240 220.0 40 Group Reorganisation & HR 5 4 150 170.0 63 2 1 2 80 Procurement Processes 120.0 70.0 20.0 15 15 63 5 24 16 18 25 11 4 23 3 1 30 51 24 45 40 80 Marketing Competitiveness Refining Excellence 2008 2009 2010 1Q2011 2Q2011 Annualised cumulativ e impact Annual Cumulative -30.0 Impact 15 78 141 146 150 Medium Term Target 9
AGENDA Executive Summary: Results Highlights Business Unit Performance Financial Results Q&A 10
DOMESTIC REFINING, SUPPLY & TRADING KEY FINANCIALS FY 10 IFRS FINANCIAL STATEMENTS 2Q 1H MILLION 2010 2011 % 2010 2011 % REPORTED RESULTS - GREECE 13,647 Volume (MT '000) 3,226 2,578-20% 6,992 5,733-18% SALES BREAKDOWN - MARKETS MT 000 MT '000 3,226 Other 270 Exports 760-20% 2,578 162-40% 7,336 Sales 1,782 1,884 6% 3,642 4,029 11% 360 EBITDA 107 65-39% 222 197-11% International 842 585 760-23% - 10% 292 EBIT 91 48-47% 189 166-13% ADJUSTED RESULTS (*) Domestic 1,353 1,071-21% 326 Adjusted EBITDA 143 98-31% 232 140-40% RESULTS OVERVIEW Sales volumes affected by Greek market and lower refinery runs (export volumes) Weak margins for simple refineries, Thessaloniki upgrade and labor actions affected utilisation Adverse EBITDA impact partly offset by trading performance Strikes effect at 20m; benefits over 3 year period at 38m MT 000 MT '000 2Q 10 2Q 11 SALES BREAKDOWN - PRODUCTS Other LPG FO Middle Distillates MOGAS 3,226 318 119 815 1,266-20% 2,578 184 84 612 1,103 708 595-42% - 30% - 25% - 13% - 16% (*) Calculated as Reported less the Inventory effects and other non-operating items including strike effect 2Q 10 2Q 11 11
DOMESTIC REFINING, SUPPLY & TRADING - PRODUCTION Margin environment for simple refiners as well as Thessaloniki upgrade and industrial actions affected refinery runs PRODUCTION BY REFINERY PRODUCT YIELD ΜΤ 000 ΜΤ 000 3,310-48% 3,310-48% 539 ELEFSINA Other 13% 443 1,720 1,720 761 THSESSALONIKI 27% 877 FO 4% 132 LPG 215 13% 2,010 ASPROPYRGOS 1,720-15% 30% 1,008 Middle Distillates 386 80 517 22% 5% 30% 26% 850 MOGAS 522 30% 2Q10 2Q11 2Q10 2Q11 12
DOMESTIC MARKETING KEY FINANCIALS FY 10 IFRS FINANCIAL STATEMENTS 2Q 1H MILLION 2010 2011 % 2010 2011 % KEY FINANCIALS - GREECE 4,637 Volume (MT '000) 1,027 962-6% 2,294 2,050-11% 2,662 Net Sales (*) 578 724 25% 1,296 1,526 18% 59 EBITDA 4 4 3% 31 16-48% 11 EBIT -9-7 23% 6-6 - 17 CAPEX 3 3 0% 6 5 - ADJUSTED OPERATING RESULTS (**) 66 Adjusted EBITDA 7 4-36% 34 16-52% KEY INDICATORS 2,186 Petrol Stations - - - 2,225 2,128-4% ΜΤ 000 1400 1200 1000 800 600 400 200 0 SALES VOLUMES 1,266 1,027 1,198 1,145 1,089 962 224 425 270 235 242 326 240 160 348 194 217 129 801 579 635 694 484 485 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Retail C&I Bunkers & Aviation RESULTS OVERVIEW Market conditions remain challenging, however volume decline eased and market share regained with retail volumes at 2010 levels Marketing initiatives launched during the quarter positively affected sales and market shares Network rationalisation continues Lower PPC FO volumes impacted C&I channel sales Aviation & Bunkering business increased volumes vs 2Q10 (mainly Marine FO) 2500 PS # 2000 1500 1000 500 0 DOMESTIC NETWORK 2,316 2,225 2,204 2,186 2,155 2,128 35 36 36 35 38 37 677 667 665 668 657 654 1604 1522 1503 1483 1460 1437 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 DODO CODO COMO 2% 31% 67% (*) Net of VAT and excise duties (**) Calculated as Reported less non-operating items 13
INTERNATIONAL MARKETING KEY FINANCIALS FY 10 IFRS FINANCIAL STATEMENTS 2Q 1H MILLION 2010 2011 % 2010 2011 % KEY FINANCIALS - INTERNATIONAL 1,098 Volume (MT '000) 288 256-11% 536 489-9% 846 Net Sales (*) 198 247 25% 382 455 19% 47 EBITDA 13 11-12% 20 18-10% 31 EBIT 9 7-19% 13 11-19% 11 CAPEX 2 3 69% 5 5 0% ADJUSTED OPERATING RESULTS (***) 48 Adjusted EBITDA 13 11-12% 20 18-10% KEY INDICATORS 282 Petrol Stations - - - 281 283 1% CORE MARKETS OVERVIEW Lower margins in Bulgaria partly offset by increasing volumes and market share gains Performance sustained in Cyprus despite deteriorating economic environment Lower fuel demand impacted JPK volumes; market share gains Serbia improved volumes and EBITDA performance SALES VOLUMES ΜΤ 000 233 288 307 284 233 256 320 7 270 17 45 11 36 40 6 220 8 7 39 31 60 82 55 29 46 45 56 170 56 41 66 57 36 120 54 70 107 119 107 121 116 101 20-30 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 CY BU JPK SER Other INTERNATIONAL NETWORK 281 281 281 282 282 283 300 PS # 250 32 32 32 32 32 32 47 47 47 47 47 47 200 39 39 39 39 39 40 150 81 81 81 81 81 81 100 50 82 82 82 83 83 83 0 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 CY BU JPK SER Other (*) Net of VAT and excise duties 14
PETROCHEMICALS: Effect of industrial actions and lower refinery runs on volumes and EBITDA ( 6m); Strong PP margins continue to support strong profitability KEY FINANCIALS PETCHEMS VOLUMES FY 10 IFRS FINANCIAL STATEMENTS 2Q 1H MILLION 2010 2011 % 2010 2011 % KEY FINANCIALS 408 Sales Volume (MT '000) 104 61-42% 198 144-27% 377 Net Sales 101 73-27% 181 170-6% 50 EBITDA 21 13-37% 29 31 7% 120 MT '000 100 104 3-42% 61 33 EBIT 16 9-21 23 - ADJUSTED RESULTS (*) Adjusted EBITDA 21 19-9% 29 37 26% 80 49 6 Capital Expenditure 1 0-1 1 - PP FOB MARGINS 60 2 700 $/T 600 40 14 34 500 400 20 300 200 100-0 1-Jan 1-Feb 1-Mar 1-Apr 1-May 1-Jun 1-Jul 1-Aug 1-Sep 1-Oct 1-Nov 1-Dec PP FOB Margin 2011 PP FOB Margin 2010 (*) Calculated as Reported less the Inventory effects and other non-operating items including strike effect 26 13 6 2 6 6 3 Q2 10 Q2 11 PVC BOPP Film Solvents Caustic Soda PP Other 15
POWER GENERATION: 50% stake in Elpedison Improved profitability, despite drop in demand; Net Income contribution at 2m GREEK POWER CONSUMPTION (TWh) COUNTRY ENERGY MIX TWh 15,000 13,000 13,181 12,992 12,744 12,604 12,353 14,359 14,829 12,678 12,434 17% 3% 8% 19% 6% 5% 7% 30% - 1435TWh + 268TWh - 50TWh +1,241TWh 11,852 54% 51% - 634TWh 11,000 1Q 2Q 3Q 4Q 2009 2010 2011 2Q10 2Q11 Lignite NatGas Hydro RES Imports 2Q Greek market demand was down 4% y-o-y, as commercial and retail consumption contracted mainly due to mild weather conditions and reduced economic activity Increased capacity payment (CAT at 45k/MW vs 35k/MW) improved revenues; PPC strike in the last days of the quarter resulted to SMP reaching regulatory cap with a positive impact on Elpedison profitability 2Q EBITDA at 19m ( 0.1m 2Q10); HEP share of after tax income at 2m Source: HTSO 16
GAS: 35% stake in DEPA DEPA after tax contribution to HEP at EUR10m compared to a loss in 2Q10 FY10 IFRS FINANCIAL STATEMENTS 2Q 1H % MILLION 2010 2011 % 2010 2011 % KEY FINANCIALS 91 DEPA Reported Profit after tax -10 28-31 97 217% 32 Contribution to ELPE Group (35% Stake) -3 10-11 34 217% RESULTS OVERVIEW Increased gas-fired participation in energy mix, resulted to 21% volume increase in 1H11 vs 1H10 c.42% of profits coming from regulated business (DESFA) Distribution & supply companies, particularly EPA Attiki, improved performance due to higher volumes 1.40 bcm 1.20 1.00 0.80 0.60 0.40 0.20 0.00 DEPA VOLUMES 1.13 1.22 1.00 0.95 0.90 0.76 0.77 0.73 0.75 0.84 Q1 Q2 Q3 Q4 2009 2010 2011 17
AGENDA Executive Summary: Results Highlights Business Unit Performance Financial Results Q&A 18
2Q/1H 2011 FINANCIAL RESULTS GROUP PROFIT & LOSS ACCOUNT FY IFRS FINANCIAL STATEMENTS 2Q 1H 2010 MILLION 2010 2011 % 2010 2011 % 8,477 Sales 2,080 2,180 5% 4,214 4,600 9% (7,661) Cost of sales (1,848) (2,012) (9%) (3,756) (4,205) (12%) 816 Gross profit 231 168 (27%) 457 395 (14%) (487) Selling, distribution and administrative expenses (127) (112) 12% (240) (220) 8% (21) Exploration expenses (5) (1) 79% (17) (2) 90% 35 Other operating (expenses) / income - net 3 10-14 19 34% 344 Operating profit 103 65 (37%) 215 193 (10%) (59) Finance costs - net (16) (14) 13% (29) (30) (4%) (16) Currency exchange gains /(losses) (44) 12 - (66) 39-30 Share of operating profit of associates (5) 12-6 37-299 Profit before income tax 37 76-125 238 90% (111) Income tax expense (21) (13) 40% (65) (53) 18% 187 Profit for the period 16 63-61 185 - (8) Minority Interest (0) (3) - (2) (6) - 180 Net Income 16 60-59 179-0.59 Basic and diluted EPS (in ) 0.05 0.20-0.19 0.59-501 Reported EBITDA 142 103 (27%) 292 269 (8%) 19
2Q/1H 2011 FINANCIAL RESULTS REPORTED VS ADJUSTED EBITDA FY ( million) 2Q 2Q 1H 1H 2010 2010 2011 2010 2011 501 Reported EBITDA 142 103 292 269-38 Inventory (gains)/losses 34 14 8-79 11 Restructuring / One-off effects (incl. strike) 7 27 7 27 474 Adjusted EBITDA 183 144 306 217 20
2Q/1H 2011 FINANCIAL RESULTS GROUP BALANCE SHEET IFRS FINANCIAL STATEMENTS FY 1H MILLION 2010 2011 Non-current assets Tangible and Intangible assets 2,834 3,001 Investments in affiliated companies 561 590 Other non-current assets 164 146 3,559 3,737 Current assets Inventories 1,601 1,610 Trade and other receivables 939 940 Held to maturity securities 168 168 Cash and cash equivalents 596 709 3,303 3,427 Total assets 6,862 7,165 Shareholders equity 2,387 2,439 Minority interest 145 148 Total equity 2,532 2,587 Non- current liabilities Borrowings 1,128 1,108 Other non-current liabilities 310 328 1,438 1,436 Current liabilities Trade and other payables 1,473 1,223 Borrowings 1,297 1,738 Other current liabilities 122 181 2,892 3,142 Total liabilities 4,330 4,578 Total equity and liabilities 6,862 7,165 21
2Q/1H 2011 FINANCIAL RESULTS GROUP CASH FLOW FY IFRS FINANCIAL STATEMENTS 1H 1H 2010 MILLION 2010 2011 Cash flows from operating activities 719 Cash generated from operations (40) (72) (14) Income and other taxes paid (2) (11) 706 Net cash (used in) / generated from operating activities (42) (83) Cash flows from investing activities (709) Purchase of property, plant and equipment & intangible assets (233) (241) 11 Acquisition of BP (Hellenic Fuels) - - 9 Sale of property, plant and equipment & intangible assets 1 1 0 Grants received - - 13 Interest received 6 11 (18) Investments in associates (18) - 4 Dividends received 1 - (689) Net cash used in investing activities (243) (229) Cash flows from financing activities (72) Interest paid (35) (40) (141) Dividends paid - (3) (168) Securities held to maturity 662 Proceeds from borrowings 770 574 (191) Repayment of borrowings (68) (109) 90 Net cash generated from / (used in ) financing activities 667 422 106 Net increase/(decrease) in cash & cash equivalents 382 110 491 Cash & cash equivalents at the beginning of the period 491 596 (2) Exchange losses on cash & cash equivalents 2 1 106 Net increase/(decrease) in cash & cash equivalents 382 110 596 Cash & cash equivalents at end of the period 875 707 22
2Q/1H 2011 FINANCIAL RESULTS KEY FINANCIAL RATIOS FY 10 IFRS FINANCIAL STATEMENTS 2Q 1H MILLION 2010 2011 % 2010 2011 % KEY RATIOS 0.59 Net Earnings per Share ( /share) 0.05 0.20-0.19 0.59-0.67 Adjusted EPS ( /share) (*) 0.20 0.30 56% 0.34 0.45 34% 5% ROACE % - LAST 12M - - - 5% 7% - 7% ROE% - LAST 12M - - - 3% 12% - 41% Gearing Ratio (D/D+E) - - - 43% 45% - 142% CAPEX as % of EBITDA - - - 80% 90% - (*) Calculated as Reported less the Inventory effects and other non-operating items 23
2Q/1H 2011 FINANCIAL RESULTS SEGMENTAL ANALYSIS FY 2Q 1H 2010 million, IFRS 2010 2011 % 2010 2011 % Reported EBITDA 372 Refining, Supply & Trading 110 71-35% 229 208-9% 106 Marketing 17 16-8% 52 35-33% 50 Petrochemicals 21 13-37% 29 31 7% 529 Core Business 148 100-32% 310 274-12% -28 Other (incl. E&P) -7 3 - -18-5 71% 501 Total 141 103-27% 292 269-8% 84 Associates (Power & Gas) share attributable to Group 10 27-34 70 - Adjusted EBITDA (*) 338 Refining, Supply & Trading 148 106-28% 241 150-38% 114 Marketing 20 16-21% 54 35-36% 50 Petrochemicals 21 19-9% 29 37 26% 502 Core Business 188 142-25% 324 222-32% -28 Other (incl. E&P) -5 3 - -18-5 70% 474 Total 183 145-21% 306 217-29% 84 Associates (Power & Gas) share attributable to Group 10 27-34 70 - Adjusted EBIT (*) 264 Refining, Supply & Trading 130 88-32% 205 114-45% 50 Marketing 3 0-83% 22 4-81% 33 Petrochemicals 16 15-11% 21 29 38% 347 Core Business 149 103-31% 248 146-41% -29 Other (incl. E&P) -6 3 - -19-6 69% 317 Total 143 106-26% 229 141-39% 54 Associates (Power & Gas) share attributable to Group 4 18-21 52 - (*) Calculated as Reported less the Inventory effects and other non-operating items 24
2Q/1H 2011 FINANCIAL RESULTS SEGMENTAL ANALYSIS II FY 2Q 1H 2010 million, IFRS 2010 2011 % 2010 2011 % Volumes (M/T'000) 14,557 Refining, Supply & Trading 3,434 2,815-18% 7,406 6,189-16% 5,735 Marketing 1,315 1,217-7% 2,820 2,539-10% 408 Petrochemicals 104 61-42% 198 144-27% 20,701 Total - Core Business 4,853 4,093-16% 10,423 8,871-15% Sales 7,832 Refining, Supply & Trading 1,899 2,053 8% 3,862 4,341 12% 3,508 Marketing 776 971 25% 1,678 1,981 18% 377 Petrochemicals 101 73-27% 181 170-6% 11,717 Core Business 2,775 3,097 12% 5,721 6,492 13% -3,240 Intersegment & other -695-917 -32% -1,507-1,893-26% 8,477 Total 2,080 2,180 5% 4,214 4,600 9% Capital Employed 1,521 Refining, Supply & Trading 2,110 1,784-15% 886 Marketing 1,014 783-23% 145 Petrochemicals 146 152 4% 2,552 Core Business 3,270 2,719-17% 1,066 Refinery Upgrades 607 1,258-561 Associates (Power & Gas) 537 590 10% 12 Other (incl. E&P) -108-14 87% 4,191 Total 4,306 4,554 6% 25
2Q/1H 2011 FINANCIAL RESULTS KEY FINANCIALS INTERNATIONAL REFINING FY 10 IFRS FINANCIAL STATEMENTS 2Q 1H MILLION 2010 2011 % 2010 2011 % REPORTED RESULTS - INTERNATIONAL 911 Volume (MT '000) 208 237 14% 414 456 10% 496 Sales 116 170 47% 220 313 42% 12 EBITDA 3 6-7 11 49% 6 EBIT 1 4-4 7 74% ADJUSTED RESULTS (*) 12 Adjusted EBITDA 5 8 78% 8 11 31% (*) Calculated as Reported less the Inventory effects and other non-operating items 26
AGENDA Executive Summary: Results Highlights Business Unit Performance Financial Results Q&A 27
DISCLAIMER Forward looking statements Hellenic Petroleum do not in general publish forecasts regarding their future financial results. The financial forecasts contained in this document are based on a series of assumptions, which are subject to the occurrence of events that can neither be reasonably foreseen by Hellenic Petroleum, nor are within Hellenic Petroleum's control. The said forecasts represent management's estimates, and should be treated as mere estimates. There is no certainty that the actual financial results of Hellenic Petroleum will be in line with the forecasted ones. In particular, the actual results may differ (even materially) from the forecasted ones due to, among other reasons, changes in the financial conditions within Greece, fluctuations in the prices of crude oil and oil products in general, as well as fluctuations in foreign currencies rates, international petrochemicals prices, changes in supply and demand and changes of weather conditions. Consequently, it should be stressed that Hellenic Petroleum do not, and could not reasonably be expected to, provide any representation or guarantee, with respect to the creditworthiness of the forecasts. This presentation also contains certain financial information and key performance indicators which are primarily focused at providing a business perspective and as a consequence may not be presented in accordance with International Financial Reporting Standards (IFRS). 28