ENOI_Presentasion
Transcript of ENOI_Presentasion
0
July 2010
Table of contents
I. About ENOI
i. ENOI’s supply and sales
ii. ENOI’s presence in Europe
iii. ENOI’s transportation and storage
iv. ENOI’s key clients
II. European Gas Market
i. Virtual exchange points
ii. Market Making
III. Next Steps
i. Future vision
IV. Annexes
1
I. About ENOI
2
At a glance
Founded in 2000 at the beginning of the new European open market, which encouraged:
• common European rules,
• increasing free commercial activity,
• better access to transport and storage capacity
ENOI’s prime activities consist mainly in
the acquisition, transport, storage and sale of Natural Gas
to European utilities companies, industrial customers and power generators
ENOI is a privately owned European Natural Gas Company
operating as a physical commodity (gas) merchant
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59124 166
286
694
14941642
2800
2003FY 2004FY 2005FY 2006FY 2007FY 2008FY 2009FY 2010EFY
304 479 6411087
3250
5063
10029
18000
2003FY 2004FY 2005FY 2006FY 2007FY 2008FY 2009FY2010EFY
ENOI’s turnover for 2009 FY is over €1.6 billion with an increase of 9.8% Y/Y
Volumes of gas sold in 2009 FY reached 10 billion cubic metres, with an increase of 98%
Y/Y
ENOI forecasted turnover for 2010 FY is between €2.5 and €2.8 billion and the volume is
expected to reach between 15 and 18 billion cubic metres with an increase of 50-80% Y/Y
Achievements: volumes and turnover
All data is based on the financial year 1st April Y1 - 31st March Y2
TURNOVER
(EURO MILLIONS)
VOLUME OF SALES
(MILLION MC/Y)
CAGR 2003-2006
69%
CAGR 2006-2010
77%
CAGR 2003-2006
53%
CAGR 2006-2010
102%
4
Continued history of growth:
ENOI, founded in 2000, has been profitable since
its second year of activity (2001)
Commitment to profitability:
ENOI margins remained constant even in the
presence of a high increase of volumes
Strong liquidity:
ENOI considers its liquidity position a strong asset
in the commodities market environment
EARNINGS BEFORE TAXES (€ Mln)
EBITDA (€ Mln)*
FINANCIAL POSITION (€ Mln)
Financial performance
*EBITDA includes “net differentials on derivatives” accounted in interest expenses in ENOI financial statements.5
3
10
24
42
52
2,1%
3,7%3,5%
2,8%
3,1%
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
3,0%
3,5%
4,0%
0
10
20
30
40
50
60
2005FY 2006FY 2007FY 2008FY 2009FY
EB
ITD
A M
arg
in (
%)
EB
ITD
A (
€M
ln)
2
9
24
37
49
1,1%
3,0%
3,4%
2,5%
3,0%
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
3,0%
3,5%
4,0%
0
10
20
30
40
50
60
2005FY 2006FY 2007FY 2008FY 2009FY
EB
T M
arg
in (
%)
EB
T (€
Mln
)
-2 -2
1714
39
-5
0
5
10
15
20
25
30
35
40
45
2005FY 2006FY 2007FY 2008FY 2009FY
Net
Cash
/ (
Deb
t) a
t year
en
d(€
Mln
)
0
2000
4000
6000
8000
10000
2003FY 2004FY 2005FY 2006FY 2007FY 2008FY 2009FY
ENOI: SALES IN EUROPE(BREAKDOWN BY COUNTRY)
Denmark
Czech Republic
Slovakia
Norway
Croatia
Belgium
Switzerland
France
Austria
Holland
United Kingdom
Germany
Italy
(Mcm/year) - ENOI Financial 1st April Y1 - 31st March Y2
Sales
ENOI is one of the main emerging players on the European Natural Gas markets thanks to its
activity in 13 European countries
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ENOI’s continuous commercial
activity on main European hubs
and the extent of its network of
transportation and storage
capacity enables the Company to
reach key European markets and
to maximise profitability and
efficiency of the supply and sales
process
ENOI currently operates on 18
virtual trading points and on 25
physical border points
ENOI imports LNG from different
producers, mainly on spot market
Consolidated presence in Europe
Countries where ENOI has storage capacity
ENOI’s market presence
ENOI’s gas flows
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ENOI’s LNG flows in Europe
ITALY
MAC.
ALBANIA
B&H
MONT.
CROATIA
AUSTRIA
POLANDGERMANY
FRANCE
SPAIN
LITHUANIA
LATVIA
ESTONIA
FINLAND
SWEDEN
NORWAY
UK
IRELAND
SLOVAKIACZECH REP.
SWITZERLAND
ROMANIA
SERBIA
BULGARIA
GREECE
SLOVENIA
HUNGARY
BELGIUM
THE NETHERLANDS
DENMARK
PORTUGAL
LUX.
GASSCO
AREA D
NORTH SEA
LNG
LNG
Positioning
25 Physical Border Points18 Virtual Trading Points
ITALY
MAC.
ALBANIA
B&H
MONT.
CROATIA
AUSTRIA
POLAND
GERMANY
FRANCE
SPAIN
LITHUANIA
LATVIA
ESTONIA
FINLAND
SWEDEN
NORWAY
UK
IRELAND
SLOVAKIA
CZECH REP.
SWITZERLAND
ROMANIA
SERBIA
BULGARIA
GREECE
SLOVENIA
HUNGARY
BELGIUM
THE NETHERLANDS
DENMARK
PORTUGAL
LUX.
PEG Sud
TIGF
PEG Nord
ZEEBRUGGE
CEGH
NCG
GASPOOL
GTF
TTF
Area DGassco
NBP
EGT-L
PSV
AGGM
AOC
TYSSENGAS-H+L
AEQUAMUS
NORTH SEA
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Ver 3
ITALY
MAC.
ALBANIA
B&H
MONT.
CROATIA
AUSTRIA
POLANDGERMANY
FRANCE
SPAIN
LITHUANIA
LATVIA
ESTONIA
FINLAND
SWEDEN
NORWAY
UK
IRELAND
SLOVAKIACZECH REP.
SWITZERLAND
ROMANIA
SERBIA
BULGARIA
GREECE
SLOVENIA
HUNGARY
BELGIUM
THE NETHERLANDS
DENMARK
PORTUGAL
LUX.
Blaregnies
Dunkirk
Lanžhot
Zeebrugge
Bocholtz
Eynatten
Obergailbach
Oltingue
Wallbach
Griespass
Tarvisio
Waidhaus
Oberkappel
Ellund
JulianadorpEmden
Oude
Bacton
Gorizia
Panigaglia
Lasów
BaumgartenMosonmagyarovar
NORTH SEA
Larrau
Zevenaar
Competitive positioning in Italy
ENOI was ranked as 7th importer
on the Italian gas market in 2009
Portfolio importation mainly flows
from European transportation
systems
Italian deliveries are a
combination of gas mainly from
Algeria and Russia, followed by
Holland, Norway, Libya and Qatar
Future LNG projects will further
diversify Italian gas supply
Data in Mcm/year. Source: Italian Authority for Energy and Gas, 2010
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Rank Company 2009 Imports Share %
1 Eni 33.156 49,9%
2 Edison 10.410 15,7%
3 Enel Trade 8.648 13,0%
4 Plurigas 2.111 3,2%
5 Gaz De France 1.789 2,7%
6 Sorgenia 1.376 2,1%
7 ENOI 1.370 2,1%
8 Sinergie Italiane 881 1,3%
9 Sonatrach Gas Italia 757 1,1%
10 Speia 580 0,9%
11 Essent Trading International 572 0,9%
12 E.ON Energy Trading 550 0,8%
13 Hera Trading 488 0,7%
14 CEA Centrex Italia 485 0,7%
15 Begas Energy International 404 0,6%
16 EGL Italia 349 0,5%
17 Gas Plus Italiana 308 0,5%
18 Energetic Source 303 0,5%
19 Spigas 231 0,3%
20 Italtrading 228 0,3%
Others 1.417 2,1%
Total 66.410 100%
The strength of the current and future development of transportation portfolio rights arefuelling the Company’s growth
The Company has secured long-term transportation contracts in Germany, Austria,Netherlands, Belgium, Switzerland and France (short-term transportation capacity isacquired on a spot basis)
Total transportation capacity is more than 8 billion cubic metres in FY2009
(1) (Mcm/year) - ENOI Financial 1st April Y1 - 31st March Y2
Transportation capacity and contracts
10
405
1050
15682051
3143
55475206
8039
2002 2003 2004 2005 2006 2007 2008 2009
ENOI TRANSPORTATION CAPACITY (Mcm/Y) (1)
LONG TERM ITALY SPOT
216
387
552
825
1369
1761
1997 2008
21772240
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
LONG-TERM TRANSPORTATION CONTRACTS ALREADY IN PORTFOLIO (Mcm/Y) (1)
11%
17%
72%
2009
ENOI storage capacity:
The Company has secured long-term storage contracts in Germany, Austria and CzechRepublic
Spot capacity has been secured in Italy, Germany, Austria, France, Denmark, Spain andUnited Kingdom
Total storage capacity is 300 million cubic metres of Working Gas in FY 2009
Italian storage capacity is 170 million cubic meters in FY2009 and it is linked to final clients
Storage capacity and contracts
(1) (Mcm/year) - ENOI Financial 1st April Y1 - 31st March Y211
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86
130
172 172 172 172183
2007 2008 2009 2010 2011 2012 2013 2014
LONG-TERM STORAGE CONTRACTS ALREADY IN PORTFOLIO (Mcm/Y) (1)
2002 2003 2004 2005 2006 2007 2008 2009
ENOI STORAGE CAPACITY (Mcm/Y) (1)
LONG TERM SPOT
26
54
88
116128
170
224
301
43%
57%2009
Key clients
ENOI’s key clients in Europe include Power generators, large Industrial customers,
Municipalities and other utilities companies
Over 200 counterparties worldwide
ENOI has signed:
98 EFET (European Standard Master Agreements)
16 LNG Master Agreements signed to date with major international LNG players
Various short term buy and sale agreements with European counterparties
The Company currently has in place a number of negotiations worldwide for additional
supply and sale agreements:
More than 30 EFET under negotiation
11 LNG Master Agreements under negotiation
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II. European Gas Market
13
3148 54
81
109
165
266
0
50
100
150
200
250
300
02-03 03-04 04-05 05-06 06-07 07-08 08-09
ZEE TTF PSV PEG CEGH NCG Gaspool
Bcm / year
0
5
10
15
20
25
Jan-0
3
May-0
3
Sep
-03
Jan-0
4
May-0
4
Sep
-04
Jan-0
5
May-0
5
Sep
-05
Jan-0
6
May-0
6
Sep
-06
Jan-0
7
May-0
7
Sep
-07
Jan-0
8
May-0
8
Sep
-08
Jan-0
9
May-0
9
Sep
-09
ZEE TTF PSV PEG
CEGH NCG Gaspool Aggregate
Bcm / month
Development of virtual exchange points
The development of trading hubs in Europestarted with the creation of Great Britain’sNational Balancing Point (NBP) in 1996 asa direct result of the Network Code
The liberalisation of the gas market in otherEuropean countries has led, over the pastseveral years, to the development of manyother trading hubs, including:
NBP in UK Zeebrugge-Hub in Belgium TTF in Netherlands PSV in Italy PEG North and PEG South in France TIGF in France NCG NetConnect Germany GASPOOL in Germany EGT-L in Germany CEGH in Austria GTF in Denmark AOC in Spain Gassco system in North Sea/Norway
ENOI is active in all the above exchangepoints
YEARLY VOLUMES TRADED ON CENTRALISED MARKETS WHERE ENOI IS CURRENTLY MOST ACTIVE (THERMAL YEAR)
Source: GT Service
MONTHLY VOLUMES TRADED ON CENTRALISED MARKETS
WHERE ENOI IS CURRENTLY MOST ACTIVE
Source: GT Service 14
Market Making leader in Italy
ENOI has developed its own online platform where bid and ask prices are published,
making the Company the only gas market maker in Italy
Since September 2006, ENOI has handled around 10% of the total volumes of gas traded
on the PSV market, the Italian virtual point. Besides Italy ENOI acts as market maker in
Germany (NetConnect Germany and GASPOOL), Austria (CEGH), France (PEGs)
ENOI provides real time quotations to accredited counterparties during trading hours
Market Making advantages:
Facilitates access to players in the market
Provides pricing transparency
Useful tool for market operators
Increases the probability to conclude deals and meet supply and demand
Helps portfolio optimisation among market players
Quick and competitive pricing
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Market Making (snap-shot online platform)
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III. Next Steps
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The Company’s existing transport and storage capacity in Europe will be further
strengthened by current and future pipeline projects from the East and from new LNG
terminals in Italy. In February 2010 ENOI opened a representative office in Hong Kong
Europe in a global strategy will be a key market as a player making ENOI an ideal partner
for achieving the highest value within the European market
Future vision
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ENOI’s Hong Kong Rep. Office
ENOI’s Head office
ENOI actual presence
ENOI target markets
At ENOI, on the side of the Board,
a senior steering committee for ethical issues is in place (“Organismo di Vigilanza”)
which meets on a weekly basis to monitor and verify all activity
and so acts as an “Independent Internal Watchdog”
ENOI is aware that the importance of behavioral ethics
is an indefectible value and condition for the Company’s success
and thus defines the guidelines which must be marked in the conduct of
internal relations and external dealings.
ENOI intends to play a new and prominent role in respect to the market,
economic development, progress and energy security.
ENOI has chosen to make the commitment of adopting responsibility
on behalf of all those working in and for the Company,
marking its conduct in the cultural legacy of shared principles
such as honesty, loyalty, seriousness, solidarity, transparency and competence.
Extract from ENOI Code of Ethics (revised in March ’08) which has been in force since 2006
The importance of transparency at ENOI
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IV. Annexes
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TURKEY
ITALY
UKRAINE
MOLDOVA
RUSSIAN
FEDERATION
MAC.
ALBANIA
B&H
MONT.
CROATIA
AUSTRIA
BELARUS
POLAND
GERMANY
FRANCE
SPAIN
LITHUANIA
LATVIA
ESTONIA
FINLAND
SWEDENNORWAY
UK
IRELAND
SLOVAKIACZECH REP.
SWITZERLAND
GEORGIA AZERBAIJAN
IRAN
IRAQSIRIA
KAZAKHSTAN
TUNISIAALGERIA
CYPRUS
ROMANIA
SERBIA
NABUCCO
BULGARIA
GREECEIGI
TAP
ARMENIASLOVENIA
HUNGARY
BELGIUM
THE
NETHERLANDS
DENMARK
PORTUGAL
MAROCCO
LUX.
IGB
ITG
MALTA
ENOI, to further develop its strong existing network, has started to develop commercialactivities with neighboring European countries such as Croatia, Poland and Slovenia
ENOI, in order to optimise its positioning through key pipeline projects (Nabucco, ITGI, SouthStream), is developing relationships with Bulgaria, Greece, Hungary, Romania and Turkey
ENOI aims to play an important role with LNG in Greece and Turkey
Eastern Europe Projects
NORD STREAM:
Transport capacity: 55 bcm/y
Distance: 1220 km
SOUTH STREAM:
Transport capacity: 63 bcm/y
Distance: more than 2000 km
NABUCCO:
Transport capacity: 31 bcm/y
Distance: 3300 km
IGI:
Transport capacity: 8 bcm/y
Distance: 800 km
TAP:
Transport capacity: 10/20 bcm/y
Distance: 520 km
IGB:
Transport capacity: 3-5 bcm/y
Distance: 160 km
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LNG terminals in Europe
Existing LNG terminals PlannedUnder construction22
TURKEY
ITALY
UKRAINE
MOLDOVA
RUSSIAN FEDERATION
MAC.ALBANIA
B&H
MONT.
CROATIA
AUSTRIA
BELARUS
POLAND
GERMANY
FRANCE
SPAIN
LITHUANIA
LATVIA
ESTONIA
FINLANDSWEDEN
NORWAY
UK
IRELAND
SLOVAKIACZECH REP.
SWITZERLAND
GEORGIAAZERBAIJAN
IRAN
IRAQSIRIA
KAZAKHSTAN
TUNISIAALGERIA
CYPRUS
ROMANIA
SERBIABULGARIA
GREECE
ARMENIASLOVENIA
HUNGARY
BELGIUM
THE NETHERLANDS
DENMARK
PORTUGAL
MAROCCO
LUX.
RovigoPanigaglia
Barcelona
Sagunto
CartagenaHuelva
Bilbao
Reganosa
Sines
Fos
Montoir
Isle of Grain
South Hook
LNG
Zeebrugge
Revithoussa Aliaga
Ereglisi
Vassiliko
LivornoPorto Recanati
Porto Empedocle Priolo
Brindisi
El MuselKrk
Le Havre
Dunkerque
EemshavenŚwinoujście
MALTA
Gioia Tauro
Trieste
Brunnsviksholmen
Dragon LNG
GATE
Wilhelmshaven
Klaipeda
Rostock
Teesside
Shannon LNGPortMeridian
Canvey
Fiere
Palei Galini-Iraklion
LNG terminals in Italy
Panigaglia LNG
Operating since 1971
Terminal capacity is 3.7 bcm (now
reduced to 2.5 bcm) per year
Maximum vessel size accepted
70,000 cubic metres
ENOI imported its first LNG cargo
in 2003; currently the Company
has regasification capacity and
participates in spot allocations
For 2009FY ENOI secured
commitment in six slots
Rovigo LNG
Operating since October 2009
The terminal has regasification
capacity of 8 billion cubic metres
per year
8% of regasification capacity is
available on spot basis
Maximum vessel size acceptance
is 152,000 cubic metres; Q-Flex
will be authorised in future
250,000 cubic metres storage
Only lean gas is accepted
Gas correction equipment will be
available in one year
Potential residual regasification
capacity will be made available to
counterparties
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