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MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A.

Saras S.p.A. · Mar 1, 2015 · 30 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

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  1. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 1
    SARAS Investor Presentation March 2015 1
  2. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 2
    Saras Group Overview Markets Trends Business Segments Appendix
  3. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 3
    Overview of Saras Group Businesses 1 2 3 4 5 Supply & Trading, Refining Power Generation Wind Energy Other Activities Marketing One of the largest The largest liquid fuel 150 crude cargoes Wind farm with Presence in industrial…
  4. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 4
    History and Shareholders structure SARAS HISTORY Jul-13 : contribution in kind of Refining business 70s: Third party 90s: Environment, 2005: 2007- 09: Upgrades for from Saras SpA to its subsidiary Sarlux, and Processing new…
  5. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 5
    Saras Group Key Financial Highlights EUR million 2012 2013 2014 Net Financial Position on 31st Dec 2014 equal to EUR +108, positive Reported EBITDA 176.0 71.7 (237.0) Reported Net Result (88.6) (271.1) (261.8) Significant…
  6. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 6
    Saras Group Overview Markets Trends Business Segments Appendix
  7. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 7
    Markets Trends Crude Oil and Refined Products Product Cracks CIF Med vs. Brent dtd Recent changes in Oil Markets led to 24 strong rebound in refining margins, 21 as shown by the EMC Benchmark: 18 +3.8/bl in Q1/15-to-date (as of 23rd…
  8. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 8
    Market Trends Gas and Forex /bl Gas vs. Crude Oil quotations /MWh Gas prices have been significantly 170 42 more stable than oil prices, thus 150 36 driving current strength of Saras 130 30 power generation segment 110 24 Power…
  9. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 9
    Refining and Power Generation Margins 10 /bl 8.6 7.8 8 6.9 6.0 6 5.4 5.0 5.0 5.1 5.7 4.7 4.7 4.0 3.0 4 3.8 4.8 4.5 (*) quarterly 0.6 4.4 4.6 3.8 (*) average as of 2.7 23rd March 15 0.0 3.3 1.7 2 0.1 2.5 0.3 2.2 0.2 1.2…
  10. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 10
    Saras Group Overview Markets Trends Business Segments Appendix
  11. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 11
    Refining Competitive positioning /bl WoodMackenzie Net Cash Margin Humber Refinery Sannazzaro 10.00 9.00 8.00 * 14 refineries closed since 2009, reducing CDU capacity by Gelsenkirchen Cartagena (Repsol) Rotterdam (Esso)…
  12. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 12
    Continuous improvements: high value yields and margin upgrading 2000-2009: Organic Growth Capex upgrading 2009-2014: Operational Excellence 100% Improvement Area Improvement initiatives from 2009 until 2014 31% 28% 80% HSE Injury…
  13. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 13
    Refining Segment Crude Supply and Product Sales Origins of Crude purchased Origins of Crude purchased Geographic location in the (2010) (2014) centre of Mediterranean Sea Middle East allows easier & cheaper Others crude oil…
  14. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 14
    Refining Segment Key Financial Performance EUR million 2012 2013 2014 EBITDA (91.2) (153.6) (496.3) Comparable(*) EBITDA (61.2) (127.5) (162.1) EBIT (197.0) (261.0) (640.7) Comparable(*) EBIT (167.0) (234.9) (283.8) CAPEX 97.0…
  15. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 15
    Refining Segment Acquisition of Versalis business segment Benzene, Toluene, and Xylene (BTX) Back to Sarlux: Process 1 Simplified scheme production is based on the recovery of H2 and LPG aromatics derived from the catalytic reforming…
  16. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 16
    Refining Segment Acquisition of Versalis business segment Benefits expected from the acquisition are in excess of EUR 10 ml of EBITDA per year, due to: Maximisation of the naphtha runs, hence exploiting the differential between…
  17. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 17
    Power Generation Segment CIP6/92 Power Tariff IGCC economics based on attractive 16.0 CIP6/92 Power Tariff vs. Italian Electricity price regulated tariff (CIP6/92 tariff), made of the cent / KWh following components: CAPEX + OPEX:…
  18. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 18
    Power Generation Segment Key Financial Performance EUR million 2012 2013 2014 Comparable(*) EBITDA 226.8 182.4 240.4 Comparable(*) EBIT 147.0 109.5 174.7 EBITDA IT GAAP 178.3 184.8 147.9 EBIT IT GAAP 133.2 131.2 85.9 CAPEX 8.7…
  19. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 19
    Marketing - Overview of the Italian and Spanish businesses Spain: Italy: Saras Energia Main logistics flows Saras SpA Spain wholesale Arcola La Spezia (owned) 112k m3 distillates storage in Venezia 200k m3 storage for diesel…
  20. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 20
    Marketing Segment Key Financial Performance EUR million 2012 2013 2014 EBITDA 18.0 16.0 (4.9) Comparable(*) EBITDA 31.7 33.7 14.9 EBIT (29.8) 7.6 (14.7) Comparable(*) EBIT 19.8 25.3 6.4 CAPEX 8.2 3.7 3.0 SALES (THOUSAND…
  21. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 21
    Wind Segment ULASSAI WIND FARM Ulassai Wind Farm Sardinia 96 MW (48 Vestas aero-generators), with production ranging from 170 up to 200 GWh per year Operations started at the end of 2005 Green Certificates granted until 2016,…
  22. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 22
    Wind Segment Key Financial Performance EUR million 2012 2013 2014 Comparable(*) EBITDA 20.0 22.7 20.5 Comparable(*) EBIT 9.7 18.3 15.9 ELECTRICITY PRODUCTION MWh 171,050 197,042 171,657 POWER TARIFF cent/kWh 7.1 5.7 4.8 GREEN…
  23. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 23
    Saras Group Overview Markets Trends Business Segments Appendix
  24. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 24
    Group Financials Income Statements KEY INCOME STATEMENT (EUR ml) 2012 2013 2014 EBITDA 176.0 71.7 (237.0) Comparable EBITDA 219.7 115.5 117.0 D&A (*) (244.2) (425.9) (47.4) EBIT (68.1) (354.2) (284.4) Comparable EBIT 11.6 (77.9)…
  25. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 25
    Group Financials Balance Sheet EUR million 31-Dec-12 31-Dec-13 31-Dec-14 Current assets 2,209 2,287 2,241 CCE and financial assets held for trading 342 545 669 Other current assets 1,867 1,743 1,571 Non-current assets 1,731 1,526…
  26. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 26
    Group Financials Net Financial Position EUR Million 31-Dec-12 31-Dec-13 31-Dec-14 Medium/long term bank loans (176) (137) (103) Bonds (249) (249) (174) Other financial assets 6 6 6 Total long term Net Financial Position (419)…
  27. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 27
    Group Financials Cash Flow Statement EUR million 2012 2013 2014 A Cash and Cash Equivalents at the beginning of the period 139.3 303.0 506.8 B Cash flow generated from/(used in) operating activities 534.3 321.9 149.7…
  28. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 28
    Group CAPEX by segment CAPEX BY SEGMENT 2012 2013 2014 (EUR million) REFINING 97.0 87.1 124.9 POWER GENERATION 8.7 16.9 6.8 MARKETING 8.2 3.7 3.0 WIND 3.8 0.2 0.6 OTHER ACTIVITIES 1.6 1.7 0.9 TOTAL CAPEX 119.3 109.6…
  29. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 29
    Group Debt Profile and Credit Lines LONG-TERM DEBT MATURITY PROFILE (as of 31st December 2014) SARAS Group: Long term Debt Outstanding SARAS Group: Long term Debt Maturity Profile 600 300 283 565 0 29 500 250 175 400 200 175…
  30. MARCH 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 30
    Group Risk Management Activities Risk of changes in prices and cash flows To mitigate the risks arising from oil prices variations (which impact on the refining margins and on the oil stock value), the company enters into derivative…

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