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Q1 2014 RESULTS – Saras S.p.A.

Saras S.p.A. · May 14, 2014 · 28 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.

Slides

  1. Q1 2014 RESULTS – Saras S.p.A. – slide 1
    SARAS First Quarter 2014 results 14th May 2014 14 May 2014 Saras SpA 1
  2. Q1 2014 RESULTS – Saras S.p.A. – slide 2
    AGENDA Highlights Segments Review Financials Outlook & Strategy Additional Information DISCLAIMER Certain statements contained in this presentation are based on the belief of the Company, as well as factual assumptions made by any…
  3. Q1 2014 RESULTS – Saras S.p.A. – slide 3
    Highlights: Group Results EUR ml Q1/14 Q1/13 Var.% Q4/13 Reported EBITDA (17.0) 54.4 -131% 46.7 Reported Net Result (51.7) (1.8) n/a (33.4) Comparable 1 EBITDA 7.3 48.2 -85% 64.4 Adjusted 2 Net Result (40.4) (10.7) -278% 5.3 1.…
  4. Q1 2014 RESULTS – Saras S.p.A. – slide 4
    Highlights: Diesel and Gasoline Crack Spreads M e d : Ga s o lin e C r a c k s p r e a d vs B r e n t m o n t h ly a ve r a g e s 25 2014 2013 20 '09-'13 avg '09-'13 range 15 US/bl 10 5 0 -5 Ja n Fe b Ma r A pr Ma y Ju…
  5. Q1 2014 RESULTS – Saras S.p.A. – slide 5
    Highlights: Refining and Power Generation Margins 10 /bl 8 7.2 6.9 6.3 6 5.3 4.9 4.7 4.7 3.8 4 4.2 3.7 3.8 2.7 4.4 2 3.3 2.5 2.1 2.2 1.5 0.9 1.1 0.5 0 0.4 0.2 -0.5 -1.2 -2 -2.0 -1.9 -2.6 -4 2012 2013 Q1/13 Q2/13…
  6. Q1 2014 RESULTS – Saras S.p.A. – slide 6
    Segments Review
  7. Q1 2014 RESULTS – Saras S.p.A. – slide 7
    Segment Review: Refining Comparable EBITDA Q1/14 80 EUR ml Crude runs at 24.1 Mbl (267 kbd), up 7% vs. Q1/13 60 Q1/13 scheduled maintenance involved also one crude distillation unit 40 Comparable EBITDA at EUR -51.1ml, vs. EUR…
  8. Q1 2014 RESULTS – Saras S.p.A. – slide 8
    Segment Review: Refining Production and Crude Oil Slate PRODUCTION 2013 Q1/14 LPG Thousand tons 267 40 Yield 2.1% 1.2% NAPHTHA+GASOLINE Thousand tons 3,558 907 yield 27.4% 27.5% MIDDLE DISTILLATES Thousand tons 6,959 1,751 yield…
  9. Q1 2014 RESULTS – Saras S.p.A. – slide 9
    Segment Review: Refining Fixed & Variable costs 2013 Q1/14 Refinery RUNS Million barrels 94.8 24.1 Exchange rate EUR/USD 1.33 1.37 Fixed costs EUR million 237 61 /bl 3.3 3.4 Variable costs EUR million 177 45 /bl 2.5…
  10. Q1 2014 RESULTS – Saras S.p.A. – slide 10
    Segment Review: Power Generation Comparable EBITDA Q1/14 100 EUR ml IFRS EBITDA at EUR 51.5ml, vs. EUR 54.3ml in Q1/13 Mainly due to the effects of the IFRS equalization procedure (applied 80 throughout the duration of the…
  11. Q1 2014 RESULTS – Saras S.p.A. – slide 11
    Segment Review: Power Generation Fixed & Variable costs (IT GAAP) 2013 Q1/14 Refinery RUNS Million barrels 94.8 24.1 Power production MWh/1000 4,217 1,085 Exchange rate EUR/USD 1.33 1.37 Fixed costs EUR million 88 25 /bl…
  12. Q1 2014 RESULTS – Saras S.p.A. – slide 12
    Segment Review: Marketing Comparable EBITDA Q1/14 20 EUR ml Oil products consumption continued to decline in Southern 15 Europe 11.9 10 8.3 Comparable EBITDA at EUR -1.2ml, vs. EUR 8.3ml in Q1/13 7.2 Arcola Petrolifera defended its…
  13. Q1 2014 RESULTS – Saras S.p.A. – slide 13
    Segment Review: Wind Power Comparable EBITDA Q1/14 EUR ml Comparable EBITDA at EUR 8.6ml, vs. EUR 9.6ml in Q1/13 10 9.6 Production of electricity in Q1/14 was very high (61,546 MWh), even if it 8.6 was down 21% vs. the…
  14. Q1 2014 RESULTS – Saras S.p.A. – slide 14
    Segment Review: Others Comparable EBITDA Q1/14 3.0 EUR ml 2.5 Comparable EBITDA at EUR -0.5ml, vs. EUR 0.0ml in Q1/13 2.0 1.7 1.0 0.0 0.0 0.0 -0.5 -1.0 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Comparable EBIT 3.0 EUR ml 2.3 2.0…
  15. Q1 2014 RESULTS – Saras S.p.A. – slide 15
    Financials
  16. Q1 2014 RESULTS – Saras S.p.A. – slide 16
    Financials: Key Income Statement Figures KEY INCOME STATEMENT (EUR ml) Q1/13 Q2/13 Q3/13 Q4/13 2013 Q1/14 EBITDA 54.4 (26.1) (3.3) 46.7 71.7 (17.0) Comparable EBITDA 48.2 5.8 (2.9) 64.4 115.5 7.3 D&A (48.4) (281.1)(*) (43.0) (53.3)…
  17. Q1 2014 RESULTS – Saras S.p.A. – slide 17
    Financials: Key Balance Sheet Figures EUR million Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Current assets 2,298 2,229 2,339 2,287 2,210 CCE and financial assets held for trading 376 359 378 545 540 Other current assets 1,922 1,870 1,961…
  18. Q1 2014 RESULTS – Saras S.p.A. – slide 18
    Financials: Net Financial Position EUR Million 31-Mar-13 30-Jun-13 30-Sep-13 31-Dec-13 31-Mar-14 Medium/long term bank loans (176) (156) (156) (137) (135) Bonds (249) (249) (249) (249) (249) Other financial assets 6 6 6 6 6 Total…
  19. Q1 2014 RESULTS – Saras S.p.A. – slide 19
    Financials: CAPEX CAPEX BY SEGMENT Q1/13 Q2/13 Q3/13 Q4/13 2013 Q1/14 (EUR million) REFINING 26.0 24.7 14.9 21.5 87.1 18.1 POWER GENERATION 6.0 4.6 2.2 4.1 16.9 4.5 MARKETING 0.7 1.3 0.6 1.1 3.7 0.6 WIND 0.1 0.0 0.6 (0.5) 0.2…
  20. Q1 2014 RESULTS – Saras S.p.A. – slide 20
    Financials: Key Ratios Leverage1 (%) ROACE2 (%) 30% 10% 25% 5% 20% 15% 14% 15% 0% 0% 15% 12% 0% 10% -1% 6% -5% 5% 1% 1% -6% -6% 0% -10% -7% -8% 13 13 13 13 14 12 13 12 13 13 13 13 13 14 20…
  21. Q1 2014 RESULTS – Saras S.p.A. – slide 21
    Outlook & Strategy
  22. Q1 2014 RESULTS – Saras S.p.A. – slide 22
    Outlook & Strategy The outlook for the European refining industry should remain difficult in 2014. However, there are some positive developments in Libya, where eastern ports have resumed operations, and the Saras Group has been…
  23. Q1 2014 RESULTS – Saras S.p.A. – slide 23
    Additional Information
  24. Q1 2014 RESULTS – Saras S.p.A. – slide 24
    Additional information: 2014 Maintenance Schedule 2014 Refinery maintenance programme: Only minor maintenance in Q1/14. Going forward, scheduled maintenance will involve several units including the FCC (as shown in the table here…
  25. Q1 2014 RESULTS – Saras S.p.A. – slide 25
    Additional information: Refining EUR million 2012 Q1/13 Q2/13 Q3/13 Q4/13 2013 Q1/14 EBITDA (91.2) (13.4) (57.8) (57.9) (24.5) (153.6) (75.7) Comparable EBITDA (61.2) (24.0) (36.1) (51.1) (16.3) (127.5) (51.1) EBIT (197.0) (38.6)…
  26. Q1 2014 RESULTS – Saras S.p.A. – slide 26
    Additional information: Power Generation EUR million 2012 Q1/13 Q2/13 Q3/13 Q4/13 2013 Q1/14 Comparable EBITDA 226.8 54.3 27.7 39.2 61.2 182.4 51.5 Comparable EBIT 147.0 34.4 7.6 27.0 40.5 109.5 35.1 EBITDA IT GAAP 178.3 36.0 45.1…
  27. Q1 2014 RESULTS – Saras S.p.A. – slide 27
    Additional information: Marketing EUR million 2012 Q1/13 Q2/13 Q3/13 Q4/13 2013 Q1/14 EBITDA 18.0 3.9 (3.9) 13.6 2.4 16.0 (0.9) Comparable EBITDA 31.7 8.3 6.3 7.2 11.9 33.7 (1.2) EBIT (29.8) 1.8 (6.0) 11.6 0.2 7.6 (3.0)…
  28. Q1 2014 RESULTS – Saras S.p.A. – slide 28
    Additional information: Wind and Others Wind (EUR million) 2012 Q1/13 Q2/13 Q3/13 Q4/13 2013 Q1/14 Comparable EBITDA 20.0 9.6 6.2 1.8 5.1 22.7 8.6 Comparable EBIT 9.7 8.5 5.1 0.6 4.1 18.3 7.4 POWER PRODUCTION MWh 171,050 78,052…

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