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Q4 2013 RESULTS – Saras S.p.A.

Saras S.p.A. · Feb 21, 2014 · 29 slides

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Slides

  1. Q4 2013 RESULTS – Saras S.p.A. – slide 1
    SARAS Preliminary FY 2013 and Q4 2013 results 21st February 2014 21 Feb 2014 Saras SpA 1
  2. Q4 2013 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. Q4 2013 RESULTS – Saras S.p.A. – slide 3
    Highlights: Group Results EUR ml Q4/13 Q4/12 FY 2013 FY 2012 Reported EBITDA 46.7 (28.5) 71.7 173.6 Reported Net Result (33.4) (82.4) (271.1) (90.1) Comparable 1 EBITDA 64.4 17.6 115.5 217.3 Adjusted 2 Net Result 5.3 (18.8)…
  4. Q4 2013 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 v e r a g e s 20 2013 2012 15 '08-'12 avg '08-'12 range 10 US/bl 5 0 -5 Ja n Fe b Ma r A pr May Ju n…
  5. Q4 2013 RESULTS – Saras S.p.A. – slide 5
    Highlights: Refining and Power Generation Margins 14 /bl 12.6 12 11.0 10.8 10.1 3.9 10 9.5 9.1 3.7 3.7 3.9 8.7 8 7.2 3.9 7.1 3.7 6.9 6.1 7.1 7.3 6.3 5.9 5.6 5.6 6 6.2 5.3 5.6 4.8 5.1 4.7 4.3 5.4 4.7 4.1 3.5 4.7 3.8 3.7 4…
  6. Q4 2013 RESULTS – Saras S.p.A. – slide 6
    Segments Review
  7. Q4 2013 RESULTS – Saras S.p.A. – slide 7
    Segment Review: Refining Comparable EBITDA Q4/13 120 Crude runs at 23.5 Mbl (256 kbd), down 6% vs. Q4/12 EUR ml 100 Economic run cuts related to unfavourable market conditions 80 70.5 Comparable EBITDA at EUR -16.3ml, vs. EUR…
  8. Q4 2013 RESULTS – Saras S.p.A. – slide 8
    Segment Review: Refining Production and Crude Oil Slate PRODUCTION 2013 2012 LPG Thousand tons 267 205 Yield 2.1% 1.5% NAPHTHA+GASOLINE Thousand tons 3,558 4,002 yield 27.4% 30.1% MIDDLE DISTILLATES Thousand tons 6,959 6,891…
  9. Q4 2013 RESULTS – Saras S.p.A. – slide 9
    Segment Review: Refining Fixed & Variable costs 2012 Q1/13 Q2/13 Q3/13 Q4/13 2013 Million Refinery RUNS barrels 97.2 22.5 24.7 24.0 23.5 94.8 Exchange rate EUR/USD 1.28 1.32 1.31 1.32 1.36 1.33 Fixed costs EUR million 221 62…
  10. Q4 2013 RESULTS – Saras S.p.A. – slide 10
    Segment Review: Power Generation Comparable EBITDA Q4/13 80 IFRS EBITDA at EUR 61.2ml, vs. EUR 55.5ml in Q4/12 EUR ml Decree Law 69/13 introduced a revision of CIP6/92 tariff, linking the fuel 61.2 component to spot gas prices…
  11. Q4 2013 RESULTS – Saras S.p.A. – slide 11
    Segment Review: Power Generation Fixed & Variable costs (IT GAAP) 2012 Q1/13 Q2/13 Q3/13 Q4/13 2013 Million Refinery RUNS barrels 97.2 22.5 24.7 24.0 23.5 94.8 Power production MWh/1000 4,194 937 1,102 1,068 1,111 4,217 Exchange…
  12. Q4 2013 RESULTS – Saras S.p.A. – slide 12
    Segment Review: Marketing Comparable EBITDA Q4/13 20 EUR ml Oil products consumption declining in Southern Europe at 15 13.1 slower pace than in previous quarters 12.5 11.9 10 8.3 Comparable EBITDA at EUR 11.9ml, vs. EUR -0.1ml in…
  13. Q4 2013 RESULTS – Saras S.p.A. – slide 13
    Segment Review: Wind Power Comparable EBITDA Q4/13 EUR ml Comparable EBITDA at EUR 5.1ml, vs. EUR 7.6ml in Q4/12 10 9.6 Weather conditions less favourable than during same quarter of previous year (power production at 40,212 MWh,…
  14. Q4 2013 RESULTS – Saras S.p.A. – slide 14
    Segment Review: Others Comparable EBITDA Q4/13 3.0 EUR ml 2.5 Comparable EBITDA at EUR 2.5ml, vs. EUR 0.1ml in Q4/12 2.0 1.7 1.2 1.0 0.5 0.4 0.1 0.0 0.0 0.0 -1.0 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 FY/13…
  15. Q4 2013 RESULTS – Saras S.p.A. – slide 15
    Financials
  16. Q4 2013 RESULTS – Saras S.p.A. – slide 16
    Financials: Key Income Statement Figures KEY INCOME STATEMENT Q4/12 2012 Q1/13 Q2/13 Q3/13 Q4/13 2013 (EUR ml) EBITDA (28.5) 173.6 54.4 (26.1) (3.3) 46.7 71.7 Comparable EBITDA 17.6 217.3 48.2 5.8 (2.9) 64.4 115.5 D&A (89.0)…
  17. Q4 2013 RESULTS – Saras S.p.A. – slide 17
    Financials: Key Balance Sheet Figures EUR million Q1/13 Q2/13 Q3/13 Q4/13 Current assets 2,298 2,229 2,339 2,287 CCE and financial assets held for trading 376 359 378 545 Other current assets 1,922 1,870 1,961 1,743 Non-current…
  18. Q4 2013 RESULTS – Saras S.p.A. – slide 18
    Financials: Net Financial Position EUR Million 31-Dec-12 31-Mar-13 30-Jun-13 30-Sep-13 31-Dec-13 Medium/long term bank loans (176) (176) (156) (156) (137) Bonds (249) (249) (249) (249) (249) Other financial assets 6 6 6 6 6 Total…
  19. Q4 2013 RESULTS – Saras S.p.A. – slide 19
    Financials: CAPEX CAPEX BY SEGMENT (EUR 2012 Q1/13 Q2/13 Q3/13 Q4/13 2013 million) REFINING 97.0 26.0 24.7 14.9 21.5 87.1 POWER GENERATION 8.7 6.0 4.6 2.2 4.1 16.9 MARKETING 8.2 0.7 1.3 0.6 1.1 3.7 WIND 3.8 0.1 0.0 0.6 (0.5)…
  20. Q4 2013 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% -5% 5% 1% 1% -6% -6% 0% -10% -7% 13 13 13 13 12 13 12 13 13 13 13 13 20 20…
  21. Q4 2013 RESULTS – Saras S.p.A. – slide 21
    Outlook & Strategy
  22. Q4 2013 RESULTS – Saras S.p.A. – slide 22
    Outlook & Strategy The outlook of the European refining industry shall remain difficult in 2014, according to the forecasts of many prominent institutions specializing in the sector, but a recovery from 2013 lows should still…
  23. Q4 2013 RESULTS – Saras S.p.A. – slide 23
    Additional Information
  24. Q4 2013 RESULTS – Saras S.p.A. – slide 24
    Additional information: 2014 Maintenance Schedule 2014 Refinery maintenance programme: several units including the FCC (as shown in the table here below), leading to a reduction of refinery runs (expected at 100 106 ml barrels), and…
  25. Q4 2013 RESULTS – Saras S.p.A. – slide 25
    Additional information: 2013 Maintenance Schedule 2013 Saras Group Maintenance Programme was completed according to schedule. As a result: Total crude runs at the refinery stood at 95 ml barrels, with 0.4 /bl EBITDA reduction due to…
  26. Q4 2013 RESULTS – Saras S.p.A. – slide 26
    Additional information: Refining EUR million Q1/12 Q2/12 Q3/12 Q4/12 2012 Q1/13 Q2/13 Q3/13 Q4/13 2013 EBITDA 37.7 (204.3) 162.0 (88.7) (93.3) (13.4) (57.8) (57.9) (24.5) (153.6) Comparable EBITDA (49.0) (39.3) 70.5 (45.5) (63.3)…
  27. Q4 2013 RESULTS – Saras S.p.A. – slide 27
    Additional information: Power Generation EUR million Q1/12 Q2/12 Q3/12 Q4/12 2012 Q1/13 Q2/13 Q3/13 Q4/13 2013 Comparable EBITDA 57.5 55.8 58.0 55.5 226.8 54.3 27.7 39.2 61.2 182.4 Comparable EBIT 37.8 35.7 38.1 35.4 147.0 34.4…
  28. Q4 2013 RESULTS – Saras S.p.A. – slide 28
    Additional information: Marketing EUR million Q1/12 Q2/12 Q3/12 Q4/12 2012 Q1/13 Q2/13 Q3/13 Q4/13 2013 EBITDA 10.2 (3.4) 14.1 (3.0) 17.9 3.9 (3.9) 13.6 2.4 16.0 Comparable EBITDA 6.1 12.5 13.1 (0.1) 31.6 8.3 6.3 7.2 11.9 33.7…
  29. Q4 2013 RESULTS – Saras S.p.A. – slide 29
    Additional information: Wind and Others Wind (EUR million) Q1/12 Q2/12 Q3/12 Q4/12 2012 Q1/13 Q2/13 Q3/13 Q4/13 2013 Comparable EBITDA 6.0 4.2 2.2 7.6 20.0 9.6 6.2 1.8 5.1 22.7 Comparable EBIT 3.4 1.7 (0.5) 5.0 9.6 8.5 5.1 0.6 4.1…

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