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H1 2015 Results – Saras S.p.A.

Saras S.p.A. · Aug 7, 2015 · 31 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. H1 2015 Results – Saras S.p.A. – slide 1
    SARAS Second Quarter and First Half 2015 results 7th August 2015 07 August 2015 Saras SpA 1
  2. H1 2015 Results – Saras S.p.A. – slide 2
    Q2/15 highlights: Very strong Quarter Outstanding Group quarterly EBITDA1 (EUR 252M) with refining EBITDA1 at EUR 196M Net Financial Position back to positive (EUR +72M) as a result of a strong cash flow from operations (EUR…
  3. H1 2015 Results – Saras S.p.A. – slide 3
    Q2/15 and H1/15 Group Results Change Change EUR million Q2/15 Q2/14 H1/15 H1/14 % % Reported EBITDA 339.2 32.6 +941% 474.9 15.6 +2,944% Reported Net Result 155.9 (31.7) +592% 230.1 (83.3) +376% Comparable 1 EBITDA 252.2 6.0…
  4. H1 2015 Results – Saras S.p.A. – slide 4
    Highlights: Refining and Power Generation Margins 16 /bl 13.6 14 12 3.1 10 9.3 10.5 8.6 8 3.3 6.0 6 5.4 5.0 5.1 5.0 5.7 6.0 4 3.8 4.8 4.4 4.6 4.5 4.0 4.1 2 2.9 1.6 1.2 0.5 0 0.6 0.5 0.9 0.3 -2 -0.5 -1.2 -1.5 -1.9 -4…
  5. H1 2015 Results – Saras S.p.A. – slide 5
    Refining EBITDA1: Strong increase in Q2/15 vs. Q1/15 196 80 83 35 Q1/15 Refining EBITDA1 No major maintenance Strong refinery Q2/15 Refining EBITDA1 Release of Q1 performance products build-up Supply-chain…
  6. H1 2015 Results – Saras S.p.A. – slide 6
    Segments Review
  7. H1 2015 Results – Saras S.p.A. – slide 7
    Segment Review: Refining Comparable EBITDA Q2/15 220 196.2 Outstanding EBITDA, with impressive 6.4/bl premium over 200 EUR M 180 EMC Benchmark 160 Crude throughput maximised at 27.1Mbl thanks to deferral of 140 120…
  8. H1 2015 Results – Saras S.p.A. – slide 8
    Segment Review: Refining Production and Crude Oil Slate PRODUCTION H1/14 H1/15 Q2/15 (From crude runs and feedstock) Maximization LPG Thousand tons 91 167 75 of gasoline Yield 1.4% 2.1% 1.9% and diesel Naphtha + gasoline Thousand…
  9. H1 2015 Results – Saras S.p.A. – slide 9
    Segment Review: Refining Fixed & Variable costs 2014 Q1/15 Q2/15 H1/15 Million Refinery RUNS barrels 90.7 27.0 27.1 54.1 Exchange rate EUR/USD 1.33 1.13 1.11 1.12 Following Versalis Fixed costs EUR million 220 61 60 122…
  10. H1 2015 Results – Saras S.p.A. – slide 10
    Segment Review: Power Generation Comparable EBITDA Q2/15 100 IFRS EBITDA at EUR 55.8M, up 6% vs. Q2/14 EUR M 86.1 Q2/15 results positively influenced by use of updated future 80 scenarios for gas and oil quotations Sales of steam…
  11. H1 2015 Results – Saras S.p.A. – slide 11
    Segment Review: Power Generation Fixed & Variable costs (IT GAAP) 2014 Q1/15 Q2/15 H1/15 Million Refinery RUNS barrels 90.7 27.0 27.1 54.1 Power production MWh/1000 4,353 1,017 1,241 2,258 Exchange rate EUR/USD 1.33 1.13 1.11…
  12. H1 2015 Results – Saras S.p.A. – slide 12
    Segment Review: Marketing Comparable EBITDA Q2/15 14 EUR M Comparable EBITDA at EUR -3.2M, vs. EUR 5.4M in Q2/14 Wholesale margins under strong pressure, due to intensified 10 8.5 competition from inland refineries (runs at max…
  13. H1 2015 Results – Saras S.p.A. – slide 13
    Segment Review: Wind Power Comparable EBITDA Q2/15 12 EUR M Comparable EBITDA at EUR 3.1M, vs. EUR 4.3M in Q2/14 10 Lower production of electricity (-8% versus Q2/14) 8.6 8.6 Combined power tariff and Green Certificates in line…
  14. H1 2015 Results – Saras S.p.A. – slide 14
    Segment Review: Others Comparable EBITDA Q2/15 3.0 EUR M Comparable EBITDA at EUR 0.3M, vs. EUR 1.8M in Q2/14 2.2 2.0 1.8 1.0 0.3 0.0 -0.2 -0.2 -0.5 -1.0 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 H1/15 Comparable EBIT…
  15. H1 2015 Results – Saras S.p.A. – slide 15
    Financials
  16. H1 2015 Results – Saras S.p.A. – slide 16
    Financials: Key Income Statement Figures KEY INCOME STATEMENT Q1/14 Q2/14 Q3/14 Q4/14 2014 Q1/15 Q2/15 (EUR million) EBITDA (17.0) 32.6 (19.5) (233.1) (237.0) 135.6 339.2 Comparable EBITDA 8.4 6.0 18.5 106.1 139.0 144.2 252.2…
  17. H1 2015 Results – Saras S.p.A. – slide 17
    Financials: Income Statement Adjustments EBITDA Adjustment (EUR million) Q1/14 Q2/14 Q3/14 Q4/14 2014 Q1/15 Q2/15 EBITDA (17.0) 32.6 (19.5) (233.1) (237.0) 135.6 339.2 (LIFO FIFO) inventories 24.3 (24.3) 46.8 357.9 404.7 (13.3)…
  18. H1 2015 Results – Saras S.p.A. – slide 18
    Financials: Key Balance Sheet Figures EUR million Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Current assets 2,210 2,216 2,175 2,241 2,112 2,334 CCE and financial assets held for trading 540 493 536 669 707 821 Other current assets 1,670…
  19. H1 2015 Results – Saras S.p.A. – slide 19
    Financials: Key Cash Flow Figures EUR million Q1/14 Q2/14 Q3/14 Q4/14 FY/14 Q1/15 Q2/15 A CCE at beginning of the period 506.8 493.7 450.8 479.5 506.8 633.5 659.3 B Cash flow generated from / (used in) (32.2) 44.2 (80.3) 218.0 149.7…
  20. H1 2015 Results – Saras S.p.A. – slide 20
    Financials: CAPEX CAPEX BY SEGMENT Q1/14 Q2/14 Q3/14 Q4/14 2014 Q1/15 Q2/15 (EUR million) REFINING 18.1 16.4 48.4 41.9 124.9 19.1 18.9 POWER GENERATION 4.5 0.2 0.3 1.9 6.8 3.2 1.9 MARKETING 0.6 1.0 0.6 0.9 3.0 0.2 0.3 WIND 0.2…
  21. H1 2015 Results – Saras S.p.A. – slide 21
    Financials: Key Ratios Leverage1 (%) ROACE2 (%) 25% 30% 25% 25% 20% 20% 15% 14% 10% 15% 5% 5% 10% 5% 0% 6% 5% -5% 5% -10% 0% 0% -8% -8% -8% -8% -15% 0% -20% 1. Leverage = NFP/(NFP+Equity) 2. After tax, quarterly figures…
  22. H1 2015 Results – Saras S.p.A. – slide 22
    Outlook & Strategy
  23. H1 2015 Results – Saras S.p.A. – slide 23
    Outlook: a set of key factors leading to successful 2015 and beyond Refining margins remain strong: EMC Benchmark at +4.2/bl average in Q3/15-to-date Market Excess supply of crude (incl. non-standard) expected to stay and keep…
  24. H1 2015 Results – Saras S.p.A. – slide 24
    Results from ex-Versalis plants integration exceeding expectations: initial EBITDA1 guidance doubled to over EUR 20M/year Optimized reforming2 operations & positive market context... ... with clear financial impacts Reforming runs…
  25. H1 2015 Results – Saras S.p.A. – slide 25
    Saras ideally positioned to benefit the most from the new market cycle 1 More balanced oil prices, robust supply Decreased fuel consumption costs Significant increase in production of Capacity to source non-standard grades and 2…
  26. H1 2015 Results – Saras S.p.A. – slide 26
    Additional Information
  27. H1 2015 Results – Saras S.p.A. – slide 27
    Additional information: 2015 Maintenance Schedule Q3/15 Q4/15 2015 Q1/15 Q2/15 expected expected expected REFINERY Tons (M) 3.7 3.7 3.6 3.8 3.6 3.8 14.6 15.0 Refinery runs Barrels (M) 27.0 27.1 26.3 27.7 26.3 27.7 107 110 EBITDA…
  28. H1 2015 Results – Saras S.p.A. – slide 28
    Additional information: Refining EUR million Q1/14 Q2/14 Q3/14 Q4/14 2014 Q1/15 Q2/15 EBITDA (75.7) (29.9) (81.3) (309.4) (496.3) 68.3 280.3 Comparable EBITDA (50.0) (57.9) (43.3) 11.1 (140.1) 83.3 196.2 EBIT (104.4) (58.6) (111.6)…
  29. H1 2015 Results – Saras S.p.A. – slide 29
    Additional information: Power Generation EUR million Q1/14 Q2/14 Q3/14 Q4/14 2014 Q1/15 Q2/15 Comparable EBITDA 51.5 52.4 50.4 86.1 240.4 53.9 55.8 Comparable EBIT 35.1 36.0 33.9 69.7 174.7 30.2 31.3 EBITDA IT GAAP 32.6 29.5 37.5…
  30. H1 2015 Results – Saras S.p.A. – slide 30
    Additional information: Marketing EUR million Q1/14 Q2/14 Q3/14 Q4/14 2014 Q1/15 Q2/15 EBITDA (0.9) 4.0 8.5 (16.5) (4.9) 5.1 (0.3) Comparable EBITDA (1.2) 5.4 8.5 2.2 14.9 (1.3) (3.2) EBIT (3.0) 3.3 6.5 (21.5) (14.7) 3.3 (6.7)…
  31. H1 2015 Results – Saras S.p.A. – slide 31
    Additional information: Wind and Others Wind (EUR million) Q1/14 Q2/14 Q3/14 Q4/14 2014 Q1/15 Q2/15 Comparable EBITDA 8.6 4.3 3.1 4.5 20.5 8.6 3.1 Comparable EBIT 7.4 3.2 2.0 3.3 15.9 7.3 2.2 POWER PRODUCTION MWh 61,546 36,880…

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