The Board of Directors of SARAS S.p.A. approves the Half-Year
Financial Report as at 30th June 20131
Milan, 9 August 2013: The Board of Directors of Saras S.p.A. met
yesterday under Chairman Gian Marco Moratti and th approved the
Half-Year Financial Report as at 30 June 2013. The results of the
second quarter, which are not subject to audit review, are also
presented here below for sake of continuity and completeness of the
information provided. After the meeting, the Chairman declared:
"This quarter was particularly dense of important events for the
Group. In June, Rosneft became a Shareholder of Saras, with 21% of
the share capital. The presence of such a prestigious Shareholder
strengthens the competitive positioning of our Company, and it is
an extremely satisfactory acknowledgment for the Group and for the
great commitment of all Saras' employees. Another relevant event
was the signature, on the 24 of June in Saint Petersburg, of an
agreement for the creation of a Joint Venture, on a parity basis
between Rosneft and Saras, aimed at conducting commercial and
marketing activities on crude oil and refined products. Both
companies believe strongly in this project, and are putting great
efforts into its implementation. Finally, on the 1 of July, the
Group completed the corporate reorganisation previously announced
to the markets, transferring all the refining activities held by
Saras to the subsidiary Sarlux. The transition was very successful
and perfectly on time, thanks to the expertise and dedication of
our employees."
st th
th
Saras Group key financial and operational results
EUR Million REVENUES EBITDA Comparable EBITDA EBIT Comparable EBIT
NET RESULT Adjusted NET RESULT NET FINANCIAL POSITION CAPEX
OPERATING CASH FLOW Q2/13 2,774 (26.1) 5.8 (307.2) (42.8) (199.5)
(46.3) (157) 30.9 65 Q2/12 2,672 (147.3) 33.6 (199.4) (18.5)
(131.8) (29.3) (82) 39.8 434 Change % 4% 82% -83% -54% -131% -51%
-58%
2
H1/2013 H1/2012 5,445 28.3 54.0 (301.2) (43.0) (201.3) (57.0) (157)
64.3 125 5,787 (35.4) 54.7 (138.2) (48.1) (117.7) (65.9) (82) 75.9
641
Change % -6% 180% -1% -118% 11% -71% 14%
Pursuant to the provisions of article 154 bis, paragraph 2, of the
Consolidated Finance Act, Mr. Corrado Costanzo, the Executive
Director responsible for the preparation of the company's financial
reporting, states that the financial information set out in this
press release corresponds to the company's documents, books and
accounting records. 2 In order to give a better representation of
the Group's operating performance, and in line with the standard
practice in the oil industry, the operating results (EBITDA and
EBIT) and the Net Result are provided also with an evaluation of
oil inventories based on the LIFO methodology (and not only
according to FIFO methodology, which is adopted in the Financial
Statements prepared according to IFRS accounting principles). The
LIFO methodology does not include revaluations and write downs and
it combines the most recent costs with the most recent revenues,
thus providing a clearer picture of current operating
profitability. Furthermore, for the same reason, non recurring
items and the change in "fair value" of the derivative instruments
are also deducted, both from the operating results and from the Net
Result. Operating results and Net Result calculated as above are
called respectively "comparable" and "adjusted", and they are not
subject to audit review, like the quarterly results.
1
Comments to First Half 2013 results
Group Revenues in H1/13 were EUR 5,445 ml, down 6% vs. H1/12. This
change is primarily due to the decrease in revenues generated by
the Refining and Marketing segments, because of the lower prices
for the refined oil products. In particular, the average price for
gasoline stood at 995 $/ton in H1/13 versus 1,037 $/ton in H1/12,
while diesel traded at an average price of 922 $/ton versus 972
$/ton in H1/12. Group reported EBITDA was EUR 28.3 ml in H1/13, up
180% versus EUR -35.4 ml in H1/12. The main difference is due to
the devaluation of the oil inventories. Indeed, although in both
semesters under comparison there was a reduction in oil prices and
a consequent devaluation of oil inventories, in H1/13 this effect
had a lower impact than in H1/12. However, it should be noted that
the reported EBITDA in H1/13 included a windfall gain of approx.
EUR 23.5 ml, due to the final accounting, made in Q2/13, of a
non-repayable grant related to a Regional Master Plan dated June
2002. Moreover, in H1/13 the reported EBITDA took a charge of
approx. EUR 25 ml, due to the effects of the IFRS equalization
procedure on the Power Generation results, which was entirely
accounted for in Q2/13. The results of this segment, indeed, were
reviewed according to a new calculation methodology applied to the
CIP6/92 tariff (which regulates the sale of electricity from the
Sarlux subsidiary to the National Grid Operator Gestore dei
Servizi Energetici S.p.A.), as required th by Legislative Decree
69/2013. Further details are provided in the Half-Year Financial
Report as at 30 June 2013. Group reported Net Result stood at EUR
-201.3 ml, down versus EUR -117.7 ml in H1/12, primarily because
the lower devaluation of the oil inventories, as explained at
EBITDA level, was more than offset by the devaluation of the
CIP6/92 contract, which took place in H1/13. Indeed, as established
by an independent appraisal, the revision of the CIP6/92 tariff
according to the new calculation methodology required by the
Legislative Decree 69/2013, determined a devaluation of approx. EUR
232 ml to the above mentioned contract, which was entirely
accounted for into Q2/13 results. Further th details also on this
process are given in the Half-Year Financial Report as at 30 June
2013. Moving to the analysis of the "Financial Charges and Income",
which include also the result of the derivative instruments used
for hedging purposes and the net FOREX result, in H1/13 the Net
Financial Charges were equal to EUR 3.5 ml, while in H1/12 they
stood at EUR 38.9 ml. Group comparable EBITDA amounted to EUR 54.0
ml in H1/13, substantially in line with EUR 54.7 ml achieved in
H1/12. As commented previously, the Power Generation segment
achieved lower results compared to H1/12, due to the effects of the
IFRS equalization procedure which takes into account the new
calculation methodology for the CIP6/92 tariff. Nonetheless, the
lower contribution to the Group comparable EBITDA coming from the
Power Generation segment was entirely offset by the results
achieved in the Refining, Wind and Marketing segments, which in
H1/13 were stronger than the results obtained in H1/12. Finally,
the Group adjusted Net Result stood at EUR -57.0 ml, improved
versus the Group adjusted Net Result of EUR 65.9 ml in H1/12,
mainly because of the lower Net Financial Charges, as previously
discussed. CAPEX in H1/13 was EUR 64.3 ml, in line with the
investment programme of 2013, and almost entirely dedicated to the
Refining segment (EUR 50.7 ml). Group Net Financial Position on the
30 of June 2013 stood at EUR -157 ml, improved by 28% versus the
position at the beginning of the year (EUR -218 ml). The main
contribution comes from the positive cashflow from Operations and
from the self-financing from provisions for depreciation and
amortisation. Furthermore, it should be noted that some payments
for crude oil are still outstanding, due to the oil embargo
declared by the European Union against Iran.
th
Comments to Second Quarter 2013 results
Group Revenues in Q2/13 were EUR 2,774 ml, up 4% vs. Q2/12. Indeed,
in Q2/13 the Refining segment remarkably improved its revenues
because its sales stood at approx. 3.9 ml tons of refined oil
products, which compares with sales of approx. 3.3 ml tons in the
same quarter of 2012. This result more than offset the reduction in
revenues coming from the Marketing segment which, instead, suffered
from the drop in the prices of the main oil products. For reference
purposes, in Q2/13 the average price for gasoline stood at 948
$/ton (versus 1,015 $/ton in Q2/12), while diesel traded at an
average price of 881 $/ton (versus 938 $/ton in Q2/12). Group
reported EBITDA in Q2/13 was EUR -26.1 ml, strongly improved versus
EUR -147.3 ml in Q2/12. As commented already in the results of the
half-year, the difference in the results can be mainly explained
with the different devaluation amounts for the oil inventories, in
the two periods under comparison, due to the price drop for crude
oil and refined products. More specifically, in Q2/13 the
devaluation of oil inventories was considerably lower than in the
same period of last year. Moreover, in Q2/13 all the comments
already made in H1/13 are still applicable, especially with regards
to the accounting of the non-repayable grant related to a Regional
Master Plan dated June 2002, and the effects on the Power
Generation segment's results of the IFRS equalization procedure,
which takes into account the new calculation methodology for the
CIP6/92 tariff.
2
Group reported Net Result in Q2/13 stood at EUR -199.5 ml, down vs.
EUR -131.8 ml in Q2/12, for the same reasons explained in the H1/13
results, with regards to the devaluation of the CIP6/92 contract
(worth approx. EUR 232 ml), which was entirely accounted for into
Q2/13 results. Moreover, in Q2/13 the Net Financial Charges (which
include also the result of the derivative instruments used for
hedging of the commercial activities and the net FOREX result)
stood at EUR 0.7 ml, substantially in line with the Net Financial
Charges for EUR 2.4 ml in the same quarter of 2012. Group
comparable EBITDA in Q2/13 amounted to EUR 5.8 ml, down versus EUR
33.6 ml achieved in Q2/12. Likewise, Group adjusted Net Result was
EUR -46.3 ml, versus the Group adjusted Net Result of EUR -29.3 ml
reported in Q2/12. The difference in the two periods under
comparison is mainly due the Power Generation segment, whose
equalized results take into account the new calculation methodology
adopted for the CIP6/92 tariff, as already explained in the
previous paragraphs. CAPEX in Q2/13 was EUR 30.9 ml, primarily
dedicated to Refinery segment (EUR 24.7 ml). For further details
and comments on the results of each business segment, on the
Group's strategy and on the Outlook, th please refer to the
Half-Year Financial Report as at 30 June 2013.
Programme of the conference call due on 9 August 2013 and other
information
At 15:00 CET of Friday 9 August 2013, there will be a conference
call for analysts and investors, during which Saras Top Management
will discuss a slide presentation on Q2/13 and H1/13 Group results,
and will subsequently answer all the relevant questions. A
dedicated presentation will be available on the Company's website
(www.saras.it), under "Investor Relations/Presentations" starting
from 08:00 CET. The dial-in numbers for the conference call are the
following: From Italy: From the UK: From the USA: +39 02 805 88 11
+ 44 121 281 8003 +1 718 7058794
Link for the live webcast:
http://services.choruscall.eu/links/saras130809.html
Playback and transcript of the webcast will also be available on
the Company's website. For further information, please contact the
Investor Relations department. This press release issued on 9
August 2013 at 08:00 CET, has been prepared pursuant to the
Regulation implementing th th Legislative Decree no. 58 of 24
February 1998, adopted by CONSOB under resolution number 11971 of
14 May 1999, as amended and supplemented. It is available to the
public at the offices of Borsa Italiana S.p.A. and from the
Company's website (www.saras.it), under "Investor
Relations/Financial News/Press Releases". The Half-Year Financial
th Report as at 30 June 2013 is also available to the public at the
company's registered office in Sarroch (CA) SS. 195 Sulcitana, Km.
19, at the administrative office in Milan, Galleria de Cristoforis
n. 1, and it is also available on the Company's website under
"Investor Relations/Quarterly Report".
th
Massimo Vacca Head of Investor Relations & Financial
Communications E-mail: Telephone: ir@saras.it +39 02 7737 642
THE SARAS GROUP
The Saras Group, whose operations were started by Angelo Moratti in
1962, has approximately 1,900 employees and total revenues of about
11.9 billion Euros as of 31st December 2012. The Group is active in
the energy sector, and is a leading Italian and European crude oil
refiner. It sells and distributes petroleum products in the
domestic and international markets, directly and through the
subsidiary Saras Energia S.A. in Spain, and the subsidiaries Arcola
Petrolifera S.r.l. and Deposito di Arcola S.r.l. in Italy. The
Group also operates in the electric power production and sale,
through the subsidiaries Sarlux S.r.l. and Sardeolica S.r.l.. In
addition, the Group provides industrial engineering and scientific
research services to the oil, energy and environment sectors
through the subsidiary Sartec S.p.A.. Finally, the Group operates
also in the field of exploration for gaseous hydrocarbons.
3
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