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Saras
Saras (SRS) investor relations material
Saras has been delisted
Saras Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary31 Jul, 2024
Executive summary
H1 2024 comparable EBITDA was €288.5M, with net results at €126.6M; Q2 2024 comparable EBITDA reached €90.5M, up from €27M in Q2 2023, driven by higher refinery and power plant production and improved diesel cracks.
Net financial position (pre-IFRS 16) remained positive at €10.7M as of June 30, 2024.
Helianto solar plant was completed in June and began commercial production, contributing to renewables growth.
Vitol, via Varas S.p.A., acquired 35.019% of Saras, triggering a mandatory tender offer and potential delisting.
Group capex for H1 2024 totaled €79.9M, mainly for maintenance and renewables investments.
Financial highlights
H1 2024 revenues were €5,908M (+9% year-over-year); Q2 2024 revenues were €2,877M (+47% year-over-year).
Reported EBITDA: €275.2M (H1), €97.7M (Q2); Comparable EBITDA: €288.5M (H1), €90.5M (Q2).
Net result: €108.7M (H1), €31.3M (Q2); Comparable net result: €126.6M (H1), €29.7M (Q2).
Net financial position (pre-IFRS 16) was €10.7M at June 30, 2024, down from €202.7M at end-2023.
Dividend payout in H1 2024 was €142.2M.
Outlook and guidance
Refining margins expected to remain above historical averages but lower than 2023; annual premium over EMC Reference Margin guided at $3.5–4.5/bbl.
Annual crude processing expected at 96.5–99Mbl (13.2–13.5 Mton); power production at 4.0–4.2 TWh.
FY 2024 capex confirmed at €170–180M, including energy transition investments.
Net financial position expected to remain positive by year-end.
Margin outlook for H2 2024 is lower than previously forecasted but remains above historical averages.
Explain H1'24 Industrial & Marketing EBITDA.
Why is H2'24 margin outlook lower?
Discuss the outlook for sour grade availability.
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Frequently asked questions
Saras S.p.A. is an Italian energy company with diversified operations across petroleum refining, marketing, transportation, and power generation. Established in 1962 by Angelo Moratti, the company has grown significantly, with its main production facilities situated in Sarroch, Sardinia, Italy. Saras is known for operating one of the Mediterranean's largest refineries, with a substantial refining capacity that plays a critical role in Italy's energy supply. In addition to its core refining business, Saras has expanded into the power generation sector, including natural gas and wind energy, to diversify its energy portfolio. The company also actively participates in the wholesale market for oil products, with a significant presence in both the Italian and Spanish markets. The company is headquartered in Milan, Italy, and its shares are listed on the Borsa Italiana.
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