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Saras (SRS) investor relations material
Saras Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
H1 2024 comparable EBITDA was €288.5M and net result €126.6M; Q2 2024 comparable EBITDA reached €90.5M and net result €29.7M, reflecting higher production and improved diesel cracks.
H1 2024 revenues rose 9% year-over-year to €5,908M, driven by higher production volumes and improved scenario conditions.
Net financial position (pre-IFRS 16) was €10.7M at June 30, 2024, down from €202.7M at end-2023.
Major event: Vitol, via Varas S.p.A., acquired 35.019% of Saras, triggering a mandatory tender offer and potential delisting.
H1 2024 investments totaled €79.9M, mainly for maintenance and renewables.
Financial highlights
H1 2024 reported EBITDA was €275.2M; Q2 2024 reported EBITDA was €97.7M.
H1 2024 net result was €108.7M; Q2 2024 net result was €31.3M.
Dividend payout in H1 2024 was €142.2M.
Q2 2024 CapEx was €49M, mainly for refinery maintenance and solar plant completion.
Operations generated €208M in funds in H1; net financial position at quarter-end was €11M.
Outlook and guidance
Refining margin premium over EMC reference margin expected in the $3.5–$4.5/bbl range for 2024.
Annual crude processing expected at 13.2–13.5 Mton; power generation at 4.0–4.2 TWh.
CapEx guidance for 2024 confirmed at €170–180M, including energy transition investments.
Full-year fixed cost guidance confirmed at €380M–€400M, below last year.
Net financial position expected to remain robust and positive at year-end.
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