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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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@ankurshah47_ x.com
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Amina0781App Store
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@theshortbearx.com
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