Motor Oil (hellas) Corinth Refineries S.a. · ATHEX:MOH
Motor Oil (hellas) Corinth Refineries — FY2023 Earnings Presentation
29 slides from Motor Oil (hellas) Corinth Refineries's earnings presentation, April 2024
Slide 1: Motor Oil Performance Review FY 2023 financial results
Motor Oil Performance Review FY 2023 financial results www.moh.gr |April 2024
Slide 2: Disclaimer
The material contained in this presentation is intended to be general performance information on MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. and its activities. The information is provided in summary form and is therefore not necessarily complete. The information contained is not an invitation to inv
Slide 3: Contents
Contents 1. FY-2023 Financial Results Highlights 2. Industry Indicators 3. Segments’ Review 4. Key Financials FY-2023 www.moh.gr |April 2024
Slide 4: FY-2023 Financial Results Highlights
FY-2023 Financial Results Highlights www.moh.gr |April 2024
Slide 5: Full-Year 2023 Highlights
Full-Year 2023 Highlights Turnover EBITDA Net Income € 13.3bn € 1,383m € 806m -20% y/y -18% y/y -17% y/y Investments Adj. EBITDA Adj. Net Income € 353m € 1,480m € 881m vs. 1,087m in FY22 -9% y/y -4% y/y Net Debt Free Cash Flow DPS € 1,518m € 500m € 1.80 vs. 1,763m in FY22 vs. 65m in FY22 vs. 1.60 in
Slide 6: Group Financial Performance Q4 & FY 2023
Group Financial Performance Q4 & FY 2023 (EUR m) Q4 2022 Q4 2023 FY 2022 FY 2023 Revenues 3,964 3,348 16,631 13,317 EBITDA 301 225 1,693 1,383 Earnings before tax 280 118 1,557 1,038 Earnings after tax & minorities -39 88 968 806 EPS (EUR) -0.36 0.82 8.82 7.43 Adj. EBITDA 360 340 1,628 1,480 Refinin
Slide 7: Industry Indicators
Industry Indicators www.moh.gr |April 2024
Slide 8: Refining Macro Indicators (period avg.)
Refining Macro Indicators (period avg.) Brent DTD (USD/bbl) & EUR-USD Light, Mid-distillates Cracks (USD/bbl) 120 110 45.5 1.22 100 89 87 81 84 90 78 1.17 30.7 31.6 80 1.12 37.3 28.1 17.2 20.6 70 29.4 30.0 60 1.07 27.3 50 1.021 1.089 1.088 24.9 40 1.073 1.075 19.3 1.02 30 13.5 14.4 20 0.97 9.6 4Q22
Slide 9: Fuels Marketing Domestic Consumption (k MT)
Fuels Marketing Domestic Consumption (k MT) CIVIL 2023: 6,601k, -2.9% y/y SHIPPING/AVIATION 2023: 4,164k, +4.3% y/y 1,410 1,403 1,190 1,877 1,947 1,807 1,088 1,140 1,744 1,643 1,650 1,652 1,617 926 1,485 1,427 1,458 1,524 785 807 687 696 700 606 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 STATE 2023: 1,138k, -10.8% y/y
Slide 10: Fuels Marketing Domestic Consumption - Selected Products (k MT)
Fuels Marketing Domestic Consumption - Selected Products (k MT) LPG 2023: +2.0% y/y Gasoline 2023: +4.2% y/y Auto Diesel 2023: +2.4% y/y 549 560 2,713 2,777 485 2,024 2,047 2,132 2,575 140 143 643 693 523 500 514 668 140 148 146 619 798 777 131 645 595 756 123 134 707 717 109 502 515 541 652 105 137
Slide 11: Power & Gas Macro indicators
Power & Gas Macro indicators Natural Gas TTF (EUR/MWh, avg.) Greek Electricity Production (TWh) & Mix 250 13.5 12.7 12.6 10.3 14.0 10.3 10.2 9.8 11.1 100% 15 200 90% 13 37% 37% 38% 45% 47% 47% 80% 150 70% 47% 51% 51% 11 9 60% 10% 10% 8% 100 50% 9% 7% 8% 9% 11% 7 40% 8% 5 44% 41% 40% 34% 50 30% 35% 2
Slide 12: Segments Review
Segments Review www.moh.gr |April 2024
Slide 13: Group Financial Performance Per Segment
Group Financial Performance Per Segment FY-2023 Refining Fuels Power Other Eliminations/ Total (EUR m) Marketing & Gas Adjustments Revenues 9,529 4,931 818 86 -2,046 13,317 EBITDA 1,113 99 170 10 -8 1,383 Earnings Before Tax 1,024 7 17 5 -14 1,038 Capex 212 59 39 17 -10 318 Net Debt 310 533 794 -70
Slide 14: Refining Segment Performance Q4 & FY 2023
Refining Segment Performance Q4 & FY 2023 Q4 2022 Q4 2023 FY 2022 FY 2023 Brent DTD (USD/bbl, avg) 89 84 101 83 USD (avg) 1.021 1.075 1.053 1.081 Benchmark margin (USD/MT) 121 74 110 90 MOH ref. margin (USD/MT) 135 77 145 128 MOH adj. ref. margin (USD/MT) 148 108 140 134 Processed Volume (MT k) 3,76
Slide 15: Refining Segment Processed Volume & Crude Mix
Refining Segment Processed Volume & Crude Mix Refining Processed Volume (k MT) Crude Runs’ Mix 14,262 13,868 13,179 Middle East, 12,700 12,703 North Sea, 11,951 1% 3% 4,109 30% 5,105 36% Kazakhstan, 3,252 26% 3,725 28% 3,894 31% 8% 3,305 28% Libya, 11% FY-2023 9,759 70% 9,449 74% 9,454 72% 9,158 64%
Slide 16: Refining Segment Production & Yields
Refining Segment Production & Yields (k MT) 4,682 4,820 3,249 2,617 1,876 1,823 1,550 1,063 1,117 1,103 729 555 302 212 239 180 2% 2% 6% 15% 8% 37% 9% 21% 2% 1% 4% 14% 11% 36% 8% 24% 2021 Total 12,598 2022 Total 13,520 3,979 2,568 1,944 1,501 1,453 1,005 686 490 551 350 281 191 87 72 48 3 2% 2% 0% 2
Slide 17: Refining Segment Sales per Market, Country & Product
Refining Segment Sales per Market, Country & Product Revenue Mix by Country Sales Volume per Market (k MT) Other Greece - Civil 26% 23% 14,488 14,458 14,319 13,993 780 13,412 1,549 1,685 12,703 1,210 Greece - 1,289 Cyprus FY23 Shipping/ 737 3% Aviation Turkey 10% 3% USA 4% Libya Lebanon 11% 4% Gibra
Slide 18: Refining Segment Margins
Refining Segment Margins (USD/MT) 179 155 145 148 134 157 140 135 143 128 104 108 121 124 110 98 103 90 77 62 55 74 46 45 53 58 48 28 47 33 26 22 20 2018 2019 2020 2021 2022 2023 4Q22 1Q23 2Q23 3Q23 4Q23 MOH Reported MOH Adjusted Benchmark Mild Hydrocracking MED Notes: MOH refining margin refers to
Slide 19: Fuels Marketing Segment Performance Q4 & FY 2023
Fuels Marketing Segment Performance Q4 & FY 2023 Q4 2022 Q4 2023 FY 2022 FY 2023 # of service stations (eop) c.1,530 c.1,530 c.1,530 c.1,530 Sales volume (MT k) 1,073 941 3,517 3,948 of which in Greece 998 872 3,250 3,594 Sales (EUR m) 1,433 1,266 5,118 4,931 EBITDA (EUR m) 3 18 128 99 Adj. EBITDA (
Slide 20: Power & Gas Segment Performance Q4 & FY 2023
Power & Gas Segment Performance Q4 & FY 2023 (EUR m) Q4 2022 Q4 2023 FY 2022 FY 2023 Sales 300 212 1,240 818 EBITDA 74 52 136 170 Income from associates 10 -12 32 -10 Capex 15 10 36 39 Net Debt 889 794 889 794 RES operating capacity (MW, eop) 772 839 772 839 RES power production (MWh) 199,748 470,51
Slide 21: Key Financials FY-2023
Key Financials FY-2023 www.moh.gr |April 2024
Slide 22: Group Profit & Loss Q4 & FY 2023
Group Profit & Loss Q4 & FY 2023 Profit & Loss (EUR m) Q4 2022 Q4 2023 FY 2022 FY 2023 SALES 3,964 3,348 16,631 13,317 Cost of Sales -3,460 -3,034 -14,520 -11,561 GROSS PROFIT 505 313 2,111 1,755 EBITDA 301 225 1,693 1,383 Net Financial Expenses -46 -31 -98 -104 Income from Associates 75 -6 143 6 De
Slide 23: Group Balance Sheet & Cash Flow FY 2023
Group Balance Sheet & Cash Flow FY 2023 Balance Sheet (EUR m) FY 2022 FY 2023 Cash Flow (EUR m) FY 2022 FY 2023 Net Tangible & Intangible Assets 3,410 3,590 EBITDA 1,693 1,383 Participations & Other LT Assets 559 632 Net interest paid -86 -93 Current Assets 3,228 3,351 Income taxes paid -89 -571 TOT
Slide 24: Company Profit & Loss Q4 & FY 2023
Company Profit & Loss Q4 & FY 2023 Profit & Loss (EUR m) Q4 2022 Q4 2023 FY 2022 FY 2023 SALES 2,917 2,347 12,242 9,321 Cost of Sales -2,566 -2,165 -10,670 -8,130 GROSS PROFIT 351 182 1,572 1,190 EBITDA 206 139 1,396 1,080 Net Financial Expenses -8 -15 -12 8 Depreciation & Amortisation -23 -23 -80 -
Slide 25: Company Balance Sheet & Cash Flow FY 2023
Company Balance Sheet & Cash Flow FY 2023 Balance Sheet (EUR m) FY 2022 FY 2023 FY 2022 FY 2023 Net Tangible & Intangible Assets 1,069 1,199 EBITDA 1,396 1,080 Participations & Other LT Assets 1,136 1,239 Net interest paid -19 -9 Current Assets 2,198 2,169 Income taxes paid -79 -540 TOTAL ASSETS 4,4
Slide 26: Capex Evolution
Capex Evolution (m EUR) Company Group 340 243 322 318 208 210 282 258 175 163 159 101 135 85 2018 2019 2020 2021 2022 2023 2024f 2018 2019 2020 2021 2022 2023 2024f April 2024 | 26
Slide 27: Debt Maturity Profile
Debt Maturity Profile (m EUR) Company Group 599 602 454 200 446 309 400 259 313 400 200 184 182 446 159 402 145 116 259 313 59 65 51 199 184 159 182 109 116 145 65 9 59 54 51 9 2024 2025 2026 2027 2028 2029 2030 2031- 2024 2025 2026 2027 2028 2029 2030 2031- 2035 2038 Bank Loans Bonds Total Note: Pr
Slide 28: Returns to Shareholders
Returns to Shareholders (m EUR) 787 735 275 296 228 206 201 183 199 177 144 144 127 100 100 72 -87 -113 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Earnings After Tax (Company) Dividends & Capital Returns April 2024 | 28
Slide 29: MOTOR OIL GROUP Investor Relations Contact
MOTOR OIL GROUP 12A Irodou Attikou Str. 15124 Maroussi Athens, Greece Tel: +30 210 809 4000 Website: www.moh.gr Investor Relations Contact Mary A. Psyllaki, IRO Tel: +30 210 809 3305 Email: mpsyllaki@moh.gr www.moh.gr |April 2024
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