Motor Oil (hellas) Corinth Refineries S.a. · ATHEX:MOH
Motor Oil (hellas) Corinth Refineries — FY2024 Earnings Presentation
28 slides from Motor Oil (hellas) Corinth Refineries's earnings presentation, April 2025
Slide 1: Motor Oil Performance Review FY 2024 financial results
Motor Oil Performance Review FY 2024 financial results www.moh.gr |April 2025
Slide 2: The material contained in this presentation is intended to be general performance information on
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-2024 Financial Results Highlights 2. Industry Indicators 3. Segments’ Review 4. Key Financials FY-2024 www.moh.gr |April 2025
Slide 4: FY-2024 Financial Results Highlights
FY-2024 Financial Results Highlights www.moh.gr |April 2025
Slide 5: Full-Year 2024 Highlights – Motor Oil Group
Full-Year 2024 Highlights – Motor Oil Group Turnover EBITDA Net Income € 12.2bn € 967m € 283m -8% y/y -30% y/y -65% y/y Investments Adj. EBITDA Adj. Net Income € 433m € 995m € 504m vs. 353m in FY23 -33% y/y -43% y/y Net Debt Free Cash Flow DPS € 1,729m € 7m € 1.40 vs. 1,518m in FY23 vs. 500m in FY23
Slide 6: Group Financial Performance Q4 & FY 2024
Group Financial Performance Q4 & FY 2024 (EUR m) Q4 2023 Q4 2024 FY 2023 FY 2024 Revenues 3,348 2,819 13,317 12,188 EBITDA 225 198 1,383 967 Earnings before tax 118 102 1,038 641 Earnings after tax & minorities 88 63 806 283 EPS (EUR) 0.82 0.58 7.43 2.62 Adj. EBITDA 340 173 1,480 995 Refining 249 10
Slide 7: Industry Indicators
Industry Indicators www.moh.gr |April 2025
Slide 8: Refining Macro Indicators (period avg.)
Refining Macro Indicators (period avg.) Brent DTD (USD/bbl) & EUR-USD Light, Mid-distillates Cracks (USD/bbl) 95 1.20 28.1 26.6 90 84 85 27.3 85 83 1.15 18.8 80 23.9 18.4 16.1 15.7 80 75 1.10 13.3 16.2 16.2 75 1.098 13.6 1.086 1.077 11.8 1.075 1.068 1.05 9.6 9.8 70 65 1.00 4Q23 1Q24 2Q24 3Q24 4Q24 4
Slide 9: Fuels Marketing Domestic Consumption (k MT)
Fuels Marketing Domestic Consumption (k MT) CIVIL 2024: 6,764k, +2.5% y/y SHIPPING/AVIATION 2024: 4,381κ, +5.2% y/y 1,947 1,517 1,744 1,807 1,880 1,410 1,403 1,617 1,650 1,650 1,652 1,687 1,194 1,458 1,524 1,548 1,088 1,140 926 901 770 807 687 696 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 STATE 2024: 1,414k, +24.3% y
Slide 10: Fuels Marketing Domestic Consumption - Selected Products (k MT)
Fuels Marketing Domestic Consumption - Selected Products (k MT) LPG 2024: +1.0% y/y Gasoline 2024: +2.4% y/y Auto Diesel 2024: +3.8% y/y 549 560 566 2,132 2,183 2,047 140 143 147 2,713 2,777 2,884 500 514 527 146 147 643 693 711 148 619 636 595 798 777 805 123 134 131 549 515 541 751 707 717 137 137
Slide 11: Power & Gas Macro indicators
Power & Gas Macro indicators Natural Gas TTF (EUR/MWh, avg.) Greek Electricity Production (TWh) & Mix 160 12.6 10.3 14.0 10.3 10.2 9.8 13.5 11.1 11.8 12.4 14.5 13.3 140 100% 15 120 90% 13 80% 37% 38% 45% 45% 100 47% 47% 51% 51% 47% 50% 51% 47% 11 70% 80 9 60% 10% 8% 60 50% 9% 7% 9% 11% 8% 4% 7 40% 8
Slide 12: Segments Review
Segments Review www.moh.gr |April 2025
Slide 13: Group Financial Performance Per Segment
Group Financial Performance Per Segment FY-2024 Refining Fuels Power Other Eliminations/ Total (EUR m) Marketing & Gas Adjustments Revenues 8,936 4,802 795 131 -2,476 12,188 EBITDA 705 117 131 16 -2 967 Earnings Before Tax 620 19 22 14 -34 641 Capex 201 62 62 28 -38 315 Net Debt 513 552 792 -71 -58
Slide 14: Refining Segment Performance Q4 & FY 2024
Refining Segment Performance Q4 & FY 2024 Q4 2023 Q4 2024 FY 2023 FY 2024 Brent DTD (USD/bbl, avg) 84 75 83 81 USD (avg) 1.075 1.068 1.081 1.082 Benchmark margin (USD/MT) 87 56 102 76 MOH ref. margin (USD/MT) 77 72 128 86 MOH adj. ref. margin (USD/MT) 108 63 134 88 Processed Volume (MT k) 3,392 2,37
Slide 15: Refining Segment Processed Volume & Crude Mix
Refining Segment Processed Volume & Crude Mix Refining Processed Volume (k MT) Crude Runs’ Mix 14,262 13,179 North Saudi 12,700 12,703 Sea, 1% Arabia, 1% 11,951 12,004 Kazakhstan, 5,105 36% 7% 3,252 26% 3,725 28% 3,894 31% 3,305 28% 3,244 27% Libya, 15% FY-2024 9,449 74% 9,454 72% 9,158 64% 8,809 69
Slide 16: Refining Segment Production & Yields
Refining Segment Production & Yields (k MT) 4,820 3,979 3,249 2,568 1,944 1,823 1,550 1,501 1,453 1,103 555 281 239 180 191 87 2% 1% 4% 14% 11% 36% 8% 24% 2% 2% 1% 21% 13% 33% 12% 16% 2022 Total 13,520 2023 Total 12,004 3,615 2,509 743 1,929 589 1,603 346 1,033 228 160 73 59 333 230 0 35 3% 3% 0% 27
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 22% Greece - Civil 27% 14,458 14,319 13,993 780 13,412 13,243 1,685 12,703 1,210 Turkey 3% 1,289 1,371 FY24 737 Cyprus Greece - 4% Shipping/ Italy Aviation 4% 11% USA 5% Libya Egypt Gibra
Slide 18: Refining Segment Margins
Refining Segment Margins (USD/MT) 145 134 140 118 112 128 108 105 107 112 111 102 88 87 72 86 69 83 63 76 77 55 46 45 56 52 47 50 48 28 26 22 20 2019 2020 2021 2022 2023 2024 4Q23 1Q24 2Q24 3Q24 4Q24 MOH Reported MOH Adjusted Benchmark Mild Hydrocracking MED Notes: MOH refining margin refers to the
Slide 19: Fuels Marketing Segment Performance Q4 & FY 2024
Fuels Marketing Segment Performance Q4 & FY 2024 Q4 2023 Q4 2024 FY 2023 FY 2024 # of service stations (eop) c.1,530 c.1,540 c.1,530 c.1,540 Sales volume (MT k) 941 1,248 3,948 4,157 of which in Greece 872 1,184 3,594 3,902 Sales (EUR m) 1,266 1,209 4,931 4,802 EBITDA (EUR m) 18 28 99 117 Adj. EBITD
Slide 20: Power & Gas Segment Performance Q4 & FY2024
Power & Gas Segment Performance Q4 & FY2024 (EUR m) Q4 2023 Q4 2024 FY 2023 FY 2024 Sales 212 200 818 795 EBITDA 52 34 170 131 Income from associates -12 6 -10 13 Capex 10 30 39 62 Net Debt 794 792 794 792 RES operating capacity (MW, eop) 839 839 839 839 RES power production (MWh) 470,593 475,984 1,
Slide 21: Key Financials FY-2024
Key Financials FY-2024 www.moh.gr |April 2025
Slide 22: Group Profit & Loss Q4 & FY 2024
Group Profit & Loss Q4 & FY 2024 Profit & Loss (EUR m) Q4 2023 Q4 2024 FY 2023 FY 2024 SALES 3,348 2,819 13,317 12,188 Cost of Sales -3,034 -2,558 -11,561 -10,920 GROSS PROFIT 313 261 1,755 1,268 Admin. & Distr. Expenses -113 -127 -415 -424 Other Income/Gain (incl. fire insurance comp.) 24 65 43 123
Slide 23: Group Balance Sheet & Cash Flow FY 2024
Group Balance Sheet & Cash Flow FY 2024 Balance Sheet (EUR m) FY 2023 FY 2024 Cash Flow (EUR m) FY 2023 FY 2024 Net Tangible & Intangible Assets 3,590 3,702 EBITDA 1,383 967 Participations & Other LT Assets 632 573 Net interest paid -93 -96 Current Assets 3,351 3,003 Income taxes paid -571 -370 TOTA
Slide 24: Company Profit & Loss Q4 & FY 2024
Company Profit & Loss Q4 & FY 2024 Profit & Loss (EUR m) Q4 2023 Q4 2024 FY 2023 FY 2024 SALES 2,347 1,827 9,321 8,413 Cost of Sales -2,165 -1,712 -8,130 -7,730 GROSS PROFIT 182 115 1,190 683 Admin. & Distr. Expenses -38 -47 -111 -116 Other Income/Gain (incl. fire insurance comp.) -5 53 1 105 EBITDA
Slide 25: Company Balance Sheet & Cash Flow FY 2024
Company Balance Sheet & Cash Flow FY 2024 Balance Sheet (EUR m) FY 2023 FY 2024 Cash Flow (EUR m) FY 2023 FY 2024 Net Tangible & Intangible Assets 1,199 1,287 EBITDA 1,080 672 Participations & Other LT Assets 1,239 1,306 Net interest paid -9 -14 Current Assets 2,169 1,901 Income taxes paid -540 -354
Slide 26: Capex Evolution
Capex Evolution (m EUR) Company Group 560 243 208 196 190 322 318 315 175 163 282 258 101 159 135 2019 2020 2021 2022 2023 2024 2025f 2018 2019 2020 2021 2022 2023 2024 2025 Note: Group capex includes our stake in Unagi solar projects, i.e. ~38% (MORE owns 75% of Unagi, which controls 51% of solar p
Slide 27: Debt Maturity Profile
Debt Maturity Profile (m EUR) Company Group 631 454 523 499 459 309 309 200 400 631 400 200 208 196 459 309 108 119 299 65 52 208 196 109 9 108 123 119 65 54 52 9 2025 2026 2027 2028 2029 2030 2031- 2025 2026 2027 2028 2029 2030 2031- 2035 2038 Bank Loans Bonds Total Note: Profile as of 31 December
Slide 28: 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 2025
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