Motor Oil (hellas) Corinth Refineries S.a. · ATHEX:MOH
Motor Oil (hellas) Corinth Refineries — FY2022 Earnings Presentation
28 slides from Motor Oil (hellas) Corinth Refineries's earnings presentation, April 2023
Slide 1: Motor Oil Performance Review Full-Year 2022 Financial Results
Motor Oil Performance Review Full-Year 2022 Financial Results www.moh.gr | April 2023
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-2022 Financial Results Highlights 2. Industry Indicators 3. Segments Review 4. Key Financials FY-2022 www.moh.gr | April 2023
Slide 4: FY-2022 Financial Results Highlights
FY-2022 Financial Results Highlights www.moh.gr | April 2023
Slide 5: Full-Year 2022 Highlights
Full-Year 2022 Highlights Turnover EBITDA Net Income € 16.6bn € 1,693m € 968m +62% y/y vs. 490m in FY21 vs. 202m in FY21 Investments Adj. EBITDA Adj. Net Income € 1,087m € 1,628m € 917m vs. 428m in FY21 vs. 379m in FY21 vs. 115m in FY21 Net Debt Oper. Cash Flow DPS € 1,763m € 1,152m € 1.60 vs. 1,450
Slide 6: Group Financial Performance Q4 & FY-2022
Group Financial Performance Q4 & FY-2022 (EUR m) Q4 2021 Q4 2022 FY 2021 FY 2022 Revenues 3,123 3,964 10,267 16,631 EBITDA 82 301 490 1,693 Earnings before tax -2 280 258 1,557 Earnings after tax & minorities -3 -39 202 968 EPS (EUR) -0.03 -0.36 1.83 8.82 Adj. EBITDA 72 360 379 1,628 Refining 50 262
Slide 7: Industry Indicators
Industry Indicators www.moh.gr | April 2023
Slide 8: Refining Macro Indicators (period avg.)
Refining Macro Indicators (period avg.) Brent DTD (USD/bbl) & EUR-USD Light, Mid-distillates Cracks (USD/bbl) 140 114 45.1 45.5 102 1.27 42.3 120 101 89 1.22 100 80 44.8 80 1.122 1.17 37.3 36.8 1.12 19.2 60 1.144 1.065 31.9 11.2 16.0 40 1.007 1.021 1.07 20 1.02 10.1 9.3 13.6 13.5 0 0.97 9.1 4Q21 1Q2
Slide 9: Fuels Marketing Domestic Consumption (k MT)
Fuels Marketing Domestic Consumption (k MT) CIVIL 2022: 6,767k, +5% y/y SHIPPING/AVIATION 2022: 3,967k, +21% y/y 1,406 1,190 1,877 1,946 1,068 1,740 1,725 1,643 1,648 1,485 1,562 1,511 1,523 1,427 1,448 807 785 807 730 686 700 606 611 522 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 STATE 2022: 1,276k, +14% y/y TOTAL MA
Slide 10: Fuels Marketing Domestic Consumption - Selected Products (k MT)
Fuels Marketing Domestic Consumption - Selected Products (k MT) LPG Gasoline Auto Diesel 528 533 2,272 2,652 2,575 2,715 455 485 2,024 2,046 2,416 1,887 135 138 552 655 668 644 114 140 419 523 501 617 139 144 651 739 756 798 125 131 614 645 596 668 128 91 119 576 516 689 562 707 109 401 502 652 126
Slide 11: Power & Gas Macro indicators
11 0 100 20 40 60 80 0 100 150 200 250 50 Oct-20 Oct-20 Nov-20 Nov-20 Dec-20 Dec-20 Jan-21 Jan-21 Feb-21 Feb-21 Mar-21 Mar-21 Apr-21 Apr-21 May-21 May-21 Jun-21 Jun-21 Jul-21 Jul-21 Aug-21 Aug-21 Sep-21 Sep-21 Oct-21 Oct-21 Nov-21 Nov-21 Dec-21 Dec-21 Jan-22 Jan-22 Feb-22 Feb-22 EUAs (EUR/MT, avg.)
Slide 12: Segments Review
Segments Review www.moh.gr | April 2023
Slide 13: Group Financial Performance Per Segment
Group Financial Performance Per Segment FY-2022 Fuels Power Eliminations/ Refining Other Total (EUR m) Marketing & Gas Adjustments Revenues 12,364 5,118 1,240 60 -2,151 16,631 EBITDA 1,427 128 136 7 -5 1,693 Earnings Before Tax 1,330 55 80 39 54 1,557 Capex 165 54 36 0 0 255 Net Debt 521 516 889 -39
Slide 14: Refining Segment Performance Q4 & FY 2022
Refining Segment Performance Q4 & FY 2022 Q4 2021 Q4 2022 FY 2021 FY 2022 Brent DTD (USD/bbl, avg) 80 89 71 101 USD (avg) 1.144 1.021 1.183 1.053 Benchmark margin (USD/MT) 36 170 20 135 MOH ref. margin (USD/MT) 47 135 55 145 MOH adj. ref. margin (USD/MT) 44 148 47 140 Processed Volume (MT k) 3,306 3
Slide 15: Refining Segment Processed Volume & Crude Mix
Refining Segment Processed Volume & Crude Mix Refining Processed Volume (k MT) Crude Mix (% of total) 14,262 13,574 13,868 13,179 12,700 11,951 Other 8% 3,880 4,109 5,105 36% 3,252 3,725 28% Libyan 16% Basrah 3,305 28% Medium 40% FY-2022 Kirkuk 30% Basrah 9,694 9,759 9,449 9,454 72% 9,158 64% 3,767
Slide 16: Refining Segment Production & Yields
Refining Segment Production & Yields (k MT) 4,766 4,682 2,617 1,665 1,535 1,431 1,876 844 1,063 1,117 691 729 309 211 302 212 3% 2% 6% 15% 7% 42% 13% 12% 2% 2% 6% 15% 8% 37% 9% 21% 2020 Total 11,451 2021 Total 12,598 4,820 3,249 1,823 1,550 1,260 1,103 507 800 555 113 407 394 239 180 46 40 1% 1% 3%
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 19% 31% 14,488 14,458 14,319 Greece - 14,021 13,993 Shipping/ 1,549 780 FY22 Aviation 996 1,685 12,703 1,210 10% 737 USA 4% Gibraltar Libya 4% 14% Lebanon 4% Italy Turkey 7
Slide 18: Refining Segment Margins
Refining Segment Margins (USD/MT) 187 170 159 177 145 140 128 159 148 136 135 129 135 85 64 62 55 47 64 46 45 53 44 56 48 47 41 36 33 28 26 20 9 2017 2018 2019 2020 2021 2022 4Q21 1Q22 2Q22 3Q22 4Q22 MOH Reported MOH Adjusted Benchmark Mild Hydrocracking MED Notes: MOH refining margin refers to the
Slide 19: Fuels Marketing Segment Performance Q4 & FY 2022
Fuels Marketing Segment Performance Q4 & FY 2022 Q4 2021 Q4 2022 FY 2021 FY 2022 # of service stations (eop) c.1,500 c.1,530 c.1,500 c.1,530 Sales volume (MT k) 918 1,073 3,268 3,517 of which in Greece 860 998 3,053 3,250 Sales (EUR m) 1,084 1,433 3,590 5,118 EBITDA (EUR m) 19 3 124 128 Adj. EBITDA
Slide 20: Power & Gas Segment Performance Q4 & FY 2022
Power & Gas Segment Performance Q4 & FY 2022 (EUR m) Q4 2021 Q4 2022 FY 2021 FY 2022 Sales 198 300 499 1,240 EBITDA 1 74 15 136 of which MORE 15 44 45 84 Income from 35% in Korinthos Power 8 10 15 32 Capex 8 15 22 36 Net Debt 364 889 364 889 RES Operating Capacity (MW) 279 772 279 772 RES power prod
Slide 21: Key Financials FY-2022
Key Financials FY-2022 www.moh.gr | April 2023
Slide 22: Group Income Statement Q4 & FY-2022
Group Income Statement Q4 & FY-2022 Profit & Loss (EUR m) Q4 2021 Q4 2022 FY 2021 FY 2022 SALES 3,123 3,964 10,267 16,631 Cost of Sales -2,959 -3,460 -9,511 -14,520 GROSS PROFIT 163 505 756 2,111 EBITDA 82 301 490 1,693 Net Financial Expenses -38 -46 -80 -98 Income from Associates 8 75 18 143 Deprec
Slide 23: Group Balance Sheet & Cash Flow Statement FY-2022
Group Balance Sheet & Cash Flow Statement FY-2022 Balance Sheet (EUR m) FY 2021 FY 2022 Cash Flow (EUR m) FY 2021 FY 2022 Net Tangible & Intangible Assets 2,324 3,410 EBITDA 490 1,693 Participations & Other LT Assets 166 559 Net interest paid -66 -86 Current Assets 2,343 3,228 Income taxes paid -7 -
Slide 24: Company Income Statement Q4 & FY-2022
Company Income Statement Q4 & FY-2022 Profit & Loss (EUR m) Q4 2021 Q4 2022 FY 2021 FY 2022 SALES 2,208 2,917 7,154 12,242 Cost of Sales -2,121 -2,566 -6,737 -10,670 GROSS PROFIT 88 351 416 1,572 EBITDA 57 206 342 1,396 Net Financial Expenses -23 -8 -31 -12 Depreciation & Amortisation -18 -23 -70 -8
Slide 25: Company Balance Sheet & Cash Flow Statement FY-2022
Company Balance Sheet & Cash Flow Statement FY-2022 Balance Sheet (EUR m) FY 2021 FY 2022 Cash Flow (EUR m) FY 2021 FY 2022 Net Tangible & Intangible Assets 1,004 1,069 EBITDA 342 1,396 Participations & Other LT Assets 651 1,135 Net interest paid -27 -19 Current Assets 1,641 2,198 Income taxes paid
Slide 26: Capex Evolution
Capex Evolution (m EUR) Company Group 322 243 282 270 255 175 170 163 159 135 101 85 100 58 2017 2018 2019 2020 2021 2022 2023f 2017 2018 2019 2020 2021 2022 2023f 26 www.moh.gr | April 2023
Slide 27: Debt Maturity Profile
Debt Maturity Profile (m EUR) Company Group 533 453 454 370 363 330 307 297 296 400 90 400 222 200 454 200 122 330 297 280 296 115 109 65 222 59 50 57 163 122 107 25 133 115 109 59 65 53 50 57 25 2023 2024 2025 2026 2027 2028 2029 2030 2031 2023 2024 2025 2026 2027 2028 2029 2030 2031- 2038 Bank Loa
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 7 www.moh.gr | April 2023
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