Motor Oil (hellas) Corinth Refineries S.a. · ATHEX:MOH
Motor Oil (hellas) Corinth Refineries — Q1 2024 Earnings Presentation
28 slides from Motor Oil (hellas) Corinth Refineries's earnings presentation, May 2024
Slide 1: Motor Oil Performance Review Q1 2024 financial results
Motor Oil Performance Review Q1 2024 financial results www.moh.gr |May 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. Q1-2024 Financial Results Highlights 2. Industry Indicators 3. Segments’ Review 4. Key Financials Q1-2024 www.moh.gr |May 2024
Slide 4: Q1-2024 Financial Results Highlights
Q1-2024 Financial Results Highlights www.moh.gr |May 2024
Slide 5: First Quarter 2024 Highlights
First Quarter 2024 Highlights Turnover EBITDA Net Income € 3.0bn € 354m € 191m -10% y/y -11% y/y -20% y/y Investments Adj. EBITDA Adj. Net Income € 181m € 334m € 175m vs. 75m in 1Q23 -25% y/y -37% y/y Net Debt Free Cash Flow Invested Capital € 1,966m € -441m € 4,801m vs. 1,518m in FY23 vs. 234m in 1
Slide 6: Group Financial Performance Q1 2024
Group Financial Performance Q1 2024 (EUR m) Q1 2023 Q4 2023 Q1 2024 Revenues 3,307 3,348 2,979 EBITDA 397 225 354 Earnings before tax 305 118 248 Earnings after tax & minorities 237 88 191 EPS (EUR) 2.19 0.82 1.76 Adj. EBITDA 447 340 334 Refining 384 249 263 Fuels Marketing 16 33 22 Power & Gas 53 5
Slide 7: Industry Indicators
Industry Indicators www.moh.gr |May 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 1.22 30.7 31.6 100 87 84 83 28.1 26.6 81 78 1.17 90 29.4 20.6 30.0 80 1.12 17.2 27.3 23.9 70 24.9 60 1.07 19.3 50 1.089 1.088 1.086 16.2 40 1.073 1.075 14.4 1.02 30 9.6 20 0.97 1Q23
Slide 9: Fuels Marketing Domestic Consumption (k MT)
Fuels Marketing Domestic Consumption (k MT) CIVIL 1Q24: +2.0% y/y SHIPPING/AVIATION 1Q24: +10.7% y/y 1,410 1,403 1,947 1,088 1,140 1,744 1,807 1,617 1,650 1,650 1,652 926 1,458 1,524 807 770 687 696 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 STATE 1Q24: +0.8% y/y TOTAL MARKET 1Q24: +4.3% y/y 416 3,476 3,418 3,062 2,98
Slide 10: Fuels Marketing Domestic Consumption - Selected Products (k MT)
Fuels Marketing Domestic Consumption - Selected Products (k MT) LPG 1Q24: +2.1% y/y Gasoline 1Q24: +3.0% y/y Auto Diesel 1Q24: +4.5% y/y 549 560 2,713 2,777 2,047 2,132 140 143 643 693 500 514 148 146 619 798 777 595 123 134 140 472 617 515 541 707 717 137 137 140 437 458 472 565 590 617 2022 2023 2
Slide 11: Power & Gas Macro indicators
Power & Gas Macro indicators Natural Gas TTF (EUR/MWh, avg.) Greek Electricity Production (TWh) & Mix 250 13.5 12.6 10.3 14.0 10.3 10.2 9.8 11.1 11.8 100% 15 200 90% 13 37% 38% 45% 47% 47% 80% 150 70% 47% 51% 51% 50% 11 9 60% 10% 8% 100 50% 9% 7% 8% 9% 11% 8% 7 40% 8% 5 41% 40% 50 30% 35% 34% 27% 34
Slide 12: Segments Review
Segments Review www.moh.gr |May 2024
Slide 13: Group Financial Performance Per Segment
Group Financial Performance Per Segment Q1-2024 Refining Fuels Power Other Eliminations/ Total (EUR m) Marketing & Gas Adjustments Revenues 2,280 1,135 184 19 -640 2,979 EBITDA 283 22 49 1 0 354 Earnings Before Tax 239 -3 12 -4 5 248 Capex 31 8 8 0 0 47 Net Debt 726 607 765 -58 -74 1,966 Simpl. Cash
Slide 14: Refining Segment Performance Q1-2024
Refining Segment Performance Q1-2024 Q1 2023 Q4 2023 Q1 2024 Brent DTD (USD/bbl, avg) 81 84 83 USD (avg) 1.073 1.075 1.086 Benchmark margin (USD/MT) 103 74 83 MOH ref. margin (USD/MT) 143 77 118 MOH adj. ref. margin (USD/MT) 155 108 112 Processed Volume (MT k) 3,449 3,392 3,173 Production (MT k) 3,2
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 12,700 12,703 11,951 Kazakhstan, 4,109 30% 5,105 36% 11% 3,252 26% 3,725 28% 3,894 31% 3,305 28% Libya, 11% Q1-2024 9,759 70% 9,449 74% 9,454 72% 9,158 64% 8,809 8,646 72% 69% 3,449 3,
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 1,251 873 659 657 536 387 448 455 340 312 59 38 78 85 67 2 2% 1% 2% 20% 12% 38%
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 25% 29% 14,488 14,458 14,319 13,993 780 13,412 1,549 1,685 12,703 1,210 Slovenia 1,289 3% 1Q24 737 Greece - Italy Shipping/ 5% Aviation USA 7% 5% Gibraltar Turkey 8% 5% Egy
Slide 18: Refining Segment Margins
Refining Segment Margins (USD/MT) 179 155 145 134 157 140 143 118 128 104 108 112 124 110 103 77 98 90 62 83 55 46 45 74 53 58 48 28 47 33 26 22 20 2018 2019 2020 2021 2022 2023 1Q23 2Q23 3Q23 4Q23 1Q24 MOH Reported MOH Adjusted Benchmark Mild Hydrocracking MED Notes: MOH refining margin refers to t
Slide 19: Fuels Marketing Segment Performance Q1-2024
Fuels Marketing Segment Performance Q1-2024 Q1 2023 Q4 2023 Q1 2024 # of service stations (eop) c.1,530 c.1,530 c.1,530 Sales volume (MT k) 922 941 906 of which in Greece 817 872 848 Sales (EUR m) 1,144 1,266 1,135 EBITDA (EUR m) 6 18 22 Adj. EBITDA (EUR m) 16 33 22 Capex (EUR m) 8 28 8 Net Debt (EU
Slide 20: Power & Gas Segment Performance Q1-2024
Power & Gas Segment Performance Q1-2024 (EUR m) Q1 2023 Q4 2023 Q1 2024 Sales 234 212 184 EBITDA 53 52 49 Income from associates 0 -12 1 Capex 18 10 8 Net Debt 843 794 765 RES operating capacity (MW, eop) 772 839 839 RES power production (MWh) 459,257 470,593 522,713 Electricity retail market share
Slide 21: Key Financials Q1-2024
Key Financials Q1-2024 www.moh.gr |May 2024
Slide 22: Group Profit & Loss Q1-2024
Group Profit & Loss Q1-2024 Profit & Loss (EUR m) Q1 2023 Q4 2023 Q1 2024 SALES 3,307 3,348 2,979 Cost of Sales -2,806 -3,034 -2,559 GROSS PROFIT 502 313 420 EBITDA 397 225 354 Net Financial Expenses -26 -31 -46 Income from Associates -6 -6 2 Depreciation & Amortisation -59 -69 -62 EARNINGS BEFORE T
Slide 23: Group Balance Sheet & Cash Flow Q1-2024
Group Balance Sheet & Cash Flow Q1-2024 Balance Sheet (EUR m) FY 2023 Q1 2024 Cash Flow (EUR m) Q1 2023 Q1 2024 Net Tangible & Intangible Assets 3,590 3,579 EBITDA 397 354 Participations & Other LT Assets 632 615 Net interest paid -20 -17 Current Assets 3,351 3,194 Income taxes paid -1 -179 TOTAL AS
Slide 24: Company Profit & Loss Q1-2024
Company Profit & Loss Q1-2024 Profit & Loss (EUR m) Q1 2023 Q4 2023 Q1 2024 SALES 2,397 2,347 2,103 Cost of Sales -2,036 -2,165 -1,831 GROSS PROFIT 361 182 272 EBITDA 337 139 273 Net Financial Expenses -3 -15 -9 Depreciation & Amortisation -22 -23 -23 EARNINGS BEFORE TAX 313 101 241 Income tax -68 -
Slide 25: Company Balance Sheet & Cash Flow Q1-2024
Company Balance Sheet & Cash Flow Q1-2024 Balance Sheet (EUR m) FY 2023 Q1 2024 Cash Flow (EUR m) Q1 2023 Q1 2024 Net Tangible & Intangible Assets 1,199 1,206 EBITDA 337 273 Participations & Other LT Assets 1,239 1,352 Net interest paid -12 -6 Current Assets 2,169 1,998 Income taxes paid 0 -168 TOTA
Slide 26: Capex Evolution
Capex Evolution (m EUR) Company Group 340 243 322 318 208 210 282 258 175 163 159 101 135 85 1Q24 1Q24 30 47 2018 2019 2020 2021 2022 2023 2024f 2018 2019 2020 2021 2022 2023 2024f May 2024 | 26
Slide 27: Debt Maturity Profile
Debt Maturity Profile (m EUR) Company Group 526 490 454 464 451 200 309 309 400 400 214 490 198 451 200 166 309 133 264 65 198 214 44 51 56 166 109 133 126 65 9 44 54 51 56 9 2024 2025 2026 2027 2028 2029 2030 2031- 2024 2025 2026 2027 2028 2029 2030 2031- 2035 2038 Bank Loans Bonds Total Note: Prof
Slide 28: 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 |May 2024
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