Motor Oil (hellas) Corinth Refineries S.a. · ATHEX:MOH
Motor Oil (hellas) Corinth Refineries — Q1 2023 Earnings Presentation
28 slides from Motor Oil (hellas) Corinth Refineries's earnings presentation, May 2023
Slide 1: Motor Oil Performance Review Q1-2023 Financial Results
Motor Oil Performance Review Q1-2023 Financial Results www.moh.gr | May 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. Q1-2023 Financial Results Highlights 2. Industry Indicators 3. Segments Review 4. Key Financials Q1-2023 www.moh.gr | May 2023
Slide 4: Q1-2023 Financial Results Highlights
Q1-2023 Financial Results Highlights www.moh.gr | May 2023
Slide 5: First Quarter 2023 Highlights
First Quarter 2023 Highlights Turnover EBITDA Net Income € 3,307m € 397m € 237m +2% y/y +25% y/y +20% y/y Investments Adj. EBITDA Adj. Net Income € 75m € 447m € 276m vs. 41m in 1Q22 vs. 189m in 1Q22 vs. 97m in 1Q22 Net Debt Free Cash Flow Invested Capital € 1,549m € 234m € 3,916m vs. 1,763m in FY22
Slide 6: Group Financial Performance Q1-2023
Group Financial Performance Q1-2023 (EUR m) Q1 2022 Q4 2022 Q1 2023 Revenues 3,258 3,964 3,307 EBITDA 318 301 397 Earnings before tax 252 280 305 Earnings after tax & minorities 197 -39 237 EPS (EUR) 1.79 -0.36 2.19 Adj. EBITDA 189 360 447 Refining 148 262 384 Fuels Marketing 33 17 16 Power & Gas 13
Slide 7: Industry Indicators
Industry Indicators www.moh.gr | May 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 81 44.8 30.7 80 1.122 1.17 37.3 36.8 1.073 1.12 19.2 31.9 60 1.065 29.4 40 1.021 1.07 16.0 1.007 19.3 20 1.02 13.6 13.5 0 0.97 9.3 1Q22 2Q
Slide 9: Fuels Marketing Domestic Consumption (k MT)
Fuels Marketing Domestic Consumption (k MT) CIVIL -6.2% vs. 1Q22 SHIPPING/AVIATION +1.3% vs. 1Q22 1,406 1,190 1,877 1,946 1,068 1,725 1,617 1,643 1,648 1,485 1,427 1,448 807 785 686 696 700 606 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 STATE -15.4% vs. 1Q22 TOTAL MARKET -5.2% vs. 1Q22 416 3,470 3,176 343 2,798 2,921
Slide 10: Fuels Marketing Domestic Consumption - Selected Products (k MT)
Fuels Marketing Domestic Consumption - Selected Products (k MT) LPG +4% vs. 1Q22 Gasoline +6% vs. 1Q22 Auto Diesel +4% vs. 1Q22 533 2,575 2,715 485 2,024 2,046 138 668 644 140 523 501 144 756 798 131 645 596 119 516 707 109 502 652 105 132 137 432 458 500 566 590 355 2021 2022 2023 2021 2022 2023 20
Slide 11: Power & Gas Macro Indicators
11 0 100 20 40 60 80 0 100 150 200 250 50 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 Mar-22 Mar-22 Apr-22 Apr-22 May-22 May-22 EUAs (EUR/MT, avg.)
Slide 12: Segments Review
Segments Review www.moh.gr | May 2023
Slide 13: Group Financial Performance Per Segment
Group Financial Performance Per Segment Q1-2023 Fuels Power Eliminations/ Refining Other Total (EUR m) Marketing & Gas Adjustments Revenues 2,436 1,144 234 4 -512 3,307 EBITDA 344 6 53 -1 -4 397 Earnings Before Tax 318 -17 15 -3 -8 305 Capex 44 8 18 1 0 70 Net Debt 334 549 843 -67 -110 1,549 Simpl.
Slide 14: Refining Segment Performance Q1-2023
Refining Segment Performance Q1-2023 Q1 2022 Q4 2022 Q1 2023 Brent DTD (USD/bbl, avg) 102 89 81 USD (avg) 1.122 1.021 1.073 Benchmark margin (USD/MT) 56 170 129 MOH ref. margin (USD/MT) 128 135 143 MOH adj. ref. margin (USD/MT) 85 148 155 Processed Volume (MT k) 3,371 3,767 3,449 Production (MT k) 3
Slide 15: Refining Segment Processed Volume & Crude Mix
Refining Segment Processed Volume & Crude Mix Refining Processed Volume (k MT) Crude Runs’ Mix 14,262 13,574 13,868 13,179 12,700 11,951 Kazakhstan, 3,880 4,109 5,105 36% North 9% 3,252 3,725 28% Sea, 3,305 28% 10% Libya, Q1-2023 14% Iraq, 9,694 9,759 67% 9,449 9,454 72% 9,158 64% 8,646 72% 3,371 3,
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 1,255 1,251 710 659 450 387 340 448 312 256 57 57 97 59 38 78 2% 2% 3% 14% 10% 39
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 14,021 13,993 Greece - 1,549 780 1Q23 Shipping/ 996 1,685 12,703 1,210 Aviation Morocco 6% 737 3% Turkey 4% Libya Lebanon 15% 6% Italy Gibralta
Slide 18: Refining Segment Margins
Refining Segment Margins (USD/MT) 187 170 159 155 177 145 148 140 128 159 143 136 135 129 135 129 85 64 62 55 64 46 45 53 56 48 47 41 33 28 26 20 9 2017 2018 2019 2020 2021 2022 1Q22 2Q22 3Q22 4Q22 1Q23 MOH Reported MOH Adjusted Benchmark Mild Hydrocracking MED Notes: MOH refining margin refers to t
Slide 19: Fuels Marketing Segment Performance Q1-2023
Fuels Marketing Segment Performance Q1-2023 Q1 2022 Q4 2022 Q1 2023 # of service stations (eop) c.1,500 c.1,530 c.1,530 Sales volume (MT k) 804 1,073 922 of which in Greece 747 998 817 Sales (EUR m) 1,086 1,433 1,144 EBITDA (EUR m) 47 3 6 Adj. EBITDA (EUR m) 33 17 16 Capex (EUR m) 4 27 8 Net Debt (E
Slide 20: Power & Gas Segment Performance Q1-2023
Power & Gas Segment Performance Q1-2023 (EUR m) Q1 2022 Q4 2022 Q1 2023 Sales 317 300 234 EBITDA 13 74 53 of which MORE 15 44 32 Income from 35% in Korinthos Power 9 10 0 Capex 5 15 18 Net Debt 412 889 843 RES Operating Capacity (MW) 279 772 772 RES power production (MWh) 146,089 199,748 459,524 Ele
Slide 21: Key Financials Q1-2023
Key Financials Q1-2023 www.moh.gr | May 2023
Slide 22: Group Income Statement Q1-2023
Group Income Statement Q1-2023 Profit & Loss (EUR m) Q1 2022 Q4 2022 Q1 2023 SALES 3,258 3,964 3,307 Cost of Sales -2,885 -3,460 -2,806 GROSS PROFIT 373 505 502 EBITDA 318 301 397 Net Financial Expenses -31 -46 -26 Income from Associates 9 75 -6 Depreciation & Amortisation -43 -51 -59 EARNINGS BEFOR
Slide 23: Group Balance Sheet & Cash Flow Statement Q1-2023
Group Balance Sheet & Cash Flow Statement Q1-2023 Balance Sheet (EUR m) FY 2022 Q1 2023 Cash Flow (EUR m) Q1 2022 Q1 2023 Net Tangible & Intangible Assets 3,410 3,429 EBITDA 318 397 Participations & Other LT Assets 559 559 Net interest paid -17 -20 Current Assets 3,228 3,223 Income taxes paid 0 -1 T
Slide 24: Company Income Statement Q1-2023
Company Income Statement Q1-2023 Profit & Loss (EUR m) Q1 2022 Q4 2022 Q1 2023 SALES 2,240 2,917 2,397 Cost of Sales -1,964 -2,566 -2,036 GROSS PROFIT 276 351 361 EBITDA 259 206 337 Net Financial Expenses -12 -8 -3 Depreciation & Amortisation -18 -23 -22 EARNINGS BEFORE TAX 229 175 313 Income tax -5
Slide 25: Company Balance Sheet & Cash Flow Statement Q1-2023
Company Balance Sheet & Cash Flow Statement Q1-2023 Balance Sheet (EUR m) FY 2022 Q1 2023 Cash Flow (EUR m) Q1 2022 Q1 2023 Net Tangible & Intangible Assets 1,069 1,091 EBITDA 259 337 Participations & Other LT Assets 1,135 1,146 Net interest paid -8 -12 Current Assets 2,198 2,249 Income taxes paid 0
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 | May 2023
Slide 27: Debt Maturity Profile
Debt Maturity Profile (m EUR) Company Group 529 453 414 363 364 336 307 400 257 90 235 222 200 400 200 174 414 364 94 257 246 235 65 222 59 50 174 163 107 129 94 7 59 65 53 50 7 2023 2024 2025 2026 2027 2028 2029 2030 2023 2024 2025 2026 2027 2028 2029 2030- 2038 Bank Loans Bonds Total Note: Profile
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 5 www.moh.gr | April 2023
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