Motor Oil (hellas) Corinth Refineries S.a. · ATHEX:MOH
Motor Oil (hellas) Corinth Refineries — H1 2024 Earnings Presentation
28 slides from Motor Oil (hellas) Corinth Refineries's earnings presentation, August 2024
Slide 1: Motor Oil Performance Review H1 2024 financial results
Motor Oil Performance Review H1 2024 financial results www.moh.gr |August 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. H1-2024 Financial Results Highlights 2. Industry Indicators 3. Segments’ Review 4. Key Financials H1-2024 www.moh.gr |August 2024
Slide 4: H1-2024 Financial Results Highlights
H1-2024 Financial Results Highlights www.moh.gr |August 2024
Slide 5: First Half 2024 Highlights
First Half 2024 Highlights Turnover EBITDA Net Income € 6.2bn € 639m € 359m +5% y/y +19% y/y +30% y/y Investments Adj. EBITDA Adj. Net Income € 254m € 624m € 347m vs. 167m in 1H23 +4% y/y +6% y/y Net Debt Free Cash Flow Invested Capital € 1,567m € -26m € 4,453m vs. 1,518m in FY23 vs. 258m in 1H23 vs
Slide 6: Group Financial Performance Q2 & H1 2024
Group Financial Performance Q2 & H1 2024 (EUR m) Q2 2023 Q2 2024 H1 2023 H1 2024 Revenues 2,621 3,259 5,928 6,238 EBITDA 138 284 535 639 Earnings before tax 53 221 358 469 Earnings after tax & minorities 39 168 276 359 EPS (EUR) 0.36 1.56 2.55 3.32 Adj. EBITDA 155 289 602 624 Refining 89 231 473 494
Slide 7: Industry Indicators
Industry Indicators www.moh.gr |August 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 31.6 100 87 84 83 85 28.1 26.6 90 78 1.17 80 20.6 30.0 1.12 17.2 27.3 18.8 70 24.9 23.9 60 18.4 1.07 50 1.089 1.088 1.086 1.077 16.2 16.2 1.075 14.4 40 1.02 30 9.6 20 0.97 2Q23
Slide 9: Fuels Marketing Domestic Consumption (k MT)
Fuels Marketing Domestic Consumption (k MT) CIVIL 2Q24: +1.5% y/y SHIPPING/AVIATION 2Q24: +4.7% y/y 1,947 1,744 1,807 1,410 1,403 1,617 1,650 1,650 1,652 1,193 1,458 1,524 1,546 1,088 1,140 926 770 807 687 696 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 STATE 2Q24: +8.4% y/y TOTAL MARKET 2Q24: +3.4% y/y 416 3,476 3,418
Slide 10: Fuels Marketing Domestic Consumption - Selected Products (k MT)
Fuels Marketing Domestic Consumption - Selected Products (k MT) LPG 2Q24: -2.0% y/y Gasoline 2Q24: +1.4% y/y Auto Diesel 2Q24: +4.7% y/y 549 560 2,713 2,777 2,047 2,132 140 143 643 693 500 514 148 146 271 1,020 798 777 1,368 595 619 123 134 131 549 707 717 751 515 541 137 137 140 437 458 472 565 590
Slide 11: Power & Gas Macro indicators
0 100 120 20 40 60 80 0 100 150 200 250 50 Jan-22 Jan-22 Feb-22 Feb-22 Mar-22 Mar-22 Apr-22 Apr-22 May-22 May-22 Jun-22 Jun-22 Jul-22 Jul-22 Aug-22 Aug-22 Sep-22 Sep-22 Oct-22 Oct-22 Nov-22 Nov-22 Dec-22 Dec-22 Jan-23 Jan-23 Feb-23 Feb-23 Mar-23 Mar-23 Apr-23 Apr-23 May-23 May-23 Jun-23 Jun-23 Jul-2
Slide 12: Segments Review
Segments Review www.moh.gr |August 2024
Slide 13: Group Financial Performance Per Segment
Group Financial Performance Per Segment H1-2024 Refining Fuels Power Other Eliminations/ Total (EUR m) Marketing & Gas Adjustments Revenues 4,747 2,378 365 45 -1,298 6,238 EBITDA 509 52 75 4 -2 639 Earnings Before Tax 477 4 10 2 -24 469 Capex 84 20 18 11 -10 123 Net Debt 403 539 750 -45 -81 1,567 Si
Slide 14: Refining Segment Performance Q2 & H1 2024
Refining Segment Performance Q2 & H1 2024 Q2 2023 Q2 2024 H1 2023 H1 2024 Brent DTD (USD/bbl, avg) 78 85 80 84 USD (avg) 1.089 1.077 1.081 1.081 Benchmark margin (USD/MT) 58 83 81 83 MOH ref. margin (USD/MT) 98 105 124 112 MOH adj. ref. margin (USD/MT) 104 107 133 109 Processed Volume (MT k) 2,276 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 13,868 13,179 North Sea, 12,700 12,703 11,951 Kazakhstan, 2% 4,109 30% 9% 5,105 36% 3,252 26% 3,725 28% 3,894 31% 3,305 28% Libya, 15% 6,499 5,725 H1-2024 1,242 9,759 70% 9,449 74% 9,454 72% 9,158 6
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 1,923 1,977 1,192 1,291 933 983 631 607 759 639 127 77 78 173 125 9 2% 1% 1% 22%
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 23% 26% 14,488 14,458 14,319 13,993 780 13,412 1,549 1,685 12,703 1,210 Slovenia 1,289 3% 1H24 737 Greece - USA Shipping/ 4% Aviation Turkey 10% 5% Italy Gibraltar 5% 10% E
Slide 18: Refining Segment Margins
Refining Segment Margins (USD/MT) 179 145 134 157 140 112 118 128 108 107 109 104 110 124 112 105 77 90 98 83 74 83 83 55 46 45 58 48 28 47 26 22 20 2019 2020 2021 2022 2023 1H24 2Q23 3Q23 4Q23 1Q24 2Q24 MOH Reported MOH Adjusted Benchmark Mild Hydrocracking MED Notes: MOH refining margin refers to
Slide 19: Fuels Marketing Segment Performance Q2 & H1 2024
Fuels Marketing Segment Performance Q2 & H1 2024 Q2 2023 Q2 2024 H1 2023 H1 2024 # of service stations (eop) c.1,530 c.1,530 c.1,530 c.1,530 Sales volume (MT k) 965 1,023 1,887 1,929 of which in Greece 872 962 1,689 1,810 Sales (EUR m) 1,131 1,243 2,275 2,378 EBITDA (EUR m) 16 30 22 52 Adj. EBITDA (
Slide 20: Power & Gas Segment Performance Q2 & H1 2024
Power & Gas Segment Performance Q2 & H1 2024 (EUR m) Q2 2023 Q2 2024 H1 2023 H1 2024 Sales 160 181 395 365 EBITDA 40 27 93 75 Income from associates 1 0 1 1 Capex 5 9 22 18 Net Debt 794 750 794 750 RES operating capacity (MW, eop) 772 839 772 839 RES power production (MWh) 321,507 388,157 780,764 91
Slide 21: Key Financials H1-2024
Key Financials H1-2024 www.moh.gr |August 2024
Slide 22: Group Profit & Loss Q2 & H1 2024
Group Profit & Loss Q2 & H1 2024 Profit & Loss (EUR m) Q2 2023 Q2 2024 H1 2023 H1 2024 SALES 2,621 3,259 5,928 6,238 Cost of Sales -2,386 -2,887 -5,192 -5,446 GROSS PROFIT 234 372 736 792 EBITDA 138 284 535 639 Depreciation & Amortisation -60 -64 -119 -126 EBIT 78 220 416 512 Net Financial Expenses
Slide 23: Group Balance Sheet & Cash Flow H1 2024
Group Balance Sheet & Cash Flow H1 2024 Balance Sheet (EUR m) FY 2023 H1 2024 Cash Flow (EUR m) H1 2023 H1 2024 Net Tangible & Intangible Assets 3,590 3,609 EBITDA 535 639 Participations & Other LT Assets 632 639 Net interest paid -37 -45 Current Assets 3,351 3,436 Income taxes paid -3 -180 TOTAL AS
Slide 24: Company Profit & Loss Q2 & H1 2024
Company Profit & Loss Q2 & H1 2024 Profit & Loss (EUR m) Q2 2023 Q2 2024 H1 2023 H1 2024 SALES 1,667 2,335 4,064 4,438 Cost of Sales -1,561 -2,094 -3,597 -3,926 GROSS PROFIT 106 241 466 513 EBITDA 70 220 407 493 Depreciation & Amortisation -22 -24 -44 -46 EBIT 48 196 363 446 Net Financial Expenses 1
Slide 25: Company Balance Sheet & Cash Flow H1 2024
Company Balance Sheet & Cash Flow H1 2024 Balance Sheet (EUR m) FY 2023 H1 2024 Cash Flow (EUR m) H1 2023 H1 2024 Net Tangible & Intangible Assets 1,199 1,242 EBITDA 407 493 Participations & Other LT Assets 1,239 1,338 Net interest paid -7 -6 Current Assets 2,169 2,437 Income taxes paid 0 -168 TOTAL
Slide 26: Capex Evolution
Capex Evolution (m EUR) Company Group 340 243 322 318 208 210 282 258 175 163 159 101 135 85 1H24 1H24 82 123 2018 2019 2020 2021 2022 2023 2024f 2018 2019 2020 2021 2022 2023 2024f August 2024 | 26
Slide 27: Debt Maturity Profile
Debt Maturity Profile (m EUR) Company Group 564 521 454 446 451 309 309 200 400 564 400 221 451 200 146 154 309 119 132 246 221 65 51 33 146 132 154 109 119 121 65 9 33 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: 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 |August 2024
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