Motor Oil (hellas) Corinth Refineries S.a. · ATHEX:MOH
Motor Oil (hellas) Corinth Refineries — H1 2023 Earnings Presentation
28 slides from Motor Oil (hellas) Corinth Refineries's earnings presentation, August 2023
Slide 1: Motor Oil Performance Review H1-2023 Financial Results
Motor Oil Performance Review H1-2023 Financial Results www.moh.gr |August 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. H1-2023 Financial Results Highlights 2. Industry Indicators 3. Segments’ Review 4. Key Financials H1-2023
Slide 4: H1-2023 Financial Results Highlights
H1-2023 Financial Results Highlights
Slide 5: First-Half 2023 Highlights
First-Half 2023 Highlights Turnover EBITDA Net Income € 5,928m € 535m € 276m -25% y/y -43% y/y -60% y/y Investments Adj. EBITDA Adj. Net Income € 167m € 602m € 329m vs. 261m in 1H22 -14% y/y -35% y/y Net Debt Free Cash Flow Invested Capital € 1,551m € 258m € 3,829m vs. 1,763m in FY22 vs. 10m in 1H22
Slide 6: Group Financial Performance Q2 & H1 2023
Group Financial Performance Q2 & H1 2023 (EUR m) Q2 2022 Q2 2023 H1 2022 H1 2023 Revenues 4,641 2,621 7,900 5,928 EBITDA 614 138 932 535 Earnings before tax 620 53 872 358 Earnings after tax & minorities 488 39 686 276 EPS (EUR) 4.44 0.36 6.23 2.55 Adj. EBITDA 509 155 698 602 Refining 451 89 599 473
Slide 7: Industry Indicators
Industry Indicators
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 1.27 42.3 120 101 89 1.22 100 81 78 44.8 30.7 1.17 80 36.8 37.3 1.073 1.089 1.12 31.9 20.6 60 1.065 29.4 40 1.007 1.021 1.07 17.2 19.3 20 1.02 13.6 13.5 14.4 0 0.97 2Q22 3Q
Slide 9: Fuels Marketing Domestic Consumption (k MT)
Fuels Marketing Domestic Consumption (k MT) CIVIL 2Q23: +4.6% y/y SHIPPING/AVIATION 2Q23: +4.8% y/y 1,406 1,190 1,877 1,946 1,088 1,140 1,744 1,643 1,648 1,617 1,485 1,427 1,457 1,524 785 807 687 696 700 606 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 STATE 2Q23: +4.9% y/y TOTAL MARKET 2Q23: +4.7% y/y 416 3,470 3,176 3
Slide 10: Fuels Marketing Domestic Consumption - Selected Products (k MT)
Fuels Marketing Domestic Consumption - Selected Products (k MT) LPG 2Q23: +8.3% y/y Gasoline 2Q23: +5.1% y/y Auto Diesel 2Q23: +1.6% y/y 543 2,575 2,713 485 2,024 2,049 138 668 644 140 523 501 144 756 798 131 645 596 123 134 706 717 109 502 515 541 652 105 137 137 437 458 500 565 590 355 2021 2022 2
Slide 11: Power & Gas Macro indicators
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 Jun-22 Jun-22 Jul-22 Ju
Slide 12: Segments Review
Segments Review
Slide 13: Group Financial Performance Per Segment
Group Financial Performance Per Segment H1-2023 Fuels Power Eliminations/ Refining Other Total (EUR m) Marketing & Gas Adjustments Revenues 4,137 2,275 395 24 -902 5,928 EBITDA 421 22 93 1 -1 535 Earnings Before Tax 384 -23 19 -3 -19 358 Capex 99 19 22 12 -9 143 Net Debt 392 508 794 -79 -64 1,551 Si
Slide 14: Refining Segment Performance Q2 & H1 2023
Refining Segment Performance Q2 & H1 2023 Q2 2022 Q2 2023 H1 2022 H1 2023 Brent DTD (USD/bbl, avg) 114 78 108 80 USD (avg) 1.065 1.089 1.093 1.081 Benchmark margin (USD/MT) 192 56 117 78 MOH ref. margin (USD/MT) 187 98 160 124 MOH adj. ref. margin (USD/MT) 159 104 125 133 Processed Volume (MT k) 3,4
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% 15% 3,252 3,725 28% North 3,305 28% Sea, 6% H1-2023 6,773 Libya, 16% Iraq, 5,725 63% 2,166 9,694 9,759 9,449 9,454 72% 9,158 64%
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 2,366 1,923 1,583 1,192 859 692 631 607 759 468 140 96 212 127 77 78 2% 1% 3% 13%
Slide 17: Refining Segment Sales per Market, Country & Product
Refining Segment Sales per Market, Country & Product Sales Volume per Market (k MT) Revenue Mix by Country Other Greece - Civil 24% 24% 14,488 14,458 14,319 14,021 13,993 1,549 1,685 780 996 12,703 1,210 1H23 Greece - 737 Slovenia Shipping/ 3% Aviation Turkey 10% 5% Lebanon Libya 6% Gibraltar 12% It
Slide 18: Refining Segment Margins
Refining Segment Margins (USD/MT) 192 187 159 155 145 148 140 159 133 143 124 135 129 119 104 98 109 101 64 62 78 55 81 64 46 45 53 56 48 28 47 41 33 26 22 20 2017 2018 2019 2020 2021 2022 1H23 2Q22 3Q22 4Q22 1Q23 2Q23 MOH Reported MOH Adjusted Benchmark Mild Hydrocracking MED Notes: MOH refining ma
Slide 19: Fuels Marketing Segment Performance Q2 & H1 2023
Fuels Marketing Segment Performance Q2 & H1 2023 Q2 2022 Q2 2023 H1 2022 H1 2023 # of service stations (eop) c.1,510 c.1,530 c.1,510 c.1,530 Sales volume (MT k) 766 965 1,571 1,887 of which in Greece 703 872 1,451 1,689 Sales (EUR m) 1,227 1,131 2,313 2,275 EBITDA (EUR m) 52 16 99 22 Adj. EBITDA (EU
Slide 20: Power & Gas Segment Performance Q2 & H1 2023
Power & Gas Segment Performance Q2 & H1 2023 (EUR m) Q2 2022 Q2 2023 H1 2022 H1 2023 Sales 247 160 564 395 EBITDA 19 40 32 93 of which MORE 12 22 27 54 Income from associates 4 1 14 1 Capex 7 5 12 22 Net Debt 393 794 393 794 RES operating capacity (MW) 279 772 279 772 RES power production (MWh) 132,
Slide 21: Key Financials H1-2023
Key Financials H1-2023
Slide 22: Group Profit & Loss Q2 & H1 2023
Group Profit & Loss Q2 & H1 2023 Profit & Loss (EUR m) Q2 2022 Q2 2023 H1 2022 H1 2023 SALES 4,641 2,620 7,900 5,928 Cost of Sales -3,942 -2,386 -6,827 -5,192 GROSS PROFIT 700 234 1,073 736 EBITDA 614 138 932 535 Net Financial Expenses 6 -33 -25 -59 Income from Associates 42 8 51 1 Depreciation & Am
Slide 23: Group Balance Sheet & Cash Flow H1 2023
Group Balance Sheet & Cash Flow H1 2023 Balance Sheet (EUR m) FY 2022 H1 2023 Cash Flow (EUR m) H1 2022 H1 2023 Net Tangible & Intangible Assets 3,410 3,495 EBITDA 932 535 Participations & Other LT Assets 559 594 Net interest paid -29 -37 Current Assets 3,228 2,991 Income taxes paid -2 -3 TOTAL ASSE
Slide 24: Company Profit & Loss Q2 & H1 2023
Company Profit & Loss Q2 & H1 2023 Profit & Loss (EUR m) Q2 2022 Q2 2023 H1 2022 H1 2023 SALES 3,561 1,667 5,801 4,064 Cost of Sales -3,018 -1,561 -4,982 -3,597 GROSS PROFIT 543 106 819 466 EBITDA 538 70 797 407 Net Financial Expenses 15 12 3 10 Depreciation & Amortisation -18 -22 -36 -44 EARNINGS B
Slide 25: Company Balance Sheet & Cash Flow H1 2023
Company Balance Sheet & Cash Flow H1 2023 Balance Sheet (EUR m) FY 2022 H1 2023 Cash Flow (EUR m) H1 2022 H1 2023 Net Tangible & Intangible Assets 1,069 1,125 EBITDA 797 407 Participations & Other LT Assets 1,135 1,234 Net interest paid -11 -7 Current Assets 2,198 1,999 Income taxes paid -1 0 TOTAL
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 August 2023 | 26
Slide 27: Debt Maturity Profile
Debt Maturity Profile (m EUR) Company Group 547 483 453 421 200 307 400 400 217 196 200 177 179 421 165 144 150 113 283 83 217 59 65 177 179 196 50 144 165 147 150 107 113 83 59 65 7 53 50 7 2023 2024 2025 2026 2027 2028 2029 2030 2031 2023 2024 2025 2026 2027 2028 2029 2030 2031- 2038 Bank Loans Bo
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 28
Motor Oil (Hellas) Corinth Refineries — H1 2023 Earnings Presentation on 6ix