Saras Group
Interim Financial
Report as of
31st March 2020
Table of contents
Statutory and Control Bodies | 3 |
Group Activities | 4 |
Structure of the Saras Group | 5 |
Saras Stock Performance | 6 |
REPORT ON OPERATIONS | |
Non Gaap measure - Alternative performance indicator | 7 |
Key financial and operational Group Results | 7 |
Oil Market and Refining Margins | 10 |
Segment Review | 13 |
Refining | 13 |
Marketing | 16 |
Power Generation | 17 |
Wind | 18 |
Other Activities | 18 |
Strategy and Outlook | 19 |
Investments by business Segment | 20 |
Main events after the end of Q1 2020 | 21 |
Risk Analysis | 21 |
Other Information | 23 |
INTERIM CONSOLIDATED FINANCIAL STATEMENTS | 24 |
Explanatory Notes To The Consolidated Financial Statements | 28 |
The Financial Statements have been translated into English solely for the convenience of the international reader. In the event of conflict or inconsistency between the terms used in the Italian version of the reports and the English version, the Italian version shall prevail, as the Italian version constitutes the official document.
2
Statutory and Control Bodies
BOARD OF DIRECTORS
MASSIMO MORATTI | Chairman and Director |
DARIO SCAFFARDI | Chief Executive Officer, General Manager and Director |
ANGELO MORATTI | Director |
ANGELOMARIO MORATTI | Chairman of Saras Energia and Director |
GABRIELE MORATTI | Director |
GIOVANNI MORATTI | Director |
GILBERTO CALLERA | Independent Director |
ADRIANA CERRETELLI | Independent Director |
LAURA FIDANZA | Independent Director |
ISABELLE HARVIE-WATT | Independent Director |
FRANCESCA LUCHI | Independent Director |
LEONARDO SENNI | Independent Director |
BOARD OF STATUTORY AUDITORS
GIANCARLA BRANDA | Chairman |
GIOVANNI LUIGI CAMERA | Permanent Auditor |
PAOLA SIMONELLI | Permanent Auditor |
PINUCCIA MAZZA | Stand-in Auditor |
ANDREA PERRONE | Stand-in Auditor |
EXECUTIVE RESPONSIBLE FOR FINANCIAL REPORTING
FRANCO BALSAMO | Chief Financial Officer |
INDEPENDENT AUDITING FIRM
EY SpA
3
Group Activities
The Saras Group operates in the energy sector and is one of the leading independent oil refiners in Europe. The Sarroch refinery, on the coast south-west of Cagliari, is one of the biggest in the Mediterranean in terms of production capacity (15 million tonnes per year, equal to 300,000 barrels per day) and one of the most advanced plants in terms of complexity (11.7 on the Nelson Index). Located in a strategic position in the middle of the Mediterranean, the refinery is owned and managed by the subsidiary Sarlux Srl, and is a reference model in terms of efficiency and environmental sustainability, due to its technological know-how, expertise and human resources acquired over fifty years of activity. To best exploit these resources, Saras has introduced a business model based on the integration of its supply chain through close coordination between refinery operations and commercial activities. This context also includes the subsidiary Saras Trading SA, incorporated in Geneva in September 2015, which acquires crude and other raw materials for the Group's refinery, sells its refined products, and also performs trading activities, acting in one of the main markets for trading oil commodities.
The Group sells and distributes oil products directly and through its subsidiaries, such as diesel, gasoline, diesel fuel for heating, liquefied petroleum gas (LPG), virgin naphtha (fuel for aviation and bunkering), mainly on the Italian and Spanish markets, but also in various other European and non-European countries. In particular, in 2019 approximately 2.16 million tonnes of petroleum products were sold in Italy on the wholesale market, and a further 1.42 million tonnes were sold on the Spanish market.
In the early 2000s, the Saras Group also undertook the task of producing and selling electricity by means of an IGCC plant (Integrated Gasification Combined Cycle), which has an installed power of 575 MW and is also managed by the subsidiary Sarlux Srl. The feedstock used by the IGCC plant is the heavy products of the refinery, and the plant generates over 4 billion kWh of electricity each year, which corresponds to approximately 45% of the electricity requirements in Sardinia.
In addition, the Group manufactures and sells electricity from renewable sources in Sardinia, via the Ulassai wind farm. The park has been in operation since 2005 and is managed by the subsidiary Sardeolica Srl. Following the recent expansion with the installation of 9 new turbines, it now has an installed capacity of 126 MW.
Lastly, the Group provides industrial engineering and research services to the petroleum, energy and environment industries, via its subsidiary Sartec Srl.
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Saras S.p.A. published this content on 14 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2020 12:09:04 UTC