Comunicati stampa
SARAS: third quarter 2009 results
10/11/2009
SARAS Board of Directors approves
Third Quarter and 9M/09 results
Highlights for the third quarter and 9M/09
• 9M/09 Group reported EBITDA at EUR 275.4 ml (-48% vs. 9M/08)
• Q3/09 Group reported EBITDA at EUR -17.1 ml (-127% vs. Q3/08)
• 9M/09 Group comparable EBITDA in at EUR 116.6 ml (-77% vs. 9M/08)
• Q3/09 Group comparable EBITDA at EUR 1.4 ml (-99% vs. Q3/08)
• 9M/09 Group reported Net Income at EUR 67.4 ml (-78% vs. 9M/08)
• Q3/09 Group reported Net Income at EUR -49.6 ml (-152% vs. Q3/08)
• 9M/09 Group adjusted Net Income at EUR -30.5 ml (-113% vs. 9M/08)
• Q3/09 Group adjusted Net Income at EUR -37.6 ml (-163% vs. Q3/08)
• 9M/09 Saras refining margin at 2.2 $/bl (-75% vs. 9M/08), and -0.3 $/bl in Q3/09 (-104% vs. Q3/08)
• In 9M/09 Saras premium above the EMC benchmark margin was 0.9 $/bl (-0.1 $/bl in Q3/09), penalised by important investments and scheduled maintenance initiated during Q2/09 and delayed into Q3/09, as well as technical problems during the subsequent start up of critical units
• On 30th Sep‘09 Net Financial Position was EUR -463 ml, improved vs. EUR -472 ml on 30th Jun‘09
Milan, 10th November 2009: The Board of Directors of Saras S.p.A. met yesterday under Chairman Gian Marco Moratti and approved third quarter and 9M/09 results. The Chairman declared: “In the first nine months of 2009 the economic and financial crisis brought a steep reduction in energy consumption worldwide, and refining margins became very thin. In this challenging context, Saras introduced various technological enhancements, carrying out a major programme of investments and scheduled maintenance activities in its Sarroch refinery. Obviously, these activities forced us to temporarily stop various critical units, with unavoidable effects on our quarterly results. At this stage, however, all of our units are fully operational, and the aforementioned enhancements will allow our Group to take advantage of the economic recovery, which is expected to materialize throughout 2010”.
Third Quarter 2009 Results (147 Kb PDF)