Half Year 2024 Saras SpA Earnings Call Transcript
Key Points
- Saras SpA (SAAFY) reported a significant increase in group comparable EBITDA, reaching EUR90 million in Q2 2024 compared to EUR27 million in the same period last year.
- The company completed its solar plant, Helianto, in June, which started commercial production, contributing to the renewable segment.
- Net comparable results improved to EUR29.7 million, a positive turnaround from a negative EUR22 million in the previous year.
- Operations generated a healthy cash flow of EUR208 million in the first half of the year.
- The company maintained a positive net financial position with EUR10 million net cash at the end of the first half of 2024.
- Higher interest rate costs and negative exchange rate effects impacted financial results.
- The company faced a negative change in working capital amounting to EUR139 million.
- Refining margins are expected to decrease in the second half of the year due to increased refining capacity and weaker demand.
- The company anticipates a stable cash position by year-end, but with significant cash outflows expected for taxes and capital expenditures.
- The renewable segment faced lower average tariffs, impacting the financial performance despite increased production.
Good afternoon. This is the Chorus Call operator. Welcome, and thank you for joining the Saras second quarter and first-half 2024 results conference call. (Operator Instruction)
At this time, I would like to turn the conference over to Ms. Ilaria Candotti, Head of Investor Relations. Please go ahead, ma'am.
Thank you. Good afternoon, everyone, and welcome to the Saras Group second-quarter 2024 results.
As a reminder for folks on the phone, the slide deck and the press release are available from the Investor Relations section on our website. Today, our CEO, Franco Balsamo, will start with the main highlights of the quarters. Then, Marco Schiavetti, Chief Commercial Officer --
I'm really sorry to interrupt, ma'am, here. We are able to hear that magnetic disturbance again.
Okay. Sorry.
Today, our CEO, Franco Balsamo, will start with the
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