Les faits marquants de la période :
- Le revenu net ajusté1 proforma2 du Groupe pour le trimestre s'élève à 69,2 M d'euros, en hausse par rapport aux 60,8 M d'euros du troisième trimestre 2005 et aux 40,3 M d'euros du deuxième trimestre 2006
- L'EBIT3 proforma comparable du Groupe atteint 120,0 M d'euros contre 159,4 M d'euros au cours du troisième trimestre 2005 et 85,2 M€ au cours du deuxième trimestre 2006
- Saras refining&power margin 10.1 $/bl with the following split:
o Refinery margin 6.5 $/ bl (3.7 $/bl above EMC benchmark)
o Power (IGCC) margin 3.6 $/bl
- Achieved target of 200,000 ton/year of additional Ultra Low Sulphur Diesel production adding approx. 0.6 $/bl to refining margin
- Strong performance of Power and Marketing segment
- Results reflect the impact of unscheduled shutdown of Reformer unit on Q3: -0.6 /bl (- 13 M€), technical issues now resolved
The board of Directors of Saras S.p.A. met yesterday under Chairman GianMarco Moratti and approved the third quarter 2006 results. The Chairman declared: "We believe the summer dip of refining margins to be short-lived, at least for operators of complex refineries like Saras. In spite of challenging market, we have been able to deliver an excellent performance in Q3 with a refining&power margin above 10 $ per barrel due to the implementation of our strategy geared towards the increased production of high value products such as Ultra Low Sulphur Diesel"
Proforma Saras Group income statement figures:
| € million | Q3/06 | Q3/05 | Var % | Q2/06 | Q1/06 | 1-9 /06 | 1-9/05 | Var % |
| REVENUES | 1,999 | 1,473 | +36 | 1,440 | 1,531 | 4,970 | 3,829 | +29 |
| EBITDA | 84.5 | 298.1 | | 201.2 | 138.1 | 423.8 | 681.6 | |
| comparable EBITDA[4] | 160.5 | 201.2 | -20 | 124.5 | 143.6 | 428.6 | 496.4 | -14 |
| EBIT | 44.2 | 256.3 | | 161.7 | 98.9 | 304.8 | 555.3 | |
| comparable EBIT | 120.0 | 159.4 | -25 | 85.2 | 104.4 | 309.6 | 370.1 | -16 |
| NET INCOME | 33.8 | 145.1 | | 75.5 | 62.8 | 172.1 | 258.4 | |
| adjusted NET INCOME | 69.2 | 60.8 | +13 | 40.3 | 66.3 | 175.8 | 156.5 | +12 |
Saras Group income statement figures:
Comparisons quarter on quarter not relevant due to the change in consolidation area in Q3/06
| € million | Q3/06 | Q3/05 | Var % | Q2/06 | Q1/06 | 1-9 /06 | 1-9/05 | Var % |
| Revenues | 1,999 | 1,397 | +43 | 1,380 | 1440 | 4,820 | 3,598 | +34 |
| EBITDA | 84.7 | 246.2 | -66 | 148.9 | 75.0 | 308.5 | 521.0 | -41 |
| EBIT | 44.2 | 226.2 | -81 | 131.5 | 57.9 | 233.5 | 463.1 | -50 |
| NET INCOME | 33.8 | 139.9 | -76 | 269.8 | 56.1 | 359.7 | 245.7 | +46 |
[1] Proforma: considering Sarlux Srl fully consolidated with the line-by line method as of 1st January 2005
[2] Adjusted Net income: Net income adjusted by: (inventories at LIFO-inventories at FIFO) after taxes, non recurring items after taxes and variation in the derivatives fair value after taxes
[3] Comparable EBIT: equal to comparable EBITDA[4] minus depreciation&amortization
[4] Comparable EBITDA: calculated evaluating inventories at LIFO
The program of the conference calls organized for today 14th November 2006 is:
- at 09:30 C.E.T., conference call for newswire agencies. Dial in number is +39 02 8020911.
- at 14:30 C.E.T., conference call for financial journalists. Dial in number is +39 02 8020911
- at 16:30 C.E.T. conference call for analysts and investors. Slide presentation will be distributed and is available on our Website www.saras.it.
Dial in numbers:
For Italy +39 02 8020911
For U.K. +44 208 7929750
For U.S. +1 866 2396425
Link for the live webcast http://services.choruscall.com/links/saras061114.html
A replay of the conference call will be available for 72 hours after the event, starting at 07:30 CET on 15th November 2006. The number to dial is +39 02 806 137 80 Passcode: 937 #.
Playback of the live webcast will also be available on our website.
Full text of the press release attached
For further information and full quarterly report, see our Web site www.saras.it or call our investor relations department at +39 02 7737301.
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