72 million in dividends to the Corriere.it family

Massimo Moratti remains at the helm of the Saras family group. The board of directors appointed by the shareholders’ meeting on April 28 confirmed the appointment of Massimo Moratti as president and also CEO, a position he held after the sudden resignation, announced in mid-March, of Matteo Codazzi who had been CEO for only four months. Massimo Moratti has been confirmed with the powers of strategic guidance as well as, among others, the powers of supervision and evaluation of transactions involving shareholdings, companies, business branches of particular importance as well as the task of supervising the functionality of the internal control system and risk management. Franco Balsamo, general manager of the company, has been appointed deputy CEO. As regards the future of leading the group, in an interview with Staffetta Quotidiana Moratti declared that the intention is to give continuity to the management of the Group as much as possible, also in the light of the capabilities and results demonstrated in the last complex years. With this in mind, Franco Balsamo, CFO of Saras for years, has been given the role of General Manager, granting him the necessary operational powers. The independent directors Valentina Canalini, Adriana Cerretelli, Laura Fidanza, Francesca Stefania Luchi, Giovanni (known as Gianfilippo) Mancini (former CEO of Sorgenia), and Silvia Pepino have joined the new board of directors.

The record accounts of 2022

The assembly also approved the 2022 budget, which closed with record results. Group revenues almost doubled to 15,836 million (compared to 8,636 million in 2021), an increase – reads the note – linked both to the changed scenario conditions and to the higher volumes produced and sold between the two periods. From the point of view of the scenario, the variables that had the greatest impact are the appreciation of the main petroleum products, the increase in the sale price of electricity and the exchange rate trend characterized by the strengthening of the dollar against the euro. From the point of view of industrial production, all the main production variables were higher than the values ​​recorded in 2021.

Profit at 710 million

The net result reported of the group amounted to 416.9 million, compared to 9.3 million in 2021. The net result comparable loss in 2022 amounted to 709.8 million, compared to a loss of 136 million in the previous year. Investments in 2022 amounted to 105.7 million, higher than the levels of 2021 (equal to 77.8 million), an increase intended both for greater activities in the Industrial & Marketing segment and for greater development activities in the renewables segment. The Net Financial Position as at 31 December 2022, before the effects of the application of IFRS 16, was positive for 269 million compared to the negative position for 453 million reported as at 31 December 2021. The shareholders’ meeting approved the payment of a dividend of 0. 19 euros per share, for total dividends of 180.7 million. Massimo Moratti’s SapA holds about 20% of the capital, Angel Capital Management (headed by Angelo Moratti, son of Gian Marco Moratti and Letizia Moratti and grandson of Massimo) and Stella Holding spa (owned by the other nephew Gabriele Moratti, also son of Gian Marco and Letizia Moratti) about 10% each.

Not just oil

The Saras group was founded by Angelo Moratti in 1962 . Through the parent company Saras spa and the subsidiaries Saras Trading SA, based in Geneva, Saras Energia sau, based in Madrid, sells and distributes petroleum products on the national and international markets. The Sarroch refinery, southwest of Cagliari, is one of the largest in the Mediterranean in terms of production capacity. The group is also active in the electricity production sector through its subsidiaries Sarlux Srl (combined cycle gasification plant) and Sardeolica Srl (wind farm). The group offers industrial engineering and research services for the oil, energy and environmental sectors through its subsidiary Sartec Srl. It has 1,576 employees.