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S SARAS The Board of Directors of SARAS S.p.A. approves the interim Financial Report as of 31st March 2021¹ Group reported EBITDA was positive at EUR 27.1 million ( negative at EUR -92 million in Q1 / 20 ) reflecting the positive effect of the rise of the crude oil quotation in Q1 with an appreciable improvement in the valuation of stocks Reported Group comparable Net Result was negative at EUR -23.8 million ( negative at EUR -113.1 million in Q1 / 20 ) Comparable EBITDA negative at EUR -11.2 million ( negative at EUR -56.7 million in Q1 / 20 ) partially recovering despite a still week market , waiting on a substantial recovery of refining margins Group comparable Net Result negative at EUR -47.1 million ( negative at EUR -0.4 million in the same period of last year ) Reported Group Net Financial Position as of March 31st , 2021 before IFRS 16 effect , negative at EUR -436.9 million , slightly improved compared to the Net Debt of EUR -504.6 million as of December 31st , 2020 ) and Net Financial Position after IFRS 16 effect negative at EUR -474.7 million ( negative at EUR -544.9 million as of December 2020 ) Following to the recent definition of the essentiality regime by the competent authorities , the framework for the reintegration of the costs associated with the power plant as well as the associated expected production have been defined The efficiency plan aimed at containing the operating costs continued in the quarter and confirmed , together with the contribution from the new investment plan , the expectations to mitigate the economic and financial impacts from the scenario in the year . Accordingly , the level of indebtedness at the end of 2021 is expected to be no higher than that reported at December 31st , 2020 , also in light of the positive changes recorded in Q1 / 21 in the working capital The strategy of sustainability and energy transition is proceeding according to the 2021-24 expansion Plan with the acquisition , completed in April 2021 with the subscription by the subsidiary Sardeolica , of two wind farms in the province of Cagliari , for an installed capacity of 45 MW . Thanks to the acquisition , the total installed wind capacity of Saras Group increased to 171 MW . After the Board meeting , the Chairman , Massimo Moratti , commented : " In this quarter we have seen the first signs of recovery that confirm the forecasts of a 2021 of transition , with a slow improvement in the refining scenario that is expected to be more significant from the second half of the year . In this context , we consider as satisfactory the definition of the new essentiality regime for power generation activities by the competent authorities , based on the fundamental role of Sarlux in guaranteeing the stability of the power grid in Sardinia . Together with the efficiency plan started at the end of 2020 , which we expect to consolidate during the year , we are confident that we will be able to achieve improved results , in line with the plan's forecasts . In this moment , I am also very pleased to announce the purchase of an important wind farm in the Cagliari area , which adds further 45MW to the Group's renewable installed capacity , which thus grows by almost 30 % . This acquisition is a step towards our growth in the renewable field , with the purpose , according to the timeline and climate needs suggested by the market , of a gradual decarbonisation , still protecting and supporting our current core business . To this new wind farm , we will apply our consolidated management experience , with extensive use of the most advanced digital techniques . At the same time we are currently working to find partnership to develop our strategy and face the future with confidence and determination " . Milan , 11th May 2021 : The Board of Directors of Saras S.p.A. met today under Chairman Massimo Moratti and approved the Interim Financial Report as of 31st March 2021 , which is not subject to audit review . It should be noted that , in accordance with EU Directive 2013/50 transposed with Italian Leg . Decree n.25 dated 15th February 2016 , which repealed the obligation to prepare the Interim Financial Reports , this Interim Financial Report has been issued on a voluntary basis , in order to ensure information continuity to the financial community in line with previous quarterly disclosure . ¹ The manager in charge of preparing the corporate accounting documents , Dr. Franco Balsamo , declares , pursuant to paragraph 2 article 154 bis of the Consolidated Law on Finance , that the accounting information contained in this press release corresponds to the documentary results , books and accounting records of the Company . 1