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3 ) * SARAS The Board of Directors of SARAS S.p.A. approves the Half - Year Financial Report as of 30th June 2021¹ Group reported EBITDA at EUR 81.6 million in Q2 / 21 ( EUR -22.4 million in Q2 / 20 ) , and equal to EUR 108.7 million in H1 / 21 ( EUR -114.4 million in the first half of 2020 ) , recovered rebalancing the oil price effect on stock inventory evaluation in the first half - year Group reported Net Result at EUR 24.3 million in Q2 / 21 ( EUR -67.6 million in Q2 / 20 ) and EUR 0.5 million in H1 / 21 ( equal to EUR - 180,7 in H1 / 20 ) Group comparable EBITDA at EUR 19.5 million in Q2 / 21 ( EUR 15.0 million in Q2 / 20 ) and equal to EUR 8.3 million in H1 / 21 ( EUR 71.7 million in the first half of 2020 ) further improved in the second quarter despite being affected by low refining margins Group comparable Net Result negative at EUR -23.8 million in Q2 / 21 ( EUR -41.1 million in Q2 / 20 ) and equal to EUR - 70.8 million in H1 / 21 ( EUR- 41.5 million in the first half of 2020 ) Group Net Financial Position as of June 30th , 2021 , before IFRS 16 effect , negative at EUR -433 million , slightly improved compared to December 31st , 2020 ( negative and equal to EUR -505 ) . Net Financial Position after IFRS 16 effect negative at EUR -479 million ( negative at EUR -545 million as of December 31st , 2020 ) . After the Board meeting , Saras ' Chairman , Massimo Moratti , commented : " Global oil demand raised significantly in the second quarter , confirming the expectations of an even more solid and close to pre - Covid levels demand in the second half of the year , despite the risk related to the variants of the pandemic persists . Saras Group results showed a further improvement in the quarter , but the margins of the refining sector , and especially those of complex refineries such as Saras , were affected , not only by the high pressure on crude oil market , but above all by still weak margins of middle distillate products , whose excess in supply will rebalance with a more substantial restart of the aviation sector . However , the measures taken by our Group to reduce the impacts in 2021 , which we consider a year of transition , together with the projections of a more structural recovery of the economy in the upcoming months , allow us to forecast a gradual improvement in results from the second half of the year " . Milan , 2nd August 2021 : The Board of Directors of Saras S.p.A. met today under Chairman Massimo Moratti and approved the Half - Year Consolidated Financial Report as of 30th J une 2021. The results of the second quarter , which are unaudited , are also presented here below for sake of continuity and completeness of information . Covid - 19 Impact The projections contained in the World Economic Outlook of the International Monetary Fund ( IMF ) at the end of July confirmed the expectations of a sustained growth in world GDP , at + 6 % for 2021 , while they revised upwards the estimates already highlighted in April for the 2022 , with an expected growth of + 4.9 % ( +0.5 percentage points compared to the April estimates ) . A faster - than - expected recovery is expected for most advanced economies . Eurozone GDP will grow more than expected both in 2021 , by + 4.6 % , and in 2022 , by 4.3 % . However , the risks associated with the Covid variants remain which , despite the vaccination campaigns introduced all over the world , could slow down the recovery time compared to what is now forecast . According to what emerges from the latest report from the International Energy Agency ( IEA ) , the positive trend in oil demand , which had already begun at the end of 2020 , continued also in the second quarter of 2021 , with a recovery of approximately 3.2 million barrels per day in June alone , bringing demand to 96.8 million barrels per day , about 3 million barrels per day lower than the average consumption in 2019 , before the demand shock caused by the pandemic . The recovery observed in J une came in the wake of the decline in Covid cases in Asia and South America , and thanks to the increasing seasonal mobility made possible by the continued expansion of vaccination campaigns . 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