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3 ) * SARAS The Board of Directors of SARAS S.p.A. approves the interim Financial Report as of 30th September 2021¹ Group reported EBITDA at EUR 4.8 million in Q3 / 21 compared to EUR 36.3 million in Q3 / 20 , due to a lower increase in oil prices compared to the one observed in the same quarter of the previous year , after the collapse in prices caused by the pandemic emergency . Group reported EBITDA at EUR 113.5 million in 9M / 21 ( EUR -78.1 million in the first nine months of 2020 ) , thanks to the positive effect of the overall rise in oil prices in the first nine months of 2021 reflected into the inventory's valorization . Group reported Net Result at EUR -35.4 million in Q3 / 21 ( EUR 6.7 million in Q3 / 20 ) and equal to EUR -34.9 million in 9M / 21 ( EUR -174 in 9M / 20 ) , for the same dynamics highlighted at the EBITDA level Group comparable EBITDA at EUR 2.3 million in Q3 / 21 ( negative at EUR -61.5 million in Q3 / 20 ) due to the combined effect of a significant improvement in refining margins offset by lower refinery processing in the quarter and increased energy costs . Group comparable EBITDA equal to EUR 10.6 million in 9M / 21 ( EUR 10.2 million in 9M / 20 ) Group comparable Net Result at EUR -38.8 million in Q3 / 21 ( EUR -69.6 million in Q3 / 20 ) and equal to EUR - 109.7 million in 9M / 21 ( EUR -111.1 million in the 9M / 20 ) Group Net Financial Position as of September 30th , 2021 , before IFRS 16 effect , negative at EUR -503 million and Net Financial Position after IFRS 16 effect at EUR -547 million ( EUR 545 million as of December 31st , 2020 ) , in line compared to December 31st , 2020 ( EUR 505 million ) After the Board meeting , Saras ' Chairman , Massimo Moratti , commented : " The third quarter showed a significant recovery in oil margins , in particular with reference to middle distillates , which had been so far penalized by the high levels of global stock inventories . Since the beginning of summer , on the other hand , there has been a substantial recovery in demand that strongly improved diesel cracks . At the same time international air traffic showed a gradual , albeit slow , growth . This encouraging outlook has been partially clouded by the surge in gas prices . Even though we are not directly exposed to gas , which is not available in Sardinia , the soaring cost of gas has pushed up energy prices , with an impact on our third quarter results . Despite these extra costs - which we hope to normalize in the first months of 2022 - we are confident to achieve significantly improved results in the fourth quarter , fully seizing the opportunities of an oil scenario that we see positive " . Milan , 10th November 2021 : The Board of Directors of Saras S.p.A. met today under Chairman Massimo Moratti and approved the Interim Financial Report as of 30th September 2020 , 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 . Covid - 19 Impact The mid - October projections in the International Monetary Fund's ( IMF ) World Economic Outlook essentially confirmed expectations of sustained global GDP growth of 5.9 % in 2021 ( 6 % in the previous forecast at the end of July ) and 4.9 % in 2022. The slight downward revision for 2021 reflects a downgrade for advanced economies , partly due to tensions in commodity supply and , for low - income developing countries , largely due to worsening pandemic dynamics , partially offset by the improved near - term outlook for some raw material exporting emerging markets and developing economies . Among the advanced economies , the exception is the Eurozone where , in 2021 , thanks to the upwardly revised growth trend for Italy and France , GDP is expected to grow by + 5 % ( + 4.6 % in previous projections ) , while in 2022 it remains confirmed at + 4.3 % . 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