Last checked at 11 May 2017 07:00
QUARTERLY REPORT REGARDING THE ECONOMIC-FINANCIAL ACTIVITY OF
S.N.G.N. ROMGAZ S.A. AS OF MARCH 31, 2017
(January 01, 2017 - March 31, 2017)
IDENTIFICATION DETAILS ON REPORT AND ISSUER
Report Basis | Article 67 of Law no. 24/2017 on issuers of securities and market operations and Annex 30 to CNVM Regulation no.1/2006 for a three-month period ended on March 31, 2017 |
Report Date | May 10, 2017 |
Name of the Company | Societatea Naţională de Gaze Naturale "ROMGAZ" SA |
Headquarter | Mediaş 551130, No.4 Piaţa Constantin I. Motaş, County of Sibiu |
Telephone/Fax number | 0040 269 201020 / 0040 269 846901 |
Web/E-mail | www.romgaz.ro / secretariat@romgaz.ro |
Fiscal Code | RO 14056826 |
Trade Registry No. | J32/392/2001 |
Subscribed and paid in share capital | RON 385,422,400 |
Number of shares | 385,422,400 each with a nominal value of RON 1 |
Regulated market where the company's shares are traded | Bucharest Stock Exchange (shares) and London Stock Exchange (GDRs) |
ROMGAZ BY FIGURES
The achievement of net profit margin (37.79%), EBIT margin (44.69%) and EBITDA margin (59.92%), confirms that the high profitability of the company's activity is maintained.
As compared to the same period of the previous year, the company's performances are definitely superior even if the natural gas production decreased by approximately 3%.
Relevant Financial Results
*RON million*
Q1 2016 | Q4 2016 | Q1 2017 | Δ Q1 (%) | Main Indicators | 2015 | 2016 | Δ '16/'15 (%) |
1,363.5 | 1,010.3 | 1,497.5 | 9.8 | Revenue | 4,052.7 | 3,411.9 | -15.8 |
1,316.3 | 989.3 | 1,390.3 | 5.6 | Income | 4,315.9 | 3,816.8 | -11.6 |
706.3 | 627.2 | 716.1 | 1.4 | Expenses | 2,847.1 | 2,536.1 | -10.9 |
610.0 | 362.1 | 674.2 | 10.5 | Gross Profit | 1,468.8 | 1,280.7 | -12.8 |
120.7 | 51.3 | 108.3 | -10.3 | Profit Tax | 274.6 | 256.1 | -6.7 |
489.3 | 310.9 | 565.9 | 15.7 | Net Profit | 1,194.3 | 1,024.6 | -14.2 |
602.6 | 358.1 | 669.3 | 11.1 | EBIT | 1,425 | 1,259 | -11.6 |
722.8 | 312.6 | 897.3 | 24.1 | EBITDA | 2,218 | 1,570 | -29.2 |
1.3 | 0.81 | 1.47 | 15.7 | Earnings per Share (EPS) (RON) | 3.10 | 2.66 | -14.2 |
35.9 | 30.77 | 37.79 | 5.3 | Net Profit Ratio (% of Revenue ) | 29.5 | 30.0 | +1.7 |
44.2 | 35.44 | 44.69 | 1.1 | EBIT Ratio (% of Revenue ) | 35.2 | 36.9 | +4.8 |
53.0 | 30.94 | 59.92 | 13.0 | EBITDA Ratio (% of Revenue) | 54.7 | 46.0 | -15.9 |
6,313 | 6,246 | 6,220 | -0.4 | Number of employees at the end of the period | 6,356 | 6,2246 | 0.2 |
The figures in the table above are rounded, thus there might result small reconcilliation differencies.
Note: income and expenses do not include in-house works capitalized as non-current assets.
For Q1 2017, the company recorded an increase as compared to the previous quarter, the net profit being higher by 82.0%, EBIT by 86.9% and EBITDA by 187%. Also, the Q1 2017 performances are above as compared to the similar period of the previous year. The ratios of the indicators as reported to the revenue recorded increasing values both as compared to the previous quarter and to Q1 2016, confirming that the high profitability of the company's activity is maintained.
Operational Results
Q1 2016 | Q4 2016 | Q1 2017 | Δ Q1/Q4 (%) | Main Indicators | Q1 2016 | Q1 2017 | Δ Q1 (%) |
1,374 | 1,185 | 1,333 | 12.5 | Gross production (mil m3) | 1,374 | 1,333 | -3.0 |
100 | 84 | 98 | 16.7 | Petroleum royalty (mil m3) | 100 | 98 | -1.6 |
2,047 | 1,023 | 1,672 | 63.4 | Condensate production (tonnes) | 2,047 | 1,672 | -18.3 |
318.7 | 726.3 | 611.4 | -15.8 | Electric power production (GWh) | 318.7 | 611.4 | 91.8 |
931.0 | 509.9 | 1,167.5 | 229.0 | UGS gas extraction services invoiced (mil m3) | 931.0 | 1,167.5 | 25.4 |
308.9 | 65.0 | 502.5 | 773.1 | UGS gas injection services invoiced (mil m3) | 308.9 | 502.5 | 62.7 |
The gas production recorded for Q1 2017 was of 1,333 mil m3, 12.5% higher than the production recorded in the previous quarter and respectively by 3% below the one recorded in the similar period of the previous year. These results were achieved under the following circumstances:
@ Import of natural gas increased massively, for Q1 2017 Romania imported a quantity of 675.5 mil m3, by 460% higher than for the same period of 2016;
@ From Romgaz natural gas stocks stored in underground storages, the withdrawn quantity was by 180 mil m3 more than in the same period of 2016.
The natural gas consumption estimated at national level for Q1 2017 was of 50.3 TWh, out of which approximately 7.3 TWh was covered with import gas, and the difference of 43 TWh with gas from internal production, to which Romgaz supplied 19.26 TWh, representing 38.3% of the national consumption and 44.8% of the consumption covered with gas from internal production. Romgaz market share is increasing by 1.9% as compared to 42.9% recorded for Q1 2016.
For Q1 2017, the electricity supplied increased by 92.28%, resulting from favourable market conditions. According to the data offered by Transelectrica, the market share increased from 2.00 % (Q1 2016) to 3.61% (Q1 2017).
The full version of Q1 2017 Report (January - March 2017) and the Individual Interim Financial Statements (unaudited) for the period ended March 31, 2017 are available on company's website, www.romgaz.ro - Investor Relations - Interim Reports and on RNS website at:
http://www.rns-pdf.londonstockexchange.com/rns/8017E_-2017-5-11.pdf