Last checked at 12 May 2015 07:11
QUARTERLY REPORT
REGARDING THE ECONOMIC-FINANCIAL ACTIVITY OF S.N.G.N. ROMGAZ S.A.
AS OF MARCH 31, 2015
(January 01, 2015 - March 31, 2015)
IDENTIFICATION DETAILS ON REPORT AND ISSUER
Quarterly Report according to art. 227 of Law 297/2004
Report date:May 11, 2015Name of the Company: S.N.G.N. ROMGAZ S.A.
Headquarters:Medias, P-ta Constantin I.Motas, No.4, code 551130Telephone/fax number: 004-0269-201020 / 004-0269-846901
Fiscal Code:RO14056826
Trade Registry No: J32/392/2001
Subscribed and paid in share capital: RON 385,422,400
COMPANY PERFORMANCES
The Company's operational and financial performances in Q1 2015 are following the same trend of the last financial years.
Relevant financial results:
*RON million*
Item no. | Indicator | Q1 2014 | Q4 2014 | Q1 2015 | Ratios (Q1'15/Q1'14) | Ratios (Q1'15/Q4'14) |
0 | 1 | 2 | 3 | 4 | 5=4/2x100 | 6=4/3x100 |
1 | Income - total, out of which: *operating income * financial income | 1,380.0 1,361.7 18.2 | 1,235.5 1,214.3 21.2 | 1,299.5 1,285.9 13.7 | 94.17% 94.43% 75.27% | 105.18% 105.90% 64.62% |
2 | Revenue | 1,449.3 | 1,206.5 | 1,365.5 | 94.22% | 113.18% |
3 | Expenses - total, out of which: *operating expenses * financial expenses | 647.3 641.1 6.2 | 854.4 822.8 31.6 | 620.5 615.3 5.2 | 95.86% 95.98% 83.87% | 72.62% 74.78% 16.46% |
4 | Gross profit | 732.6 | 381.1 | 679.1 | 92.69% | 178.19% |
5 | Profit tax | 124. 3 | 85.2 | 116.0 | 93.37% | 136.15% |
6 | Net profit | 608.4 | 295.9 | 563.0 | 92.55% | 190.27% |
7
| Net profit ratio (%) | 42.0 | 24.5 | 41.2 | 98.10% | 168.16% |
8 | EBIT | 715.0 | 363.7 | 665.5 | 93.07% | 182.33% |
9 | EBIT ratio (%) | 49.3 | 30.1 | 48.7 | 98.78% | 161.79% |
10 | EBITDA | 858.8 | 572.0 | 841.8 | 98.02% | 147.17% |
11 | EBITDA ratio (%) | 59.3 | 47.4 | 61.6 | 103.88% | 129.96% |
12 | Return on sale (%) | 50.5 | 31.6 | 49.7 | 98.42% | 157.28% |
13 | Earnings per share - EPS (RON) | 1.58 | 0.77 | 1.46 | 92.55% | 189.61% |
14 | Investments | 201.2 | 187.4*) | 215.9 | 107.31% | 115.21% |
*)- represent the investments scheduled for Q1 2015
Note: Income and expenses do not include in-house works capitalized as non-current assets.
Summary of main indicators:
- Operating income decreased by 5.56% as compared to Q1 2014 because of a reduced gas demand, especially from the fertiliser production sector. Such decrease leads to a reduced gas production and implicitly to a lower revenue, operating income and profit than expected;
- Although the net profit, EBIT and EBITDA are lower as compared to Q1 2014 when the Company recorded the best results ever, these values are substantially higher than those recorded in the previous quarter;
- As a ratio from revenue, EBITDA increased to 61.6% in Q1 2015 (as compared to 59.3% in Q1 2014) and EBIT and net profit ratios remained at an extremely favourable level: 48.7% and 41.2% respectively;
- For Q1 2015 Romgaz scheduled investments in amount of RON 187.4 million and performed investments in amount of RON 215.9 million, about 15%, namely RON 28 million higher than scheduled;
- Compared to the similar period of 2014, the investments performed in Q1 2015 are higher by RON 14.7 million, namely 7.3%;
- Investments for geological exploration works for the discovery of new reserves have increased significantly, being by 68.6% (RON 59.4 million) higher than those for Q1 2014 and by 16.4% (RON 20.6 million) higher than scheduled;
- EPS (earnings per share) is RON 1.46/share;
- Income from storage activities decreased by RON 5.1 million, namely 3.24% as compared to the similar period of 2014, as a result of lower gas quantities injected in the storages;
- The income from the electric power sector was RON 45.7 million worth.
Operational results:
*million cm*
Item no. | Specifications | Q1 2013 | Q1 2014 | Q1 2015 | Ratios |
0 | 1 | 2 | 3 | 4 | 5=4/3x100 |
1. | Gross production - total, out of which: *own gas *Schlumberger (100%) | 1,478.1 1,433.2 44.9 | 1,463.8 1,418.2 45.6 | 1,436.1 1,384.4 51.7 | 98.1% 97.6% 113.4% |
2. | Delivered own gas*) | 1,693.9 | 1,848.9 | 1,701.8 | 92.0% |
3. | Delivered import gas | 142.1 | 65.1 | 2.2 | 3.3% |
4. | Total delivered gas | 1,836.0 | 1,914.0 | 1,703.9 | 89.0% |
5. | Delivered electric power (MWh) | 7.8 | 460.1 | 145.7 | 31.7% |
6. | UGS gas extraction services invoiced | 1,261.6 | 1,139.9 | 1,151.2 | 101.0% |
7. | UGS gas injection services invoiced | 256.7 | 485.7 | 292.2 | 60.2% |
*) - includes gas from current production and own gas from storages and gas delivered to SPEE Iernut.
Although gas production is lower by 1.9% than in Q1 2014, due to the above mentioned causes, production almost equals the one recorded in Q4 2014 of 1,436.0 million cm, confirming the production stabilisation process.
The full version of Q1 2015 Report and the Individual Interim Financial Statements (not audited) for Q1 2015 are available on:
http://www.rns-pdf.londonstockexchange.com/rns/8724M_-2015-5-12.pdf