Last checked at 13 May 2016 07:00
QUARTERLY REPORT
REGARDING THE ECONOMIC-FINANCIAL ACTIVITY OF
SNGN "ROMGAZ" SA AS OF MARCH 31, 2016
(January 01, 2016 - March 31, 2016)
IDENTIFICATION DETAILS ON REPORT AND ISSUER
Report Basis | Article 227 of Law no. 297/2004 on the capital market and Annex 30 to CNVM Regulation no.1/2006 for a three-month period ended on March 31, 2016 |
Report Date | May 13, 2016 |
Name of the Company | Societatea Nationala de Gaze Naturale "ROMGAZ" SA |
Headquarter | Medias 551130, No.4 Piata Constantin I. Motas, 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 (35.9%), EBIT margin (44.2%) and EBITDA margin (53%), confirms further maintenance of a high profitability of the company's activity.
As compared to the same period of the previous year, the company's performances were mainly affected by the decrease of 4.36 % of the demand of natural gas consumption on the Romanian market, as reflected in the decrease of 2.5% of Romgaz supplies.
Relevant Financial Results
*RON million*
Q1 2015 | Q4 2015 | Q1 2016 | Δ Q1 (%) | Main Indicators | 2014 | 2015 | Δ '15/'14 (%) |
1,365.5 | 1,119.6 | 1,363.5 | -0.1 | Revenue | 4,493.3 | 4,052.7 | -9.8 |
1,299.5 | 1,172.4 | 1,316.3 | 1.3 | Income | 4,708.9 | 4,315.9 | -8.3 |
620.5 | 898.4 | 706.3 | 13.8 | Expenses | 2,920.6 | 2,847.1 | -2.5 |
679.1 | 274.0 | 610.0 | -10.2 | Gross Profit | 1,788.3 | 1,468.8 | -17.9 |
116.0 | 55.2 | 120.7 | 4.1 | Profit Tax | 378.4 | 274.0 | -27.6 |
563.0 | 219.0 | 489.3 | -13.1 | Net Profit | 1,409.9 | 1,194.8 | -15.3 |
665.5 | 264.7 | 602.6 | -9.5 | EBIT | 1,713 | 1,425 | -16.8 |
841.8 | 529.4 | 722.8 | -14.1 | EBITDA | 2,490 | 2,218 | -10.9 |
1.5 | 0.57 | 1.3 | -13.3 | Earnings per Share (EPS) (RON) | 3.66 | 3.10 | -15.3 |
41.2 | 19.6 | 35.9 | -13.0 | Net Profit Ratio (% of Revenue ) | 31.4 | 29.5 | -6.1 |
48.7 | 23.6 | 44.2 | -9.3 | EBIT Ratio (% of Revenue ) | 38.1 | 35.2 | -7.6 |
61.7 | 47.3 | 53.0 | -14.0 | EBITDA Ratio (% of Revenue) | 55.4 | 54.7 | -1.3 |
6,340 | 6,356 | 6,313 | -0.4 | Number of employees at the end of the period | 6,344 | 6,356 | 0.2 |
The figures in the table above are rounded, thus there might result small reconcilliation differencies.
Note: Income and expenses do not include the income and expenses related to self-constructed assets.
Due to the decrease of natural gas demand, the net profit, EBIT and EBITDA are lower as compared to the similar period of 2015. However, the ratios of these indicators as reported to the revenue do not record significant deviations and are extremely favourable, such as: 35.9%, 44.2% and 53% (as compared to 41.2%, 48.7% and respectively 61.7% for the quarter ended on March 31, 2015) which confirms further maintenance of a high profitability of the company's activity.
Operational Results
Q1 2015 | Q4 2015 | Q1 2016 | Δ Q1/Q4 (%) | Main Indicators | Q1 2015 | Q1 2016 | Δ Q1 (%) |
1,436 | 1,428 | 1,374 | -3.8 | Gross production (mil cm) | 1,436 | 1,374 | -4.3 |
104 | 106 | 100 | -5.7 | Petroleum royalty (mil cm) | 104 | 100 | -3.8 |
1,912 | 2,756 | 2,047 | -25.7 | Condensate production (tonnes) | 1,912 | 2,047 | 7.1 |
167.0 | 584.8 | 318.7 | -45.5 | Electric power production (GWh) | 167.0 | 318.7 | 90.8 |
1,151.2 | 466.6 | 931.0 | 99.5 | UGS gas extraction services invoiced (mil cm) | 1,151.2 | 931.0 | -19.1 |
292.2 | 123.0 | 308.9 | 151.1 | UGS gas injection services invoiced (mil cm) | 292.2 | 308.9 | 5.7 |
The gas production recorded for the first quarter of 2016, directly influenced by the decrease in demand on the gas market, as well as the high temperatures registered during January and February, was of 1,374 mil cm, 3% lower than the scheduled production and respectively with 4.3% below the one recorded during the same period of the previous year.
By putting into operation Frasin-Gura Humorului and Caragele discoveries, the recorded condensate production was higher by 7.1% during the analysed period as compared to the same period of 2015.
For 2015, the electric power produced by CET Iernut was 16.4% higher than in 2014, in a context of low hydraulicity. Of the overall sold energy, approx. 37% was intended for the balance market, leading to the consolidation of Romgaz position both as an electric power producer and system services supplier for the balance market. According to ANRE, considering the electric power supplied in the system, the market share increased to 2.86%. The sale prices reported on the market were exceeded on all the markets.
For Quarter 1 2016, the supplied electric power increased by 93.8%, resulting mainly from the performance of a 200 MW power group. According to the data offered by Transelectrica, the market share increased from 0.96% (Q1 2015) to 1.96% (Q1 2016).
The full version of Q1 2016 Report (January - March 2016) and the Individual Interim Financial Statements (unaudited) for the period ended March 31, 2016 are available on company's website http://www.romgaz.ro/en/interim-reports and on RNS website at:
http://www.rns-pdf.londonstockexchange.com/rns/1661Y_-2016-5-13.pdf