Romania: Romgaz reported RON501.2M net profit in Q1 2018

Romania’s largest natural gas producer, Romgaz SA, reported a 10.64% decline in the net profit compared to Q1 2017, according to the financial results submitted by the company to BVB.

 

ROMGAZ BY FIGURES

The achievement of net profit margin (33.81%), EBIT margin (39.56%) and EBITDA margin (50.67%), 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 performance was influenced by the reduction of delivered gas quantities determined by a national-wide gas consumption reduction, a warm winter, increased hydraulicity and wind power generation, all corroborated with low prices.

 

Relevant Financial Results

*RON million*

Q1 2017 Q4 2017 Q1 2018 Δ Q1    (%) Main Indicators 2016 2017 Δ ‘17/’16 (%)
1,497.5 1,343.5 1,482.3 -1.02 Revenue 3,411.9 4,585.2 34.4
1,390.3 1,544.1 1,406.4 1.16 Income 3,816.8 4,786.0 25.4
721.1 763.7 808.7 12.15 Expenses 2,536.1 2,604.9 2.7
669.2 780.4 597.7 -10.68 Gross profit 1,280.7 2,181.2 70.3
108.3 109.7 96.5 -10.90 Profit tax 256.1 326.4 27.5
560.9 670.7 501.2 -10.64 Net profit 1,024.6 1,854.7 81.0
664.2 773.7 586.4 -11.71 EBIT 1,258.6 2,158.8 71.5
892.2 914.9 751.1 -15.81 EBITDA 1,569.6 2,707.7 72.5
1.5 1.7 1.3 -13.33 Earnings per share (EPS) (RON) 2.66 4.8 80.5
37.45 49.9 33.81 -9.72 Net profit ratio (% of Revenue) 30.0 40.45 34.8
44.36 57.6 39.56 -10.82 EBIT Ratio (% of Revenue) 36.9 47.08 27.6
59.58 68.1 50.67 -14.95 EBITDA (% of Revenue) 46.0 59.05 28.4
6,220 6,198 6,157 -0.7 Number of employees at the end of the reporting period 6,246 6,198 -0.8

The figures in the table above are rounded, therefore, small reconcilliation differencies may exist.

Note: income and expenses do not include in-house works capitalized as non-current assets.

 

Operational Results

Q1 2017 Q4 2017 Q1 2018 Δ Q1/Q4 (%) Main indicators Q1 2017 Q1 2018 Δ Q1

(%)

1,333.0 1,406 1,364.1 -3.0 Gross production (million m3) 1,333.0 1,364.1 2.3
98 83 101 21.7 Petroleum royalty (million m3) 98 101 2.5
1.672 1,393 1,635 17.4 Condensate production (tonnes) 1,672 1,635 -2.2
611.4 398.3 287.3 -27.89 Electric power production (GWh) 611.4 287.3 -53.0
1,167.5 537.0 1,098.2 104.5 UGS withdrawal services invoiced (million m3) 1,167.5 1,098.2 -5.9
502.5 121.8 298,5 145.1 UGS injection services invoiced (million m3) 502.5 298.5 -40.6

 

The gas production recorded for Q1 2018 was 1,364.1 mil m3, by 2.3% higher than the production recorded in the similar quarter of the previous year. These results were achieved under the following circumstances:

  • natural gas import increased in Q1 2018, Romania imported a quantity of 8.3 TWh, by 14% higher than for the same period of 2017;
  • From Romgaz natural gas stocks stored in underground storages, the withdrawn quantity was by 11.9 TWh less than in the same period of 2017.

The natural gas consumption estimated at national level for Q1 2018 was of 49.77 TWh, by 1.05% lower than the consumption recorded in Q1 2017 (50.3TWh) out of which approximately 8.33 TWh was covered by import gas and the remaining 41.44 TWh by domestic production to which Romgaz participated with 18.46, representing 37.09% of the national consumption and 42.45% of the consumption covered by domestic gas. The company’s market share decreased by 2.5% as compared to the market share held in Q1 2017.

For Q1 2018, the electricity quantity supplied was by 52.8% lower than the similar period of 2017 due to a warm winter, low prices and lack of commitment to the Balancing Market due to increased hydraulicity and wind power generation. According to the data offered by Transelectrica, the market share was 1.64 % in Q1 2018.

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