TIDMSNGR
RNS Number : 0320N
S.N.G.N. Romgaz S.A.
15 May 2020
QUARTERLY REPORT
REGARDING THE ECONOMIC-FINANCIAL ACTIVITY OF
ROMGAZ GROUP
ON MARCH 31, 2020 (January 01, 2020 - March 31, 2020)
IDENTIFICATION DETAILS ON REPORT AND ISSUER
Report Basis Law no. 24/2017 on issuers of financial
instruments and market operations (Article
67) and ASF Regulation no.5/2018 on
issuers of financial instruments and
market operations (Annex 13) for the
three-month period ended on March 31,
2020
Report Date May 15, 2020
Name of the Company Societatea Nationala de Gaze Naturale
"ROMGAZ" SA
Headquarters Medias 551130, 4 Constantin I. Motas
Square, Sibiu County
Telephone/Fax number 004 0374401020 / 004 0374474325
Web/E-mail www.romgaz.ro / secretariat@romgaz.ro
Fiscal Code RO 14056826
Trade Registry No. J32/392/2001
Legal Entity Identifier 2549009R7KJ38D9RW354
(LEI)
Subscribed and paid in RON 385,422,400
share capital
Shares main characteristics 385,422,400 shares each with a nominal
value of RON 1;
Nominative, ordinary, indivisible shares,
issued dematerialised and free tradable
since November 12, 2013 as SNG - for
shares and SNGR - for GDR's
Regulated market where Bucharest Stock Exchange (shares) and
the company's shares are London Stock Exchange (GDRs)
traded
ROMGAZ GROUP(1) PERFORMANCES
Romgaz Group recorded in Q1 2020 a revenue of RON 1,430.3
million, decreasing by 16.51%, namely RON 282.8 million, compared
to Q1 2019.
Net profit of RON 571.9 million was higher by 5.54%, namely RON
30.1 million, compared to the similar period of the previous
year.
Net consolidated earnings per share (EPS) was RON 1.5.
The achieved margins of the consolidated net profit (40.0%),
consolidated EBIT (46.8%) and consolidated EBITDA (56.1%) increased
as compared to Q1 2019 (31.6%; 36.8% and namely 52.2%), confirming
an improvement of the Group's activity, even if the revenue
recorded a decrease.
The natural gas consumption estimated(2) nationally for Q1 2020
was 45.85 TWh, approximately by 3.7% lower than the consumption
recorded in Q1 2019.
Natural gas production was RON 1,362.3 million m(3) , by 4.7%,
namely 67.7 million m(3) below the production recorded in Q1
2019.
The quantity of electricity delivered was of 240.2 GWh, by
54.17% higher as compared to the similar period of the previous
year (155.8 GWh).
The quantity of electricity produced was of 258.9 GWh in Q1
2020, by 51.5% higher as compared to the similar period of the
previous year (170.8 GWh), the remaining as compared to the
electricity delivered in the NES being the own technological
consumption of the power plant.
Relevant Consolidated Financial Results
*RON million*
Q1 2019 Q4 2019 Q1 2020 <DELTA>Q1/Q4 Main indicators Q1 2019 Q1 2020 <DELTA>
(%) Q1 (%)
1,713.1 1,289.6 1,430.3 10.91 Revenue 1,713.1 1,430.3 -16.51
-------- -------- ------------- -------------------------- -------- -------- --------
1,683.1 1,308.4 1,413.6 8.04 Income 1,683.1 1,413.6 -16.01
-------- -------- ------------- -------------------------- -------- -------- --------
1,043.0 1,429.3 733.6 -48.67 Expenses 1,043.0 733.6 -29.66
-------- -------- ------------- -------------------------- -------- -------- --------
Share of profit of
1.4 0.1 0.3 200.00 associates 1.4 0.3 -78.57
-------- -------- ------------- -------------------------- -------- -------- --------
641.8 (120.8) 680.3 n/a Gross Profit 641.8 680.3 6.00
-------- -------- ------------- -------------------------- -------- -------- --------
99.9 (25.3) 108.3 n/a Profit tax 99.9 108.3 8.41
-------- -------- ------------- -------------------------- -------- -------- --------
541.9 (95.5) 571.9 n/a Net profit 541.9 571.9 5.54
-------- -------- ------------- -------------------------- -------- -------- --------
630.8 (128.8) 669.3 n/a EBIT 630.8 669.3 6.10
-------- -------- ------------- -------------------------- -------- -------- --------
894.0 634.9 802.0 26.32 EBITDA 894.0 802.0 -10.29
-------- -------- ------------- -------------------------- -------- -------- --------
Earnings per share
1.4 (0.25) 1.5 n/a (EPS) (RON) 1.4 1.5 7.14
-------- -------- ------------- -------------------------- -------- -------- --------
Net profit ratio (%
31.6 -7.4 39.98 n/a from Revenue) 31.6 39.98 26.52
-------- -------- ------------- -------------------------- -------- -------- --------
EBIT Ratio (% from
36.8 -9.99 46.79 n/a Revenue) 36.8 46.79 27.15
-------- -------- ------------- -------------------------- -------- -------- --------
EBITDA Ratio (% from
52.2 49.23 56.07 13.89 Revenue) 52.2 56.07 7.41
-------- -------- ------------- -------------------------- -------- -------- --------
Number of employees
6,162 6,251 6,240 -0.02 at the end of the period 6,162 6,240 1.27
-------- -------- ------------- -------------------------- -------- -------- --------
Operational Results
Q1 2019 Q4 2019 Q1 2020 <DELTA>Q1/Q4 Main indicators Q1 2019 Q1 2020 <DELTA>
(%) Q1 (%)
Gross production (million
1,430.0 1,327.4 1,362.3 2.63 m(3) ) 1,430.0 1,362.3 -4.73
-------- -------- ------------- -------------------------- -------- -------- --------
Petroleum royalty
103 96 98 2.08 (million m(3) ) 103 98 -4.85
-------- -------- ------------- -------------------------- -------- -------- --------
Condensate production
4,934 4,388 6,497 48.06 (tonnes) 4,934 6,497 31.68
-------- -------- ------------- -------------------------- -------- -------- --------
Electricity production
170.8 298.0 258.9 -13.12 (GWh) 170.8 258.9 51.58
-------- -------- ------------- -------------------------- -------- -------- --------
Invoiced UGS withdrawal
services (million
884.9 347.1 895.4 157.97 m(3) ) 884.9 895.4 1.19
-------- -------- ------------- -------------------------- -------- -------- --------
Invoiced UGS injection
services (million
37.8 346.1 40.7 -88.24 m(3) ) 37.8 40.7 7.67
-------- -------- ------------- -------------------------- -------- -------- --------
The gas production recorded for Q1 2020 was RON 1,362.3 million
m(3) , by 4.7% lower than the production recorded for the similar
period of the previous year.
The relatively high level of production achieved in Q1 2020,
taking into account that any hydrocarbon extraction company is
experiencing a production decline, was supported by:
-- completion of investment works to connect new wells to the production infrastructure;
-- continuous production rehabilitation programs for the main
mature gas fields that mitigated the production decline on these
fields;
-- performing recompletion operations that reactivated a series
of wells with significant flow rates.
These results were achieved under the following conditions:
-- natural gas import for consumption was approximately 9 TWh,
lower by 7.5% as compared to the similar period of the previous
year;
-- the withdrawn quantity from Romgaz gas stocks stored in
underground storages was by 24.99% less than in the same period of
2019.
The natural gas consumption estimated at national level for Q1
2020 was 45.85 TWh, approximately 3.7% lower than the consumption
recorded Q1 2019, out of which approx. 9 TWh was covered by import
gas and the remaining 36.85 TWh by domestic production to which
Romgaz participated with la 15.97 TWh, representing 34.83% of the
national consumption and 43.19% of the consumption covered by
domestic gas. The company's market share decreased by 2.2% as
compared to Q1 2019.
Notes:
(1) Romgaz Group consists of S.N.G.N. Romgaz S.A. ("The
Company"/"Romgaz") as parent company, Filiala de Inmagazinare Gaze
Naturale Depogaz Ploiesti SRL ("Depogaz") the subsidiary 100% owned
by Romgaz, and its associates SC Depomures SA (40% of the share
capital) and SC Agri LNG Project Company SRL (25% of the share
capital).
(2) The consumption is estimated as ANRE did not publish until
the date hereof the reports on the gas market for March 2020
The full version of the Quarterly Report on the
Economic-Financial Activity of Romgaz Group on March 31, 2020
(January - March 2020) and the Consolidated Condensed Interim
Financial Statements (not audited) for the three-month period ended
March 31, 2020 are available on company's website www.romgaz.ro -
Section Investor Relations - Interim Reports and on RNS website
at:
http://www.rns-pdf.londonstockexchange.com/rns/0320N_1-2020-5-15.pdf
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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