TIDMSNGR
RNS Number : 5733I
S.N.G.N. Romgaz S.A.
13 August 2021
BOARD OF DIRECTORS' REPORT
1(ST) HALF YEAR 2021
IDENTIFICATION DETAILS ON REPORT AND ISSUER
Report based on Law no. 24/2017 on issuers of financial instruments and market
operations (Article 65) and ASF (Financial Supervisory Authority)
Regulation no.5/2018 on issuers of financial instruments and
market operations (Annex 14) for the six-month period ended
on June 30, 2021 (HI of financial year 2021)
Report Date August 13, 2021
Name of the Company Societatea Na ional de Gaze Naturale "ROMGAZ" SA
Headquarters Media , 4 Constantin I. Motas Square, code 551130, Sibiu County
Telephone/fax number 0040 374 401020 / 0040 269 846901
Web/E-mail www.romgaz.ro / secretariat@romgaz.ro
Fiscal Code RO 14056826
Legal Entity Identifier (LEI) 2549009R7KJ38D9RW354
Regulated market where the company's Bucharest Stock Exchange (shares) and London Stock Exchange
shares are traded (GDRs)
Subscribed and paid in share capital RON 385,422,400
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 GDRs
ROMGAZ GROUP(1) PERFORMANCES
Romgaz Group keeps high operational and financial performances
in the first six months of 2021.
National gas consumption recorded an approximately 8% increase
for the first 6 months of 2021 as compared to the similar period of
last year, while Romgaz deliveries increased by 23.7%. Therefore,
Romgaz has a 53% market share in terms of deliveries from internal
production, by 8.6% higher than the share held in the similar
period of 2020.
Natural gas production for first half of 2021, was 2,519.2
million cm, by 12.2% (273.5 million cm) higher than the production
achieved in the similar period of last year.
Romgaz electricity production reached 203.08 GW, lower by 92.15
GWh than the production in the similar period of 2020 (-31.21%).
This production placed Romgaz at a market share of 0.67%(2) .
Consolidated net profit per share (EPS) was RON 2.0.
Margins of high profitability indicators for H1 2021: net
consolidated profit (33.8%), consolidated EBIT (38.9%) and
consolidated EBITDA (52.7%) are slightly decreasing as compared to
the first half of 2020 (36.5% , 42.0% and 55.3% respectively) but
maintain a high rate.
Relevant Financial Result s (consolidated)
*million RON*
Q2 2020 Q1 2021 Q2 2021 <DELTA> Main indicators HI 2020 HI 2021 <DELTA>
Q2 (%) HI (%)
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763.1 1,327.2 922.8 20.9 Revenue 2,193.4 2,250.0 2.58
819.8 1,256.1 1,002.1 22.2 Income 2,233.4 2,258.2 1.11
556.7 693.5 662.0 18.9 Expenses 1,290.3 1,355.5 5.05
Share of the associates'
(0.4) (0.2) (0.6) 50.0 result (0.1) (0.8) 700.00
262.8 562.4 339.6 29.2 Gross Profit 943.1 901.9 -4.37
33.9 98.6 41.7 23.0 Profit Tax 142.2 140.3 -1.34
228.9 463.8 297.8 30.1 Net Profit 800.8 761.6 -4.90
251.1 548.6 326.8 30.1 EBIT 920.4 875.4 -4.89
398.0 695.7 489.9 23.1 EBITDA 1,213.3 1,185.7 -2.27
Earnings per share
0.6 1.2 0.8 33.3 (RON) 2.1 2.0 -5.90
Net Profit Rate (%
30.00 34.94 32.27 7.6 from Revenue) 36.51 33.85 -7.29
EBIT ratio (% from
32.91 41.33 35.41 7.6 Revenue) 41.96 38.91 -7.28
EBITDA ratio (% from
52.16 52.42 53.09 1.8 Revenue) 55.32 52.70 -4.74
Number of employees
at the end of the
6,208 6,126 6,066 -2.29 period 6,208 6,066 -2.29
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The figures above are rounded. Therefore, small differences may
result upon reconciliation.
Note: income and expenses do not include in-house works
capitalized as non-current assets.
Summary of the Group's main indicators for HI 2021:
ü Total income is by RON 24.8 million higher, recording a 1.11%
rise while total expenses increased by 5.05%;
ü Net consolidated profit of RON 761.6 million, by 4.90% lower,
RON 39.2 million respectively, as compared to the similar period of
the previous year. The following significant factors influenced the
result of H1 2021:
o Romgaz won in court a litigation against ANAF (National Agency
for Fiscal Administration) requesting annulment of a fiscal
inspection report related to an investigation performed during
December 2016 - April 2017, which led to an income of RON 28.02
million from offsetting the impairment set up for such
receivable;
o Increase of greenhouse gas emission certificates price had a
net negative impact on H1 2021 result of RON 70.8 million;
o Following deregulation of prices in the gas sector windfall
tax decreased by RON 61.09 million as compared to H1 2020;
o Increase of petroleum royalty expenses by RON 78.2 million in
H1 2021 as compared to the previous period;
o Decrease of revenues from storage activities by RON 27.1
million due to booking lower storage capacities in 2021-2022
storage cycle than in the previous storage cycle. In H1 2021
Depogaz clients withdrew from storages 1,420.7 million cm (H1 2020:
923.9 million cm), but injected only 559 million cm (H1 2020: 571
million cm), resulting in a decrease of 861,7 million cm gas in
storages (H1 2020: 352.9 million cm);
ü Labour productivity increased as compared to the previous
period, from RON 353.31 thousand revenue/employee in H1 2020 to
370.92 thousand revenue/employee in H1 2021 (+5%);
ü EPS of RON 2.0 is by 5.9% lower than recorded in H1 2020.
Operational Results
Q2 2020 Q1 2021 Q2 2021 <DELTA> Main indicators HI 2020 HI 2021 <DELTA>
Q2 (%) HI (%)
Gas production (million
883.4 1,311.5 1,207.7 36.7 cm) 2,245.7 2,519.2 12.2
Petroleum royalty
59.4 93 84.1 41.6 (million cm) 157.4 176.9 12.4
Condensate production
4,748 6,351 6,515 37.2 (tons) 11,245 12,865 14.4
Electricity production
36.31 202.1 1.0 -97.2 (GWh) 295.2 203.1 -31.2
Invoiced UGS withdrawal
services (million
28.5 1,289.9 130.8 359.0 cm) 923.9 1,420.7 53.8
Invoiced UGS injection
services (million
530.3 2.4 556.6 2.1 cm) 571.0 559.0 -2.1
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Note: the information is not consolidated, namely it contains
transactions between Romgaz and Depogaz.
2,519.2 million cm is Romgaz production in H1 2021, by 273.4
million cm (12.2%) more than in the similar period of last
year.
HI 2021production was supported by:
ü optimisation of gas field exploitation;
ü ongoing rehabilitation projects of main mature gas fields;
ü well workover operations that resulted in reactivation of
several wells with significant flow rates;
ü investments to stream in production new wells resulted from
exploration drilling.
Electricity production is shown in the table below and its trend
was closely connected to the energy demand, price trends on
competitive markets and the quantity of fuel allocated thereto.
*MWh*
2020 2021 Ratio
1 2 3 4=3/2x100
Q 1 258,923 202,073 -21.96%
Q 2 36,310 1,010 -97.22%
H I 295,233 203,083 -31.21%
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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"), which is the subsidiary
owned 100% by Romgaz, and its associates S.C. Depomures S.A. (40%
of the share capital) and S.C. Agri LNG Project Company SRL (25% of
the share capital)
(2) Source: CNTEE Transelectrica SA
The full version of the Board of Directors' Report for 1(ST)
Half Year 2021 and the Consolidated Condensed Interim Financial
Statements for the Six-Month and Three-Month Periods Ended June 30,
2021 (Unaudited), Prepared in Accordance with International
Accounting Standard 34, are available on company's website
www.romgaz.ro - Section Investors - Interim Reports and on RNS
website at:
http://www.rns-pdf.londonstockexchange.com/rns/5733I_1-2021-8-13.pdf
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END
IR FIFVETFIVLIL
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