TIDMSNGR
RNS Number : 4257G
S.N.G.N. Romgaz S.A.
15 November 2022
QUARTERLY REPORT
ON THE ECONOMIC-FINANCIAL ACTIVITY OF ROMGAZ GROUP
ON SEPTEMBER 30, 2022 (January 01, 2022 - September 30,
2022)
IDENTIFICATION DETAILS ON REPORT AND ISSUER
Report based on Law No. 24/2017 on issuers of financial
instruments and market operations, republished
(Art.69) and ASF Regulation (Financial
Supervisory Authority) No. 5/2018 on issuers
of financial instruments and market operations
(Annex No.13), for the nine-month period
ended September 30, 2022
Report Date November 15, 2022
Company Name Societatea Na ional de Gaze Naturale "ROMGAZ"
SA
Headquarters Media , 4 Constantin I. Mota Sq., 551130,
Sibiu County
Telephone/fax number 0040 374 401020 / 0040 269 846901
Web/E-mail www.romgaz.ro / secretariat@romgaz.ro
Registration Number with J32/392/2001
the Office of the Trade
Registry
Fiscal Code RO14056826
Legal Entity Identifier 2549009R7KJ38D9RW354
(LEI)
Regulated market where Bucharest Stock Exchange (shares) and London
company shares are traded Stock Exchange (GDRs)
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 dematerialized and free tradable
since November 12, 2013 as SNG - for shares
and SNGR - for GDRs
ROMGAZ GROUP ([1]) PERFORMANCES
In the first nine months of 2022, Romgaz Group recorded a
revenue of RON 10,812.55 million, an increase by 209.24%, namely
RON 7,316.02 million, as compared with the revenue achieved in the
first 9 months of 2021.
Net profit of RON 2,237.81 million was higher by 93.52%, namely
RON 1,081.43 million, as compared with the similar period of the
previous year.
Consolidated net profit per share (EPS) was RON 5.81, by 93.5%
higher than the one recorded in the first nine months of 2021.
For the reporting period, Romania's estimated natural gas
consumption[2] was 78.34 TWh, approximately 14% lower than the
consumption recorded in the similar period of 2021.
Thus, Romgaz market share estimated for the first 9 months of
2022, is 50.6%, by 5% higher than the market share recorded in the
same period of the previous year.
Natural gas production for the first 9 months of 2022 was
3,687.4 million m(3) , by 0.5% lower than production recorded in
the similar period of last year, namely 19 million m(3) .
Electricity produced in the reporting period was 839.465 GWh,
97.02% higher (+413.365 GWh) than in the same period of the
previous year.
In Q3/2022 Romgaz produced 294.806 GWh, increasing by 71.806
GWh, namely 32.21% higher than in Q3/2021. With this production,
Romgaz has a 2.32% market share.
Relevant Financial Results (consolidated)
*RON million*
<DELTA> <DELTA>
Q3 2021 Q2 2022 Q3 2022 Q3 (%) Main indicators 9M 2021 9M 2022 9M (%)
1,246.5 3,570.3 3,316.5 166.06 Revenue 3,496.5 10,812.5 209.24
-------- -------- -------- -------------------------- -------- --------- ----------
1,469.7 3,680.1 3,449.3 134.69 Income 3,727.9 11,053.8 196.52
-------- -------- -------- -------------------------- -------- --------- ----------
1,023.0 2,792.5 2,838.2 177.44 Expenses 2,378.5 8,385.7 252.56
-------- -------- -------- -------------------------- -------- --------- ----------
Share of the associates'
0.8 0.3 1.40 75.00 result 0.01 1.6 15,900.00
-------- -------- -------- -------------------------- -------- --------- ----------
447.5 887.9 612.5 36.87 Gross profit 1,349.4 2,669.8 97.85
-------- -------- -------- -------------------------- -------- --------- ----------
52.7 141.6 100.6 90.89 Profit tax 193.1 432.0 123.72
-------- -------- -------- -------------------------- -------- --------- ----------
394.8 746.3 511.9 29.66 Net profit 1,156.4 2,237.8 93.51
-------- -------- -------- -------------------------- -------- --------- ----------
435.7 825.7 561.9 28.96 EBIT 1,311.1 2,525.1 92.59
-------- -------- -------- -------------------------- -------- --------- ----------
621.7 956.2 712.4 14.59 EBITDA 1,807.3 2,895.1 60.19
-------- -------- -------- -------------------------- -------- --------- ----------
Earnings per share
1.02 1.9 1.33 29.66 (EPS) (RON) 3.0 5.81 93.52
-------- -------- -------- -------------------------- -------- --------- ----------
Net profit rate (%
31.67 20.90 15.43 -51.28 from Revenue) 33.07 20.70 -37.41
-------- -------- -------- -------------------------- -------- --------- ----------
EBIT ratio (% from
34.95 23.13 16.94 -51.53 Revenue) 37.50 23.35 -37.73
-------- -------- -------- -------------------------- -------- --------- ----------
EBITDA ratio (% from
49.87 26.78 21.48 -56.93 Revenue) 51.69 26.78 -48.19
-------- -------- -------- -------------------------- -------- --------- ----------
Number of employees
5,918 5,884 5,909 -0.15 at the end of the period 5,918 5,909 -0.15
-------- -------- -------- -------------------------- -------- --------- ----------
Figures in the table 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 .
A brief overview of the Group's main indicators during the 9M
period ended September 30, 2022:
ü Consolidated gross result for the reporting period is higher
by 97.85% as compared with the similar period of the previous year
(RON +1,320.4 million) due to the following influential
factors:
-- Consolidated revenue recorded an increase of 209.24% (+ RON
7,316.0 million) compared to 9M 2021;
-- Revenues from natural gas sales increased by 210.92% (+ RON
6,296.8 million), quantities sold decreased by 6.22%;
-- For the 9M ended September 30, 2022, electricity revenues
increased by 592.59% with a 97.02% higher production as compared
with the previous period. In 2022 a new tax was introduced for
electricity producers (a tax on additional revenue of electricity
producers, which later became contribution to the Energy Transition
Fund). The tax value was RON 293.9 million;
-- consolidated revenue from underground storage activities
increased by 65.58%; the unconsolidated revenue from underground
storage activities increased by approximately 42.11% as compared
with the previous period. The booked capacity increased in
2022-2023 storage cycle by 25.4% as compared to storage cycle
2021-2022;
-- consolidated r oyalty expenses increased by RON 1,145.3
million (+330.1%) as compared to 2021, and tax on additional
revenue from gas sales increased by RON 4,558.8 million (+1,252.4%)
as compared with the nine-month period of 2021;
-- the increased electricity production triggered the increase
of net expenses with greenhouse gas emission certificates by RON
80.71 million (+76%);
ü Net profit is RON 2,237.8 million, higher by RON 1,081.5
million than the one recorded in the previous period due to the
above mentioned reasons (+93.52%) ;
ü Romgaz completed in July 2022 the acquisition of all shares
issued by ExxonMobil Exploration and Production Romania Limited,
which holds 50% of the rights acquired and obligations under the
Petroleum Agreement for the eastern area, deep water zone of Neptun
XIX offshore Block in the Black Sea. The acquisition price was RON
5,125.6 million, financed both from own sources and from a bank
loan of RON 1,606.5 million;
ü Labour productivity increased by 209.71%, as compared to the
previous period, from RON 590.83 thousand revenue/employee in the
first 9M/2021 to RON 1,829.84 thousand revenue/employee in the
similar period of 2022;
ü EPS is RON 5.81 , 93.52% higher than in the first 9M/2021;
Operational Results
Q3 2021 Q2 2022 Q3 2022 <DELTA> Main Indicators 9 months 9 months <DELTA>
Q3 (%) 2021 2022 9 months
(%)
Gas production (million
1,187.3 1,207.9 1,172.4 -1.25 m(3) ) 3,706 3,687 -0.5
-------- -------- -------- ------------------------ --------- --------- ----------
Petroleum royalty
84.0 83.8 82.4 -1.9 (million m(3) ) 261 259 -0.8
-------- -------- -------- ------------------------ --------- --------- ----------
Condensate production
6,528 5,239 5,030 -22.9 (tons) 19,393 15,638 -19.4
-------- -------- -------- ------------------------ --------- --------- ----------
Electricity production
222.99 199.3 294.8 32.2 (GWh) 426.07 839.47 97.0
-------- -------- -------- ------------------------ --------- --------- ----------
Invoiced UGS withdrawal
services (million
25.3 63.7 12.3 -51.4 m(3) ) 1,446.0 1,102.4 -23.8
-------- -------- -------- ------------------------ --------- --------- ----------
Invoiced UGS injection
services (million
1,070.9 702.2 1,185.8 4.9 m(3) ) 1,629.9 1,966.9 20.7
-------- -------- -------- ------------------------ --------- --------- ----------
Note: the information is not consolidated, transactions between
Romgaz and Depogaz are included.
During the first 9 months of 2022, Romgaz produced 3,687 million
m(3) natural gas, 19 million m(3) (-0.5%) lower than in the similar
period of 2021.
Gas production for the first 9 months of 2022 was influenced
by:
ü Implementation of actions to optimize exploitation of natural
gas reservoirs;
ü Continuation and extension of rehabilitation projects of the
main mature gas reservoirs;
ü Execution of well workover operations in low productivity or
inactive wells;
ü Completion of investments in the development of production
infrastructure and connection of new wells to this
infrastructure.
The volume of gas sold by Romgaz in the reporting period,
representing deliveries to customers, without CTE Iernut
consumption, decreased by 6.2% as compared with 9M 2021.
The volume of electricity produced as shown in the table below
is in close connection with the energy demand, the evolution of
prices on competitive markets and the quantity of natural gas
allocated to the production of electricity and the efficiency of
said activity.
*MWh*
2021 2022 Ratio
1 2 3 4=3/2x100
-------- -------- -----------
Q1 202,073 345,337 70.90%
-------- -------- -----------
Q2 1,010 199,323 19,634.95%
-------- -------- -----------
Q3 222,989 294,806 132.21%
-------- -------- -----------
9 months 426,072 839,465 197.02%
-------- -------- -----------
The full version of the Quarterly Report on the
Economic-Financial Activity of Romgaz Group on September 30, 2022
(January - September 2022) and the Consolidated Condensed Interim
Financial Statements for the Nine-Month and Three-Month Periods
Ended September 30, 2022 (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 the link bellow:
http://www.rns-pdf.londonstockexchange.com/rns/4257G_1-2022-11-15.pdf
[1] Romgaz Group consists of SNGN Romgaz SA (the
"Company"/"Romgaz") as parent company and the subsidiaries Filiala
de Înmagazinare Gaze Naturale Depogaz Ploie ti SRL ("Depogaz") and
Romgaz Black Sea Limited (former ExxonMobil Exploration and
Production Romania Limited), both subsidiaries are 100% owned by
Romgaz.
[2] Consumption is estimated as, at the date hereof, ANRE did
not publish the report on the natural gas market for July-September
2022.
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END
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