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Wednesday, December 12, 2018 
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ROMPETROL WELL SERVICES S.A. - PTR

Preliminary financial results 2017

Release Date: 2/15/2018 6:30:10 PM

IRIS Code: 424D8

ROMPETROL WELL SERVICES S,A,

PRELIMINARY UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR 2017

STATEMENT OF THE FINANCIAL POSITION

- RON-

La data

La data

31.12.2017

31.12,.016

Assets

Non-current assets

Tangible assets

23,459,576

29,472,070

Real estate investments

525,813

544,416

Intangible assets

257,852

12,832

Financial assets

6,524,856

6,524,856

Other financial assets

22,034

973,165

Total fixed assets

30,790,131

37,527,339

Current assets

Inventories

4,229,588

2,849,530

Trade and similar receivables

95,224,459

82,091,884

Profit tax receivable

257,842

2,370,643

Other current assets

181,351

264,465

Cash and deposits

3,513,305

6,573,982

Current assets - total

103,406,545

94,150,504

Total assets

134,196,676

131,677,843

Capital and reserves

Capital

Share capital, of which:

28,557,446

28,557,446

Subscribed and paid in share capital

27,819,090

27,819,090

Share capital adjustments

738,356

738,356

Legal reserves

5,563,818

5,563,818

Other reserves

67,507,892

73,680,797

Retained earnings

18,330,137

18,330,137

Current result

2,471,740

(5,820,561)

Total equity

122,431,033

120,311,638

Long-term liabilities

Provisions

229,429

158,457

Employee benefits liabilities

864,721

486,999

Deferred tax liabilities

365,363

365,363

Other liabilities

40,518

6,664

Total long-term liabilities

1,500,031

1,017,483

Current liabilities

Trade payables and similar liabilities

10,265,612

10,323,803

Provisions

-

24,919

Total current liabilities

10,265,612

10,348,722

Total liabilities

11,765,643

11,366,205

Total equity and liabilities

134,196,676

131,677,843

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For year ended 31 December 2017

- RON -

La data

La data

31.12.2017

31.12.2016

Turnover

39,997,068

31,106,110

Services performed

39,874,677

31,024,397

Sales of goods

122,391

81,714

Other operating income

252,599

32,954

OPERATING INCOME - TOTAL

40,249,667

31,139,065

Expenses with consumables

(11,345,721)

(7,315,658)

Power and water expenses

(182,838)

(420,929)

Merchandise expenses

(80,620)

(48,095)

Payroll costs, out of which:

(14,487,577)

(15,763,596)

Salaries

(11,906,949)

(12,946,893)

Social security contributions

(2,580,628)

(2,816,702)

Fixed assets value adjustment, of which

(6,172,280)

(8,618,926)

Depreciation

(6,172,280)

(6,970,205)

Current assets value adjustment

(182,878)

(363,378)

Expenses for third-party services

(6,441,774)

(5,463,874)

Taxes, duties and similar expenses

(726,248)

(633,988)

Provision adjustments

(46,053)

974,770

Other operating expenses

(680,558)

(1,130,639)

OPERATING EXPENSES - TOTAL

(40,346,547)

(38,784,313)

OPERATING RESULT

(96,880)

(7,645,248)

Interest income

2,541,486

1,890,865

- of which, revenues from related parties

2,531,720

1,883,967

Other financial income

294,913

434,820

FINANCIAL INCOME - TOTAL

2,836,399

2,325,686

Other financial expenses

(267,779)

(398,708)

FINANCIAL EXPENSES - TOTAL

(267,779)

(398,708)

FINANCIAL RESULT

2,568,620

1,926,978

RESULT BEFORE TAX

2,471,740

(5,718,271)

Income tax expense

-

(102,290)

RESULT FOR THE YEAR

2,471,740

(5,820,561)

Other comprehensive income

Actuarial gain / (losses) relating to retirement benefits

(352,345)

-

Total comprehensive RESULT for the year

2,119,395

(5,820,561)

Rompetrol Well Services S.A. (PTR) is one of the major suppliers of well services in Romania, The company offers a wide range of services for oil and gas wells, These services include cementing, consolidation and sand control services, stimulation, testing, slick-line, tubular running operations, etc. The company has a real potential for diversifying and increasing the complexity of the services rendered as the technologies in the field develop.

The year 2017, mostly its second half, marked a gradual and constant increase in the company’s operational activity and financial performance, after the difficult period generated by the drastic decrease of demand for Upstream services during 2015-2016.

In addition to the moderate increase of demand for well services recorded this year, a determinant role in increasing the financial performance of the company has been the full implementations of the operational restructuring program, started in 2016.

During the year 2017 all the company commitments were managed in financial equilibrium and ensuring the cash for full and timely payment of commercial commitments, salaries, debt budget. Current cash and cash equivalents offers the possibility by full financing the working capital from own sources. The company managed to improve operational performance, even though the economic environment in the oil and gas industry conditions were not favorable.

Performance of contracts with traditional customers and suppliers has offered the continuity of business trying as through the cost monitoring programs to diminish the negative effect of crude oil price volatility.

The analysis of the preliminary results will continue until the financial statements are completed and audited, in order to present on a prudent position a pertinent adjustment of all assets as of December 31st 2017

General Manager, Chief Financial Officer,

Adrian Ion Stanescu Valerica Dumitru



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