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S.N.G.N. ROMGAZ S.A. - SNG

Q1 2020 Report

Release Date: 5/15/2020 8:15:03 AM

IRIS Code: 061FE

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 (LEI)

2549009R7KJ38D9RW354

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 GDR’s

Regulated market where the company’s shares are traded

Bucharest Stock Exchange (shares) and London Stock Exchange (GDRs)

 

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 m3, by 4.7%, namely 67.7 million m3 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

ΔQ1/Q4         (%)

Main indicators

Q1    2019

Q1    2020

Δ 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

1.4

0.1

0.3

200.00

Share of profit of 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

1.4

(0.25)

1.5

n/a

Earnings per share (EPS) (RON)

1.4

1.5

7.14

31.6

-7.4

39.98

n/a

Net profit ratio (% from Revenue)

31.6

39.98

26.52

36.8

-9.99

46.79

n/a

EBIT Ratio (% from Revenue)

36.8

46.79

27.15

52.2

49.23

56.07

13.89

EBITDA Ratio (% from Revenue)

52.2

56.07

7.41

6,162

6,251

6,240

-0.02

Number of employees at the end of the period

6,162

6,240

1.27

 

 

Operational Results

Q1   2019

Q4  2019

Q1  2020

ΔQ1/Q4 (%)

Main indicators

Q1 2019

Q1 2020

Δ Q1  (%)

1,430.0

1,327.4

1,362.3

2.63

Gross production (million m3)

1,430.0

1,362.3

-4.73

103

96

98

2.08

Petroleum royalty (million m3)

103

98

-4.85

4,934

4,388

6,497

48.06

Condensate production (tonnes)

4,934

6,497

31.68

170.8

298.0

258.9

-13.12

Electricity production (GWh)

170.8

258.9

51.58

884.9

347.1

895.4

157.97

Invoiced UGS withdrawal services (million m3)

884.9

895.4

1.19

37.8

346.1

40.7

-88.24

Invoiced UGS injection services (million m3)

37.8

40.7

7.67

 

The gas production recorded for Q1 2020 was RON 1,362.3 million m3, 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.

 

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 RelationsInterim Reports and on Bucharest Stock Exchange website, at the link bellow.



[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

 

 



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