SOCIETATEA NAŢIONALĂ DE GAZE NATURALE ''ROMGAZ'' SA
QUARTERLY REPORT
ON THE ECONOMIC-FINANCIAL ACTIVITY OF
ROMGAZ GROUP
ON MARCH 31, 2021
(January 01, 2021 - March 31, 2021)
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, 2021 | |
Report Date | May 14, 2021 |
Name of the Company | Societatea Naţională 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 | Bucharest Stock Exchange (shares) and London Stock |
company's shares are traded | Exchange (GDRs) |
ROMGAZ1 GROUP PERFORMANCES
Romgaz Group recorded in Q1 2021 a revenue of RON 1,327.2 million, decreasing by 7.21%, namely RON 103.1 million, as compared to the revenue recorded in Q1 2020. However, Romgaz supplied in Q1 2021 gas quantities higher by 14.12% than in Q1 2020.
In 2021 Romgaz Group collected part of the receivables impaired at the end of 2020, that led to a net gain from impairment adjustments of RON 31.6 million.
Expenses with windfall tax decreased as compared to Q1 2020 by RON 63.9 million.
The Group recorded in Q1 2021 an additional provision for purchase of greenhouse gas emissions certificates of RON 67.3 million, due to the increase of certificate price as compared to the estimation made in December 2020.
Net consolidated profit of RON 463.8 million was lower by 18.91%, namely RON 108.2 million, versus the similar period of the previous year.
Net consolidated earnings per share (EPS) was RON 1.2.
1 Romgaz Group consists of SNGN Romgaz SA ("The Company"/"Romgaz") as parent company, Filiala de Înmagazinare Gaze Naturale Depogaz Ploiești SRL ("Depogaz") the subsidiary 100% owned by Romgaz, and its associates SC Depomureş SA (40% of the share capital) and SC Agri LNG Project Company SRL (25% of the share capital).
Report on the activity performed in Q1 2021 | Page - 2 - |
The achieved margins of the consolidated net profit (34.9%), consolidated EBIT (41.3%) and consolidated EBITDA (52.4%) decreased slightly as compared to Q1 2020 (40.0%; 46.8% and 57.0% respectively) but maintains a high rate.
Natural gas consumption estimated2 nationally for Q1 2021 was 49 TWh, approximately by 6% higher than the consumption recorded in Q1 2020.
Natural gas production was RON 1,311.5 million m3, by 3.7%, namely 50.8 million m3 below the production recorded in Q1 2020.
Electricity supplied was of 185.8 GWh, by 22.67% lower than for the similar period of last year (240.3 GWh).
Electricity production reached 202.1 GWh, by 21.96% lower than production in the similar period of last year (258.9 GWh), the difference against the electricity supplied into the National Power Grid represents own consumption of the power plant.
*RON million*
Q1 | Q4 | Q1 | Q1/Q4 | Main indicators | Q1 | Q1 | Q1 |
2020 | 2020 | 2021 | (%) | 2020 | 2021 | (%) | |
1,430.3 1,156.5
1,413.6 1,129.2
- 810.7
- 1.1
680.3 319.7
108.3 13.7
571.9 306.0
669.3 307.4
- 511.4
- 0.79
39.98 26.46
46.79 26.58
57.00 44.22
6,240 6,188
1,327.2 | 14.76 | Revenue | 1,430.3 | 1,327.2 | -7.21 |
1,256.1 | 11.24 | Income | 1,413.6 | 1,256.1 | -11.14 |
693.5 | -14.46 | Expenses | 733.6 | 693.5 | -5.47 |
(0.2) | n/a | Share of profit of associates | 0.3 | (0.2) | n/a |
562.4 | 75.91 | Gross Profit | 680.3 | 562.4 | -17.33 |
98.6 | 619.71 | Profit tax | 108.3 | 98.6 | -8.96 |
463.8 | 51.57 | Net profit | 571.9 | 463.8 | -18.90 |
548.6 | 78.46 | EBIT | 669.3 | 548.6 | -18.03 |
695.7 | 36.04 | EBITDA | 815.3 | 695.7 | -14.67 |
1.2 | 51.90 | Earnings per share (EPS) (RON) | 1.5 | 1.2 | -20.00 |
34.94 | 32.05 | Net profit ratio (% from Revenue) | 39.98 | 34.94 | -12.61 |
41.33 | 55.49 | EBIT Ratio (% from Revenue) | 46.79 | 41.33 | -11.67 |
52.42 | 18.54 | EBITDA Ratio (% from Revenue) | 57.00 | 52.42 | -8.04 |
6,126 | -1.00 | Number of employees at the end of | 6,240 | 6,126 | -1.83 |
the period |
Q1 | Q4 | Q1 | Q1/Q4 | Main indicators | Q1 | Q1 | Q1 | ||||
2020 | 2020 | 2021 | (%) | 2020 | 2021 | (%) | |||||
1,362.3 | 1,322 | 1,311.5 | -0.79 | Gross production (million m3) | 1,362.3 | 1,311.5 | -3.73 | ||||
98 | 94 | 93 | -1.1 | Petroleum royalty (million m3) | 98 | 93 | -5.10 | ||||
6,497 | 6,119 | 6,351 | -13.12 | Condensate production (tonnes) | 6,497 | 6,351 | -2.25 | ||||
258.9 | 319.6 | -36.78 | Electricity production (GWh) | 258.9 | -21.96 | ||||||
202.1 | 202.1 | ||||||||||
895.4 | 892.5 | 1,289.9 | 44.53 | UGS withdrawal services (million | 895.4 | 1,289.9 | 44.06 | ||||
m3) invoiced by Subsidiary | |||||||||||
40.7 | 99.6 | 2.4 | -97.59 | UGS injection services (million | 40.7 | 2.4 | -94.10 | ||||
m3) invoiced by Subsidiary | |||||||||||
2 The consumption is estimated as ANRE did not publish, until the date hereof, the reports on the gas market for February and March 2021
Report on the activity performed in Q1 2021 | Page - 3 - |
Natural gas production recorded in Q1 2021 was 1,311.5 million m3 by 3.7% lower than the production of Q1 2020.
Bearing in mind that every hydrocarbon production company records a production decline, the company recorded in Q1 2021 a relatively high production supported by:
- Continuous rehabilitation projects for main mature gas fields, mitigating production decline in such fields;
- Performing recompletion operations in wells that led to reactivation of several wells with important flow rates.
The conditions underlying these results were:
- Gas imports for consumption were approximately 9.66 TWh, 6.7% higher than the quantity of Q1 2020;
- Withdrawals from Romgaz UGS's were by 150% higher than in the similar period of last year.
National gas consumption estimated for Q1 2021 was 49.13 TWh, by approx. 6% higher than the consumption recorded in Q1 2020, out of which 9.66 TWh is covered by import gas and the difference of 39.47 TWh by domestic gas. Romgaz contribution is 18.14 TWh, representing 36.92% from the national consumption, and 45.96% from the consumption supplied from internal gas. Romgaz market share rose by 2.5% as compared to the market share recorded in Q1 2020.
Report on the activity performed in Q1 2021 | Page - 4 - |
ROMGAZ GROUP - BRIEF OVERVIEW
are:
- exploration and production of natural gas;
- underground storage of natural gas;
- supply of natural gas;
- special well operations and services;
- technological transport and maintenance services;
- electricity production and supply;
- natural gas distribution.
On March 31, 2021 SNGN Romgaz SA shareholders' structure was the following:
Number of shares | % | |
Romanian State3 | 269,823,080 | 70.0071 |
Free float - total, out of which: | 115,599,320 | 29.9929 |
*legal persons | 96,451,035 | 25.0248 |
*natural persons | 19,148,285 | 4.9681 |
Total | 385,422,400 | 100.0000 |
Romanian | Free float |
30% | |
State | |
70% |
The organization of the company is the hierarchy-functional type with a number of six hierarchy levels from company's shareholders to execution personnel.
The Company has seven branches established depending both on the specific business as well as on the activity location (production branches), as follows:
Sucursala Mediaş (Medias Branch);
Sucursala Târgu Mureş (Targu Mures Branch);
Sucursala de Intervenţii, Reparaţii Capitale şi Operaţii Speciale la Sonde Mediaş (SIRCOSS) (Branch for Well Workover, Recompletions and Special Well Operations);
Sucursala de Transport Tehnologic şi Mentenanţă Târgu Mureş (STTM) (Technological Transport and Maintenance Branch);
Sucursala de Producţie Energie Electrică Iernut (Iernut Power Generation Branch);
Sucursala Bratislava (Bratislava Branch)4;
- The Romanian State acting through the Ministry of Energy
- By EGMS Resolution No. 3 of March 25, 2020 company's shareholders "approve SNGN ROMGAZ SA withdrawal of from the concession block Svidnik located in the Slovak Republic", herewith the company withdrawing from Slovakia
Report on the activity performed in Q1 2021 | Page - 5 - |
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SNGN Romgaz SA published this content on 14 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2021 11:58:07 UTC.