Information  X 
Enter a valid email address

S.N.G.N. Romgaz S.A. (SNGR)

  Print   

Friday 13 May, 2022

S.N.G.N. Romgaz S.A.

Q1 2022 Report

RNS Number : 4131L
S.N.G.N. Romgaz S.A.
13 May 2022
 

QUARTERLY REPORT

ON THE ECONOMIC-FINANCIAL ACTIVITY OF ROMGAZ GROUP

ON MARCH 31, 2022 (January 01, 2022 - March 31, 2022)

 

 

IDENTIFICATION DETAILS ON REPORT AND ISSUER

Report based on

Law No. 24/2017 on issuers of financial instruments and market operations, republished (Article 69) andASF Regulation (Financial Supervisory Authority) No. 5/2018 on issuers of financial instruments and market operations (Annex no.13), for the three-month period ended on March 31, 2022

 

Report Date

May 13, 2022

 

Company Name

Societatea Naţională de Gaze Naturale "ROMGAZ" S.A.

 

Headquarters

Medias, 551130, 4 Constantin I. Motas Square, Sibiu County

 

Telephone/fax number

004 0374401020/004 0374474325

 

Web/E-mail

www.romgaz.ro / [email protected]

 

Registration Number with the Office of the Trade Registry

J32/392/2001

 

Fiscal Code

RO14056826

 

Legal Entity Identifier (LEI)

2549009R7KJ38D9RW354

 

Regulated market where  company shares are traded

Bucharest Stock Exchange (shares) and London Stock Exchange (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 dematerialized and free tradable since November 12, 2013 as SNG - for shares and SNGR - for GDRs

 

 

 






ROMGAZ GROUP[1]  PERFORMANCES

In the first quarter (Q1) 2022, Romgaz Group recorded a revenue of RON 3,925.8 million, increased by 195.78%, namely RON 2,598.5 million, as compared to the revenue achieved in Q1 2021. Compared to Q4 2021, the revenue increased by 66.6%.

Net consolidated profit of RON979.6 million was higher by 111.24%, namely by RON 515.9 million, compared to the same period of the previous year. Compared with Q4 2021, net profit increased by 29.13%.

Net consolidated earnings per share (EPS) was RON2.5.

The achieved margins of the consolidated net profit (24.95%), consolidated EBIT (28.97%) and consolidated EBITDA (31.24%) decreased as compared to Q1 2021 (34.94%; 41.33% and 52.42% respectively) but remain at high levels. Decreases in the percentage rates of these indicators are generated  by the windfall tax and petroleum royalty which increased from RON 201.0 million in Q1 2021 to RON 2,303.9 million in Q1 2022 (+1,046.2%). Compared to Q4 2021, these expenses were 14.77% higher.

On March 30, 2022, Romgaz signed a credit facility agreement in amount of EUR 325 million for the acquisition of all shares issued by ExxonMobil Exploration and Production Romania Limited which holds 50% of the rights and obligations under the Concession Agreement for the Exploration, Development and Production of XIX Neptun Deep Block.

Natural gas consumption estimated[2] at national level for Q1 2022 was about 44 TWh, approximately 11% lower than the consumption recorded in Q1 2021.

Natural gas production recorded in Q1 2022 was 1,307.2 million m3, 0.33% lower than in Q1 2021.

The amount of electricity produced was 345.34 GWh in Q1 2022, 70.87% higher than production in the similar period of last year (202.1 GWh).

 

Relevant Consolidated Financial Results

*RON million*

Q1  2021

Q4  2021

Q1  2022

ΔQ1/Q4  (%)

Main indicators

Q1  2021

Q1  2022

Δ Q1 (%)

1,327.2

2,356.4

3,925.8

66.60

Revenue

1,327.2

3,925.8

195.78

1,256.1

2,428.6

3,924.4

61.59

Income

1,256.1

3,924.4

212.44

693.5

1,620.9

2,755.0

69.97

Expenses

693.5

2,755.0

297.27

(0.2)

 0.1

 (0.1)

n/a

Share of profit of associates

(0.2)

 (0.1)

-72.86

562.4

 807.8

1,169.4

44.76

Gross profit

562.4

1,169.4

107.93

98.6

 49.2

 189.7

285.55

Profit tax

98.6

 189.7

92.38

463.8

 758.6

 979.6

29.13

Net profit

463.8

 979.6

111.24

548.6

787.8

1,137.5

44.39

EBIT

548.6

1,137.5

107.36

695.7

977.3

1,226.5

25.50

EBITDA

695.7

1,226.5 

76.30

1.2

1.97

 2.5

29.13

Earnings per share (EPS) (RON)

1.2

 2.5

111.24

34.94

32.19

24.95

-22.49

Net profit ratio (% from Revenue)

34.94

 24.95

-28.58

41.33

33.43

 28.97

-13.33

EBIT ratio (% from Revenue)

41.33

 28.97

-29.90

52.42

41.47

 31.24

-24.67

EBITDA ratio (% from Revenue)

52.42

 31.24

-40.40

6,126

5,863

5,843

-0.34

Number of employees at the end of the period

6,126

5,843

-4.62

 

 

Operational results

Q1  2021

Q4  2021

Q1  2022

ΔQ1/Q4 (%)

Main indicators

Q1 2021

Q1 2022

Δ Q1  (%)

1,311.5

1,322

1,307.2

-1.12

Gross production (million m3)

1,311.5

1,307.2

-0.33

92.8

94.3

92.6

-1.80

Petroleum royalty (million m3)

92.8

92.6

-0.22

6,351

5,027

5,369

6.80

Condensate production (tonnes)

6,351

5,369

-15.46

202.1

213.9

345.3

61.45

Electricity production (GWh)

202.1

345.3

70.87

1,289.9

663.3

1,026.4

-20.43

UGS withdrawal services (million m3) invoiced

1,289.9

1,026.4

-20.43

2.4

192.1

78.8

3,183.33

UGS injection services (million m3) invoiced

2.4

78.8

3,183.33

 

Note: information is not consolidated, it also includes transactions between Romgaz and Depogaz.

 

Natural gas production recorded in Q1 2022 was influenced by:

ü Implementation of measures to optimize gas field production;

ü Continuation and extension of rehabilitation projects of the main mature gas fields;

ü Performance of well workover and recompletion programs in inactive or low productivity wells;

ü completion of investment works to extend the production infrastructure and connection of new wells to this infrastructure.

The conditions underlying these results were: 

Ø Gas imports for consumption were approximately 9.5 TWh, 7.33% higher than in the same period of the previous year;

Ø Withdrawals from Romgaz UGSs were 2.07 million MWh lower than in the similar period of 2021 (1.96 million MWh compared to 4.03 million MWh).

National gas consumption estimated for Q1 2022 was 44 TWh, approximately 11% lower than the consumption recorded in Q1 2021, out of which approximately 9.5 TWh was covered by import gas and the difference of 34.5 TWh by domestic gas. Romgaz contribution was 15.7 TWh, representing 35.72% from the national consumption and 45.53% from the consumption covered from domestic gas.

 

 

The full version of the Quarterly Report on the Economic-Financial Activity of Romgaz Group on March 31, 2022 (January - March 2022) and the Consolidated Condensed Interim Financial Statements for the Three-Month Period Ended March 31, 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: 


http://www.rns-pdf.londonstockexchange.com/rns/4131L_1-2022-5-13.pdf




[1] Romgaz Group consists of SNGN Romgaz SA (the "Company"/"Romgaz") as parent company, Filiala de Înmagazinare Gaze Naturale Depogaz Ploiești SRL ("Depogaz"), 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).

[2] Consumption is estimated as ANRE has not published, until the date hereof, the reports on the gas market for 2022.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
QRFFIFVEELIVLIF

a d v e r t i s e m e n t