QUARTERLY
REPORT
ON THE ECONOMIC-FINANCIAL
ACTIVITY OF ROMGAZ GROUP
ON MARCH 31, 2024 (January
01, 2024 - March 31, 2024)
IDENTIFICATION DETAILS ON REPORT AND ISSUER
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Report basis
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Law No. 24/2017 on issuers of financial instruments and market
operations, republished (Article 69)
and ASF Regulation No. 5/2018 on issuers of
financial instruments and market operations (Annex No.13),
for the three-month period ended on March 31, 2024
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Report Date
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May 15, 2024
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Company Name
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Societatea Naţională de Gaze
Naturale "ROMGAZ" SA
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Headquarters
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Mediaş, 4 Constantin I. Motaş Sq.,
551130, Sibiu County
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Telephone/fax number
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004 0374401020 / 004
0374474325
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Web/E-mail
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www.romgaz.ro / secretariat@romgaz.ro
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Registration Number with the Office
of the Trade Registry
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J32/392/2001
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Fiscal Code
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RO14056826
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Legal Entity Identifier
(LEI)
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2549009R7KJ38D9RW354
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Regulated market where company
shares are traded
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Bucharest Stock Exchange (shares)
and London Stock Exchange (GDRs)
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Subscribed and paid in share
capital
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RON 385,422,400
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Shares main
characteristics
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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) 2024,
Romgaz Group recorded a net consolidated profit of RON
1,245.3 million, an increase of 28.38%, namely by RON 275.3
million, as compared to the revenue achieved in the similar period
of last year. As compared to Q4 2023, net profit increased by
93.55% and gross profit by 45.82%.
Revenue
for Q1
2024 of RON
2,273.01 million decreased by 21.86%, by RON 636.03 million
respectively, as compared to the revenue achieved in Q1 2023, due
to a 6.68% drop in gas deliveries, 18.33% less electricity
production and 9.1% lower revenue form storage services.
Revenue from gas sales represent approximately 85% of Q1 2024 total
revenue, revenue from electricity sales represent - 4.8% and
revenue from storage services 6%. As compared to Q4 2023, revenue
increased by 3.71% and gas deliveries by 5.70%.
Net consolidated profit per share
(EPS) in March
2024 was RON 3.23 (calculated to the number
of shares registered with the Central Depositary on March 31, 2024,
before the share capital increase approved by the extraordinary
general meeting of shareholders by Resolution No. 17 of December
18, 2023).
The achieved
margins of the consolidated net
profit (54.79%), consolidated EBIT
(63.56%) and consolidated EBITDA
(69.56%) recorded a significant increase as
compared to Q1 2023 (33.34%; 59.90% and 64.71%
respectively.
Natural gas consumption
estimated[2]
nationally for Q1 2024 was about 35.42 TWh,
approximately 5.5% higher than the consumption recorded in Q1
2023.
Natural gas
production recorded in Q1 2024 was
1,290.98 million m3. Compared to
the natural gas production of Q1 2023, the production recorded in
Q1 2024 increased by 4.39%.
Electricity
produced in Q1 2024 of 263.832 GWh, dropped by 18.33% compared to the
production in the similar period of last year (323.04
GWh).
Relevant Consolidated Financial Results
*RON million*
|
Q1
2023
|
Q4 2023
|
Q1 2024
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ΔQ1/Q4 (%)
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Main
indicators
|
Q1
2023
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Q1 2024
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Δ Q1 (%)
|
|
2,909.0
|
2,191.6
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2,273.0
|
3.71
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Revenue
|
2,909.0
|
2,273.0
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-21.86
|
|
2,984.5
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2,171.4
|
2,376.0
|
9.42
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Income
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2,984.5
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2,376.0
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-20.39
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1,199.5
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1,153.3
|
891.1
|
-22.74
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Expenses
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1,199.5
|
891.1
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-25.71
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|
0.5
|
1.6
|
2.0
|
23.68
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Share of profit of
associates
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0.5
|
2.0
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288.58
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1,785.5
|
1,019.6
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1,486.9
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45.82
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Gross profit
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1,785.5
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1,486.9
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-16.72
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|
815.5
|
376.2
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241.6
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-35.80
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Profit tax
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815.5
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241.6
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-70.38
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970.0
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643.4
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1,245.3
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93.55
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Net profit
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970.0
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1,245.3
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28.38
|
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1,742.4
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991.4
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1,444.7
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45.73
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EBIT
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1,742.4
|
1,444.7
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-17.08
|
|
1,882.4
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1,099.7
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1,581.0
|
43.76
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EBITDA
|
1,882.4
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1,581.0
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-16.01
|
|
2.5
|
1.7
|
3.2
|
93.55
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Earnings per share (EPS)
(RON)
|
2.5
|
3.2
|
28.38
|
|
33.34
|
29.36
|
54.79
|
86.62
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Net profit ratio (% from
Revenue)
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33.34
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54.79
|
64.31
|
|
59.90
|
45.23
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63.56
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40.51
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EBIT ratio (% from
Revenue)
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59.90
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63.56
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6.12
|
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64.71
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50.18
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69.56
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38.61
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EBITDA ratio (% from
Revenue)
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64.71
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69.56
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7.49
|
|
5,943
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5,980
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5,973
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-0.12
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Number of employees at the end of
the period
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5,943
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5,973
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0.50
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Operational Results
|
Q1 2023
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Q4 2023
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Q1 2024
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ΔQ1/Q4 (%)
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Main
Indicators
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Q1 2023
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Q1 2024
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Δ Q1 (%)
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1,236.7
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1,273.5
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1,291.0
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1.37
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Gross production (million
m3)
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1,236.7
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1,291.0
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4.39
|
|
88.5
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103.4
|
109.5
|
5.90
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Petroleum royalty (million
m3)
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88.5
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109.5
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23.73
|
|
5,617
|
6,232
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7,440.0
|
19.38
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Condensate production
(tonnes)
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5,617
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7,440.0
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32.45
|
|
323.0
|
321.1
|
263.8
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-17.84
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Electricity production
(GWh)
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323.0
|
263.8
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-18.33
|
|
1,114.9
|
582.2
|
947.7
|
62.8
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UGS withdrawal services (million
m3) invoiced
|
1,114.9
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947.7
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-15.0
|
|
45.4
|
204.2
|
41.1
|
-79.9
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UGS injection services (million
m3) invoiced
|
45.4
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41.1
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-9.5
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Note: information is not consolidated, it also includes
transactions between Romgaz and Depogaz.
Natural gas production recorded in
Q1 2024 was influenced by:
ü resuming
production at inactive wells by performing interventions and
recompletion operations;
ü reduced
inspection/repair periods at compressor stations and dehydration
stations;
ü ensuring
operation under normal parameters of all compression and
dehydration stations;
ü increased
productivity of wells with potential flow rate;
ü continuous
rehabilitation projects of the main mature gas fields;
The conditions underlying these
results were:
· gas
imports for consumption were approximately 5.21 TWh, 69% higher
than in the same period of the previous year;
· lower
gas withdrawals from Romgaz UGSs by 1.615 TWh than in the similar
period of 2023 (0.147 TWh compared to 1.762 TWh).
National gas consumption estimated
for Q1 2024 was 40.63 TWh, approximately 5.5% higher than the
consumption recorded in Q1 2023, of which approximately 5.21 TWh
was covered by import gas and the difference of 35.42 TWh by
domestic gas. Romgaz contribution was 13.69 TWh, representing
33.69% from the national consumption and 38.65% 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, 2024 (January - March
2024) and the Consolidated
Condensed Interim Financial Statements for the Three-Month Period
Ended March 31, 2024 (Unaudited), Prepared in Accordance with
International Accounting Standard 34, are available on
company's website www.romgaz.ro
- Investors - Interim Reports and
on RNS website, at: http://www.rns-pdf.londonstockexchange.com/rns/5071O_1-2024-5-15.pdf
[1] Romgaz Group
consists of SNGN Romgaz SA (the
"Company"/"Romgaz") as parent company and the subsidiaries -
Filiala de Înmagazinare Gaze Naturale Depogaz Ploiești SRL
("Depogaz") and Romgaz Black Sea Limited, both wholly owned by
Romgaz.
[2] Consumption is estimated as ANRE has not published, until the
date hereof, the monitoring reports on the gas market for February
and March 2024.