Petrom, the largest oil and gas producer in South Eastern Europe, published its results for the first quarter of 2009 on May 8, at 8:30 (local time).
- Q1/09 results reflect lower oil price environment: EBIT down 83% yoy to RON 180 mn while net profit was boosted by the positive hedging and FX results, decreasing only 48% yoy to RON 506 mn
- Marketing business yields further restructuring benefits with higher sales and improved cost base yoy
- Improved RON-denominated production costs compared to Q4/08; USD-denominated production costs have significantly improved both versus Q1/08 and Q4/08 as the USD strengthened versus the RON
- Outlook for 2009: Restructuring and modernization program continues, backed by tight cost control and access to financing that underpins a still considerable investment budget, in order to ensure the company's sustainable development despite adverse market conditions
You can download the presentation of the results here (pdf format):
The results will also be reviewed within OMV's analysts and investor conference call broadcast as a live audio-webcast at 11.30am (CET)/ 12.30 (Bucharest time).
Mariana Gheorghe, CEO of Petrom: "The unfavorable oil price environment and deteriorating economic situation that continued through the first quarter of 2009 burdened our results. However, we benefited from the positive influences of both our hedging strategy and our ongoing restructuring efforts, which helped mitigate the effects of the current difficult operating environment. We will continue to pursue our sizeable investment program, although at a slower pace compared to 2008, in order to achieve the company's long-term development objectives. The corporate loan of up to EUR 300 mn secured through the EBRD at the end of March 2009, as part of a larger financing program agreed in 2008, further strengthens our financial standing and supports our efforts to ensure the sustainable development of our business. With a continuous emphasis on efficiency improvement and cost monitoring coupled with prudent financial leverage, we are confident in the company's ability to successfully overcome the challenges of a weakening market environment and to consolidate its leading position in the oil and gas industry.
|Key performance indicators
Employees at the end of the period
* Investments also include increases of Petrom share participations