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The presentation of the results for January - March 2011

2011-05-11

Petrom, the largest oil and gas producer in Southeastern Europe, published its results1 for January - March 2011, prepared according to the International Financial Reporting Standards (IFRS), on May 11, 2011 at 8:30 (local time).

  • Strong Q1/11 results: Petrom Group clean CCS EBIT was 31% higher compared to Q1/10, driven by favorable crude price environment; clean CCS net income was 9% higher; approved gross dividend per share of RON 0.0177, corresponding to a payout ratio of 46%
  • Operational highlights: Quarterly Group total hydrocarbon production increased yoy, for the first time since privatization; downstream margins under pressure – high oil price burdens both refining and marketing margins, gas acquisition cost increased due to higher import quota and import prices
  • Outlook for 2011: We expect the Romanian market to gradually come out of recession; E&P focus will be to largely offset natural decline and to unlock potential; R&M will pursue operational optimization and the Petrobrazi modernization; increased focus on G&P, which will start commercial operations in the power business in H2/11

You can download the presentation of the results here (pdf format):

Results January - March 2011, (PDF, 244,8 KB)

The results will also be reviewed within OMV's analyst and investor conference call broadcast as a live audio-webcast at 11.30 am (CET)/ 12.30 (Bucharest time).

Mariana Gheorghe, CEO of OMV Petrom S.A.: "During Q1/11, we continued to benefit from the favorable crude price environment and the effects of previously implemented cost savings measures. We decided to permanently close the Arpechim refinery, as the sale option we investigated in the past did not prove feasible. In E&P, for the first time since privatization, we managed to increase our quarterly daily production rates thanks to higher gas production in Romania and increased hydrocarbon volumes in Kazakhstan. In R&M, our operational performance was impacted by the high crude price environment and the persisting subdued demand which put pressure on volumes and margins. In G&P, the higher import quota and import gas prices burdened the results. With a new Executive Board structure, we are confident about steering the company through the challenges ahead, in a still volatile market environment.”

Q4/10 Q1/11 Q1/10 ∆% Key performance
  indicators (RON mn)

2010

2009

∆%

974

1,192 947

26

EBIT

2,986

1,620

84

1,085 1,298 942

38

Clean EBIT

3,537

2,315

53

972

1,193

913

31

Clean CCS EBIT 2 3,325 1,870

78

781 840 803

5

Net income after minorities

2,201

860

156

779 841

775

9

Clean CCS net income after minorities  2

2,457

1,056

133

0.0138

0.0148

0.0142

5

EPS (RON)

0.0389

0.0152

156

0.0138 0.0149 0.0137 9 Clean CCS EPS (RON) 2 0.0434 0.0186 133
2,065 1,266 924 37 Cash flow from operations 4,630 2,726 70
- - - n.a. Dividend per share (RON) 0.0177 - n.a.

1 The financials are unaudited and represent Petrom Group’s (herein after also referred to as “the Group”) consolidated results prepared according to IFRS; all the figures refer to Petrom Group, unless otherwise stated; financials are expressed in mn RON and rounded to closest integer value, so minor differences may result upon reconciliation; Petrom uses the National Bank of Romania exchange rates for its consolidation process
2 Adjusted for exceptional, non-recurring items; clean CCS figures exclude special items and inventory holding effects (CCS effects) resulting from the fuels refineries