The presentation of the results for Q2 and January - June 2008
Petrom, the largest oil and gas producer in South Eastern Europe, published its results for the second quarter and January - June 2008, on August 6, at 8:30 (local time).
- Strong operational performance and high crude prices lead to an increase of EBIT by 53% compared to Q2/07; in the first half of the year EBIT almost doubled compared to 6m/07
- Modernization efforts: Investments higher by 74% as compared to Q2/07
- Oil production in Romania stable, refining efficiency further improved
- Total domestic marketing volumes higher by 26% compared to Q2/07
- Outlook for 2008: We expect to deliver further robust earnings, supported by new field developments in upstream and ongoing modernization
You can download the presentation of the results here (pdf format):
Report Q2 and January – June 2008, (PDF, 418,7 KB)
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.
“In the second quarter of 2008 we again recorded positive results, which significantly improved comparing to the same period last year, due to improved operational performance as well as high oil prices. We made higher investments of 74% compared to the same period in 2007, kept oil production at the stabilized level of last year, increased refining efficiency and recorded a significant increase in oil products sales. Operational profit was lower than in Q1/08 mainly due to lower gas production, higher depreciation and provisions.
Given the current global energy environment, marked by high energy prices and increasing demand, we will continue to focus on strong measures to maintain the level of hydrocarbon production, increase energy efficiency and develop the renewable energy, all supported by considerable investment amounts. Our entry into the power business together with our renewable energy projects will enable us to make the transition, in the mid to long term, from an oil and gas company to an energy company. ”
| Q1/08 | Q2/08 | Q1/07 | ∆Q2 | Key performance indicators (RON mn) |
6m/08 |
6m/07 |
% | 2007 |
|
1,029 |
838 | 548 |
53% |
EBIT |
1,867 |
942 |
98% |
1,965 |
| 1.269 | 1.300 | 766 |
70% |
EBITDA |
2,570 |
1,389 |
585% |
3,111 |
| 977 |
687 |
506 |
36% |
Net income | 1,664 | 887 |
88% |
1,778 |
| 3.719 | 4.555 | 2.677 |
70% |
Turnover |
8,274 |
5,434 |
52% |
12,284 |
| 2,047 | 1,338 |
771 |
74% |
Investments* |
3,385 |
1,322 |
156% |
3,820 |
|
31,115 |
34,120 |
29,667 |
15% |
Employees at the end of period |
34,120 |
29,667 |
15% |
26,397 |
* investments include increases of Petrom share participations
On August 26, 2008 Petrom has published the consolidated financial statements for the six month period ended June 30, 2008. The financials are prepared in accordance with IFRS and in compliance with the Ministry of Finance Order 1121/2006.
Petrom consolidated financial statements for June 30, 2008, (PDF, 1,9 MB)