The presentation of the results for Q3 and January - September 2008
Petrom, the largest oil and gas producer in South Eastern Europe, published its results for the third quarter and January – September 2008, on November 6, at 8:30 (local time).
- Solid operational result in a volatile environment with EBIT up 54% on 9m/07
- Strong overall performance; however, R&M result was burdened by the one-off impairment of the Arpechim bulk refinery
- Ongoing investments reflect commitment to improve efficiency of Petrom’s operations
- Crude prices, refining margins and FX rates expected to remain volatile throughout remainder of 2008, with an overall annual positive effect compared to 2007
You can download the presentation of the results here (pdf format):
Report Q3 and January – September 2008, (PDF, 466,1 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).
Click here to acces the audio-webcast: http://www.thomson-webcast.net
Mariana Gheorghe, CEO of Petrom
“In Q3/08 we have recorded good results once more, despite the weakening macroeconomic environment. We pursued our investment program aimed at improving the efficiency of the company, managed to maintain oil production at last year’s level and steadily increased our oil product sales. Due to an impairment we had to make on the Arpechim refinery, operational profit and net income were lower than in Q3/07 and in Q2/08.
Thanks to its healthy balance sheet and strong operating cash flow, Petrom is in a good position to face the challenges of current market conditions. This allows us to pursue our restructuring and modernization process aimed at improving operational performance and ensuring the company’s sustainable development through the diversification of energy resources. In addition, we have secured further financing via a 3-year revolving credit facility of EUR 375 mn, the largest credit facility that has been granted in Romania, and have also partly ensured Petrom's cash flow from the potential negative impact of falling oil prices through hedging instruments. The medium-term financing commitments from banks in the current environment are a confirmation of Petrom’s sound fundamentals.”
| Q2/08 | Q3/08 | Q3/07 | ∆Q3 | Key performance indicators (RON mn) |
9m/08 |
9m/07 |
% | 2007 |
|
4,555 |
4,733 | 3,238 |
46% |
Net Turnover |
13,007 |
8,672 |
50% |
12,284 |
| 838 | 643 | 691 |
-7% |
EBIT |
2,509 |
1,633 |
54% |
1,965 |
| 1,300 |
1,660 |
968 |
71% |
EBITDA | 4,230 | 2,356 |
80% |
3,111 |
| 687 | 626 | 661 |
-5% |
Net income |
2,290 |
1,548 |
48% |
1,778 |
| 1,338 | 1,253 |
1,054 |
19% |
Investments* |
4,638 |
2,376 |
95% |
3,820 |
|
34,120 |
33,656 |
27,510 |
22% |
Employees at the end of period |
33,656 |
27,510 |
22% |
26,397 |
* Investments include increases of Petrom share participations