The main financial indicators
|
QIV - 2011 |
QIV - 2010 |
% |
2011 |
2010 |
% |
||
|
Turnover |
USD |
1,016,896,191 |
835,018,436 |
22% |
4,812,587,305 |
3,554,159,541 |
35% |
|
EBITDA |
USD |
(36,220,745) |
12,666,925 |
N/A |
6,365,232 |
5,901,220 |
8% |
|
Net result |
USD |
(139,246,663) |
(59,589,611) |
N/A |
(252,562,818) |
(199,204,306) |
N/A |
Rompetrol Refining, company member of The Rompetrol Group, registered in 2011 a 35% growth of the consolidated turnover* (4.8 billion USD), and an 8% increase of the operational result (EBITDA), from 5.9 million USD in 2010, up to 6.36. During the last quarter of 2011, the company increased its turnover with 22%, up to 1 billion USD.
Amid a period with volatile oil prices, petroleum products prices and refining margins, along with registering provisions of 62.3 million USD in December, the net result of company in Q1 was a negative one, of 139.2 million USD. In Q4, 2010, the company registered a negative result of 59.5 million USD. Amongst the factors that significantly influenced the results in 2011, there are the evolution of the oil barrel (+40%) and of the petroleum products (+34% for gasoline, +40% for diesel), the negative refining margins (-46 USD/ton in Q4, -4.4 USD/ton in 2011), costs connected with insuring the work capital and financing, as well as the evolution of the foreign exchange rates.
The total value of the Rompetrol Rafinare exports (Rompetrol Rafinare – Petromidia and Vega refineries, Rompetrol Petrochemicals and Rompetrol Gas), increased in 2011 with over 53% year-to-year, up to 1.5 billion USD. The company was in 2011 an important tax payer to the Romanian state budget, the total value of taxes paid amounting to over 1.2 billion USD. In 2010, the company’s contribution was of 1 billion USD.
|
Refining segment |
QIV 2011 |
QIV 2010 |
% |
2011 |
2010 |
% |
|
|
Financial |
|||||||
|
Turnover |
USD |
779,592,971 |
530,281,374 |
47% |
4,118,169,894 |
2,822,071,920 |
46% |
|
EBITDA |
USD |
(37,824,849) |
8,119,974 |
N/A |
(36,730,134) |
(28,541,307) |
N/A |
|
Net result |
USD |
(82,928,390) |
(30,151,566) |
N/A |
(167,468,622) |
(143,128,288) |
N/A |
|
Refining margin |
USD/t |
(46.04) |
36.01 |
N/A |
(4.40) |
(2.81) |
N/A |
|
Operational |
|||||||
|
Processed materials |
Kt |
756 |
639 |
18% |
3,882 |
3,496 |
11% |
|
Internal sales |
Kt |
292 |
213 |
37% |
1,441 |
1,283 |
12% |
|
Export sales |
Kt |
218 |
170 |
28% |
1,225 |
1,060 |
15% |
The refining division, Rompetrol Rafinare – the Petromidia Refinery and Vega Ploiesti working point, has registered in Q4 a turnover of approximately 780 million USD, 47% higher compared to Q4 2010, as well as a negative operational result (EBITDA), of 37.8 million USD, as well as a negative net results of 83 million USD.
In December, Rompetrol Rafinare made additional provisions of 14,14 million USD. Moreover, the operational results were influenced in a negative manner by the decrease of the refining margins connected with fuels, as well as other secondary products. In Q4, the raw material processed by the company (Petromidia and Vega refineries) was 756,000 tons, 18% more compared to Q4 2010. In 2011, the company refined 3.9 million tons of raw material, out if which 3.7 was oil. The company continued in 2011 the investment program aimed to increase the refining capacity of Petromidia up to 5 million tons, while in Q4 construction works for 6 important projects were finished. The new installations will be integrated in the operation flow of the refinery during the second half of 2012, when in the production process other three new installations will be integrated (Mild Hydro Cracking, Hydrogen and Sulphur Recovery). Operationally, the usage degree of the refinery, in 2011, was 80.2% (compared to 77.5% in 2010). Fuel sales between October and December 2011 increased to 510,000 tons, 33% more than in 2010. The total fuel sales in 2011 were 2.67 million tons, showing a 14% increase compared to the same period of 2010. Over 40% of the fuels sold were exported to companies of the Group (Rompetrol Moldova, Rompetrol Bulgaria, Rompetrol Ukraine, Rompetrol Georgia), as well as to partners in the Eastern and Central Europe (Turkey, Serbia or Greece).
|
Distribution segment |
QIV 2011 |
QIV 2010 |
% |
2011 |
2010 |
% |
|
|
Financial |
|||||||
|
Turnover |
USD |
671,309,558 |
584,667,807 |
15% |
2,857,631,805 |
2,199,075,415 |
30% |
|
EBITDA |
USD |
6,382,580 |
13,756,997 |
-54% |
38,979,741 |
31,544,508 |
24% |
|
Net result |
USD |
(22,906,140) |
(8,969,319) |
N/A |
(49,757,770) |
(37,190,335) |
N/A |
|
Operational |
|||||||
|
Retail volumes |
Kt |
182 |
187 |
-3% |
709 |
732 |
-3% |
|
Wholesale volumes |
Kt |
180 |
168 |
7% |
778 |
666 |
17% |
|
Retail margin |
USD/t |
105 |
122 |
-14% |
123 |
114 |
8% |
|
En-gross and partners margin |
USD/t |
47 |
48 |
-2% |
50 |
47 |
6% |
Note: distribution segment comprises the results of subsidiaries Rom Oil, Rompetrol Downstream, Rompetrol Quality Control, Rompetrol Logistics and Rompetrol Gas The turnover registered by the distribution division increase with 15% in Q4, up to 671 million USD. In the same period, the division achieved an operational result (EBITDA) of 6.4 million USD, compared to 13.7 in Q4 2010. The company also registered a net loss of 22.9 million USD, compared to last 2010’s loss of 9 million USD. The financial results in 2011 were negatively influenced by formation of 15 million USD in provision in December, the evolution of the international quotations for oil / petroleum products, as well as the unfavorable foreign exchange rates.
In the last quarter of 2011, the total fuel sales have increased with 2%, Rompetrol Downstream registering a drop of 3% on the retail segment, and a 7% increase on the wholesale one. The company increased with 6% the volume of fuels sold in 2011, up to 1.49 million tons. Rompetrol Downstream operates a national network of 760 fuel distribution points (Rompetrol stations, Partener stations, Rompetrol Expres, Internal Bases of 9 and 20 cm). To these, the Rompetrol Gas network is added – 250 auto LPG distribution stations, 7,000 cylinder distribution points, as well as 3 LPG bottling facilities (Constanta, Arad and Bacau).
|
Petrochemical segment |
QIV 2011 |
QIV 2010 |
% |
2011 |
2010 |
% |
|
|
Financial |
|||||||
|
Turnover |
USD |
62,820,932 |
51,419,245 |
22% |
355,088,274 |
265,705,423 |
34% |
|
EBITDA |
USD |
(4,740,810) |
2,451,661 |
N/A |
967,306 |
14,025,240 |
N/A |
|
Net result |
USD |
(39,037,047) |
(4,490,828) |
N/A |
(41,572,845) |
(4,945,288) |
N/A |
|
Operational |
|||||||
|
Processed propylene |
Kt |
24 |
16 |
51% |
119 |
107 |
11% |
|
Processed ethylene |
Kt |
15 |
16 |
-2% |
103 |
72 |
44% |
|
Total sales |
Kt |
47 |
35 |
32% |
229 |
195 |
17% |
The petrochemicals division, represented by Rompetrol Petrochemicals, registered in Q4 a 22% increase of its turnover, up to 62.8 million USD. For 2011, its turnover raised up to 355 million USD, amid the increase of the international quotations of petroleum products, as well as the increase of the traded volumes. In Q4, the company has shown an negative operational result (EBITDA) of 4.7 million USD, compared to a positive result of 2.5 registered in Q4 2010. Meanwhile, the net loss was approximately 39 million USD. The processed raw material was higher in 2011, and the sales volumes increased with 24% compared to 2010. The company improved in 2011 the average quality of its polymers, thus the percentage of products that meet the standards was 98.1, compared to an average of 96.9% registered in 2010. Rompetrol Petrochemicals is currently the only produced of polypropylene and polyethylene of both high and low density in Romania.
* Consolidated financial statements of Rompetrol Rafinare include results of Rompetrol Rafinare S.A. and of the subsidiaries Rompetrol Petrochemicals S.R.L., Rompetrol Quality Control SRL, Rom Oil S.A., Rompetrol Downstream S.R.L. and Rompetrol Logistics S.R.L. (together with subsidiary Rompetrol Gas S.R.L.)
* Presented results are not audited and consolidated and the reporting was done according International Financial Reporting Standards PR Rompetrol