|
Consolidated |
9 months 2016 |
9 months 2015 |
% |
|
|
Gross turnover |
USD |
2,570,588,065 |
3,095,936,836 |
-17% |
|
EBITDA |
USD |
121,131,016 |
90,982,383 |
33% |
|
Net result |
USD |
20,875,440 |
14,808,352 |
41% |
Rompetrol Rafinare, member of KMG International, registered a consolidated net profit* amounting to 20.8 million USD in the first 9 months of 2016, up by 41% compared to the same period of 2015. The consolidated operating result (EBITDA) registered, as well, an increase, by 33% in the first 9 months of 2016 compared to the same period in 2015, to over 121 million USD.
„The company’s positive results have been supported by the production processes optimisation programs, the increase of the share of white products (gasoline, diesel, kerosene) in total finished products, as well as by reducing the operating costs, process which started in 2014 and continued successfully in 2015 and 2016, among the most important being the reduction in the steam and power consumption. Rompetrol Rafinare’s continuous performances have been achieved following investments supported by KMG International and its sole shareholder, the national oil and gas company in Kazakhstan, KazMunayGas, in order to increase the processing capacity of the Petromidia refinery, its flexibility, as well as in modernizing the industrial facilities, which amounted to over 1.4 billion USD starting 2007, the moment of the acquisition”, said Yedil Utekov, general manager Rompetrol Rafinare.
The evolution of the financial indicators was as well positively influenced by the refining margins, which have improved in 2016, and in the first 9 months of the year the gross margin was 10% higher than in the same period of last year.
Given a production for Petromidia refinery of over 3.8 million tons of raw material in the first nine months of 2016, the sales of the refining division marked a 4% increase on the internal market, while the export sales have decreased due to lower market demand.
In the first 9 months of 2016, through its refining and petrochemical divisions, the company exported a total quantity of products of over 1.7 million tones, mainly to partners in the Black Sea region. Rompetrol Rafinare is the largest oil products exporter in Romania and the second exporter at the national level.
Through its operations, Rompetrol Rafinare continued to be an important contributor to Romania’s state budget, paying over 951 million USD in the first 9 months of 2016. The Group KMG International paid, starting with 2007, over 13 billion USD to Romania’s state budget.
Rompetrol Rafinare’s main shareholder is the group KMG International, the Romanian state holding 44.69% of the shares. Holding shares in Rompetrol Rafinare is automatically reflected in the companies the enterprise controls, directly and indirectly. Rompetrol Rafinare operates Petromidia refinery, Vega refinery and the petrochemicals division. Rompetrol Downstream operates the gas station network and the Rom Oil warehouse network.
The refining segment
|
Financial |
9 months 2016 |
9 months 2015 |
% |
|
|
Gross turnover |
USD |
2,041,303,683 |
2,650,853,966 |
-23% |
|
EBITDA |
USD |
69,204,250 |
58,897,972 |
17% |
|
Net result |
USD |
(5,885,812) |
43,083,891 |
N/A |
|
Operational |
||||
|
Processed raw materials |
kt |
3,883 |
4,114 |
-6% |
|
Fuel sales internal market |
kt |
1,378 |
1,319 |
4% |
|
Fuel sales export |
kt |
1,495 |
1,736 |
-14% |
Note: The refining segment comprises the results of the company Rompetrol Rafinare (which operates the Petromidia and Vega refineries).
The EBITDA operating profit on the refining segment amounted to 69.2 million USD in the first 9 months of 2016, up by 17%, compared to the same period of last year.
The quantity of raw material processed by Petromidia refinery was 3.89 million tons in the first nine months of 2016, down by 5.3% compared to the same period of last year, due to the controlled shut down of the production units between August 22 – September 18, for technical and mechanical works necessary for operating in safety conditions.
The refining capacity was 80.48% in the first 9 months of 2016, down by 7% compared to the same period of last year.
Vega refinery processed a total quantity of raw material of over 256 thousand tons in the first 9 months of 2016, up by 1.67% compared to the same period in 2015, when 252 thousand tones were processed. The refining capacity of Vega platform was 103.5% in the first 9 months of 2016, up by 1.7% compared to the same period of last year.
The petrochemicals segment
|
Financial |
9 months 2016 |
9 months 2015 |
% |
|
|
Gross turnover |
USD |
131,479,056 |
158,558,671 |
-17% |
|
EBITDA |
USD |
4,924,742 |
(7,754,995) |
N/A |
|
Net result |
USD |
(3,201,220) |
(23,430,201) |
N/A |
|
Operational |
||||
|
Processed propylene |
kt |
87 |
91 |
-4% |
|
Processed ethylene |
kt |
48 |
49 |
-2% |
|
Total sales |
Kt |
137 |
145 |
-5% |
Starting with 1 January 2014, the petrochemical activity was taken over by Rompetrol Rafinare SA, being fully integrated on the propylene, utilities and logistics flow.
The total polymers production of the petrochemicals division was of over 108 thousand tones in the first 9 months of 2016, down by 5% compared to the same period of last year. The total quantity sold by the company on this segment was at 137 thousand tones, in the first nine months of 2016, down by 5% compared to the same period in 2015.
The petrochemicals segment is the only producer of polypropylene in Romania, constantly increasing the market share of the secondary products categories. Its dynamic development strategy ensures the company a competitive position on the internal market, as well as on the regional one, in the Black Sea and Mediterranean Sea area, and the Central and Eastern Europe.
The distribution segment
|
Financial |
9 luni 2016 |
9 luni 2015 |
% |
|
|
Gross turnover |
USD |
1,638,122,732 |
1,773,205,945 |
-8% |
|
EBITDA |
USD |
46,786,728 |
42,591,760 |
10% |
|
Net result |
USD |
31,846,583 |
8,644,896 |
268% |
|
Operational |
||||
|
Fuel quantities - retail |
kt |
475 |
464 |
2% |
|
Fuel quantities - en-gross |
kt |
851 |
760 |
12% |
|
Sold GPL quantities |
Kt |
197 |
202 |
-3% |
Note: The distribution segment includes the results of Rom Oil, Rompetrol Downstream, Rompetrol Quality Control, Rompetrol Logistics and Rompetrol Gas subsidiaries.
On the distribution segment, the operating result EBITDA amounted to 46.7 million USD in the first nine months of 2016, up by 10% compared to the same period of 2015. In the first nine months of 2016, the gross turnover on the distribution segment of over 1.6 billion USD decreased by 8% compared to the similar period in 2015, due to lower international quotations for oil products.
In the first nine months of 2016, the Platts quotations (FOB Med Italy-mean), in reference currency, USD, were, on average, 24% lower for gasoline and 28% lower for diesel. The excise duties remained at the same level as 2015, for both gasoline and diesel, thus the prices of Rompetrol in its stations decreased by 12% for gasoline and by 15.5% for diesel in the first nine months of 2016 compared to the same period in 2015.
The fuels sales registered a significant growth on the en-gross segment (+12% in the first nine months of 2016 compared to the same period of last year), while the retail sales have increased by 2% in the first nine months of 2016 compared to the same period in 2015.
At the end of September 2016, Rompetrol Downstream’s distribution segment contained 729 points of sales, including its own stations, partner stations operated by the client and dealers and mobile stations. KMG International’s retail activities are carried on in over 1,000 fuel distribution points, held and operated in countries such as Romania, Georgia, Bulgaria, Moldova. KMG International, through Rompetrol Downstream, continued to modernize the existing stations, the investments up to this moment amounting to over 7 million USD.
* The consolidated financial statements of Rompetrol Rafinare includes the results of Rompetrol Rafinare SA and that of its subsidiaries Rompetrol Quality Control S.R.L., Rom Oil S.A., Rompetrol Downstream S.R.L., Rompetrol Logistics S.R.L. Rompetrol Gas S.R.L. and Rompetrol Petrochemicals SRL.
** The results presented are unaudited and consolidated, and the reporting was done according to the International Financial Reporting Standards (IFRS).
The Public Relations and Communication Department
KMG International