S.N.G.N. ROMGAZ S.A.

S.N.G.N. ROMGAZ S.A.

About S.N.G.N. ROMGAZ S.A.

S.N.G.N. ROMGAZ S.A.  is the largest natural gas producer and supplier in Romania.

The company has a vast experience in  gas exploration and production and a history that began in 1909 with the discovery of the first commercial gas field in the Transylvanian Basin by drilling well Sarmasel. ROMGAZ has had the current structure since 2001 and is headquartered in Medias, Sibiu county, Romania.

The company has 7 branches:

-   two gas production branches at Medias and Targu Mures ;

-   one underground gas storage (UGS) branch at  Ploiesti ;

-   two service branches : one branch for well workovers and special well operations at Medias (SIRCOSS) and one technological transport and maintenance branch at Targu Mures (STTM );

-   one power generation branch at Iernut (SPEE);

-   one branch in Bratislava, for operations performed in Slovakia.

ROMGAZ core business segments are: gas exploration and production, gas supply, underground gas storage and electricity production.

Currently, the company carries out petroleum operations for exploration-development-production in 9 blocks with 100% participation interest and in 4 blocks as co-titleholder.  ROMGAZ operates in Romania 143 commercial fields located in Transylvania, Moldova, Muntenia and Oltenia. Also, ROMGAZ holds exploration rights in Slovakia and Poland.

The Company is also the largest underground gas storage operator in Romania. It owns and operates 6 underground gas storages  having a total capacity of 3.925 BCM and a working gas volume of 2.760 BCM.

Starting with 2013, ROMGAZ extended its scope of work by taking over Iernut thermoelectric power station, with an installed capacity of 800 MW, and, thus, it became also electric power supplier.

In addition, the company performs: well workovers and recompletions, production tests and special well operations, transportation of goods and persons, specific technological transportation  and maintenance activities for the benefit of the company and third parties.

The company is developing  by  implementing state of the art technologies in all its areas of activity, financed entirely from  own  sources. The company’s economic and financial position is characterized by the constant profit  and solvency. Thus, ROMGAZ has fulfilled all the conditions for economic growth, turning into one of the most important companies in Romania.

A major highlight in ROMGAZ’s recent history is its public dual listing on November 12, 2013. Since then, the shares issued by the Company are traded on the regulated market governed by Bucharest Stock Exchange. At the same time, the company’s shares are underlying Global Depositary Receipts (GDRs) issued by The Bank of New York Mellon. GDRs are traded on London Stock Exchange.

The majority shareholder of the company is the Romanian State, through the Ministry of Economy, owning a 70.0071% stake.

ROMGAZ is a company managed in an one-tier system, its corporate bodies being: the General Meeting of Shareholders, the Board of Directors and the Director General.

ROMGAZ Mission: Performance, competitiveness and continuous growth of the company’s value both for us and for the shareholders, by means of a better valuation of the human potential and assets  in predictable and profitable business deals and by better risk management.

President: DUMITRU CHISALITA

Shareholder structure

Shareholder Shares Percent
STATUL ROMAN PRIN MINISTERUL ENERGIEI loc. BUCURESTI jud. SECTOR 6 269,823,080 70.01%
alti actionari / others 115,599,320 29.99%
Total 385,422,400 100%

Info provided by: DEPOZITARUL CENTRAL Date: 06/14/2017

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Dividends

Year Dividend Reference date for GMS GMS date (dividend) Record Date Ex-dividend Date Announcement Date Payment date
2018 1.860000 N/A 12/06/2018 12/21/2018 12/20/2018 11/13/2018 12/28/2018
2017 4.990000 N/A 04/26/2018 07/06/2018 07/05/2018 03/22/2018 07/27/2018
2016 3.820000 06/02/2017 06/15/2017 07/05/2017 07/04/2017 05/23/2017 07/26/2017
2015 2.700000 04/19/2016 04/28/2016 07/05/2016 07/04/2016 03/24/2016 07/26/2016
2014 3.150000 04/17/2015 04/28/2015 07/06/2015 07/03/2015 03/20/2015 07/27/2015

Announcement regarding 2018 Additional Dividend Payment

December 7, 2018   Announcement regarding the Payment of 2018 Additional Dividends   S.N.G.N. ROMGAZ S.A. („ROMGAZ”) announces the payment of additional dividends, distributed based on Articles II and III of EGO no. 29/2017 (“2018 additional dividends”), via Depozitarul Central S.A. („Depozitarul Central”) and the payment agent ...

OGSM Resolution December 6, 2018

CURRENT REPORT In compliance with Law no. 24/2017 regarding Issuers of Financial Instruments and  Market Operations  and A.S.F. Regulation no. 5/2018   Report date: December 6, 2018 Company name: Societatea Nationala de Gaze Naturale ROMGAZ S.A. Address: Medias, 4 Constantin I. Motas Square, Sibiu County – Romania, 551130 Ph ...

Convening Notice of EGSM on December 28(31), 2018

CURRENT REPORT In compliance with Law no. 24/2017 regarding Issuers of Financial Instruments and  Market Operations  and A.S.F. Regulation no. 5/2018   Report date: November 20, 2018 Company name: Societatea Nationala de Gaze Naturale ROMGAZ S.A. Address: Medias, 4 Constantin I. Motas Square, Sibiu County – Romania, 551130 P ...

Q3 2018 Financial Results

QUARTERLY REPORT REGARDING THE ECONOMIC-FINANCIAL ACTIVITY OF ROMGAZ GROUP ON SEPTEMBER 30, 2018 (January 01, 2018 – September 30, 2018) ALE “ROMGA IDENTIFICATION DETAILS ON REPORT AND ISSUER Report Basis Law No. 24/2017 regarding the issuers of financial instruments and market oper ...

Supplement to OGMS Convening Notice on December 6(7), 2018

CURRENT REPORT In compliance with Law no. 24/2017 regarding Issuers of Financial Instruments and  Market Operations  and A.S.F. Regulation no. 5/2018   Report date: November 14, 2018 Company name: Societatea Nationala de Gaze Naturale ROMGAZ S.A. Address: Medias, 4 Constantin I. Motas Square, Sibiu County – Romania, 551130 P ...

Request for Supplementing OGSM Convening Notice on December 6, 2018

CURRENT REPORT In compliance with Law no. 24/2017 regarding Issuers of Financial Instruments and  Market Operations  and A.S.F. Regulation no. 5/2018   Report date: November 13, 2018 Company name: Societatea Nationala de Gaze Naturale ROMGAZ S.A. Address: Medias, 4 Constantin I. Motas Square, Sibiu County – Romania, 551130 P ...

BoD Decision regarding Additional Dividend

                                       November 7, 2018           A N N O U N C E M E N T       According with the provisions of Law no. 24/2017 art. 122, paragraph 1, S.N.G.N. ROMGAZ S.A. informs the market upon the fact that the Board of Directors, adjourned on November 7, 2018, endorsed the request sent b ...

Report Availability for 9 Months and Q3 2018 and Conference Call

November 5, 2018       A N N O U N C E M E N T regarding the publication of the Consolidated Financial Results for 9 months and Q3 2018     S.N.G.N. ROMGAZ S.A. informs the shareholders and investors about the publication of the Consolidated Financial Results of Romgaz Group for the 9-month period and Q3 2018 e ...

Convening Notice of OGSM on December 6(7), 2018

CURRENT REPORT In compliance with Law no. 24/2017 regarding Issuers of Financial Instruments and  Market Operations  and A.S.F. Regulation no. 5/2018   Report date: November 2, 2018 Company name: Societatea Nationala de Gaze Naturale ROMGAZ S.A. Address: Medias, 4 Constantin I. Motas Square, Sibiu County – Romania, 551130 Ph ...

EGMS Resolution October 18, 2018

CURRENT REPORT In compliance with Law no. 24/2017 regarding Issuers of Financial Instruments and  Market Operations  and F.S.A. Regulation no. 5/2018   Report date:  October 18, 2018 Company name: Societatea Nationala de Gaze Naturale ROMGAZ S.A. Address: Medias, 4 Constantin I. Motas Square, Sibiu County – Romania, 551130 P ...

Q3 2018 Financial Results

QUARTERLY REPORT REGARDING THE ECONOMIC-FINANCIAL ACTIVITY OF ROMGAZ GROUP ON SEPTEMBER 30, 2018 (January 01, 2018 – September 30, 2018) ALE “ROMGA IDENTIFICATION DETAILS ON REPORT A ...

Updated H1 2018 Report - English version

CURRENT REPORT In compliance with Law no. 24/2017 regarding Issuers of Financial Instruments and  Market Operations  and F.S.A. Regulation no. 5/2018   Report date:  August 14, 2018 Co ...

Half-year Financial Results H1 2018

August 14, 2018       A N N O U N C E M E N T regarding the Publication of Consolidated Financial Results for H1 2018     S.N.G.N. ROMGAZ S.A. informs the shareh ...

Q1 2018 Financial Results

QUARTERLY REPORT REGARDING THE ECONOMIC-FINANCIAL ACTIVITY OF S.N.G.N. ROMGAZ S.A. ON MARCH 31, 2018 (January 01, 2018 – March 31, 2018) ALE “ROMGA IDENTIFICATION DETAILS ON REPORT AN ...

2017 Annual Report

            April 27, 2018   A N N O U N C E M E N T   Societatea Nationala de Gaze Naturale ROMGAZ S.A. informs the shareholders and investors that the Annual Report for the year ende ...

2017 Preliminary Financial Results

IDENTIFICATION DETAILS ON REPORT AND ISSUER Preliminary annual report according to Article 61 of Law 24/2017 Financial year: 2017 Report date: February 15, 2018 Name of the Company: S ...

Q3 2017 Financial Results

QUARTERLY REPORT REGARDING THE ECONOMIC-FINANCIAL ACTIVITY OF S.N.G.N. ROMGAZ S.A. ON SEPTEMBER 30, 2017 (January 01, 2017 – September 30, 2017) ALE “ROMGA IDENTIFICATION DETAILS ON REPORT ...

Half-year Financial Results H1 2017

HALF-YEAR REPORT ON THE ECONOMIC-FINANCIAL ACTIVITY OF S.N.G.N. ROMGAZ S.A. AS OF JUNE 30, 2017 (January 01, 2017 – June 30, 2017) ALE “ROMGA IDENTIFICATION DETAILS ON REPORT AND ISSUER ...

Q1 2017 financial results

QUARTERLY REPORT REGARDING THE ECONOMIC-FINANCIAL ACTIVITY OF S.N.G.N. ROMGAZ S.A. AS OF MARCH 31, 2017 (January 01, 2017 - March 31, 2017)   IDENTIFICATION DETAILS ON REPORT AND ISSUE ...

2016 Annual Report

     April 26, 2017     A N N O U N C E M E N T       Societatea Nationala de Gaze Naturale ROMGAZ S.A. informs the shareholders and investors that the Annual Report for th ...

Annual financial information

2016 2015 2017
Total Revenues 4,530,193,000 4,530,193,000 3,997,583,104
Deferred Income 4,393,504 4,393,504 4,931,349
Total Financial Income 44,315,885 44,315,885 22,647,010
Operating Income 4,485,877,115 4,485,877,115 3,974,936,064
Interest Income 44,184,795 44,184,795 22,116,660
Total assets 10,391,218,325 10,391,218,325 10,394,788,864
Inventories 559,783,312 559,783,312 575,982,656
Profit for the year 1,024,579,000 1,194,284,245 1,024,579,200
Financial Results 14,751,786 14,751,786 3,549,571
Operating Result 1,454,084,961 1,454,084,961 1,277,146,112
Profit before tax 1,468,836,747 1,468,836,747 1,280,695,680
Employees 6,191 6,191 6,102
Shortterm Financial Investments 2,829,806,406 2,829,806,406 2,992,624,640
Total Capital Assets 6,010,387,365 6,010,387,365 5,791,322,112
Total Current Liabilities 659,980,829 659,980,829 944,156,160
Trade Payables 130,226,798 130,226,798 105,889,648
Total Longterm Liabilities 366,403,414 366,403,414 354,156,768
Total Receivables 1,008,709,811 1,008,709,811 1,226,944,000
Sales 4,052,683,743 4,052,683,743 3,411,867,648
Total Expenses 3,061,356,253 3,061,356,253 2,716,887,296
Interest expense 33,949 33,949 15,353
Prepaid Expenses 84,620,783 84,620,783 101,629,472
Total Financial Expenses 29,564,099 29,564,099 19,097,440
Operating expenses 3,031,792,154 3,031,792,154 2,697,789,952
Cash and cash equivalents 86,715,802 86,715,802 180,676,752
Total equity 9,692,222,688 9,692,222,688 9,676,161,024
Subscribed Capital 385,422,400 385,422,400 385,422,400
Amortization 822,668,985 822,668,985 337,932,704
Total Non-current Assets 6,485,956,544 6,485,956,544 6,266,018,816
Net Current Assets / Net Current Liabilities 3,905,261,781 3,905,261,781 4,128,769,792
Total Current Assets 4,485,015,331 4,485,015,331 4,976,227,840
Minority Interest 162,917 162,917 120,776

Financial indicators

Year Financial statements Key financials Ministry of Finance format (excerpt)*
2016 Q3 2016 Download -
2016 Q1 2016 Download -
2016 H1 2016 Download -
2016 Financial preliminary results 2016 Download -
2015 Q1 2015 Download -
2015 H1 2015 Download -
2015 Q3 2015 Download -
2015 Financial preliminary results 2015 Download -
2014 H1 2014 Download -
2014 Q1 2014 Download -
2014 Q3 2014 Download -
2014 Financial preliminary results 2014 Download -
2013 Q3 2013 Download -
2013 Financial preliminary results 2013 Download -
2013 H1 2013 Download -
2012 Annual Report 2012 Download -

ANALYST ESTIMATES

ANALYST REPORT May 31, 2017

What dividends can the companies distribute after Government Ordinance No 29/2017

SNG - S.N.G.N. ROMGAZ S.A.

May 31, 2017 - Government Ordinance 29/2017 created a new possibility for the State-owned companies listed on Bucharest Stock Exchange. They can now distribute dividends from the profit accumulated in previous years. Conpet wanted to do this a year ago, but for all the others this is uncharted territory.

ANALYST REPORT May 22, 2017

Analysis report - financial reports for Q1 2017

SNG - S.N.G.N. ROMGAZ S.A.

May 22, 2017 - 2017 started well for most of the companies listed on BSE, and in some cases we've seen major profit increases.

ANALYST REPORT April 14, 2017

Romanian Oil and Gas

SNG - S.N.G.N. ROMGAZ S.A.

April 14, 2017 - In this report, we reiterate our bullish view on Romgaz and Petrom, increasing our price targets (PTs) for Petrom (to RON 0.361 from RON 0.302) and Romgaz (to RON 36.6 from RON 36.4). The natural gas price recovery since October 2016 should rescue the Romanian market and players from the asymmetric risks associated from being an import-only market, in our view. In the near team, we see a recovery in volumes, as well as prices, a renewal of the taxation and royalty system, and investments in infrastructure and new development projects from both companies as driving sentiment, production volumes and earnings. Of the two companies, we prefer Romgaz slightly, which we see as a bigger beneficiary of the recovery, and able to capitalise faster on new markets when the infrastructure is completed. On the other hand, we like Petrom’s management, its lower risk diversified business model, and its long term prospects. However, the company is not as well-positioned to take advantage of the market changes, in our view. Nonetheless, although Petrom’s share price performance since the SPO in October 2016 has reduced the level of potential upside, the company is still undervalued, in our view.

ANALYST REPORT April 11, 2017

The biggest dividends of the BSE companies

SNG - S.N.G.N. ROMGAZ S.A.

April 11, 2017 - The biggest dividends of this year come from the energy companies, following a decision by the Government to increase the payout ratio to 90% for all the State-owned companies.

ANALYST REPORT March 28, 2017

Disappointing 2017 profit target

SNG - S.N.G.N. ROMGAZ S.A.

March 28, 2017 - Romgaz pays dividend of RON 2.49 a share from its distributable profits including retained earnings from previous years as well. The total amount of dividend represents 93.7% of net income achieved in 2016 (vs. a pay-out ratio of 87% in 2015) and implies a DIVY of 8.7% based on the current share prices. Romgaz has published its 2017 budget including net income of RON 1.07 bn, 17% lower than our previous estimate. As revenue guidance has remained broadly in line with our expectation of RON 3.7 bn, the difference between the company’s 2017 profit target and our estimate comes from higher-than-expected costs budgeted for 2017. In fact, Romgaz aims to increase wages more rapidly than we had projected, justifying it by the lack of wage increases in the previous years. Also importantly, Romgaz intends to invest RON 1.14 bn in 2017 (vs RON 369 mn in 2016), focusing on exploration projects aimed at compensating for the natural decline in production, compared to our earlier estimate of RON 1 bn.

ANALYST REPORT February 17, 2017

Romgaz: 4Q16 results – 3-2-1, we have lift off

SNG - S.N.G.N. ROMGAZ S.A.

February 17, 2017 - Romgaz announced its 4Q16 results yesterday, beating both our and the consensus expectations dramatically. Sales revenues came in 5% above both our and the consensus expectations, whilst net profit was 62% above our forecast and 23% above the consensus estimates. We believe this increases the chances of a dividend. However, the net profit was boosted by the reversal of a previous write-off, while the EBITDA was 14% above the consensus, but 16% below our expectations. We believe the underlying improvement in the Romanian gas market and the promise of a good dividend, as well as the potential development of the company's newest discovery, mean that this is a good time to take another look at Romgaz. It has left its annus horribilis behind, in our view, and we expect 2017E to be much better than 2016 on the back of higher natural gas prices and new developments bringing new sources of natural gas onstream. We also expect the return of one of the best dividend yields in the sector this year.

ANALYST REPORT August 14, 2016

Still kicking. Despite all, the net is resilient above RON 1b

SNG - S.N.G.N. ROMGAZ S.A.

August 14, 2016 - Valuation We update our view on Romgaz with a BUY recommendation and a target price of RON 27.06 per share revealing an upside potential of 18% against last close. We used a DCF model with a 5-year explicitly forecasted period after which a terminal free cash flow with a perpetual growth of -1% was employed. We reduced our previous target price (RON 30.09/share) mainly on lower-thaninitially estimated sales volumes and on increased CAPEX over 2017-2019 period to contain the development of the new thermal power plant, a project estimated at a cost of EUR 280m. We decreased our FY’16 net estimate from RON 1,275m to RON 1,070m.

ANALYST REPORT April 15, 2016

CEE Oil & Gas. Life begins at 40

SNG - S.N.G.N. ROMGAZ S.A.

April 15, 2016 - In our view, crude oil prices appear to have bottomed out, which removes a huge amount of uncertainty for the upstream segments of these companies. Global oil stocks are still high and supply has been slow to respond to the price signals, but marginal suppliers are finally reducing their production volumes. March 2016 US total crude production was down 566,000 bpd from its peak back in June 2015, which means that there is less uncertainty.

ANALYST ESTIMATES

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