News Column

Petrom 2013, sales down 8 pct, to RON 24.18 million

February 19, 2014

Agerpres, Bucharest, Romania



Feb. 19--BUCHAREST -- Sales of Petrom Group stood at RON 24.185 billion (approx. 5.398 billion euros) in 2013 (excluding petroleum excise duty), down 8 per cent over 2012's RON 26.25 billion, according preliminary consolidated results released by Petrom on Wednesday.

In the fourth quarter of the year 2013, Petrom sales reached RON 6.035 billion, down 15 per cent from the last quarter of 2012, when sales reached RON 7.073 billion.

The oil company's net profit reached RON 1.158 billion, up 10 per cent over the net profit recorded in the same interval of the previous year, of RON 1.055 billion.

Petrom Group ended last year on RON 4.824 billion in net profit (about 1.091 billion euros), up 22 per cent over 2012, when the net profit was worth RON 3.946 billion, according to preliminary consolidated results of the Petrom Group published on Wednesday. In the fourth quarter of the year 2012, the oil company's net profit reached RON 1.158 billion, up 10 per cent over the net profit recorded in the same interval of the previous year, of RON 1.055 billion.

The company's earnings before interest and taxes stood at RON 5.958 billion in 2013, up 5 per cent over 2012, when it stood at RON 5.662 billion. In the fourth quarter of 2013, Petrom's EBIT dropped 16 percent down to RON 1.402 billion, compared with RON 1.673 billion recorded in the similar interval of 2012.

'In 2013, Romania registered an economic growth better than expected, however consumption remained weak, while the fiscal burden increased further.

In spite of the depressed demand in the gas and power sectors, lower refining margins and electricity prices, Petrom recorded another strong financial performance due to operational excellence, strict cost control initiatives as well as favorable crude price environment. On the operating side, we successfully increased our hydrocarbon production in Romania, offsetting the natural decline, and engaged in partnerships to unlock the onshore potential. In the Black Sea, we further pursued our

exploration activities by completing the 3D seismic acquisition and prepared to resume the exploration campaign in mid-2014. Since privatization, we have secured the growth of our company and the future of the hydrocarbon production, by reinvesting approx. 85 per cent of our operating profits, to a cumulative level of 10 billion euros. Continuing this success story requires an investment-friendly environment and solid market fundamentals, to fully unlock our growth potential,' says OMV Petrom SA CEO Mariana Gheorghe.

Petrom is the largest Romanian oil and gas company, operating in exploitation, production, refining and petrochemical industry, marketing, natural gas and energy.

OMV, one of the largest public companies in Austria, holds 51.01 per cent of the OMV Petrom shares.

The Romanian Government, through the Ministry of Economy, holds 20.63 per cent in OMV Petrom, Fondul Proprietatea Fund holds 18.99 per cent and other shareholders 9.35 per cent.

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(c)2014 Agerpres, Bucharest, Romania

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Source: Agerpres (Romania)


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