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Rompetrol Rafinare invested USD 27 million at a constant level of business in H1 2017

Petromidia

Rompetrol Rafinare,a KMG International group member company, registered a gross consolidated turnover worth USD 1.7 billion in the first half of 2017, a level comparable to that from the same period in 2016. EBITDA operational profit amounted to USD 57.5 million, down by 36% compared to the same period in 2016, in the context of a 17% drop in refining margins in H1 2017 compared to H1 2016. The financial results were also influenced by the scheduled stop of production units in May 2017.

The evolution of the net consolidated result registered in the first half of 2017, of minus 7 million dollars, was also influenced by the drop of refining margins, the steepest of which by 52% being registered in the second quarter of 2017.

According to the individual financial reports expressed in RON, RompetrolRafinare registered RON 171 million net profit, up by 20% over the same period last year, when the individual net profit amounted to RON 143 million. A positive influence over the net result registered in the first half of this year was the difference in foreign exchange rate. Moreover, the turnover according to the company’s individual financial reports rose by 14% in the first half of 2017, to RON 4.7 billion, from RON 4.1 billion in the first half of 2016.

Rompetrol Rafinare has carried out investments worth USD 27.5 million in the first half of 2017, both in development projects for certain production units at the Petromidia refinery, and for maintenance works at industrial installations for refining activities, storage and logistics.

Rompetrol Rafinare exported a total quantity of products of over 1.1 million tons in the first half of 2017, a similar level compared to the same period of 2016. The company is the largest exporter of oil products in Romania and the third largest exporter in the country.

Through its operations, RompetrolRafinarecontinued to be an important contributor to the Romania’sstate budget, paying over USD 266 million in the second quarter of 2016 and over USD 520 million in the first half of 2017. KMG International has paid since 2007, over USD 13 billion to Romania’s state budget.

The majority shareholder of RompetrolRafinareis KMG International group, the Romanian state holding 44.6959% of the shares. RompetrolRafinare’sshares automatically reflect upon the companies that the society directly or indirectly controls.RompetrolRafinareoperates the Petromidia refinery, the Vega refinery, and the petrochemical unit, Rompetrol Downstream operates the Group’s petrol stations network, and Rom Oil the storage capacities network.

Accounting for over 40% of Romania’s refining capacity and over 30% of the regional fuel consumption, Petromidiais the most modern refinery in the country, while total investments carried out by KMG International and KazMunayGasfor this platform amount to over USD 1.4 billion.

 

Refining segment

Financial Q2 2017 Q2 2016 % H1 2017 H1 2016 %

Gross turnover USD 715,911,958 815,890,922 -3% 1,413,931,408 1,392,259,088 2%

EBITDA USD 15,207,318 37,357,661 -59% 42,246,205 58,042,466 -27%

Net result USD (15,841,722) 19,903,637 N/A (17,210,246) 9,492,502 N/A

Operational

Processed feedstock at the Petromidia refinery kt 1,222 1,495 -18% 2,422 2,792 -13%

Processed feedstock at the Vega refinery Kt 91 105 -13% 152 172 -11%

Domestic fuel sales kt 486 530 -8% 950 906 5%

Fuel exports kt 461 585 -21% 859 1,143 -25%

Note: The refining sector includes the results of RompetrolRafinare SA which operates the Petromidiaand Vega refineries.

On the refining segment, the company has carried out a gross turnover worth USD 1.4 billion in the first half of 2017, up by 2% over the same period of 2016. EBITDA amounted to USD 42 million in the first half of 2017. Financial indicators such as net result and EBITDA, which registered a downward trend in the first half of 2017, were influenced by the volatility of international oil products prices.

In the first half of 2017, the total quantity of processed feedstock at the Petromidia refinery amounted to 2.4 million tons tone, down by 13% compared to the same period last year, when 2.7 million tons were processed, the refinery carrying out the works provisioned in the scheduled stop from May 2017. The refinery’s capacity utilization rate in H1, 2017, was 70%.

As for the Vega refinery, the total quantity of processed feedstock amounted to 152.017 thousand tons in the first half, while its refining capacity utilization rate was 92%in the same period.

In May 2017, the production activities of the two refineries – PetromidiaNăvodariand Vega Ploieștiwere stopped for carrying out the scheduled technological worksestablished since November last year.

The works were coordinated by Rominserv, the general contractor of KMG International Group, and targeted the optimization and improvement of production flows in line with the new processing capacity of the Petromidia refinery, as well as carrying out certain preventive maintenance works for increasing the safety level of operating the installations and the level of environmental protection.

The two production units of RompetrolRafinareensured the supply of oil products to its clients in this period from stockpiles created previous to the refineries’ stop.

Petrochemical segment

Financial Trim II 2017 Trim II 2016 % Sem I 2017 Sem I 2016 %

Gross turnover USD 39.373.835 40.638.281 -3% 79.984.194 91.069.411 -12%

EBITDA USD (3.044.293) 3.829.066 N/A (3.489.295) 7.045.456 N/A

Net result USD (1.921.766) (2.190.631) -12% (5.502.836) 992.488 N/A

Operational

Processed propylene kt 26 32 -18% 60 65 -8%

Processed ethylene

kt 16 15 9% 28 31 -12%

Total sales Kt 38 43 -10% 83 98 -15%

Note: The petrochemical segment entails the petrochemical activity ofRompetrolRafinareas well as the activity of Rompetrol Petrochemicals SRL

Starting with 1January 2014, the petrochemical activity has been taken over byRompetrolRafinare SA., being completely integrated on the propylene, utilities and logistics flow.

Through the petrochemical segment, the company is the onlypropylene producer in Romania, succeeding constantly toincrease its market sharealso for thesecondary product categories.

In the first semester of 2017, the company has produced64,690 thousand tons ofpoliymers, 14% less compared to the similar periodof last year, when 75,538 thousand tons were produced, the difference resulting as a consequence ofthe necessary stops made for the maintenance works related to production installations.

The dynamic development strategy ensuresa competitive position for the company on the internal and regional market, in the Black Sea and Mediterranean area, in Central and Eastern Europe.

 

Distribution segment

Financial Trim II 2017 Trim II 2016 % Sem I 2017 Sem I 2016 %

Gross turnover USD 551.419.259 606.170.506 -9% 1.052.015.776 1.033.754.848 2%

EBITDA USD 11.309.598 14.610.986 -23% 19.174.620 26.521.498 -28%

Net result USD 12.536.755 6.356.360 97% 15.648.251 15.532.992 1%

Operational

Fuel quantities - retail kt 173 158 10% 319 294 9%

Fuel quantities- en-gros kt 282 330 -15% 539 556 -3%

Sold GPL quantities Kt 81 78 4% 171 145 18%

Nota: The distribution segmentincludes results of subsidiaries Rom Oil, Rompetrol Downstream, Rompetrol Quality Control, Rompetrol Logistics and Rompetrol Gas

 

The consolidated gross turnoverfor the distribution segment for the first semester of2017 was over1billion USD, by 2% higher compared to last year’s similar period, while the net result has been preserved to alevel similarto that of the first semester in 2016.

Fuel sales for theretail segment grewby 9% in the first semester of 2017, compared to the same period in 2016, while the total GPL quantity sold grew by 18% in the first semester of 2017, compared to the same period of 2016.

In the second trimester of 2017,compared to the similar period of 2016,Platts quotations (FOB Med Italy-mean), expressed in the reference currency, USD, were, on average, 7% higher for benzine and 10% higherfor diesel. The 4% depreciation of the national currency as compared with the USD has determined that the effective decrease, in the national currency, of the two quotations should be at around 11% for benzine and 15% for diesel.

Starting with January 1st 2017, VAT dropped by one percentage point, from 20% to 19%, while fuel excises dropped by 70 eurocents/1000 liters, drops fully integratedin the prices paidby clients at the pump.

At the end of June 2017, the distribution segment of Rompetrol Downstream entailed 789 sales locations, including its network of petrol stations, partner stations, mobile stations: express, CUVE and RBI.

The retail activities of KMG International are conducted in over1.000 distribution locations for fuels owned and operated in countries like Romania, Georgia, Bulgaria, Moldova.

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