company Description
Rompetrol Rafinare, one of the main companies belonging to The Rompetrol Group N.V., is the second player in the Romanian oil sector. Its main activity is crude oil refining, as well as the production of petrochemical products, through its fully-owned subsidiary Rompetrol Petrochemicals. Rompetrol Rafinare also controls the entire capital of Rompetrol Downstream, which operates the retail gas station network and performs wholesale trade activities and holds stakes in: Rompetrol Logistics, Rom Oil, Rompetrol Quality Control.
Volume '000 (chart)
Comparable Companies
Petrom Bucuresti
company Overview
Refining activities are run through Rompetrol group s main refinery, Petromidia, which has an installed capacity of 4.8 Mn tons/year or 100,000 bbl/day and the highest yield of white products in the SE of Europe confirmed by the H108 results as well (+18% YOY). Rompetrol Rafinare has the ability to take advantage of the Brent-Ural differential (4.67 USD/bbl in Q208, up 35% QoQ), as Petromidia processes a variety of extremely sour crude. As regards the petrochemical activity, it has delivered further losses given the unfavorable margin environment and higher production costs following the restart of the HDPE unit in late 2007. While its peer Petrom already started to shut down all the unprofitable petrochemical activities, Rompetrol Rafinare will undertake a cash contribution of USD 50 Mn to the share capital increase of Rompetrol Petrochemicals as they intend to reach a 0.5 Mn tons (until 2012) polymers production capacity and to restart the pyrolysis plant. The results of the petrochemical segment were below management s expectations while for FY08 it is expected an overall loss of 8.7 Mn USD for Rompetrol Rafinare. We recall that starting with July 29, The Rompetrol Group runs a tender offer for a 7.54% stake in Rompetrol Bucuresti (VEGA) for a period of two months.
Main Shareholders
The majority shareholder of Rompetrol Rafinare is The Rompetrol Group NV (The Netherlands), with a 50.59% stake. Other reported shareholders are Rompetrol Financial Group SRL, which owns 14.72% and SC Rompetrol SA, with a 9.14% stake.
Results Overview
For H108, Rompetrol posted an unconsolidated net turnover of RON 4.44 Bn almost double compared to the RON 2.3 Bn turnover reported for H107, according to RAS. The H108 operational profit declined by 26.98% YOY to RON 40.98 Mn, as the profit was worth RON 6.69 Mn, down by 53.73% YOY. In the first six months, the consolidated result of the company was negatively affected by the financial loss worth RON 34.28 Mn. The IFRS consolidated results of Rompetrol Rafinare reveal record petroleum products sales, but given the high level of the crude oil price the gross refining margin shrunk to 8.99 USD/bbl compared to H107. Still, the distribution segment posted a loss over 16 times higher YOY on the back of a 54% YOY higher turnover, although the prices of the petroleum products reached levels almost double YOY.
| Listed | BVB/0 |
| Ticker | RRC |
| Code Reuters | ROMP.BX |
| Code Bloomerg | RRC RO |
| Code ISIN | ROPTRMACNOR5 |
| Price 14 Aug 2008 (RON) | 0.0527 |
| No. of shares issued | 21,099,276,002 |
| Mk cap | 1,111,931,845 |
| Minimum price YOY | 0.0497 |
| Maximum price YOY | 0.126 |
| Free float | 50.00% |
| Change % (1M) | 0.38% |
| Change YTD | -52.09% |
| Change YOY | -45.45% |
| Average volume (last month) | 30,415,995 |
INDICATORS (table)
FINANCIAL I NDICATORS (table)
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Rompetrol Rafinare Constanta Aug 14 2008.pdf, 274 Kb
