Rompetrol Rafinare Improved Its Operational and Financial Results

OREANDA-NEWS. May 16, 2011. Rompetrol Rafinare, company member of The Rompetrol Group, has registered in the first trimester of the year a consolidated turnover of over 1.07 billion USD, showing a growth of 27% compared to the level registered in the same period of 2010. This evolution was determined mainly by the increase of the petroleum products quotations.

In the same period, the company achieved an operational result of over 46 million USD, up against a negative level of 19.5 million USD recorded in the first trimester of 2010, and a significant improvement of the net results, from a negative result of 57.3 million USD to a negative result of 11.3 million USD. This is a product of the investments made by The Group between 2007 and 2010 (over 1 billion USD), the measures took to reduce and optimize the operational expenses, as well as the financial support offered by the Group to refinance the debts and consolidate the current activities, in the amount of 1.1 billion USD.

Amongst the first external factors that influenced the financial performances of the company we can count the uncertainty connected with the events in Libya, Japan and other states in the Middle East and North Africa, and the evolution of the raw material’s and finished good’s international quotations. This determined a working capital increase and the related financing. To these, we add the exchange rate differences, as well as the impact of some macro economical measures, like the inflation’s growth rate (from 1.1% in Q1 2010, to 2.16% in Q1 2011), the increase starting from 1st January of the excises and the share of the bio-component in the regular fuels (from 4% to 5%), or the removal, starting from 1st March, of some fiscal waivers for bio-fuels (bio-ethanol and bio-diesel).

In the first three months of the year, the total value of the exports realized by Rompetrol Rafinare has grown up to 421 million USD, showing an increase of 40% up against the level reached during the similar period of 2010. The company continued to be the most important contributor to the state budget in the first trimester as well, with payments of 213 million USD.