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Frequently Asked Questions

Q&A 2019

A: During 2020 we will put into production the first well in Caragele Deep.

Also, we can mention the fact that we performed drilling operations and carried out tests that recorded positive results for other wells within Caragele discovery – these wells enter production during 2021.

Starting with 2020, Romgaz production will be assessed taking into consideration Caragele Deep, due to the positive results recorded for this discovery.

A: At March 2019, We estimate the total amount still to be invested in Caragele discovery at around 125 mln Euro in order to bring the field into production. This includes new exploration wells, collecting pipes, equipment, and infrastructure.

Q&A 2018

We produced 466.221 MWh of electricity in the 1st Half of 218. The electricity supplied in the system stood at 436.458 MWh.

Specific CO2 emissions (tCO2 / MWh generated ) after commissioning the new plant will decrease to 0.360, below the value of 0.374 according to the BREF-BAT requirement.

Q&A 2017

For 2017, the company budgeted a production of 4.75 bcm (including the production from the association with Schlumberger).

Contingent resources are defined as those resources estimated at a certain date as potentially recoverable from known accumulations, but which are not currently considered commercially recoverable. The probability for the contingent resources to become economically recoverable is significantly lower than for proven, probable or possible reserves. The volumes associated with contingent resources should be considered as highly speculative  - 1C, 2C and 3C refer to the degree of estimation / certainty (1C - higher conversion probability, 3C - lower probability).

 

Following the geophysical and geological prospection studies conducted in the North-East Muntenia area, where the discovery was reported, with the approval of the National Agency for Mineral Resources, the reserve related to this field, including the related investment plan, is to be established. Given that each field has different physical characteristics, there is no generally valid conversion rate that can be applied to contingent resources. We mention that this area is still under study.

Q&A - H1 2016
 
 

3 months 2015

6 months 2015

9 months 2015

2015

3 months 2016

6 months 2016

Electricity sold to third parties (GWh)

145,7

410,2

1.102,1

1.625,5

333,9

591,7

Electricity produced (GWh)

167,0

389,6

1.212,8

1.797,8

318,7

510,5

Q&A - Preliminary / Final Report 2015
 

Geological exploration works for the discovery of new gas reserves

551.894

Exploitation drilling works, putting into production of wells, infrastructure, utilities

59.597

Maintaining the UGS capacity

32.486

Environment protection works

5.529

Revamping and modernization of installation and pieces of equipment

224.664

Independent equipment and installations

54.080

Expenses in connection with studies and projects

9.666

TOTAL

937.916

 

 

‘000 RON

year ended - 31-Dec-15

year ended - 31-Dec-14

Revenue from gas sold - internal production

3.291.257

3.553.391

Revenue from gas acquired for resale-import gas

4.169

116.443

Revenue from gas acquired for resale-internal gas

14.545

15.050

Revenue from sale of goods

13.876

11.242

Revenue from services

32.636

29.907

Revenue from electricity

356.778

334.684

Other operating revenues

86.690

114.570

Revenue from storage services

332.526

425.575

Total

4.132.477

4.600.862

 

‘000 RON

Productie

Depozitare

Altele

Ajustari si eliminari

Total

Sales and other operating revenues

3.511.385

332.639

612.933

(404.322)

4.052.635

Less: sales and other operating revenues between businesses

(157.064)

 

(247.258)

404.322

 

Third party sales and other operating revenues

3.354.321

332.639

365.675

 

4.052.635

Interest revenue

1.681

5.593

36.911

 

44.185

Interest expense

(34)

     

(34)

Depreciere si amortizare

(673.420)

(88.262)

(31.916)

 

(793.598)

Depreciation and amortisation

1.189.117

116.152

154.011

 

1.459.280

EBITDA

1.860.890

198.821

149.016

 

2.208.727

Main taxes include:

  • gas and storage royalties:  304,671 thou RON
  • windfall profit tax:  367,165 thou RON
  • special constructions tax:  64,988 thou RON.

Starting with 2013, Romgaz has complied with International Financial Reporting Standards (IFRS), including IAS 36.
According to IAS 36, the company must perform tests regarding the impairment of non-current assets if it identifies impairment potential.
At the 31st of December 2015, we have assessed no such perspective for impairment of non-current assets, because:

  • In the evolution of gas market in Romania , we do not anticipate any major negative impact over the company’s performance
  • The prices applied by Romgaz  for natural gas deliveries are not dependent on international quotations.

We are constantly monitoring the gas market evolution. We may check for impairment of our non-current assets in 2016, if case.

Q&A – Q3 2015

According to the revised  Income / Expenditure Budget  for 2015, the Net Profit budgeted for Q4 is 220 mln lei.
Please be informed that we have exceeded the Net Profit budgeted for 9 months by 170 mln lei; this increase happened in Q3 and it includes the deferred tax income,  reversal of impairment on non-current assets in progress, reversal of allowances for doubtful receivables, as well as the increase of certain operating revenues and decrease of certain operating expenses.
We now estimate a Net Profit around 200 mln lei in Q4 2015.

Gas deliveries from internal production (excluding JVs and partnerships) – corresponds to row number 9 in the table

Gas deliveries from associations in participation – corresponds to row 10

Gas deliveries for electricity production – corresponds to row 8

Gas injected in UGSs – corresponds to the second row marked with * after row 15

Gas withdrawn from UGSs -  corresponds to the first row marked with * after row 15

With regards to the price estimate of Contract nr. 37/2015 signed between SNGN ROMGAZ and SNTGN TRANSGAZ with one year duration ( 1st of October 2015 until 1st of October 2016), please find below the following explanations:

  • The initial contractual price estimate (248 mln lei plus VAT) has been determined considering ROMGAZ storage capacity mentioned in the contract and an equal quantity of gas to be transported
  • The contractual price estimate has subsequently decreased (to 121mln lei plus VAT ) as the computation considered, besides the capacity reservation, a lower quantity of gas to be transported - based on the level of the yearly program for gas transportation ( 1st of October 2015 until 1st of October 2016.)

The contract refers to the gas transportation and regards: the underground gas storages (technologic consumption from storages, stored gas quantity), CET Iernut and Ghercesti distribution .

The contract price is partly invoiced after to the clients.

Q&A – H1 2015

The titleholders of the concession agreement of Rapsodia block have requested the extension until Nov 3, 2015 of the mandatory stage within the 5-year exploration period. The extension is necessary to process the data collected during the drilling of Helena 1X well (which reached its geological objectives), with the aim to decide upon entering the second exploration stage (the optional one) and drilling of a new well.

Q&A – Q1 2015

In Q1 2015, according to note 26 of IFRS Financial Report, the segment “Other” recorded revenues of 105 mil lei, out of which CE Iernut 46 mil lei. This segment also includes the activities developed at Branch for Well Workover, Recompletions and Special Well Operations (SIRCOSS) and at Technological Transport and Maintenance Branch (STTM). In addition, the segment recorded interest revenues of 11 mil lei – that went to the Profit before tax.

In Q1 2015, weight of volume gas sales at regulated price (to households and thermal energy plants for the gas used for households heating) stood at 58% considering deliveries from current production. When considering also the deliveries from underground gas storages, the percentage of total volume gas sales at regulated price rises to 63%. In Q1 2014, total volume gas sales to this category of consumers accounted for a 52% weight.

In Q1 2015, Romgaz has been selling domestically-produced gas to industrial consumers for a price over 89 lei/ MWh (without storage and transportation services).

During the first quarter, Romgaz sold only 106 thou MWh of natural gas on the Romanian Commodity Exchange (accounting for 33% of total gas traded on centralised market in Romania), although its bids were significantly higher.
In FY2015, as per the enforced legislation (ANRE Order no 118/2014) Romgaz has the obligation to sell on centralised markets in Romania, transparently and non-discriminatory, 35% of its annual production of which certain obligations can be deducted (including for households, thermal energy plants for the gas used for households heating, own technological consumption). For the next years the requirement stands at 30%, 25% and 20% respectively in 2018.

“Changes in inventory” in the P&L refers to gas stored on its own.
a)      When injecting gas in UGS, value of inventories account (current assets) increases and an income equal to the gas production cost is added to “Changes in inventory” in the P&L. This income compensates the expenses made for the gas production, having consequently no impact over the final result.
b)      When selling gas from UGS, simultaneously with registration of the corresponding income, inventories value goes down, while an expense, equal to production cost at the UGS injection time, is added to “Changes in inventory”. The impact over final result is only the profit margin.
As a conclusion, if item “Changes in inventory” appears as an income, it means that the quantity of gas injected in UGS exceeds the quantity of gas withdrawn from UGS. If item “Changes in inventory” appears as an expense, it means that gas injected in UGS is lower than the quantity of gas withdrawn. As mentioned before, item “Changes in inventory” does not generate any loss in the P&L (at the storage time, it compensated the expenses which compose the production costs); at the withdrawal time, the impact over final result is the profit margin.
In Q1 2015, item “Changes in inventory” in the P&L is negative, as we sold the gas previously stored in 2014. As per the Annex attached to the Q1 Report (Revenues from gas sales), in the storage section, injections were at 2.2 mil cm and withdrawals at 292.2 mil cm.

Q&A - Preliminary Report / Final Report 2014
 

Year ended Dec 31, 2014

Upstream

Storage

Other activities

Adjustments and eliminations

TOTAL

 

'000 RON

'000 RON

'000 RON

'000 RON

'000 RON

Cost of commodities sold

(121.331)

(57)

(54.250)

-

(175.638)

Other gains and losses

(247.025)

(3.160)

(24.956)

-

(275.141)

Changes in inventory of finished goods and work in progress

26.895

(1.254)

2.102

-

27.743

Raw materials and consumables used

(21.142)

(14.136)

(34.212)

3.323

(66.167)

Employee benefit expense

(320.618)

(49.061)

(153.109)

3

(522.785)

Other income

104.994

469

91.915

(89.857)

107.

All gas supply contracts are held by advance payment or letter of bank guarantee, depending on client’s option. If the client provides a letter of bank guarantee, the payment can be made within 30 days from the date of invoice.
Also, contractual terms include late payment penalties.

The fixed assets impairment includes the impairment of exploration projects (2013: total impairment of 153 mil RON, of which for tangible exploration assets 70 mil RON in note 12 and 3 mil RON for intangible exploration assets in note 14). At the end of each reporting period (quarter/year) our internal experts analyse all projects in progress, whether they will lead to new discoveries. If, based on this assessment, there are little chances of discovering gas reserves, or if the projects will be discontinued in the near future, we record an impairment for these projects.
The impairment also includes production assets (2013 – 26 mil RON) – if a well is not fully depreciated, but it is no longer involved in production and ANRM’s approval to be decommissioned is expected, an impairment is recorded for its the carrying value, until il will be written-off. At the time of the write-off, there will be no impact in the profit or loss account.
As mentioned above, we make these analyses at the end of each reporting period. As at Dec 31, 2014 we recorded the impairment considered necessary, based on the information available at that date. This is an on-going process, and if we consider appropriate, additional impairments might be recorded in the future as well, as part of our current operating activities.

The quantity stored by Romgaz on its own amounted to 7,637,249 MWh (714.40 mil. mc) as of Dec 31, 2014.

“Revenue from gas sold - internal production” (3,553,391 thou lei as per 2014 preliminary data) includes the gas that Romgaz individually produces and the share resulted from joint ventures (50% Schlumberger, 37.5% Raffles and 50% Amromco). With regards to Schlumberger, Romgaz is recording under the P&L only its 50% share.
“Revenue from gas sold - internal production” is being reported for a quantity of 5,149.7 mln cm in 2014, as per “Physical Indicators” table.
In the “Physical Indicators” table, the “Natural gas from domestic production” of 5,663.9 mil mc (2014) includes Romgaz own production and 100% of the gas produced in association with Schlumberger, as Romgaz acts as operator of this association and keeps the activities evidence. The gas produced in associations with Raffles and Amromco does not represent Romgaz own production, but is generating revenues as shown before.
In the same table, the “Gas delivered from domestic production (including 100% Schlumberger)” in the amount of 5,164.0 mln cm represents the delivered production, calculated as Romgaz total production (5,663.9 mln cm) minus “Technologic Consumption”, “Gas delivered to Iernut and Cojocna” and “Differences from conversion to Gross Caloric Value” and by adding the “Own gas withdrawn from UGS”. This indicator is statistically computed for the production activity.

Sales of gas (produced in Romania / imported, and delivered to Iernut / third parties) are recorded under the Upstream segment.
Revenues from energy sold (inside Romgaz and to third parties) are recorded under the Others segment because the energy production/ trading activities do not meet the IFSR requirements for a separate segment.
The expenses with electric power used by our subsidiaries are registered in the corresponding segment for those subsidiaries.
The expenses with gas delivered from our subsidiaries to Iernut are recorded under Others segment.
Iernut plant delivers electric power to our subsidiaries at the production cost.
The gas produced by Romgaz and used by Iernut is recorded at the production cost as well.
As a result, no internal profit is acknowledged.

In addition to the information provided in the Quarterly Report issued at the 30th of September, we can tell that, during the 4th Quarter, we recorded adjustments for inactive inventory of 21,907 thou lei, impartment of different receivables (mainly, Termoelectrica) of 42,676 thou lei and the amount of 15,979 thou lei has been recorded under revenues account corresponding to a receivable from Electrocentrale Galati.

The loans mentioned above have been given in order to finance exploration activities in Poland, inside the two perimeters – Cybinka and Torzym.
As per their share participation and in accordance with local legislation, the partners (San Leon Energy through Aurelian Oil & Gas Poland, Sceptre Oil & Gas and Romgaz) have signed lending agreements with those two partnerships (Energia Cybinka and Energia Torzym), providing that one legal entity should have an exploration license for each perimeter.

Preliminary Revenues stand at 4,493,341 thou RON, out of which (thou RON): 

 

Revenue from gas sold - internal production

3.553.391

Revenue from gas acquired for resale - imported gas

116.443

Revenue from gas acquired for resale - internal gas

15.050

Revenue from services storage

425.575

Revenue from services

29.907

Thou RON / Segment

Upstream

Storage

Other

Consolidation adjustment and eliminations

Total

Revenues

3.853.030

425.830

660.358

-445.877

4,493,341

EBITDA

2.062.521

240.137

187.083

 

2,489,741

Q&A - Miscellaneous

As part of its activity, Romgaz executes, in-house, works on certain items of property, plant and equipment (PPE), which can be capitalized. These activities are recorded at the production cost (in accordance with IAS 16) that includes, among others, payroll costs.
The capitalized payroll cost (including social security contribution and other related taxes) amounted to 79,947 kRON in 9M 2014, and 52,535 kRON in 6M 2014  (as provided by the note no 8 of the IFRS reports).
As a result, the total payroll charge in 9M 2014 represented the sum of 323,624 kRON and 79,947 kRON (note no 8).
We will continue to capitalise payroll expenses in the future, as long as certain items of PPE or parts of these items are executed in-house by Romgaz.

The gas production cost includes: consumables (spare parts, fuel etc), depreciation,  cost of technical revisions and repairs, third parties, employees, taxes and fees, and other expenses as well. These components cannot be directly and fully assessed from the financial statements made public

Capex includes all activities and services performed by the company or by third parties, allocated on every objective, and do not overlap the cash flows from investing. The amounts shown on “Cash Flows from Investing Activities” are generated by taking into consideration the account balance fluctuation adjusted by non-cash transactions. 

As related to Romgaz position on Electrocentrale Galati receivables, the client who initiated the insolvency procedure, we would like to mention that, following such event, Romgaz will perform a detailed analysis (economic-commercial-legal) and thereafter will make a final decision, based upon  all the available details and on the analysis of all details of the event; after that the client position will be adjusted accordingly in Romgaz balance sheet.
The receivables will be assessed to their probable collecting value. When it is estimated that a receivable will not be collected in full, an allowance for doubtful clients is recorded in the accounting, up to the amount that can no longer be recovered. In case of a client insolvency, the accounting practice provides for an allowance for doubtful clients in amount of 100% of the receivable.
This matter will be considered, and at the end of Semester 1 2014 along with the issue of the financial statements, all necessary allowances shall be made, leaving a high probability for fully provisioning the current receivables of Electrocentrale Galati.
On May 31, 2014, there was an allowance for doubtful client, Electrocentrale Galati, in amount of  RON 50.3 million from the total  receivable  recorded on the same date and amounting RON 144.5 million.

According to GEO no.19/2014, the 2014 second half-year (2H) and 2015-2016 reinvested profit in technological equipment - machinery and working equipment - as they are stipulated in subgroup 2.1 of the Catalogue for Classification of Fixed Assets, approved by the Executive Order no.2139/2004, is tax free.
The estimated impact of this law on the income tax for the second half-year (2H) of 2014 and years 2015-2016 was based on the proposals for the Income and Expense Budget and on the investment programs for the mentioned period.
Following the calculations under the terms of application of annual tax relief, the average annual income tax share related to reinvested profit from the total income tax for the period July 1st , 2014 – December 31st 2014 and for the years 2015 – 2016 is estimated at 3.9%. 

At the end of every month, storage branch enrolls into credit account 712 all costs related to injection and capacity reservation of gas owned by Romgaz. During the month when own gas is extracted,  the costs are invoiced to the beneficiary, as per regulated price,  and the branch will debit account 712 with a value equal to the storage costs of the gas taken out of deposit  and delivered to clients.

With regards to “other activities” segment, the stock variation is represented by costs related to ongoing services (other than production and storage) incurred by branches.

The discharge in the 1st semester 2013 of stock variation is related to the costs of stored gas which was delivered by the production  branches to the storage branch.

During 2014 the billing procedure for gas delivery inside branches was amended, and the gas stock variation has been totally assigned to the production activity. Overall, stock variation does not change (gas delivery to the storage segment will be considered sale to third party but at the end of each month the related revenues are matched by expenses representing gas consumption of the storage unit). 

This income mainly arises from penalties perceived by the Romgaz. The discharge regards services performed between branches which are eliminated in the consolidated balance by cancelling the income and expenses generated by these services.

Q&A - Quantity and Gaz Price

Electricity sold by Romgaz amounted to 458.536 MWh in Q1 2014 and to 858.251 MWh in H1 2014.

Electricity produced by SPEE Iernut Power Plant Branch was:

  •  in Q1 2013 – 10.3 GWh
  •  in Q1 2014 – 421.5 GWh

During the 2nd and 3rd Quarters, natural gas is injected into underground storages. In this period, consumers and suppliers are required to make minimum inventory of gas, and (not only they) acquire quantities of gas in excess of the current consumption.

In Q1 2014, Romgaz sold 36.7% of the gas quantities on the regulated market and 63.3% on the competitive market;
in H1 2014, the split was 39.9% and 60.1% respectively.
Breakdown on the regulated market: in Q1 - 75% to households and thermal power generation for population and 25% to non-households;  
In H1: 76% and 24% rspectively.
Breakdown on the competitive market: in Q1 - 38% to households and thermal power generation for population and 62% to non-households;  
In H1: 40% and 60% rspectively.

 For the period 2012 - 2013, ROMGAZ quarterly gas production/ gas import / gas deliveries are as follows:
ROMGAZ GAS PRODUCTION  2012 - 2013

 

 

 

 

 

 

 
 

Q 1

Q 2

Q 3

Q 4

Total year

2012

1 521.9

1 372.6

1 311.2

1 457.6

5 663.3

2013

1 478.1

1 384.4

1 335.5

1 452.8

5 650.8

mil.cm

 

2012

2013

 
 

2012

2013

     

Q1:

1 842.8

1 835.9

internal

1 601.0

1 693.8

import

241.8

142.1

Q2:

1 355.5

1 060.4

internal

1 209.7

987.8

import

145.9

72.6

Q3:

1 023.8

972.1

internal

928.1

949.0

import

95.6

23.2

Q4:

1 539.8

1 745.1

internal

1 417.2

1 673.5

import

122.6

71.7

TOTAL YEAR:

5 761.8

5 613.6

internal

5 156.0

5 304.1

import

605.8

309.5

 Until now, the calendar for deregulation of gas prices on the regulated market, included in the ROMGAZ Prospectus, has been observed.

The present legislative changes include supplementations regarding windfall tax computing and definition of consumer categories and the markets they are applicable to. As regards the computing method and the resulting quantum, please refer to the Government Ordinance no.7/2013, as amended by the Emergency Government Ordinance no.13/2014 and published in the Official Gazette no.227/March 31, 2014.

Q&A - Romgaz dividends 2014

The answer is “No”  and please find the explanation below. According to IAS 29 “ Financial Reporting in Hyperinflationary Economies”, the Company’s share capital has been adjusted upward by 1.51 bn RON as the Romanian economy passed  through a hyperinflationary period by end-2003. According to OMFP 1690/2012 and 213/2013 amending OMFP 1268/2012 ,  enforced “to bring  Financial Statements with IFRS, applicable to all companies with securities traded on a regulated market”, the reduction of 1.51 bn RON in the share capital at end-June 2014 has been covered by the Company’s own capital, namely from the same amount which has generated this decrease. 

This amount cannot be nowadays retrieved in the Company’s own capital and, consequently, cannot be distributed as dividends.

Q&A - Romgaz dividends 2013

The Record Date, respectively the date for identifying the shareholders who will receive dividends or other rights and who are affected by the Resolution of the Ordinary General Meeting of Shareholders is May 16, 2014, according to the published Convening Notice

The information regarding the Board of Directors proposal on the gross dividend/share for the year ended on  December 31, 2013 will be available in maximum 24 hours after the ROMGAZ Board meeting dated March 26, 2014, subject to its approval by the General Meeting of Shareholders, scheduled for April 28/29, 2014. According to provisions of Article 111, par. 2, letter a) of Company Law No. 31/1990, republished, as amended, it is under GMS’s authority to set the dividend. 

 According to the Initial Public Offering Prospectus of Romgaz, chapter Dividend Policy, the actual dividend amounts declared by the Company in respect of the years ended 31 December 2012, 2011 and 2010 is reflected on the table below:

 

 

   
 
 

Year ended 31 December

   

Dividends

2012

2011

2010

Dividends to shareholders (thousand RON)

1.060.115

938.038

706.736

Gross dividend per Share (RON/share)

27,68

24,49

18,45

Dividend distribution rate(1) (%)

95

79

95(2)

Number of shares

38.303.838

38.303.838

38.303.83

Q&A - Preliminary Report 2013

 The 4Q13 net profit was influenced by recording of provisions and by the effect of income tax further to financial statement restatement and elaboration according to IFRS.

Preliminary and unaudited profit and loss statement for 2013 was influenced by the variations of provisions and allowances (additional recordings/reversal), as also by the additional income tax resulted from the restatement of the financial statements according to IFRS standards all of these impacted the gross profit of the year and also, as a consequence, the net profit.The net impact of the total preliminary variations in provisions and allowances from 2013 had a negative influence on the gross profit. The most significant variations are listed below:

  • Adjustments for impairment of tangible, intangible and financial assets: – 152.3 million RON (expense); 54% are adjustments for tangible assets in progress, whereas adjustments for total tangible assets represent 71% from total of this category of adjustments;  
  • Provisions recorded for decommissioning of fixed assets disposed: 38.6 million RON (expense); 84% of these provisions fall under long term debts category;
  • Pension provisions : 15.5 million RON (expense);
  • Provisions recorded for CO2 emissions  for Iernut: 10.2 million RON (expense);
  • Losses from bad debts written off: - 612.5 million RON (expense) from the write off of the receivable of 653 million RON of Electrocentrale Bucuresti S.A. after the take-over of CTE Iernut, with a liquidation value of 40.5 million RON, as valued by the assessor.

The loss of RON 149 million recorded in 4Q13 as compared to 3Q13 is mainly due to recording of a provision for clients of RON 126 million and recording of un-amortized value of write off fixed assets in amount of RON 20 million.

The percentage for allocation of 2013 net income for shareholders is 85%, according to IMF Memorandum. Net income allocation will be approved by GMS, on April 28, 2014.

ROMGAZ intends to organize periodical conference calls for presentation and discussions on the quarterly, half year and annual financial results of the company.

Related to the Preliminary Annual Report on the economic – financial activity of SNGN Romgaz SA at December 31, 2013, (issued on the basis of unaudited financial statements prepared under IFRS), Romgaz would like to inform interested parties that it will answer to the written questions and such answers will be posted here.

The estimated figure for EBITDA is RON 1,994 million.

 

 

 

 

 

 

 The domestic gas volume delivered in 2013 was reduced because of the gas delivered to Iernut Power Plant, and therefore it is not comparable to the quantity delivered in 2012 when Iernut was not Romgaz property.  By way of comparison to year 2012 (including Iernut Power Plant) there is an increase by 2.90%.

Natural gas price is different, depending on its source. Thus, the price is rising in the following order: the price for the current domestic production, followed by storage gas and last by import gas. The mix domestic/import for 2013, set by ANRE, favored mainly the consumption of domestic gas, therefore the consumed gas was from domestic production and from storages. The stored quantities have been set by ANRE for each market.

The full set of IFRS audited results will be available for the first time at the end of March on our company website. They will be part of the Informational documents related to the items of the EGMS agenda from April 28, 2014. The 2013 Annual Report, approved by the EGMS, will be published on April 29, 2014.

 Romgaz Board of Directors approved the Gas Trade Policy, which provides that gas is traded with advance payments or payment when due, and accompanied by submission of guarantees, namely Letter of Bank Guarantee.
On December 31, 2013 there were no overdue receivables longer than one year, not supported by a provision.

According to our preliminary, unaudited results of the financial year 2013, the amounts are as follows:

  • Gross book value: 6,126,204,875.78 RON
  • Net book value: 4,141,314,729.58 RON
  • Net tax value: 2,365,011,917.59 RON