OMV Petrom

OMV Petrom's Cash & Cash Equivalents fell 35.4% yoy to RON 1,070 mil in 2015

By Helgi Analytics - April 2, 2020

OMV Petrom's total assets reached RON 41,118 mil at the end of 2015, down 4.65% compared to the previous year. Cur...

Profit Statement 2013 2014 2015
Sales RON mil 24,185 21,541 18,145
Gross Profit RON mil 8,422 7,131 1,359
EBITDA RON mil 9,313 8,145 6,231
EBIT RON mil 5,958 3,338 -530
Financing Cost RON mil 202 435 189
Pre-Tax Profit RON mil 5,699 2,909 -726
Net Profit RON mil 4,821 2,103 -676
Dividends RON mil 1,731 631 ...
Balance Sheet 2013 2014 2015
Total Assets RON mil 40,047 43,125 41,118
Non-Current Assets RON mil 34,596 37,256 36,138
Current Assets RON mil 5,451 5,868 4,980
Working Capital RON mil 467 1,095 966
Shareholders' Equity RON mil 26,642 27,005 25,688
Liabilities RON mil 13,405 16,120 15,430
Total Debt RON mil 8,453 10,271 10,758
Net Debt RON mil 6,742 8,614 9,688
Ratios 2013 2014 2015
ROE % 19.3 7.84 -2.57
ROCE % 13.9 5.73 -1.79
Gross Margin % 34.8 33.1 7.49
EBITDA Margin % 38.5 37.8 34.3
EBIT Margin % 24.6 15.5 -2.92
Net Margin % 19.9 9.76 -3.73
Net Debt/EBITDA 0.724 1.06 1.55
Net Debt/Equity 0.253 0.319 0.377
Cost of Financing % 2.28 4.65 1.80
Valuation 2013 2014 2015
Market Capitalisation USD mil 8,218 6,238 4,434
Enterprise Value (EV) USD mil 10,299 8,563 7,049
Number Of Shares mil 56,644 56,644 56,644
Share Price RON 0.470 0.408 0.290
EV/EBITDA 3.68 3.65 3.93
EV/Sales 1.42 1.38 1.35
Price/Earnings (P/E) 5.52 11.0 -24.3
Price/Book Value (P/BV) 0.999 0.856 0.639
Dividend Yield % 6.50 2.73 ...

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                              
Sales RON mil                 16,090 18,616 22,614 26,258 24,185    
Gross Profit RON mil ... ... ... ...         4,469 5,388 7,729 8,394 8,422    
EBIT RON mil ...               1,776 2,986 4,936 5,662 5,958    
Net Profit RON mil                 860 2,201 3,757 3,953 4,821    
ROE %                 5.35 12.7 19.0 17.8 19.3    
EBIT Margin % ...               11.0 16.0 21.8 21.6 24.6    
Net Margin %                 5.35 11.8 16.6 15.1 19.9    
balance sheet                              
Total Assets RON mil                 30,527 34,765 36,488 38,145 40,047    
Non-Current Assets RON mil                 25,940 28,460 31,022 32,777 34,596    
Current Assets RON mil                 4,586 6,306 5,467 5,195 5,451    
Shareholders' Equity RON mil                 16,191 18,459 21,077 23,405 26,642    
Liabilities RON mil                 14,336 16,306 15,412 14,739 13,405    
Non-Current Liabilities RON mil                 9,629 10,728 9,287 8,737 8,238    
Current Liabilities RON mil                 4,707 5,578 6,125 6,002 5,167    
Net Debt/EBITDA ...               1.93 1.42 1.01 0.999 0.724    
Net Debt/Equity                 0.505 0.445 0.373 0.363 0.253    
Cost of Financing % ...               2.52 6.48 4.09 8.84 2.28    
cash flow                              
Total Cash From Operations RON mil ...       ...       2,726 4,630 6,442 7,185 8,048    
Total Cash From Investing RON mil ...       ...       -4,071 -4,264 -5,092 -5,055 -4,895    
Total Cash From Financing RON mil ...       ...       1,157 839 -2,184 -2,220 -2,412    
Net Change In Cash RON mil ...       ...       -189 1,205 -835 -89.4 742    
valuation                              
Market Capitalisation USD mil                 4,776 5,924 4,923 7,201 8,218    
Number Of Shares mil                 56,644 56,644 56,644 56,644 56,644    
Share Price RON                 0.249 0.335 0.290 0.428 0.470    
Earnings Per Share (EPS) RON                 0.015 0.039 0.066 0.070 0.085    
Book Value Per Share RON                 0.286 0.326 0.372 0.413 0.470    
Dividend Per Share RON                 < 0.001 0.018 0.031 0.028 0.031   ...
Price/Earnings (P/E)                 16.4 8.62 4.37 6.13 5.52    
Price/Book Value (P/BV)                 0.871 1.03 0.779 1.04 0.999    
Dividend Yield %                 0.002 5.23 10.6 6.54 6.50   ...
Earnings Per Share Growth % ...               -12.1 156 70.7 5.23 21.9    
Book Value Per Share Growth % ...               1.26 14.0 14.2 11.0 13.8    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                              
Sales RON mil                 16,090 18,616 22,614 26,258 24,185    
Cost of Goods & Services RON mil ... ... ... ...         11,620 13,228 14,885 17,864 15,763    
Gross Profit RON mil ... ... ... ...         4,469 5,388 7,729 8,394 8,422    
EBITDA RON mil ...               4,242 5,797 7,766 8,514 9,313    
Depreciation RON mil ...               2,466 2,812 2,830 2,852 3,355    
EBIT RON mil ...               1,776 2,986 4,936 5,662 5,958    
Financing Cost RON mil                 195 595 376 790 202    
Extraordinary Cost RON mil ...               411 -215 -49.0 45.3 57.3    
Pre-Tax Profit RON mil                 1,169 2,605 4,609 4,826 5,699    
Tax RON mil                 336 416 850 880 875    
Minorities RON mil                 -27.0 -11.6 1.87 -7.21 3.19    
Net Profit RON mil                 860 2,201 3,757 3,953 4,821    
Dividends RON mil                 0.280 993 1,741 1,586 1,731   ...
growth rates                              
Total Revenue Growth % ...               -20.1 15.7 21.5 16.1 -7.89    
EBITDA Growth % ... ...             10.0 36.7 34.0 9.63 9.38    
EBIT Growth % ... ...             47.4 68.1 65.3 14.7 5.23    
Pre-Tax Profit Growth % ...               3.60 123 76.9 4.72 18.1    
Net Profit Growth % ...               -12.1 156 70.7 5.23 21.9    
ratios                              
ROE %                 5.35 12.7 19.0 17.8 19.3    
ROCE % ...               3.34 7.85 12.3 11.9 13.9    
Gross Margin % ... ... ... ...         27.8 28.9 34.2 32.0 34.8    
EBITDA Margin % ...               26.4 31.1 34.3 32.4 38.5    
EBIT Margin % ...               11.0 16.0 21.8 21.6 24.6    
Net Margin %                 5.35 11.8 16.6 15.1 19.9    
Payout Ratio %                 0.033 45.1 46.4 40.1 35.9   ...
Cost of Financing % ...               2.52 6.48 4.09 8.84 2.28    
Net Debt/EBITDA ...               1.93 1.42 1.01 0.999 0.724    
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                              
Non-Current Assets RON mil                 25,940 28,460 31,022 32,777 34,596    
Property, Plant & Equipment RON mil                 21,431 23,777 26,334 28,513 30,659    
Intangible Assets RON mil                 1,360 1,369 1,121 967 815    
Current Assets RON mil                 4,586 6,306 5,467 5,195 5,451    
Inventories RON mil                 2,529 2,425 2,342 2,242 1,996    
Receivables RON mil                 1,048 1,398 1,826 1,968 1,429    
Cash & Cash Equivalents RON mil                 384 1,589 754 766 1,711    
Total Assets RON mil                 30,527 34,765 36,488 38,145 40,047    
Shareholders' Equity RON mil                 16,191 18,459 21,077 23,405 26,642    
Of Which Minority Interest RON mil                 11.3 -26.5 -25.8 -32.9 -28.8    
Liabilities RON mil                 14,336 16,306 15,412 14,739 13,405    
Non-Current Liabilities RON mil                 9,629 10,728 9,287 8,737 8,238    
Long-Term Debt RON mil                 8,375 9,409 8,133 8,729 8,227    
Current Liabilities RON mil                 4,707 5,578 6,125 6,002 5,167    
Short-Term Debt RON mil                 188 396 474 541 226    
Trade Payables RON mil                 2,295 3,453 2,983 2,880 2,958    
Equity And Liabilities RON mil                 30,527 34,765 36,488 38,145 40,047    
growth rates                              
Total Asset Growth % ...               5.57 13.9 4.96 4.54 4.99    
Shareholders' Equity Growth % ...               1.26 14.0 14.2 11.0 13.8    
Net Debt Growth % ...               28.7 0.467 -4.42 8.30 -20.7    
Total Debt Growth % ...               23.6 14.5 -12.2 7.71 -8.82    
ratios                              
Total Debt RON mil                 8,562 9,805 8,607 9,270 8,453    
Net Debt RON mil                 8,178 8,216 7,853 8,505 6,742    
Working Capital RON mil                 1,281 370 1,185 1,330 467    
Capital Employed RON mil                 27,222 28,829 32,207 34,107 35,063    
Net Debt/Equity                 0.505 0.445 0.373 0.363 0.253    
Cost of Financing % ...               2.52 6.48 4.09 8.84 2.28    
cash flow Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                              
Net Profit RON mil                 860 2,201 3,757 3,953 4,821    
Depreciation RON mil ...               2,466 2,812 2,830 2,852 3,355    
Non-Cash Items RON mil ...       ...       -365 -1,294 670 525 -991    
Change in Working Capital RON mil ...       ...       -236 911 -815 -145 863    
Total Cash From Operations RON mil ...       ...       2,726 4,630 6,442 7,185 8,048    
Capital Expenditures RON mil ...       ...       -4,403 -4,322 -5,265 -5,130 -4,895    
Other Investments RON mil ...       ...       331 58.2 172 74.3 0    
Total Cash From Investing RON mil ...       ...       -4,071 -4,264 -5,092 -5,055 -4,895    
Dividends Paid RON mil ...       ...       -0.280 -993 -1,741 -1,586 -1,731   ...
Issuance Of Debt RON mil ...       ...       1,634 1,243 -1,198 663 -818    
Total Cash From Financing RON mil ...       ...       1,157 839 -2,184 -2,220 -2,412    
Net Change In Cash RON mil ...       ...       -189 1,205 -835 -89.4 742    
ratios                              
Days Sales Outstanding days                 23.8 27.4 29.5 27.4 21.6    
Days Sales Of Inventory days ... ... ... ...         79.4 66.9 57.4 45.8 46.2    
Days Payable Outstanding days ... ... ... ...         72.1 95.3 73.1 58.8 68.5    
Cash Conversion Cycle days ... ... ... ...         31.1 -0.957 13.8 14.3 -0.705    
Cash Earnings RON mil ...               3,327 5,013 6,587 6,806 8,176    
Cash Earnings Per Share RON ...               0.059 0.088 0.116 0.120 0.144    
Price/Cash Earnings (P/CE) ...               4.24 3.79 2.49 3.56 3.26    
Free Cash Flow RON mil ...       ...       -1,345 366 1,349 2,130 3,153    
Free Cash Flow Yield % ...       ...       -9.24 1.94 8.99 8.52 11.5    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                              
ROA %                 2.89 6.74 10.5 10.6 12.3    
Gross Margin % ... ... ... ...         27.8 28.9 34.2 32.0 34.8    
Effective Tax Rate %                 28.7 16.0 18.4 18.2 15.3    
Enterprise Value (EV) USD mil                 7,546 8,489 7,277 9,726 10,299    
EV/EBITDA ...               5.42 4.66 2.86 3.96 3.68    
EV/Capital Employed                 0.819 0.943 0.754 0.960 0.952    
EV/Sales                 1.43 1.45 0.981 1.29 1.42    
EV/EBIT ...               12.9 9.05 4.50 5.96 5.75    
Capital Expenditures (As % of Sales) % ...       ...       27.4 23.2 23.3 19.5 20.2    

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May 2016
Statistical Dossier
Mar 2014
Statistical Dossier
Mar 2014
Company Report

OMV Petrom SA is a Romania-based oil company and the largest corporation in Romania. With activities in Exploration and Production, Gas and Power, and Refining and Marketing, the Petrom Group has proven oil and gas reserves of approximately 775 mn boe in Romania and Kazakhstan (750 mn boe in Romania) providing a maximum annual refining capacity of 4.2 mil tonnes. The Company operates a network of approximately 800 filling stations under two brands, Petrom and OMV, in Romania, the Republic of Moldova, Bulgaria and Serbia. In addition, Petrom is involved in the energy business running a 860 MW gas fired power plant at Brazi and a 45 MW wind park at Dorobantu. The Company was privatized at the end of 2004 and sold to Austrian oil company OMV.

Finance

OMV Petrom has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 1.46% a year during that time to total of RON 6,231 mil in 2015, or 34.3% of sales. That’s compared to 35.5% average margin seen in last five years.

The company netted RON -676 mil in 2015 implying ROE of -2.57% and ROCE of -1.79%. Again, the average figures were 12.3% and 8.42%, respectively when looking at the previous 5 years.

OMV Petrom’s net debt amounted to RON 9,688 mil at the end of 2015, or 0.377 of equity. When compared to EBITDA, net debt was 1.55x, up when compared to average of 1.07x seen in the last 5 years.

Valuation

OMV Petrom stock traded at RON 0.290 per share at the end of 2015 resulting in a market capitalization of USD 4,434 mil. Over the previous five years, stock price fell by 13.4% or -2.84% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 3.93x and price to earnings (PE) of -24.3x as of 2015.