OVER 115 YEARS OF EXPERIENCE PRESENTATION OF RESULTS 9 months 2019 November 18 th , 2019
MENTIONS REGARDING THE DOCUMENT • – This presentation of the results for the period January • This Presentation does not contain a complete and exhaustive September 2019, called “Presentation” is prepared by CONPET financial or commercial analysis of CONPET, nor does it provide S.A. (“CONPET”) with the purpose of presenting the operational views and forecasts in a complete and exhaustive manner. and financial results of CONPET to the investing public CONPET conducted the Presentation carefully, but there might be (shareholders, creditors, analysts, financial media), thus bearing a some inconsistencies or omissions. Therefore, it is recommended strictly informative nature. The presentation was realized exclusively for information and is not a buy/sale offer, nor an that any person who intends to make an investment decision inquiry for the buy/sale of the shares or financial instruments, nor regarding CONPET equities should rely solely on the information an invitation to take part to a commercial partnership. The provided by means of a formal communication of CONPET, in presentation does not stand for an offer or a buy invitation or accordance with the legal provisions that are binding on CONPET shares subscription and no information contained herein shall set the grounds of the conclusion of an agreement, engagement or • CONPET and the managers or the representatives thereof shall investment decision. have no liability in relation to the Presentation. Moreover, no • The detailed financial statements and the report prepared information contained in the Presentation shall constitute an pursuant to the requirements of FSA (The Financial Supervision obligation or legal engagement of CONPET, its managers or company’s Authority) are made available on the website shareholders. www.conpet.ro. • The reporting period is January 1, 2019 – September 30, 2019. • The financial statements to date and for the 9 months period ended September 30, 2019 have been prepared in compliance with the International Accountancy Standard 34 “Interim Financial Reporting” approved by Order of the Ministry of Public Finances no.2844/2016 and have not been audited. • The Presentation cannot be copied, distributed, directly or indirectly delivered to any person for any purpose, in absence of CONPET’s knowledge and consent. The copy, submission, distribution or delivery of this Presentation to any person of any jurisdiction is subject to certain lawful restrictions and the persons who might have received or have received this presentation shall become acquainted with these restrictions and observe them. The failure to comply with these restrictions may be interpreted as breach of the applicable laws . 2
Presentation of the results 9 months 2019 1. Financial results 9 months 4 2019 2. Factors that influenced 6 revenues from transport 3. Factors that influenced 7 operation expenses 4. Investments 8 5. Stock exchange 10 performance 6. Annexes 13
1. FINANCIAL RESULTS 9 months 2019 9 months 2019/ 9 months 2018 ▲ 6.9% 330.0/308.6 m RON OPERATING REVENUES, of which: The increase in the operating revenues by 6.9% (21.4 m RON) was made mainly from transport services (19.1 m RON). ▲ 6.8% 299.2/280.1 m RON TRANSPORT The growth of 15.9 m RON was generated by the ▲ 6.1% 276.5/260.6 m RON expenses related to the additional revenues achieved in 2019 as compared to 2018 (by 4 m RON OPERATING EXPENSES rail transport expenses and by 1.5 m RON oil royalty expenses), but also by the price increase in the utilities, services, as well as personnel expenses 53.5/48.0 m RON ▲ 11.4% (10.4 m RON). OPERATING PROFIT ▲ 8.3% 88.1/81.3 m RON Net profit increasing by 6.4 m RON (14.6%). EBITDA ▲ 14.7% 50.1/43.7 m RON NET PROFIT The financial statements at the date and for the nine-month period ended September 30, 2019 have not been audited and revised by the financial auditor 4
1. FINANCIAL RESULTS 9 months 2019 CLIENTS TURNOVER 9 months 2019 / 9 months 2018 TURNOVER-CLIENTS (m RON) SHARE IN TURNOVER (%) ▲ 9 months 2019 9 9 2019/2018 CLIENTS months months 2019 2018 m RON % Other Rompetrol, Petrotel costumers, 0.9 Lukoil, 1.6 17.1 ▲ 9.5% 244.2 223.0 +21.2 OMV Petrom, ▼ 7.8% 52.1 56.5 -4.4 80,4 9 luni 2018 ▲ 333.3% 2.6 0.6 +2.0 Rompetrol, Other 0.2 costumers 19.9 1.3 5.3 3.6 ▲ 47.2% OTHER CLIENTS +1.7 78,6 ▲ 7.2% TOTAL TURNOVER 304,2 283,7 +20,5 The financial statements at the date and for the nine-month period ended September 30, 2019 have not been audited and revised by the financial auditor 5
2. FACTORS HAVING INFLUENCED THE TRANSPORT REVENUES 9 months 2019 / 9 months 2018 TRANSPORTED QUANTITIES ▲ 18.2% +399 k tons IMPORT SUBSYSTEM TRANSPORTED QUANTITIES 5,313 k tons 5,076 114 244 ▼ 1.2% -29 k tons DOMESTIC SUBSYSTEM TRANSPORTED QUANTITIES 2,705 2,637 2,608 2,439 4,832 5,199 111 3 ▼ 53.3% 244 -130 k tons OTHER TRANSPORT OPERATIONS 2,605 2,594 2,195 +17.0 mRON ▲ 28.3% 9 months 2019 9 months 2018 IMPORT TRANSPORT SUBSYSTEM REVENUES TRANSPORT REVENUES ▲ 2.2% +4.8 mRON mRON VENITURI DIN TRANSPORT SUBSISTEM ȚARĂ 299.2 280.1 2,3 5,0 ▼ 54.0% 221.0 -2.7 mRON 217.6 1,2 OTHER TRANSPORT OPERATIONS 2,6 296,9 275,1 219,8 The transported quantities were 237 k tons higher, and 215,0 78.2 the revenues grew by 19.1 mRON, out of which 9.7 62.5 1,1 2,4 mRON from the transported quantity and 9.4 mRON from 77,1 60,1 the increase of the transport tariffs. 9 months 2019 9 months 2018 The financial statements at the date and for the nine-month period ended September 30, 2019 have IMPORT TRANSPORT SUBSYSTEM not been audited and revised by the financial auditor DOMESTIC TRANSPORT SUBSYSTEM OTHER CRUDE OIL TRANSPORT OPERATIONS 6 TOTAL TRANSPORT
3. FACTORS HAVING INFLUENCED THE OPERATING EXPENSES 9 months 2019 / 9 months 2018 ▲ 9 9 2019/2018 Indicators (mRON) months months 2019 2018 mRON % +0.4 ▲ 8.2% Material expenses 5.3 4.9 Expenses with energy, gas +1.4 ▲ 17.5% 9.4 8.0 and water +15.0 ▲ 14.4% Personnel expenses 119.0 104.0 Expenses related to the +1.3 ▲ 3.9% amortization of the tangible 34.6 33.3 ➢ The railway transport expenses increased due to and intangible assets growth of the price of railway transport service starting April 01, 2019 and generated an increase of Expenses with the crude oil +3.9 ▲ 9.4% 45.2 41.3 the railway transport expenses by 3.9 mRON. rail transport ➢ The augmentation of prices with energy and gas in +1.5 ▲ 6.9% Oil royalty 23.2 21.7 the period January – September 2019 triggered an increase of these expenses by 1.4 mRON. -7.6 ▼ 16.0% Other operating expenses 39.8 47.4 ➢ The augmentation of salaries granted, following the negotiation of the Collective Labor Agreement led to +15.9 ▲ 6.1% Total operating expenses 276.5 260.6 an increase in personell expenses by 14%. The financial statements at the date and for the nine-month period ended September 30, 2019 have not been audited and revised by the financial auditor 7
4. INVESTMENTS EVOLUTION OF THE ACHIEVED INVESTMENTS TOTAL INVESTMENTS mRON 55.2 57.6 60.0 53.2 51.8 40.0 20.0 0.0 9 months 2019 9 months 2018 Programme Achieved PUBLIC DOMAIN DOMENIUL OPERATOR 60.0 mRON mRON 50.0 60.0 53.4 49.2 49.2 47.3 50.0 40.0 40.0 30.0 30.0 20.0 20.0 10.0 5.9 6.0 10.0 4.2 2.6 0.0 0.0 9 months 2019 9 months 2018 9 months 2019 9 months 2018 Programmed Achieved Programmed Achieved 8
4. INVESTMENTS (CONTINUATION) IMPORTANT PROJECTS CARRIED OUT IN NINE MONTHS 2019 Pipeline replacements 14.1 mRON; Telecommunications works 8.0 mRON; Tank upgrades 7.6 mRON; Safe disposals 6.3 mRON; Energy works 3.7 mRON; Modernization and monitoring of the cathodic protection system 3.1 mRON. 9
5. STOCK MARKET PERFORMANCE AND EVENTS SHARE PRICE EVOLUTION The evolution of COTE share (RON) vs. BET index (rebased) which include January – September 2019 120 25000 Share performance at 9 months 2019: 115 CONPET: 2.31 % BET index: 28.15 % 110 20000 105 100 15000 95 90 10000 85 80 5000 75 70 0 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 CONPET share volume CONPET BET BET-BK BET-NG BETPlus BET-TR BET-XT BET-XT-TR Stock Market Capitalization Ranking 20 in Jan. 2019 Sep. 2019 BSE Top Capitalization Share price: 78 RON Share price: 79.8 RON Stock market capitalization: 675 Stock market capitalization: 691 mRON mRON 11
5. STOCK MARKET PERFORMANCE AND EVENTS DIVIDENDS Top dividends proposed by the companies in 2019 (RON) Dividend Yield (%) SNTGN Transgaz 21.66 CONPET 7.47 26.56% Gastronom Buzau 5.09 Romgaz 4.17 Transilvania 1.90 9.59% Constructii 9.26% 1 8.94% BRD - Groupe 7.72% 7.43% 1.64 Societe Generale 6.2% Erste Group Bank 1.40 AG Transilvania Broker 1.28 de Asigurari SN Nuclearelectrica 2013 2014 2015 2016 2017 2018 2019 1.26 Bursa de Valori 1.18 Bucuresti At the dividend yield was considered the share price from the last day of every year. 0.00 5.00 10.00 15.00 20.00 25.00 12
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