OMV Petrom reported a net profit of around 4 billion lei, but paid a solidarity contribution to the budget for 2022 and 2023 totaling 2.7 billion lei, apart from the classic profit tax. At the same time, the contribution to the state budget at group level was of 16 billion lei, including taxes and dividends. Data consulted by Energynomics shows a 27% lower CCA net profit compared to 2022, in line with a decrease in sales of around 37%. Also, the net profit attributable to shareholders was of 4.03 billion lei, down 61% compared to the record year 2022.
However, the group’s financial director explained that there is no cash flow deficit.
“Our company has a very solid balance sheet. We are currently in a net cash position, we have more cash than debt, so it is not necessary to finance ourselves from the banking market or the capital market, to support the investment plan and the respective announced dividends,” said the CFO Alina Popa, during a conference. Moreover, the group could grant a special dividend to shareholders this year.
The weaker results of 2023 were primarily caused by lower prices, the report consulted by Energynomics also states.
“The value of revenues from consolidated sales of 38,808 million lei in 2023 decreased by 37% compared to 2022, negatively influenced by lower prices of goods and lower volumes related to electricity sales, only partially compensated by higher volumes related to sales of natural gases. Refining and Marketing segment sales represented 69% of total consolidated sales, Gas and Power segment sales represented 30%, while Exploration and Production segment sales represented only 0.1% (Exploration and Production sales being, mostly sales within the Group, not to third parties).
The CCA operating result excluding special items in the amount of 8,482 million lei in 2023 decreased compared to the value of 12,198 million lei in 2022, due to the lower contribution of all business segments, mainly as a result of weaker refining margins and lower utilization rate due to the refinery overhaul in the Refining and Marketing segment, lower prices in the Exploration and Production segment, as well as lower natural gas margins from both third-party and proprietary natural gas transactions in the Gas and Energy segment. The result also reflects lower Exploration and Production taxes, primarily due to lower prices, as well as lower purchases, primarily due to lower volumes and prices of natural gas, electricity and imported crude oil, partially offset by higher volumes of petroleum products purchased from third parties. The Consolidation line had a negative contribution in 2023 of (227) million lei (2022: (99) million lei). The effective corporate tax rate at CCA Group level excluding special items was of 15% (2022: 16%). CCA’s net profit excluding special items attributable to the shareholders of the parent company was 7,464 million lei (2022: 10,273 million lei),” the report reveals.
