Rompetrol Rafinare, a member company of the KMG International Group, recorded, in 2023, a decrease in financial indicators, on the background of the volatility of international quotations for crude oil and refined products. Quotations continued their downward trend, reaching in 2023 a decrease of 14% for gasoline and 21% for diesel.
Thus, the gross turnover was 5.3 billion dollars, in 2023, a 19% decrease compared to the previous year, the operating profit (EBITDA) was 201 million dollars, and the net result was a negative one of 270.5 million dollars.
Backed by the latest long-term forecasts, related to macroeconomic factors (e.g. decreasing European refining margins, decreasing dynamics of demand for refined products, increasing weighted average cost of capital) and considering the latest legal provisions on fiscal matters (solidarity tax, turnover tax), the 2023 final report of the revaluation of the assets owned and operated by the company, coordinated and audited by companies part of the Big Four, determined a devaluation of the operational assets with a value of 223 million dollars, approximately 82% of the negative net result of 2023.
The assessment was carried out in accordance with the accounting policy adopted in 2021, to support Rompetrol Rafinare’s commitment to provide accurate and transparent financial information.
All these factors devalue the entire chain of operational assets, and the limited financial resources are directed by the company to maintenance and turnaround projects, but also to ensure the mandatory technological and environmental investments. The significant decrease of financial resources to continue the plans to modernize current activities, but also to develop new energy efficiency projects, influences the prospects, competitiveness, and regional stability of the company.
During 2019 – 2023, the company recorded a consolidated net loss of 705 million dollars, based on the international and regional context, but also of the COVID-19 pandemic. The exception is 2022, when the company recorded a net profit of 90 million USD, the year when Rompetrol Rafinare complied with the mandatory fiscal measures – the solidarity tax (126 million USD) and the reduction/compensation of fuel prices (35 million USD).
For this year, the solidarity fee is estimated at 31.1 million dollars. Rompetrol Rafinare continues to analyze possible legal measures regarding the tax and its impact on current activities.
During this period, the company respected its obligations towards employees, commercial partners and authorities and took all the necessary measures to ensure a stable flow of crude for the Petromidia refinery, thus securing the supply of petroleum products (fuels, bitumen, hexane, polymers, etc.), especially to the Romanian market.
In 2023, the total quantities exported by the Petromidia, Vega refineries and the Petrochemical Division of Rompetrol Rafinare amounted to 1.64 million tons, while, for the last 5 years (including 2023), the total level was 7,3 million tons.
The company is one of the most important contributors to Romania’s state budget, paying over 1.65 billion dollars throughout the previous year. The value includes all taxes owed and paid by Rompetrol Rafinare to the Romanian state, including the solidarity tax for 2022, worth 126 million dollars, paid in June 2023, but also excise taxes, VAT, salary contributions and other taxes.
Thus, the total amount paid by the company to the state budget amounts to approximately USD 7.6 billion, for the period 2019-2023.
The significant shareholders of Rompetrol Rafinare SA are KMG International (54.63% – directly and indirectly) and the Romanian State, through the Ministry of Energy (44.7%).