„Consolidated sales revenues decreased by 10% compared to Q1/23, negatively impacted by lower prices for natural gas and electricity, as well as lower sales volumes of natural gas, partially offset by higher sales volumes of electricity and refined products. Refining and Marketing segment represented 72% of total consolidated sales, Gas and Power segment accounted for 28%, while sales from Exploration and Production segment accounted only for 0.2% (sales in Exploration and Production being largely intra-group sales rather than third-party sales),” reads the company’s report.
OMV Petrom has a RON43.6 billion bourse capitalization. Since the start of 2024, its shares have climbed by 22%.
The Clean CCS Operating Result amounted to RON1,769 million in Q1/24, decreased from RON2,095 million in Q1/23, due to lower contribution from all business segments, mainly due to lower margins from natural gas in the Gas and Power segment, decline of natural gas prices and lower sales volumes in the Exploration and Production segment, and lower refining margin and utilization rate in the Refining and Marketing segment.
The Consolidation line had a positive contribution in Q1/24 of RON151 million, mainly due to lower quantities of natural gas in stock, compared to a negative contribution of RON (205) mn in Q1/23, which reflected mainly the increased petroleum products inventory in preparation for the refinery planned turnaround in Q2/23.
The Clean CCS Group effective tax rate was 17% (Q1/23: 16%). Clean CCS net income attributable to stockholders of the parent was RON1,540 million (Q1/23: RON1,881 million).
First quarter 2024 (Q1/24) vs. first quarter 2023 (Q1/23)
In Q1/24, the inflow of funds from profit before tax, adjusted for non-cash items such as depreciation and impairments, net change of provisions and other non-cash adjustments, as well as net interest received and income tax paid, was RON2,864 million (Q1/23: RON2,921 million).
Changes in net working capital generated a cash inflow of RON124 million (Q1/23: RON1,740 million). Cash flow from operating activities decreased by RON1,672 million compared to Q1/23, reaching RON2,988 million.
In Q1/24, cash flow from investing activities resulted in an outflow of RON1,093 millionn (Q1/23: RON1,369 million), mainly related to payments for investments in property, plant and equipment, largely in the Exploration and Production segment.
Free cash flow (defined as cash flow from operating activities less cash flow from investing activities) showed an inflow of funds of RON1,895 million (Q1/23: RON 3,291 million). Cash flow from financing activities reflected an outflow of funds amounting to RON61 million (Q1/23: RON46 million).
Free cash flow after dividends resulted in a cash inflow of RON1,894 million (Q1/23: RON3,290 million).