REG - S.N.G.N. Romgaz S.A. - Half Yearly Report <Origin Href="QuoteRef">ROSNG.BX</Origin>

Societatea Nationala de Gaze Naturale Romgaz SAAnnouncement

29/10/2014 11:59

RNS Number : 8337O
S.N.G.N. Romgaz S.A.
11 August 2014
 
IDENTIFICATION DETAILS ON REPORT AND ISSUER
Half-year report according to art. 227 from Law 297/2004 
Report date: August 11, 2014
Name of the Company: SNGN ROMGAZ SA
Headquarter: Medias, 4 Constantin I. Motas Square, Sibiu County - Romania, 551130
Telephone/fax number: 004-0269-201020 / 004-0269-846901
Fiscal Code: RO14056826
Trade Registry No: J32/392/2001
Subscribed and paid in share capital: RON 385,422,400 
Regulated market where the issued securities are traded: Bucharest Stock Exchange (BVB), London Stock Exchange (LSE)


HALF-YEAR REPORT
(based on the financial statements prepared in accordance with IFRS)
REGARDING THE ECONOMIC-FINANCIAL ACTIVITY OF
SNGN ROMGAZ SA AS OF June 30, 2014
(01/01/2014 - 30/06/2014)
PRESENTATION
SNGN Romgaz SA is a natural gas producer and supplier in Romania, and its core business segments are: gas exploration and production, gas supply, underground gas storage and electric power production.
A summary of the main indicators is described below:
 EBITDA increased in the first half-year of 2014 by 26.8% as compared to the same period of 2013 (H1 2014: LEI 1,414,413 thousand; H1 2013: LEI 1,115,656 thousand);
 EPS (net profit/share) is LEI 2.26/share;
 E&P (exploration, production): Production of natural gas recorded in the first half-year of 2014 confirmed the stabilization process, such recording a value of 2,865.6 million cubic meters (100.11% of the production recorded in H1, 2013);
 Capital Expenditure amounted LEI 532.3 million, representing an increase of 50.8% as compared to the level achieved in H1 2013 (LEI 353 million);
 Revenues from the underground storage activity increased with LEI 68 million, namely by 45.49% as compared to the same period of 2013 due to the implementation of new underground storage tariffs starting from April 1st 2013, in accordance with ANRE Order NO.26/2013; 
 Revenues obtained from the electric power sector amounted to LEI 163.88 million. 
 All of the capital expenditure and the necessity for working capital have been financed from Romgaz's own sources. 
ORGANIZATIONAL STRUCTURE
The Company currently operates through seven branches:
 Sucursala de Productie Gaze Naturale Medias;
 Sucursala de Productie Gaze Naturale Targu Mures;
 Sucursala de Inmagazinare Subterana a Gazelor Naturale Ploiesti;
 Sucursala de Interventii, Reparatii Capitale si Operatii Speciale la Sonde Medias (SIRCOSS);
 Sucursala de Transport Tehnologic si Mentenanta Targu Mures (STTM); 
 Sucursala Bratislava;
 Sucursala de Productie Energie Electrica Iernut.
SHAREHOLDER STRUCTURE
The Shareholder's structure as of June 30, 2014 is as follows: 
Shareholder
Number of shares
Percent %
Romanian State through the Ministry of Economy (Energy Department) 
269,823,080
70
SC "Fondul Proprietatea" SA
38,542,960
10
Legal Persons
69,069,092
18
Physical Persons 
7,987,268
2
Total
385,422,400
100
Between June 18 and 23, 2014, SC "Fondul Proprietatea" SA sold a total number of shares of 19,243,000 both on Bucharest Stock Exchange as well as on London Stock Exchange. Following such transaction SC "Fondul Proprietatea" SA continues to be an important shareholder, holding more than 10% of SNGN Romgaz SA's share capital. 
BOARD OF DIRECTORS STRUCTURE MODIFICATION
On June 13, 2014, by Resolution No. 4 of the Ordinary General Meeting of Shareholders, Mr. Dumitru Chisalita was appointed as Director of SNGN Romgaz SA for a mandate valid until May 14, 2017. Mister Dumitru Chisalita was appointed for the vacancy following the resignation of Mister Eugen Dragos Doros. 
By Resolution No. 6/July 30, 2014 of the Ordinary General Meeting of Shareholders, Mr. Sergiu Cristian Manea was appointed as Director of SNGN Romgaz SA for a mandate valid until May 14, 2017. Mr. Sergiu Cristian Manea was appointed for the vacancy following the resignation of Mister Adrian Constantin Volintiru. 
Following the above mentioned modifications, the structure of the Board of Directors on the date of this report is as follows: 
Aurora Negrut;
Virgil-Marius Metea;
Dumitru Chisalita;
Ecaterina Popescu;
Petrus Antonius Maria Jansen;
David Harris Klingensmith;
Sergiu Cristian Manea.
PHYSICAL INDICATORS 
The natural gas quantities produced, supplied, injected/ withdrawn into/from the underground storages between January-June 2014, compared to the same period last year, are described in the table below:
Million cubic meters
Product name
H1
2013
H1
2014
Differences
Indicators %
1
2
3
4=3-2
5=3/2x100
Natural gas from internal production, out of which:
2,862.5
2,865.6
 3.1
100.11%
 - own gas
2,773.0
2,772.6
- 0.3
99.99%
 - Schlumberger (100%)
 89.6
 93.0
 3.4
103.79%
Gas delivered from internal production (except joint partnerships) *)
2,615.3
2,918.4
 303.1
111.59%
Gas delivered from internal production (including Schlumberger 50%) *)
2,660.1
2,964.9
 304.8
111.46%
Gas delivered (including joint partnerships) *)
2,707.3
3,008.2
 300.9
111.11%
Gas withdrawn from the storages
1,291.1
1,169.4
- 121.7
90.57%
Stored gas
 865.7
 609.6
- 256.1
70.42%
Delivered import gas
214.7
69.9
- 144.9
32.56%
Commodity gas
4.8
9.1
 4.3
189.58%
Gas delivered to SPEE Iernut
16.7
188.2
 171.5
1,126.95%
*) does not include the gas delivered to SPEE Iernut
As compared to the previous year, gas production (extraction, deliveries) was higher than previous year. The extracted quantity was higher by 0.1% and the delivered production (including joint partnerships) increased by 11.11%, due to lower quantity injected in underground gas storages.
The quantity delivered to SPEE Iernut was higher than last year, since the power plant was taken over on February 1, 2013 and it did not deliver electric power during the first months after being taken over.
ECONOMIC - FINANCIAL INDICATORS
The individual interim financial statements of the Company have been prepared in compliance with the International Financial Reporting Standards adopted by the European Union (IFRS). For the purpose of preparing these individual interim financial statements the functional currency of the Company is considered to be the Romanian Leu (LEI). The IFRS Standards adopted by the UE differ in certain aspects from those issued by the IASB, nevertheless, the differences have no effect on the individual interim financial statements of the Company for the respective time period. 
The individual interim financial statements have been reviewed by the independent auditor of the Company. 
The Company income mainly comes from the natural gas sale activity (internal and import), gas underground storage services and electric power production.
The main economic - financial indicators as of June 30, 2014, as compared to the indicators referring to the same period of 2013 are described in the table below:
Summary of the interim statement of comprehensive income as of June 30, 2014
Indicator
June 30, 2014 
June 30, 2013
Variation

 LEI '000
LEI '000
%
1
2
3
4=(2-3)/3x100
Revenue
2,526,344
1,901,139
32.89%
Cost of commodities sold
(132,596)
(302,048)
-56.10%
Investment income
41,458
59,003
-29.74%
Other gains and losses
(183,194)
32,418
-665.10%
Changes in inventory 
(98,991)
33,055
-399.47%
Raw materials and consumables used
(30,024)
(56,976)
-47.30%
Depreciation and amortization 
(366,340)
(449,043)
-18.42%
Employee benefit expense
(212,504)
(244,607)
-13.12%
Finance cost
(7,964)
(15,230)
-47.71%
Exploration expense
(21,140)
(17,453)
21.13%
Other expenses
(516,279)
(240,927)
114.29%
Other income
90,761
26,285
245.30%
Profit before tax
1,089,531
725,616
50.15%
Income tax expense
(218,573)
(103,231)
111.73%
Net profit
870,958
622,385
39.94%
Revenue
For the first semester of 2014, SNGN Romgaz SA generated revenue of LEI 2.53 billion compared to LEI 1.9 billion generated for the first half-year of 2013, resulting in increase of the revenue by 33%.
The increase is due mainly to the increase, in absolute amount, of the revenue from sale of gas from internal production, as can be seen from the breakdown of the revenue shown below: 
Detailed Breakdown of Revenue
Thousand LEI

H1 2014
H1 2013
Absolute variation
Relative variation
1
2
3
4=2-3
5=4/3x100
Revenue from gas sale - internal production
2,015,536
1,377,459
638,077
46.32%
Revenue from underground gas storage services
217,240
149,313
67,927
45.49%
Revenue from import gas resale 
99,881
320,573
(220,692)
-68.84%
Revenue from sale of electric power 
163,879
28,423
135,456
476.57%
Other revenues
29,808
25,371
4,437
17.49%
TOTAL
2,526,344
1,901,139
625,205
32.89%
The analysis by factors of the revenue from sale of internal production during the period January - June 2014 as compared to the revenue of the same period of 2013 is shown below: 
Revenue from sale of internal production 
H1 2014
H1 2013
Ratios
 2014 / 2013
 - Quantity (million m3 )
 3,008.2
 2,707.3
111.11%
 - Price (lei/thousand m3)
 670.01
 508.79
131.69%
 - Value (thousand LEI)
 2,015,536
 1,377,459
146.32%
Difference 2014- 2013
 638,077


Quantity influence(q1*p0-q0*p0)
 153,096


Price influence (q1*p1-q1*p0)
 484,981


The revenue from sale of internal production for the period January - June 2014, compared to the same period of 2013 was higher by LEI 638,077 thousand. The influences by factors are the following: 
- higher production sale by 11.11 % which resulted in higher revenues from sale of internal production by LEI 153,096 thousand than in 2013. The increase of gas delivery was generated by higher demand of beneficiaries for the scope of consumption and UGS injection. 
- gas sale at a higher average price by 31.69 % than in 2013, which had a positive influence on revenue increase from sale of internal production by LEI 484,981 thousand. 
Revenue from underground gas storage services was highly influenced by the changes of applied underground storage tariffs starting from April 1st 2013, as shown in the table below: 
Tariff component 
M.U.
Tariff
(01/01-30/06/2013)
Tariff
(01/01-30/06/2014)
Volumetric component for natural gas injection 
LEI/MWh
2.76
2.37
Fixed component for capacity booking 
LEI/MWh/full storage cycle 
5.65
13.12
Volumetric component for natural gas withdrawal 
LEI/MWh
2.76
1.80
Import gas delivery volumes decreased during the first half-year of 2014 compared to the same period of last year, generating less revenue by 68.84%, as shown in the "Detailed Breakdown of Revenue" table from above. The reduction in import gas delivery volumes is due both to a decrease of gas demand on the market, as well as to provisions of ANRE Order No. 24/2013 for approval of allocation methodology for domestic gas production that is required for coverage of regulated market consumption, according to which the gas producers are no longer bound to deliver domestic gas mixed with import gas.
Revenues from electric power sale increased during the first semester of 2014 by LEI 135 million compared to 2013. This increase is due to Iernut power plant take over starting from February 1st 2013; Iernut power plant (CTE Iernut) integration within SNGN ROMGAZ SA required complex works and obtaining operation authorizations, therefore CTE Iernut started its activity at the end of the first quarter of 2013. Thus the revenues recorded by the end of H1 2013 were significantly lower than in the same period of 2014.
Cost of Commodities Sold 
For the six months ended June 30, 2014, cost of commodities sold decreased by 56.10%, from LEI 302 million during the first half-year of 2013 to LEI 133 million in 2014, mainly due to a reduction in sales of imported natural gas, and influenced by an increase related to acquisition of electric power services sold to Romgaz clients. 
Investment Income 
For the reporting period the investment income decreased by 30%, (LEI -17.5 million), as a result of interest rate revenue decrease, driven by the reduction of interest rates of the cash placed in state bonds and term deposits. 
Other revenues and losses
For the first half-year of 2014 a loss of LEI 183.2 million was generated mainly due to the set-up of an allowance for doubtful clients related to receivables in net amount of LEI 176 million. The most significant influence on the cost of allowance for doubtful clients has the allowance for Electrocentrale Galati client due to opening of the insolvency procedure by civil decision no. 603/16.06.2014 of Galati Court. Further to such event the Company recorded a full allowance related to Electrocentrale Galati receivable in amount of LEI 173.2 million on June 30, 2014 (the allowance balance on December 31, 2013 : LEI 44.7 million).
The profit generated during the first half-year of 2013 was mainly due to the profit generated by reinstatement of receivables in amount of LEI 28.9 million related to Termoelectrica, as well as to reverse of provision related to overdue receivables of Electrocentrale Bucharest, in amount of LEI 653 million, under the condition of taking over CTE Iernut in exchange for paying off such debt, reversal which, together with the loss resulting from receivables in amount of LEI 612.5 million, generated a profit of LEI 40.5 million (namely the liquidation value established by an assessor for CTE IERNUT).
Changes in Inventory
The difference between gas withdrawn from and gas injected into UGSs in the first half-year of 2014 was higher than during the first half-year of the previous year. 
Depreciation and Amortization
In the six months ended June 30, 2014, depreciation, amortization and impairment expense decreased by 18.42% from LEI 449 million (June 2013) to LEI 366 million (June 2014). This decrease was due to decrease of fixed assets depreciation expense. 
Employee benefit expense
For the reporting period employee salary, taxes and benefits, not taking into account the effect of allocations of employees to construction works related to Company's own investments, increased to LEI 265 million, compared to LEI 256 million in the first half-year of 2013, an increase by 3.5% mainly due to the increase in number of employees following the takeover of CTE Iernut on February 1st, 2013.
Exploration expense
For the reporting period ended June 30, 2014 the exploration expenses increased by 21.13% (LEI 3.7 million) compared to the period ended June 30, 2013, due to a larger number of abandoned exploration projects compared to the same period of 2013. 
Other expenses
The breakdown by elements of costs compared with other costs is shown in the table below: thousandLEI
Indicator
30/06/2014
30/06/2013
Variation (2014/2013)
Variation (2014/2013) 
(%)
1
2
3
4=2-3
5=4/3x100
Electricity 
8,635 
58,605 
(49,970)
-85.27%
Royalty for gas production
140,780 
105,938 
34,842 
32.89%
Royalty for underground storage
6,517 
4,479 
2,038 
45.49%
Windfall tax 
188,014 
29,410 
158,604 
539.28%
Special construction tax
45,286 
- 
45,286 
100.00%
Other duties and taxes 
34,819 
30,391 
4,428 
14.57%
Provision expenses
(22,580)
7,010 
(29,590)
-422.11%
Other operating expenses 
114,808 
5,093 
109,715 
2,154.23%
Total
516,279 
240,927 
275,352 
114.29%
"Other expenses" recorded an increase of 114.29% as of June 30, 2014, from LEI 240.9 million as of June 30, 2013 to LEI 516.3 million. This increase is mainly due to the expenses with other duties and taxes, namely:
- Increase of natural gas royalty costs, as a result of natural gas sale price increase;
- Recording the tax on special construction in the amount of LEI 45.3 million;
- Introduction starting from February 1, 2013 of the additional tax on the additional revenue (windfall tax) obtained as a result of deregulation of natural gas prices, which determined an increase of expenses of LEI 158.6 million. 
Other operating expenditure increased mainly due to the transportation costs incurred for gas consumed by SPEE Iernut, as well as due to the increase of environment protection expenditures.
The electric power expenses decreased in the first half-year of 2014 as compared to the similar period of the previous year due to covering the largest part of own electric power consumption from SPEE Iernut.
Other income
In the six months ended on June 30, 2014, the other income increased by LEI 64 million, increase due to applied penalties.
Income tax expense
As of June 30, 2014, the Company recorded current income tax expense in amount of LEI 233.6 million as compared to current income tax expense of LEI 147.8 million for the six months period ended June 30, 2013, the difference up to the income tax value is the deferred income tax. The current income tax expense is mainly due to the increase of results before tax during the first half-year of 2014, compared to the same period of last year.
Profit for the year
In the first half-year of 2014, the Company's net profit increased by LEI 248.6 million (39.94%) from LEI 622.39 million to LEI 870.96 million recorded in the first half-year of 2014, due to the cumulative effect of the items presented above.
Summary of Statement of interim individual financial position as of June 30, 2014
INDICATOR
June 30, 2014
Dec 31, 2013
Variation

'000 LEI
'000 LEI
%
1
2
3
4=(2-3)/3x100
ASSETS



Non-current assets



Tangible assets
5,911,823
5,767,267 
2.51%
Other intangible assets
371,276
 383,956
-3.30%
Investment in associates
789
 947
-16.68%
Other financial assets
76,900
 76,900
0.00%
Other non-current assets
17,102
17,093
0.05%
1
2
3
4 = (2-3)/3*100
TOTAL NON-CURRENT ASSETS
6,377,890
 6,246,163
2.11%




Current assets



Inventories
280,766
463,946
-39.48%
Trade and other receivables
571,983
1,086,628
-47.36%
Other financial assets
722,373
970,664
-25.58%
Other assets
177,569
146,179
21.47%
Cash and cash balances
2,980,036
1,563,590
90.59%
TOTAL CURRENT ASSETS 
4,732,727
4,231,007
11.86%
TOTAL ASSETS
11,110,617
10,477,170
6.05%
Equity and Liabilities







Capital and reserves



Issued capital
385,422
 1,892,681
-79.64%
Reserves
2,111,679
1,949,600
8.31%
Retained earnings
6,675,994
 5,450,493
22.48%
Total equity
9,173,095
 9,292,774
-1.29%




Non-current liabilities



Retirement benefit obligation 
79,241
79,241
0.00%
Deferred tax liabilities 
131,344
146,440
-10.31%
Provisions
205,468
 196,950
4.32%
Total non-current liabilities 
416,053
 422,631
-1.56%




Current liabilities 



Trade and other payables
118,561
 202,796
-41.54%
Current tax liabilities
109,405
 200,982
-45.56%
Provisions
32,795
 47,316
-30.69%
Other liabilities 
1,260,708
 310,671
305.80%
Total current liabilities
1,521,469
 761,765
99.73%
Total liabilities
1,937,522
 1,184,396
63.59%
Total equity and liabilities
11,110,617
 10,477,170
6.05%
Non-current assets
The total non-current assets increased by 2.11%, i.e. LEI 132 million, from LEI 6,246 million as of December 31, 2013 to LEI 6,378 million at the end of first half-year 2014. The increase is mainly due to procurement of tangible assets used especially in gas exploration, appraisal and production activity.
Other intangible assets 
Other intangible assets decreased by LEI 12.7 million in the period ended June 30, 2014, as compared to December 31, 2013, due to adjustments for impairment of intangible assets in progress. 
Current assets
Current assets increased by LEI 502 million as of June 30, 2014, mainly due to the increase of cash and cash equivalent.
Inventories
The decrease by 39.48% (LEI 183 million) at the end of the reporting period is due to the decrease of the gas stock as a result of increased deliveries of gas from internal production to Romgaz clients and to SPEE Iernut, and the decrease of purchased import gas quantities.
Trade receivables and other receivables
Trade receivables decreased by LEI 514.6 million as of June 30, 2014 compared to December 31, 2013, due to adjustments for doubtful clients and to reduction of accounts receivable balance as a result of lower gas consumption during the summer months compared to winter months. 
Cash and cash balances. Other financial assets
Cash, cash equivalent and other financial assets increased during the first half year of 2014 by LEI 1,168 million. This is due to the fact that in the first half-year the equivalent value of gas delivered in the first months of winter is cashed, while at the end of the year collections are related to gas delivered in the period of autumn. Statistically, the largest gas quantities are requested and delivered in the winter months.
Equity
Issued capital
Following the Resolution of GMS of April 28, 2014, the adjustment for hyperinflation was transferred to the retained earnings. 
Retained earnings
Retained earnings increased mainly by the value of net profit made in the first half-year of 2014 and by the transfer of the account "Share-capital adjustments" to the retained earnings.
Non-current liabilities
Decrease of non-current liabilities by 1.56% is due to the decrease of deferred tax liabilities. 
Current liabilities
Current liabilities increased by LEI 759.7 million, as compared to the beginning of the year following the resolution on payment of dividends in amount of LEI 990.6 million.
Trade and other payables
The decrease by 41.54% is mainly due to the fact that the beneficiaries of gas delivered by the Company made lower advance payments as compared to the end of the year 2013, and the fact that import quantities continued to decrease in 2014, due to lower accounts payable balances related import gas suppliers on June 30, 2014 as compared to December 31, 2013.
Current tax liabilities
Current tax liabilities decreased by LEI 91.6 million due to the reduction of the tax base.
Provisions
Provisions on short term decreased mainly due to the existence in the balance of the 2013 year-end of a provision for certificates of greenhouse gas emissions, and such certificates have been paid and used by SNGN ROMGAZ SA during 2014.
Other liabilities
Increase by LEI 950 million of other liabilities is due of payable dividends in amount of LEI 990.6 million. At the same time the VAT that is due decreased as of June 30, 2014 compared to the end of 2013, which is correlated with the decrease of trade receivables.
Summary of Statement of interim individual Cash Flows as of June 30, 2014
  thousand LEI
INDICATOR 
H1 2014
H1 2013
Cash flows from operating activities


Net profit for the year
870,958
622,385
Adjustments for:


Income tax expense
218,573
103,231
Interest expense
10 
-
Unwinding of decommissioning provision
7,954 
15,230
Interest revenue
(41,458)
(59,003)
(Gain)/Loss on disposal of non-current assets
5,356
1,114
Change in decommissioning provision recognized in profit or loss, other than unwinding
(10,783)
(221)
Change in other provisions
(11,797)
7,231
Impairment of exploration assets
51,713
43,726
Exploration projects written-off
21,140
17,453
Impairment of property, plant and equipment
53,095
45,785
Depreciation and amortization
261,532
359,532
Impairment of investment in associates
158
-
Losses from trade receivables and other assets
176,095
(5,263)
Receivables reactivated
-
(28,941)

1,602,546
1,122,259
Movements in working capital:


(Increase)/Decrease in inventory
183,180 
55,055
(Increase)/Decrease in trade and other receivables
334,042 
277,041
Increase/(Decrease) in trade and other liabilities
(149,305)
(106,228)
Cash generated from operations
 1,970,463
1,348,127
Interest paid
(10)
-
Income taxes paid
(325,247)
(153,043)
Net cash generated by/(used in) operating activities
 1,645,206
1,195,084
Cash flows from investing activities


Acquisition of investments in associates


Decrease/(Increase) in other financial assets
255,401
451,641
Interest received
34,363
97,080
Proceeds from sale of non-current assets
-
1,788
Acquisition of non-current assets
(224,897)
(268,213)
Acquisition of exploration assets
(293,627)
(127,847)
Net cash (used in)/generated by investing activities
 (228,760)
154,449
Cash flows from financing activities


Dividends paid
-
(1,060,115)
Net cash (used in)/generated by financing activities
-
(1,060,115)
Net increase/(decrease) in cash and cash equivalents
 1,416,446
289,418
Cash and cash equivalents at the beginning of the year
1,563,590
1,739,330
Cash and cash equivalents at the end of the year
 2,980,036
2,028,748
The statement of cash flow presented below represents cash flow from January to June 2014, compared to the same period of 2013, classified as operating activities, investment and financing. Romgaz's cash flow statement is made by indirect method, whereby the net profit is adjusted by the effects of non- monetary transactions, delays or commitments in payments or cash proceeds from operating, past and future, and elements of income and expenses regarding investment and financing cash flow.
Profit before taxes reconciliation with production cash flow (before current assets are modified) has determined a net positive adjustment of 513,015 thousand lei for January-June 2014 compared to LEI 396,643 thousand for January-June 2013.
The most important movements of cash flow were gas deliveries to Romgaz Clients, payments for current assets and exploration assets of LEI 293,627 thousand according to investment plans approved by Romgaz management, and dividends of LEI 1,060,115 thousand paid to shareholders in the first semester of 2013.
INDICATORS
Item No.
Financial Ratio
Formula
Value
1
Current Liquidity
Current Assets/Current Liabilities
3.11
2
Gearing Ratio
Loan Capital/Equity x 100
0.0
3
Accounts Receivables Turnover
Average Accounts Receivables/Revenue x 180
59.09
4
Property, Plant and Equipment Turnover
Revenue/Property, Plant and Equipment
0.40
During January-June 2014 SNGN ROMGAZ SA complied with all its financial obligations. Also, there are no factors of uncertainty that could affect the Company's liquidity.
Attached hereto are the individual interim financial statements for the period ended on June 30, 2014, prepared in accordance with the International Financial Reporting Standards (IFRS), together with the independent auditor's report and the statement of income and expenditures as of June 30, 2014. 
http://www.rns-pdf.londonstockexchange.com/rns/8337O_-2014-8-11.pdf
 CHAIRMAN of the  GENERAL DIRECTOR, 
 BOARD OF DIRECTORS,  Virgil Marius Metea 
 Aurora Negrut 
 
 ECONOMIC DIRECTOR,
 Lucia Ionascu

This information is provided by RNS
The company news service from the London Stock Exchange
  END
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