2009 Annual Report - Rompetrol.com

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Cash Flow Statement (USD ) 2009 2008 Loss before tax (154,704,079) (284,195,162) Adjustments for: Depreciation and amortisation 130,125,751 104,036,861 Provisions for receivables and inventories (5,760,051) 108,689,772 Impairment and provisions for property, plant and equipment 14,210,338 7,604,513 Other provisions (21,997,666) (7,192,334) Late payment interest 18,217,095 25,884,672 Unwinding of discount on hybrid instrument (15,546,188) 34,174,516 Interest expense, commission and bank charges and collection discounts 85,165,534 94,893,908 Interest expense shareholders 17,712,794 22,280,519 Finance income (11,243,992) (5,432,413) Net losses/(gains) from non-current assets disposals 25,734 (52,224) Net result from sale of Group investments - (59,051,900) Unrealised losses/(gains) from derivatives on petroleum products 20,951,561 (31,196,598) Realised losses/(gains) from derivatives on petroleum products 10,748,842 12,709,586 Share in profits of associates (631,142) 711,165 Negative goodwill (577,456) (129,212) Share option expense - 7,981,403 Unrealised foreign exchange losses/(gains) 1,308,851 (10,425,762) Operating profit before working capital changes 88,005,926 21,291,310 Net working capital changes in: Receivables and prepayments 53,615,805 198,922,834 Inventories (110,472,672) 101,638,144 Trade and other payables (24,507,729) 3,797,096 Change in working capital (81,364,596) 304,358,074 Income tax paid (12,059,496) (20,759,347) Cash payments for derivatives (10,748,842) (12,709,586) Net cash (used in)/provided by operating activities (16,167,008) 292,180,451 Cash flows from investing activities Purchase of property, plant and equipment (189,116,356) (331,452,630) Purchase of intangible assets (31,279,811) (26,416,443) Changes in payables for capital expenditures (61,286,917) 45,245,317 Dividends received from associated companies 751,395 - Proceeds from sale of property, plant and equipment 2,904,589 11,885,339 Cash of subsidiaries being disposed of - (872,788) Proceeds from sale of subsidiaries shares - 33,850,000 Consideration paid for acquisition of minority interests (12,065,899) (27,539,476) Net cash used in investing activities (290,092,999) (295,300,681) Cash flows from financing activities Cash and cash equivalents as result of capital contribution from shareholders 1,100,000,000 - Dividends paid to minority shareholders (1,256,140) (129,187) Shareholders acquisition/transaction fees - (8,927,124) Coupon paid on hybrid instrument (22,885,609) (59,622,872) Interest and bank charges paid (108,066,612) (117,174,427) Interest and other financial income received 10,818,305 5,432,413 Drawings of long term borrowings from shareholders 82,842,682 446,458,954 Repayments of long term borrowings from shareholders (133,333,334) - Repayments of long term loans from banks (30,989,766) (25,765,118) Movement in short-term borrowings (482,961,751) (147,741,709) Repayments of finance leases (4,737,818) - Loans granted - (5,000,000) Net cash from financing activities 409,429,957 87,530,930 (Decrease)/Increase in cash and cash equivalents 103,169,950 84,410,700 Cash and cash equivalents at the beginning of period 171,222,482 86,811,782 Cash and cash equivalents at the end of the period 274,392,432 171,222,482 The abbreviated financial information is derived from the Consolidated Financial Statements as of and for the year ended 31 st December 2009 and should be read in conjunction with these audited Consolidated Financial Statements. On the full consolidated financial statements an unqualified audit opinion was issued. 2009 Annual Report 66
Statement of changes in equity (USD ) Issued capital Share premium Advance for increase in share capital/share premium Retained earnings Revaluation reserves Other reserves* Translation reserve Minority interest 2009 Annual Report 67 Total equity December 31 st , 2008 140,610 2,631,512 - (241,655,817) 20,625,249 146,823,448 (274,375) 71,297,987 (411,386) Net loss for 2009 - - - (120,347,988) - - - (41,413,562) (161,761,550) Other comprehensive income Total comprehensive income Dividends payable to minority shareholders Equity injections from shareholders ) Changes in Group structure - acquisition of Rompetrol SA minority shares Changes in Group structure - acquisition of Rompetrol Rafinare SA minority shares Changes in Group structure - acquisition of Rompetrol Georgia LLC minority shares Changes in Group structure - acquisition of Rompetrol Ukraine LLC minority shares Other Changes in Group structure 3,400 - - - - - (659,571) - (656,171) 3,400 - - (120,347,988) - - (659,571) (41,413,562) (162,417,721) - - - - - - - (1,256,140) (1,256,140) - - 1,100,000,000 - - - 1,100,000,000 - - - - - - - (1,253,823) (1,253,823) - - - - - - - (2,196,468) (2,196,468) - - - - - - - (35,756) (35,756) - - - - - - - (1,202,456) (1,202,456) - - - - - - - (1,607,841) (1,607,841) December 31 st , 2009 144,010 2,631,512 1,100,000,000 (362,003,805) 20,625,249 146,823,448 (933,946) 22,331,941 929,618,409 The abbreviated financial information is derived from the Consolidated Financial Statements as of and for the year ended 31 st December 2009 and should be read in conjunction with these audited Consolidated Financial Statements. On the full consolidated financial statements an unqualified audit opinion was issued.
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Annual Report 2009 2009 Annual Repo
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Contents Letter from the General Ma
Page 5 and 6:
Letter from the General Manager Dea
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Refining and Petrochemicals The Ref
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Product monitoring and RID/ADR insp
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Rompetrol Rafinare Vega Ploie[ti Re
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to a market share of 14.58%, in a m
Page 15 and 16: Trading The Trading Business Unit m
Page 17 and 18: Trading Romania operations division
Page 19 and 20: 2009 Annual Report 19
Page 21 and 22: Retail 2009 Annual Report 21
Page 23 and 24: Dyneff 2009 Key Achievements: • D
Page 25 and 26: Rompetrol Logistics 2009 Key Achiev
Page 27 and 28: Rompetrol Bulgaria 2009 Key Achieve
Page 31 and 32: Marketing 2009 Annual Report 31
Page 33 and 34: Researches pointed out that, underg
Page 35 and 36: Upstream 2009 Annual Report 35
Page 37 and 38: Rompetrol Well Services 2009 Key Ac
Page 39 and 40: Rompetrol Drilling and Workover Rom
Page 41 and 42: Services Companies 2009 Annual Repo
Page 43 and 44: Palplast 2009 Key Achievements: •
Page 45 and 46: Rominservices Therm S.A. Mangalia 2
Page 47 and 48: port platform, in terms of specific
Page 49 and 50: Global Security Sistem GLOBAL SECUR
Page 51 and 52: Corporate Social Responsibility 200
Page 53 and 54: and children’s rights legislation
Page 55 and 56: Corporate Governance 2009 Annual Re
Page 57 and 58: Creation of the CAPEX Department Cr
Page 59 and 60: Analysis of the Financial Results 2
Page 61 and 62: The decrease in Net Revenues in 200
Page 63 and 64: Overview To offset prolonged negati
Page 65: Income Statement (USD ) 2009 2008 C
Page 69 and 70: Revenue from rendering transportati
Page 71 and 72: Emphasis of matter For a better und
Page 75 and 76: ma]iei I}A eghin U MURE{ F`g`ra[ BV
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2009 Annual Report - Rompetrol.com

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