The company notes that the CEO decided to resign for purely personal reasons.

Telekom Slovenije published an announcement on the Ljubljana Stock Exchange stating that Matjaž Merkan has resigned from the position of the President of the Management Board. The company notes that the CEO decided to resign for purely personal reasons, and both Mr. Matjaž Merkan and the company reject all other statements or speculations that have cropped up in the media.

Until the appointment of a new President of the Management Board, Telekom Slovenije will be headed by the Vice president of the Management Board, Tomaž Seljak who will have full authority.

In 9M 2019, Romgaz observed an increase in sales of 10.1%, increase in EBITDA of 25% and an increase in net profit of 18.9%.

As Romgaz published their nine-month results of 2019, we are bringing you key takes from the report. According to it, estimations show that national gas consumption decreased by 5.7% YoY, while Romgaz deliveries, consisting of deliveries to customers, CET Iernut consumption and technological consumption, decreased by 5.4% YoY The market share of the company (representing the participation of deliveries from the Company’s internal production to the domestic natural gas national consumption) increased by 7% YoY,  and currently stands at 59%.

Natural gas production was 3.95bn m3, representing a slight increase of 0.7%, while the result is 0.3% lower than planned. Electricity production amounted to 92.11 GWh, lower than in the same period of 2018 (750.65 GWh). With this production, Romgaz has a 0.66% market share.

When observing the company’s P&L, Romgaz recorded a 10.1% increase in revenues amounting to RON 3.44bn. Such an increase came on the back of a rise of gas sales, both from internal production and from gas purchased for resale (+12.92%).  The cost of commodities sold decreased by 44.68% YoY, amounting to RON 102.3m, mainly due to decreased import and internal gas quantities purchased for resale. Other expenses recorded an increase by 26.28%, amounting to RON 1.18bn. Such an increase could be attributed to mainly the rise by RON 186.4m of expenses with the windfall tax. Royalty expenses decreased by RON 71.0m

In the first nine months of 2019, EBITDA amounted to RON 1.56bn, representing an increase of 25.4%. Such an increase could be attributed to the solid topline performance. Therefore, the Group observed an improvement of the EBITDA margin to 36% (+2.5 p.p. YoY). In the same period, EBT showed a strong increase of 16.95%, amounting to RON 1.4bn, while net profit amounted to RON 1.19bn (+18.92%)

Turning our attention to CAPEX, Romgaz planned for 2019 investments of RON 1.25bn, out of which the amount scheduled for the first 9 months is RON 1.03bn.  However, in 9M 2019, the investment value amounted RON 609.8m, of which the most was spent on exploitation drilling works, putting into production of wells, infrastructure and utilities and electric power generation (RON 266.4m).

In the 9M of 2019, Banca Transilvania recorded an increase in net banking income of 3.53% and an increase of net profit of 26.4%

In the first nine months of 2019, Banca Transilvania recorded net interest income of RON 2.27bn, marking an 8.51% increase, which was supported by a solid loan growth in this year during which the Group granted over 0.17m loans to companies and individuals. Meanwhile, net fee and commission income amounted to RON 620.3m, representing an increase of 8.98%. As a result, net banking income amounted to RON 3.37bn, representing an increase of 3.53% YoY.

Operating expenses witnessed a solid decrease of 6.4%, amounting to RON 1.48bn, which came solely from the decrease of other operating expenses by RON 248.9m (-33.9%).  

As a result of the above-mentioned, the Group recorded a strong growth of the bottom line, with net profit amounting to RON 1.56bn (+26.4%). Such growth reflects growing business efficiency and consolidation. The subsidiaries and the capital investments contributed with over RON 183 million to the BT Group’s profit. The operational efficiency improved further to 43.95%.

Turning our attention to the balance sheet, total assets observed strong growth of 10.9%, amounting to 86.3bn. The increase came mostly on the back of the growth of cash and cash equivalents and loans and advances to customers. Net loans and advances to customers amounted to RON 40.29bn, marking an increase of 6.54%. As of Q3 2019, loans and advances to customers accounts for 46.6% of the total assets (-1.9 p.p.). Meanwhile, deposits from customers witnessed a strong growth of 9.61%, amounting to RON 71.42bn. As a result, deposits from customers currently account for 92.3%. Therefore, L/D ratio stands at relatively low 56.4% (-1.6% YoY), showing room for further loan growth.

The NPE ratio of Banca Transilvania, according to the EBA ratio, stands at 4.49%, while the total coverage ratio according to the EBA standards is 96%. The bank’s CAR is 18.12% without and 21.10% with the profit included.