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Raport de analiza
OMV-PETROM
I.c
Evolutia sectorului petrolier la nivel mondial
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c c c c c2c c ccc cc c cc c cc c c c ccc cc c c c c c
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P c c cc c c c c c c c c c c c c c c c c c c c c c c cc c c c cc cc c cc c c
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c c cc c c c c c c c cc c c c c cc c cc c c c c
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c c c c c c 2c c c c c c c c c c cc c c c c c c c%cc c cc cc c c c c c"c cc c c c c cc c c c c c c c c c c c c c c c c 2 c c c c c c c c c c c c c c c , c c c c c2c c c c c c c c c c c c c ! c c c c c c c c /c c c 0.c &&c c 1c c 0+c c 1c 2 c 0&c c 1c 2 3c 0%c c 1c 45c 06c c 1c 7 c0--c c 1c c c c0-c c 1cc8c0&c c 1c c
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c cc c c c c c c c c ) $ c c cc ccc c c c cc c c . c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c 0.c c c c c c c c c 1c c c c c cc.c+ cc" c)$cc- c c
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II. Evolutia sectorului petrolier la nivel national c c 2 c < c c c , c c c c c %c c c cc c c c cc c c c c cc c
cc%+ c cc c c c c cc cc c% c2 c c c c c cc c c c c0.c- 1c c
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c c c 8 c = c '*"c c )"'c c c c c c c c c cc c c c ) c c c c c c c c c c c c c c c c c .c % c c c -c c c ,c c .c c c c c c c c c c c c c c c c c c c c cc c c c c cccc cc.c c c c c cc.c6 c c cc c c.c% cc c c2 c
c cc>c cc c c c8 c cc cc cc c c cc cc6 cPc c c8 cc c c cc c cc c c cc cc c
III. OMV ± Petrom ± Activitate operationala
c c P c c c c c c c 8 c cc c c c c c8 c 7 c c c c c c c c c c c c
cc c c c c c")7P cc /c. c?cP c8 c ?c ) * c c = c ?c c ")7,P c c c c c c c 8 c c c $ c c c c c c c P c c c 8 ,) * c ")7, P c c .c - c c c c c c c c c c c c c c c c c c ,c c c c . cc c c
c c P c . c c c c c 8 c c 4 c c c c cP c c cc c+6c 9c cc c c cc c c c-c 9c c c cc c-c 2 c c c ccP ccc cc c c c cc cc cc cc c c c c cc c c c c c cc c c cc c c c c c c c c . c c c c; c@c c
c c
c c 2 c c c cc c c c cc cc c c c c c c c c c c 8 c c c c c c c 4 c c
c c " c c c c c c c . c c c c c c c c c c c c c c c c c c c c c c c c c c ccc c c cc c c c c4 c c c c c 4* c c cc cc c c c c
c c c cc c c ,ccc c c ccc cc cc c c c cc-c c cc c c c c c c c c c c'c c cc c c c c c c cc c c c"cc
2 c c c c P c c c c c c c c c cc c c c c c cc c c cc cc+ c c c c c c cc c ccc c c&6 c8 c cc c cc$ c c cP c cc c c cc c cc c%6&c ccc c cc c%%c cc c c c7ccc c c * c ,c c c 6%c c c c c c c c c c c c c -cc cc cc c c c c c c c cc c c c cc cc c c c c cccc c c ccc c c
c c P c c c cc cc c c ccc c c cc cc c$ c cccc=P'c c c c c cc c cc,c cc cc c c c c cc c c c c c ccc c c c !c c c c c c c c c c c c c c c c c /c c c P c c c c c
c c c c c c c c c * c c8 c c")7cP c) * c
c ) c cc cc c c c /c")7ccP c2 c c c c c c c c c c c c c c c cP c 2 c c +c P c c c c c . c c c c c c c c ccc c c c c c c c c c c +&c)(c cc; c 2 c c cc c-c,c c c cc c c c cc; c A c c cc c cP c c$ c cc cc c c c cc c c
. c c c c c c c c c c c c c c c c cc c c c c c c. c c c c c c 8 c c c c c c c c c c &%c !(c c c c c c c c c c c$ c c c c )(c 2 c c c c cc c cc; cc c c.c c c cc c c cc c c 2 c c c cc c c cc; cc c c c c cc c c P c c , c c c c c c c c c c c
c c c c c c c c c c c c % c
c c c cc c c c
IV. OMV ± Petrom ± Analiza financiara c c c c")7,P c c c c c c c
c c /cc cc c c c c c c c c c c c c cc c c cc c cc cc c c c c c c c c c c c c c c c . c ?c c c c c c $c c c c c c c c c c c c $ c c c c c c c c c c c c c c c c . cc c cc c c c
c c c c c c c c c c c c c c c c c c c c . c c c c c c c c c c c
c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c P c c c c c c ")7,P c c c c c c c c6c cc cc c cc.c+ c cc c c cc cc& c c c c c c c c c c c c c c c c c c cc c
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c c 'c c cc")7,P c c c c c cc c &c c c c ccc c c c c c
8 c c cc c c c c c c c c c cc c cc c c c cc c cc c c
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c c
c c cc cccc c c cc c&c c c c c c c c c c c c c 8 c c . c c c+cc c c c c c c c cc c c-c c
c c ccc c c c . cc c cc c c c c c c 2 c c c c c c c c c
c c c c + c c c -c c c c c c c c # c c c c c c c c c c c . c cc c cc c& c c c c c c c c cc c c c c cc c 8 c c c c c c c c c c c c c c c c c c c c c c
c Table 14 - Sursa: Situatiile companiei transmise catre BVB; Situatie la nivel consolidat;
2 c c c c c c c c c c c c c c cc c c c $c c c c c& c c c& c c c c cc ) $c c ccc c c c cc c c c,c c c c c cc cc c c&- c c c c c cc
c c% cc P c c c c c c 0;2!1c ,c c c c c c c c c c c c cc c c c% c 8 c c c c c c c c c &c c c c c c c c6c c cc c c c-%c c c cc c ccc c c
c c 8 ccc c2A8c c c c ccc cc cc -%6c c c c c 0 c 1c c c c c cc c c c c%%c c c
c c c c c;2!#c cc
c c c c c c c c c c c c c c c c c c c c c c c c c c c c cc c cc c c cc%c c c c c c c c
c c 8 c c c c c c &6 c c c c c c c c c c c c ) c c c c c c -,c #9 c c c c c cc c c c c% c c
c
V. OMV ± Petrom ± Evaluare si prognoza V.I Evaluare utilizand metoda comparativa ± multiplii de pret c " c c cc c c c c cc c c c c c c c")7,P c c cc c c cc c c c c c c c c c c c . c c c c
c c c c c c c c c c c c c c c c c c c c c ccc c c c c c c c c c ! c c c c c c c c c c c c c c c c c c c cc c c
P c ccc c cc c cc")7,P c c c c c c c c c c c c c c c c c c c c c c c c c c c c c P c ")7,P c ,c c c c c c c c c c2A8c c c c c . c c c c c c c c ccc c c c c c c c c cc$cc c . c c c c; c c
c c c c c c c c c c c c c c c c c c c % c c c c c c c Bc Cc% c cB=c"c$ Ccc% c cB8 c2 c"Cc 2 c P9c c P9;c ,c c c c c c c c c c c c c c c c c P9c c 79;2!#c c c c c c c c c c c c 'c c c c c c cc c c c c c P c 0%&c c ' 1c c c c c c c c c c c c c c c c c c c c
c c c c c c c c c # c c c c c c c c c c c c ,c c c c c c $ c c c c c c c c c c c c
V.II Evaluare utilizand metoda DCF c 2 c ccccc c /c ,cP c .c c c c,%Dc ,c 8c c c c
c c /c c c c % c c c c % c c c c c c %c P c c c c ,c c c c c c c c c c c c c c c % c c ,c c c c c c ")7, P cc c c cc c c c c c c< Dc ,c ) $c ;2!c c c + c c c c c c c c c c c $ c c c c c c c c c c c . c ccc c c8 ccc c c4 c ,c 8c c c c . c c c c c c c c c c c cc c c c cc c c c cc c c c%Dc c
c
c ,c< c c c cc c c c c
c c c c cc c c c c c c c c c
c c c c c c c cc c c.cc c,cc ccc c c cc c c c c cc c c c c cc c ,c < c c c c c c c c - c c
c c c c c c c c c c c c c c . c c c c c cc cc cc c c c c c ,c < c c c c c c 6 c c
c c c c c c c
c c c c
c c c c c c c c c c c c cc c cc . c c c c cc cc
c ,c7 c c cccc cc .c c cc cc Dc
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VI. Concluzii c c ")7,P c c c c c c c c c c . c
c c c c c c c c c c c c c c c P c c c c c c c c c c c c c cc c c cc cc c c c
c " c c c c c c c . c c c c c c c c c c c c c c c c c ")7P c c c c c c c c c c c c 6c 9 c