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115 YEARS OF EXPERIENCE
2018 H1 REPORT
August 13, 2018
•This presentation called “ Presentation of the financial results
H1 2018” is prepared by CONPET S.A. (“CONPET”) with the
purpose of presenting the operational and financial results of
CONPET to the investing public (shareholders, creditors,
analysts, financial media), thus bearing a strictly informative
nature. The presentation was realized exclusively for
information and is not a buy/sale offer, nor an inquiry for the
buy/sale of the shares or the financial instruments, nor an
invitation to take part to a commercial partnership. The
presentation does not stand for an offer or a buy invitation or
shares subscription and no information contained herein shall
set the grounds the conclusion of an agreement, engagement
or investment decision.
•The detailed financial statements and the report prepared
pursuant to the requirements of FSA (The Financial
Supervision Authority) are made available on the company’s
website www.conpet.ro.
•The reporting period is January 1, 2018 – June 30, 2018.
•The financial statements at June 30, 2018 have been audited
and have been prepared in compliance with the International
Accounting Standard 34 – “Interim Financial Reporting” (IFRS)
adopted by the European Union.
•The Presentation may not be copied, distributed, directly or
indirectly delivered to any person for any purpose, in absence
of CONPET’s knowledge and consent. The copy, submission,
distribution or delivery of this Presentation to any person of
any jurisdiction is subject to certain lawful restrictions and the
persons who might have received or have received this
presentation shall become acquainted with these restrictions
and observe them. The failure to comply with these
restrictions may be interpreted as breach of the
applicable laws.
ANNOTATIONS REGARDING THE DOCUMENT
2
• This Presentation does not contain a complete and exhaustive
financial or commercial analysis of CONPET, nor does it provide
views and forecasts in a complete and exhaustive manner.
CONPET conducted the Presentation carefully, but there might be
some inconsistencies or omissions. Therefore, it is recommended
that any person who intends to make an investment decision
regarding CONPET equities should rely solely on the information
provided by means of a formal communication of CONPET, in
accordance with the legal provisions that are binding on CONPET.
•CONPET and the managers or the representatives thereof shall
have no liability in relation to the Presentation. Moreover, no
information contained in the Presentation shall constitute an
obligation or legal engagement of CONPET, its managers or
shareholders.
22
Presentation of 2018 H1
Financial Results
1. Interim financial results 4
2. Factors having influenced the transport
revenues 7
3. Factors having influenced the operating
expenses 8
8. Annexes 17
page.
3
4. Profitability of the transport subsystems 9
5. Main economic-financial indicators 10
6. Investments 11
7. Stock market performance 13
200.0 / 202.6 mRON ▼ 1.3%
OPERATING REVENUES, o/w:
182.0 / 184.1 mRON ▼ 1.1%
TRANSPORT REVENUES
176.7 / 162.2 mRON ▲ 9.0%
OPERATING EXPENSES
45.5 / 62.7 mRON ▼ 27.5%
EBITDA
21.6 / 35.8 mRON ▼ 39.5%
NET PROFIT
1. INTERIM FINANCIAL RESULTS 2018 H1
The interim financial statements related to 2018 H1 have been revised by the
financial auditor. 4
H1 2018 / H1 2017
The operating revenues lowered by 1.3%
following the decrease in transport revenues by
1.1%, from 184.1 mRON to 182 mRON .
The operating expenses increase by 9% being
determined by 15% higher expenses with energy
and gas and 14% higher personnel expenses.
The two categories of costs account for 40.7%
Net profit lower by 39.5% as compared to 2017
due to the late approval of the new transport
tariffs .
The increased salaries and higher prices with
goods and services had an unfavorable influence
on the costs at the beginning of the year and the
augmented tariffs which included these increases
applied starting with 19.06.2018.
1. INTERIM FINANCIAL RESULTS 2018 H1
5
The operating revenues lowered by
1.3% YOY following the reduction in
transport revenues by 1.1%.
The transport revenues hold 91% share
in total operating revenues.
The company recognizes, on a monthly
basis, in the operating revenues the
reserves - modernization quota at the
level of the amortization of the tangible
assets financed from this quota. In 2018
H1, the revenues related to the
modernization quota were lower by 0.9
mRON, as compared to 2017 H1.
Indicators (mRON) 2018
H1
2017
H1
Changes
2018/2017
mRON %
Revenues from transport services 182.0 184.1 -2.1 ▼ 1.1%
Rental revenues 0.7 0.7 - -
Other turnover revenues 2.2 1.5 +0.7 ▲ 46.0%
TURNOVER 184.9 186.3 -1.4 ▼ 0.7%
Write-back of the reserve established
based on the expenses with the
modernization quota
14.2 15.1 -0.9 ▼ 6.0%
Other operating revenues 0.9 1.2 -0.3 ▼ 25.0%
TOTAL OPERATING REVENUES 200.0 202,6 -0.3 ▼ 1.3%
The interim financial statements related to 2018 H1 have been revised by the
financial auditor.
1.1 OPERATING REVENUES
2018 H1 / 2017 H1
SHARE IN TURNOVER (%)
CLIENTS 2018 H1 2017 H1
Changes
2018/2017
mRON %
144.7 157.2 -12.5 ▼ 8.0%
37.3 26.8 +10.5 ▲ 39.0%
OTHER CLIENTS 2.9 2.3 +0.6 ▲ 26.1%
TOTAL TURNOVER 184.9 186.3 -1.4 ▼ 0.7%
TURNOVER-CLIENTS (mRON)
1.2 TURNOVER BY CLIENTS
2018 H1 / 2017 H1
6
Turnover(mRON)
0,0%
20,0%
40,0%
60,0%
80,0%
100,0%
120,0%
140,0%
S1 2018 S1 2017
1,5% 1,2%
20,2%14,4%
78,3%84,4%
Other clients Lukoil OMV Petrom
184.9 186.3
The interim financial statements related to 2018 H1 have been revised by the
financial auditor.
1. INTERIM FINANCIAL RESULTS 2018 H1
38,8 40,7
143,2 143,4
182,0 184,1
1.540 1.4271.758 1.785
3.298 3.212
3,16982
3,130
82
7
TRANSPORT ON THE IMPORT SUBSYSTEM
TRANSPORT ON THE DOMESTIC SUBSYSTEM
OTHER CRUDE OIL TRANSPORT
OPERATIONS
TOTAL TRANSPORT
2. FACTORS HAVING INFLUENCED THE TRANSPORT REVENUES
2018 H1 / 2017 H1
2018 H1 2017 H1
1,345
129
1,411
2018 H1 2017 H1
129
TRANSPORTED QUANTITIES
TRANSPORT REVENUES
1.2
mRON
thousand
tons
37.6
3.5
178.5
0.8
40.9
182.3
1.8
2.3
140.9 142.4
1.0
-27 thousand tons ▼ 1.5%
QUANTITIES TRANSPORTED ON THE DOMESTIC SUBSYSTEM
+66 thousand tons ▲
4.9%
QUANTITIES TRANSPORTED ON THE IMPORT SUBSYSTEM
+47 thousand tons ▲
57.4% OTHER TRANSPORT OPERATIONS
-1.6 mRON ▼ 1.0%
REVENUES FROM TRANSPORT ON THE DOMESTIC SUBSYSTE
-3.3 ▼ 8.1% REVENUES FROM TRANSPORT ON THE IMPORT SUBSYSTEM
+1.7 ▲ 94.4% OTHER TRANSPORT OPERATIONS
The charged quantities transported on the Import subsystem were
higher by 66 thousand tons, but the revenues obtained from the
transport of these volume did not compensate the decrease of the
revenues from the transport on the Domestic subsystem, which
was triggered by 27 kTons lower quantities transported on this
subsystem.
8
Indicators (mRON)2018
H1
2017
H1
Changes
2018/2017
mRON %
Material expenses3.3 3.2 +0.1▲ 1.2%
Expenses with energy , gas
and water5.9 5.2 +0.7▲15.0%
Personnel expenses66.0 57.9 +8.1▲14.0%
Expenses related to the
amortization of the tangible
and intangible assets
22.2 22.3 -0.1▼ 0.2%
Expenses with the crude oil
rail transport27.7 28.1 -0.4▼ 1.5%
Oil royalty14.0 14.1 -0.1▼ 0.9%
Modernization quota
expenses25.3 26.0 -0.7▼ 2.5%
Other operating expenses12.3 5.4 +6.9▲ 128%
Total operating expenses 176.7 162.2 +14.5▲ 9.0%
The interim financial statements related to 2018 H1 have been revised by the
financial auditor.
3. FACTORS HAVING INFLUENCED THE OPERATING EXPENSES
2018 H1 / 2017 H1
The increase in prices with energy and gas triggered,
in 2018, 15% increased expenses with their
procurement.
The salary increases awarded starting with
01.01.2018 as per the approved Collective Labor
Agreement determined an increase by 14% of the
personnel expenses.
9
DOMESTIC
SUBSYSTEM
IMPORT
SUBSYSTEMmRON
4. PROFITABILITY OF THE TRANSPORT SUBSYSTEMS
2018 H1 / 2017 H1
TOTAL
SUBSYSTEMS
Indicators
Variation H1 2018/ H1 2017
Domestic
Subsystem
Import
Subsystem
Total
subsystems
Transport profit ▼ 33.3% ▼ 29.6% ▼ 32.0%
Transport revenues ▼ 0.1% ▼ 4.7% ▲ 1.1%
Transport expenses ▲ 6.0% ▲ 6.7% ▲ 6.1%
Transport Profit
Transport Revenues
Transport Expenses
143.3
143.2
120.9
128.2
22.4
15.0
5,0 105,0
H1 2017
H1 2018
40.8
38.8
28.0
29.8
12.8
9.0
5,0 105,0
H1 2017
H1 2018
184.1
182.0
148.9
158.0
35.2
24.0
5,0 105,0
H1 2017
H1 2018
5. MAIN ECONOMIC ANF FINANCIAL INDICATORS
2018 H1 / 2017 H1
10
Indicators2018
H1
2017
H1
Sales gross margin 13.8% 22.7%
Gross profit rate 12.7% 20.7%
Return on equity 3.5% 5.4%
Net profit per share(RON/share) 2.50 4.13
EBITDA margin 24.6% 33.7%
EBITDA
margin
Return on equity
rate
Gross profit rateSales gross
margin
2018 H1
2017 H113.8% 12.7%
20.7%22.7%
3.5%
24.6%
5.4%
33.7%
The financial statements related to 2018 S1 have been audited and revised
2,5 2,32,2 3,0
0,0
10,0
20,0
30,0
40,0
H1 2018 H1 2017
Programat Realizat
32,9
16,8
30,1
11,7
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
40,0
H1 2018 H1 2017
Programat Realizat
35,4
19,1
32,3
14,7
H1 2018 H1 2017
6. INVESTMENTS
6.1 EVOLUTION OF THE ACHIEVED INVESTMENTS
2018 H1/ 2017 H1
11
mRON mRON
TOTAL
INVESTMENTS
PUBLIC DOMAIN OPERATING DOMAIN
mRON
6. INVESTMENTS
6.2 INVESTMENTS PROGRAM 2018-2020
12
-2018 - 76.6 mRON
-2019 - 80.1 mRON
-2020 - 79.6 mRON
The investment program for 2018, in total amount of 76.6 mRON, includes:
Pipeline replacements 23.5 mRON;
Safe disposals 7.9 mRON;
Modernization and monitoring of the cathodic protection system 4.9 mRON;
Pilot system for detection and location of oil leaks 2.4 mRON;
Tanks modernization 13.4 mRON;
SCADA system optimization and hardware and software upgrade of remote transmission units 1.7 mRON;
Other objectives 22.8 mRON.
The value of the expenses related to the investment objectives proposed in 2018-2020
Investments Program is:
Coverage performed by analysts
Financial Analyst
(Company)Recommendation Latest report
Lucian Albulescu,
Ștefan Lungu
(WOOD&CO.)
HOLD
Target price:
132.3 RON
January 31, 2018
The evolution of COTE share (RON) vs. BET index (rebased)
January - June 2018
7.1 LATEST PROGRESS AND CORPORATE EVENTS
Stock performance within the first 6 months of 2018:
CONPET: -9.55%
BET : +1.01%
13
7. STOCK MARKET PERFORMANCE
Market Capitalization
Share price: 99.5 RON
Ranks 18 in Top
Capitalization BSEJan. 2018
Market capitalization: 861 mRON Market capitalization : 775 mRON
Share price : 89.5 RON
Jun. 2018
📖
trading volume
0
10000
20000
30000
40000
50000
60000
70000
80000
80
90
100
110
120
130
140
7.2 EVOLUTION OF COTE SHARE VS. STOCK MARKET INDICES (REBASED) IN WHICH IT IS
INCLUDED
7. STOCK MARKET PERFORMANCE
14
Dividend Yield (%) Top dividends distributed by the companies in 2018 (RON)
7.43 %6.2 %
7.72 %9.26 %
26.56 %
8,94
2013 2014 2015 2016 2017 2018
At the calculation of the dividend yield was considered the stock yield
from the last day of every year.0,54
0,72
0,90
1,04
1,64
1,69
2,80
4,99
8,04
45,38
ALRO S.A.
SOCIETATEA ENERGETICA ELECTRICA S.A.
S.N. NUCLEARELECTRICA S.A.
TRANSILVANIA BROKER DE ASIGURARE
BRD - GROUPE SOCIETE GENERALE S.A.
BURSA DE VALORI BUCURESTI SA
TRANSILVANIA CONSTRUCTII SA
S.N.G.N. ROMGAZ S.A.
CONPET SA
S.N.T.G.N. TRANSGAZ S.A.
CONPET S.A.
70
80
90
100
110
120
130
COTE BET-BK (rebased) BET-NG (rebased) BETPlus (rebased)
BET-TR (rebased) BET-XT (rebased) BET-XT-TR (rebased)
7.3 INCLUSION IN THE FTSE INDEX
7. STOCK MARKET PERFORMANCE
15
On 20.06.2018, FTSE Russell decided to include CONPET S.A. in the
FTSE Frontier Markets Index. FTSE Russell is one of the largest financial
rating agencies worldwide. It provides financial data for international
investors, performs and annually reviews countries' classification, in terms
of capital markets, in the four categories - developed capital markets,
advanced emerging capital markets, secondary emerging equity markets
and capital markets frontier by analyzing 21 criteria that look at the
regulatory framework, custody and settlement, trading framework, and
derivative operations.
The FTSE Frontier Markets index tracks the evolution of border markets and is made up of about 400
companies. FTSE Frontier has reported a return of approximately 21% over the past 5 years. Any change in the
structure of the index is closely monitored by international investment fund managers who align their portfolios to
the index.
The inclusion in the FTSE Frontier Markets index is beneficial to the company by the fact that a part of the
institutional investors aim to replicate the index structure as an investment strategy. Of course, this leads to
increased investor confidence in CONPET S.A., the company being considered a benchmark on the Romanian
capital market.
7. STOCK MARKET PERFORMANCE7.4 RECENT AND FUTURE EVENTS
16
October 9, 2017
Bucharest Stock Exchange publishes the 3rd
edition of the Whitebook on Communication
of Listed Companies. Following the
assessment made, the company CONPET
S.A. obtained one of the highest scores,
respectively 9.75 out of 10
November 9, 2017
CONPET S.A. wins the prize for
the highest dividend yield at the
BSE awarded by Topul Național al
Firmelor
December 6, 2017
CONPET S.A. informs on the
appointment of Mr. Dan-Silviu
BACIU in the capacity of Director
General
November 28, 2017
CONPET S.A. informs on the
appointment, following the application of
the cumulative vote, of the provisional
members of the Board of Administration
and its Chairman
June 20, 2018
FTSE Russell decided to
include CONPET S.A. in the
FTSE Frontier Markets Index
April 26, 2018
The Ordinary General Meeting of
Shareholders approved the annual
report and the allocation of dividends
related to 2017 in amount of 8.04
RON/share
August 10, 2018
Published the 2018 H1
report
August 22, 2018
The convening the OGMS in
order to elect a new Board of
Administration
March 5, 2018
The GMS approves the start of the selection
procedure of a new Board of Administration
in accordance with the provisions of the
Government Emergency Ordinance no. 109
of 2011May 17, 2018
CONPET S.A. informs on the
appointment, following the application of
the cumulative vote, of the provisional
members of the new Board of
Administration and its Chairman
8. ANNEXES
PROFIT & LOSS ACCOUNT
18
Indicators (mRON)2018
H1
2017
H1
VARIATION
mRON 2018/2017
Sales revenues 184.9 186.3 -1.4 ▼ 0.7%
Other operating revenues 15.1 16.3 -1.2 ▼ 7.4%
out of which rev. from
modernization quota14.2 15.1 -0.9 ▼ 3.6%
TOTAL OPERATING REVENUES 200.0 202.6 -2.6 ▼ 1.3%
Inventories Expenses 3.3 3.2 +0.1 ▲ 1.2%
Outside expenses – energy and water 5.9 5.2 +0.7 ▲ 15.0%
Personnel expenses 66.0 57.9 +8.1 ▲ 14.0%
Value adjustments on tangible and
intangible assets22.2 22.3 +0.1 ▼ 0.2%
Current assets adjustments(0.1) (1.1) +0.9 -
Third party expenses 48.8 49.1 -0.3 ▼ 0.6%
Other operating expenses
(modernization quota expenses. etc)26.6 27.8 -1.2 ▼ 4.3%
Losses generated by sold assets0.1 - - -
Provisions adjustments 3.9 (2.2) +6.1 -
TOTAL OPERATING EXPENSES176.7 162.2 +14.5 ▲ 11.9%
OPERATING RESULT 23.3 40.4 -17.1 ▼ 42.5%
Financial revenues 2.3 1.9 +0.4 ▲ 23.6%
Financial expenses 0.004 0.019 -0.015 ▼ 78.9%
FINANCIAL RESULT 2.3 1.9 +0.4 ▲ 24.6%
GROSS RESULT 25.6 42.3 -16.7 ▼ 39.5%
Income tax expenses 4.0 6.5 -2.5 ▼ 39.1%
NET RESULT 21.6 35.8 -14.2 ▼ 39.5%
EPS (net profit/no. of shares) 2.50 4.13 -1.63 ▼ 39.5%
EBITDA 45.5 62.7 -17.2 ▼ 27.5%
The financial statements related to 2018 S1 have been audited and revised
FINANCIAL STANDING
Indicators (mRON)30 June,
2018
30 June,
2017
Tangible assets 417.8 407.3
Non-tangible assets 1.0 1.4
Financial investments 0.9 1.0
Receivables related to the deferred
income tax2.1 1.0
TOTAL FIXED ASSETS 421.8 410.7
Inventories 9.0 9.0
Trade receivables and other
receivables47.3 46.7
Short-term investments 71.0 70.6
Cash and cash equivalents 166.5 209.8
Prepaid expenses 1.6 1.8
TOTAL CURRENT ASSETS 295.4 338.1
TOTAL ASSETS 717.1 748.8
Share capital o/w 28.6 28.6
Subscribed and paid-up share
capital28.6 28.6
Legal Reserves 5.7 5.7
Revaluation Reserves 28.3 31.0
Other Reserves 492.8 478.5
Retained Earnings 44.5 40.2
Result for the period 21.6 74.4
TOTAL EQUITY 621.5 658.4
Investment Subsidies 1.2 1.3
Prepaid Revenues 0.01 0.01
TOTAL PREPAID REVENUES 1.3 1.3
Long-term provisions 13.3 12.8
TOTAL LONG-TERM
LIABILITIES13.3 12.8
Trade liabilities 27.5 30.7
Current income tax 2.6 3.8
Other liabilities 38.1 32.2
Short-term provisions 12.9 9.5
TOTAL CURRENT LIABILITIES 81.1 76.2
TOTAL LIABILITIES 94.3 89.0
TOTAL EQUITY AND
LIABILITIES717.1 748.8
19
COMPARISON WITH 2018 Q1 BUDGET
Indicators (mRON)
H1
Achieved
2018
H1
Achieved
2017
H1
Budgeted
2018
Achieved
2018 vs. 2017
Achieved
vs. Budgeted
2018
mRON % mRON %
Operating revenues
Turnover revenues 184.9 186.3 181.5 -1.4 ▼ 0.7% +3.4 ▲ 1.9%
Other revenues 15.1 15.4 15.1 -0.3 ▼ 2.6% - ▲ 0.8%
proceeds from disposal of assets - 0.9 0.3 -0.9 - - -
TOTAL OPERATING REVENUES 200.0 202.6 196.9 -2.6 ▼ 1.3% +3.1 ▲ 1.6%
Operating revenues
Inventories Expenses 3.3 3.2 3.7 +0.1 ▲ 1.2% -0.4 ▼ 10.9%
Expenses with energy and water 5.9 5.2 6.0 +0.7 ▲ 15.0% -0.1 ▼ 1.8%
Personnel expenses 66.0 57.9 67.6 +8.1 ▲ 14.0% -1.6 ▼ 2.4%
Value adjustments on tangible and intangible assets22.2 22.3 22.3 -0.1 ▼ 0.2% -0.1 ▼ 0.4%
Current assets adjustments (0.1) (1.1) (0.3) - - (0.4) -
Third party expenses 48.8 49.1 50.8 -0.3 ▼ 0.6% -2.0 ▼ 3.8%
Losses generated from sold assets 26.6 27.8 21.4 -1.1 ▼ 4.3% +5.2 ▲ 24.3%
Other expenses 0.1 - 0.08 - - -
provisions adjustments 3.9 (2.2) 1.4 +1.7 - +2.4 ▲ 169.7%
TOTAL OPERATING EXPENSES 176.7 162.2 173.0 +14.5 ▲ 11.8% +3.7 ▲ 2.1%
OPERATING PROFIT 23.3 40.4 23.9 -17.1 ▼ 42.5% -0.6 ▼ 2.6%
Financial revenues 2.4 1.9 0.8 +0.4 ▲ 23.6% +1.5 ▲ 193.3%
Financial expenses 0.004 0.019 0.05 -0.015 ▲ 78.9% -0.046 ▼ 92.0%
FINANCIAL RESULT 2.4 1.9 0.8 +0.4 ▲ 24.6% +1.5 ▲ 212.1%
GROSS RESULT 25.6 42.3 24.6 -16.7 ▼ 39.5% +1.0 ▲ 4.1%
Income tax expenses 4.0 6.6 4.1 -2.5 ▼ 39.1% -0.1 ▼ 2.6%
NET RESULT 21.6 35.8 20.5 -14.2 ▼ 39.5% +1.1 ▲ 5.4%
EPS (net profit/no. of shares) 2.50 4.13 2.37 -1.63 ▼ 39.5% +0.13 ▲ 5.4%
The financial statements related to 2018 H1 have been audited and revised
Operator of the national crude oil, rich gas and condensatetransport network;
Natural monopoly position on the Romanian market;
30 years concession agreement to operate the transport network,concluded, in July 2002 with the National Agency for MineralResources;
Core business includes:
transport of crude oil, rich gas and condensate via theDomestic transport subsystem (76.2 % in turnoverachieved in 2018 Q1)
Transport of crude oil via the Import subsystem from OilTerminal, Constanta to two refineries in Romania (22.7% inturnover achieved in 2018 Q1)
Company’s business is regulated by NAMR, which sets tariffsfor:
The transport of domestic crude oil, rich gas andcondensate (last update in February 2016)
Import crude transport (last update in February 2016)
Company’s Brief Overview Transport Network Overview
Shareholding Structure
CONPET BUSINESS
CONPET S.A. operates 3,800 km of pipelines with a
total transport throughput of 18.1 million tons/year, the
system being divided into three main subsystems:
1. Subsystem for domestic crude and condensate
transport eases transport from the extraction fields to
Petrobrazi, Arpechim and Petrotel Lukoil refineries; it is
1,700 km in length, 6.1 million tons/year transport
throughput and 126 k m3 storage capacity;
2. Subsystem for rich gas transport eases the
products transport from the extraction fields to Petrobrazi
and Arpechim refineries; it is 289 km in length and a
capacity of 0.2 million tons/year;
3.Subsystem for imported crude transport, eases
transport from Oil Terminal, Constanta to Petrobrazi,
Arpechim, Petrotel Lukoil and Petromidia refineries; it is
1,343 km in length, 11.8 million tons/year transport
capacity and 45 thousand m3 storage capacity;
For the railway transport of crude oil, condensate
and rich gas to Petrobrazi and Lukoil refineries,
CONPET has the following facilities: 12.7 km of railway,
13 loading/unloading ramps, 13 locomotives, 40 tank
cars for crude, 29 tank cars for rich gas. This supporting
infrastructure provides the transport services to OMV
PETROM and LUKOIL refineries.
2222
20
Ministry of Energy58.72% Legal Persons
29.30%
Natural Persons11.98%
21
THE BOARD OF ADMINSTRATION
22
VĂDUVA Constantin
Economist
Member
STAN - OLTEANU
Manuela Petronela
Jurist
Chairman
IACOB Constantin
Ciprian
Jurist
Member
POPA Claudiu
Aurelian
Jurist
Member
GAVRILĂ Florin -
Daniel
Economist
Member ILAȘI Liviu
Engineer
Member
MATEI Ion Cristian
Engineer
Member
Thank you for your kind attention!
2015 CALENDAR FINANCIAR
www.conpet.ro
