If you can see this message, your browser does not support canvas and needs an update. Sorry. :(
Tuesday, August 20, 2019 
Market Status: OPEN
About us and Governance Investor Relations Contact
Advanced search

Market News


S.N.T.G.N. TRANSGAZ S.A. - TGN

Preliminary financial results -2016

Release Date: 2/15/2017 6:30:07 PM

IRIS Code: 65FCE

PRELIMINARY FINANCIAL RESULTS FOR YEAR 2016

According to the data stated in the Bucharest Stock Exchange financial communication calendar and to the provisions of the capital market law on the reporting to the capital market institutions and shareholders, SNTGN Transgaz SA of Medias presents to all those concerned the draft unaudited financial statements for year 2016, prepared according to the international financial reporting standards (IFRS).

The main estimated economic and financial indicators on 31 December 2016, as compared to the indicators obtained in the similar period of year 2015 are presented in the table below:

No.

Name

Obtained 2015

Estimated

2016

Increase

0

1

2

3

4=3/2x100-100

1.

Operating revenue before the construction activity, according to IFRIC12

1.663.398

1.864.376

12%

2.

Revenue from the construction activity, according to IFRIC12

211.125

118.884

-44%

3.

Financial revenue

43.237

32.177

-26%

4.

Operating costs before the construction activity, according to IFRIC12

1.077.219

1.165.534

8%

5.

Cost of assets built according to IFRIC12

211.125

118.884

-44%

6.

Financial costs

22.315

9.683

-57%

7.

GROSS PROFIT, of which:

607.101

721.335

19%

· from operation

586.179

698.842

19%

· from the financial activity

20.922

22.494

8%

8.

Income tax

118.372

125.625

6%

9.

NET PROFIT

488.729

595.710

22%

10.

Other elements of the comprehensive income

10.211

-1.026

x

11.

Total comprehensive income related to the period

498.940

594.684

19%

Values expressed in *thousand RON*

Operating revenue before the construction activity, according to IFRIC12 increased by 12% as compared to the corresponding period of year 2015, which is higher by RON 200.978 thousand.

The revenue was influenced mainly by the following factors:

§ capacity booking revenue higher by RON 247.771 thousand due to:

- the increase of the fix component share in the total revenue to 60%;

- the invoicing of the booking capacity surplus for year 2016 amounting to RON 143.132 thousand according to ANRE Order 1/18.01.2016, ANRE Order 14/30 March 2016, ANRE Order 160/26 November 2015 and ANRE Order 39/10 August 2016. Between October and December 2016, the Company calculated the capacity surplus according to ANRE Order 14/30 March 2016 and ANRE Order 160/26 November 2015. The modality of calculation used by the Compaby for capacity surplus starting from 1 October 2016 could constitut the object of disputes to be settled by ANRE, the impact being of approximately RON 38,200 thousand;

§ volumetric component revenue lower by RON 147.204 thousand due to:

- the decrease of the variable component share in the total revenue to 40%;

- the decrease of the quantity of invoiced gas by 1.473.299 MWh (220.016 thousand m3);

§ international gas transmission revenue higher by RON 9.819 thousand due to the changes in the foreign currency of the contracts and to the application of ANRE Order 34/19 July 2016;

§ revenue from the balancing activity according to ANRE Order 1/18.01.2016, ANRE Order 14/30 March 2016 (until 1 November 2016) and ANRE Order 160/26 November 2015 (as of 1 November 2016) amounting to RON 57.387 thousand;

§ other operating revenue higher by RON 33.205 thousand, mainly due to the limitation period of the default interest related to the dividends received in arrears in the period 2000-2003, amounting to RON 51.718 thousand, the decrease of the revenue from penalties by RON 4.999 thousand and the decrease of other revenues from the recovered materials by RON 15.795 thousand;

§ revenue from the construction activity lower by RON 92.241 thousand registered in line with IFRIC 12, according to which revenues and costs related to the construction activity or the improvement of the transmission network, in exchange of which the intangible asset is registered, shall be acknowledged in line with IAS 11, Construction Contracts;

§ financial revenue with a negative influence of RON 11.060 thousand based on the changes in the foreign exchange rates.

Operating costs before the construction activity, according to IFRIC12 increased by 8% as compared to 2015, which is higher by RON 88.315 thousand.

The company made savings of RON 33.353 thousand, mainly in relation to the following cost elements:

§ maintenance and transmission: RON 11.504 thousand;

§ tax and duties owed to the state: RON 3.323 thousand, mainly due to the reduction of the monopoly tax by RON 3.792 thousand;

§ Other operating expenses: RON 18.526 thousand, mainly due to the reduction of provisions from the impairment of receivables by RON 30.389 as compared to the previous year and to the increase of expenses due to: guarding objectives (RON 1.1.37 thousand), telecommunications (RON 1.483 thousand), gas underground storage (RON 1.880 thousand).

An expense surplus of RON 121.668 thousand was recorded mainly in relation to the following cost elements:

§ transmission system technological gas consumption and loss increased by RON 1.260 thousand due to the following:

- amount of gas for technological consumption higher by 218.381 MWh/ 20.770 thousand m3 (▲23%), with a negative influence of RON 18.798 thousand;

- average purchase price in year 2016 is lower by RON 14,81 /MWh as compared to 2015, with a positive influence of RON 17.538 thousand;

§ Expense with the provision for liabilities and costs: RON 24.446 thousand mainly based on the provision related to the taxation decision on tax obligations issued by the National Agency for Fiscal Administration (RON 25.410 thousand);

§ balancing activity cost: RON 56.093 thousand;

§ fixed asset depreciation cost: RON 15.263 thousand;

§ cost of personnel: RON 11.767 thousand;

§ costs related to royalty: RON 11.039 thousand;

§ auxiliary materials and other material costs: RON 1.800 thousand.

The financial cost is lower by RON 12.631 thousand based on the foreign exchange gain.

As compared to the gross profit obtained in 2015, the estimated gross profit for 2016 increased by 19%, which is higher by RON 114.235 thousand.

The draft financial statements for year 2016 were prepared according to IFRS-EU and are not audited.

Director General

Petru Ion Vaduva



 Print

Information provided by IRIS, the news platform of the Bucharest Stock Exchange.

______________________

Bucharest Stock Exchange ("BVB") is not responsible for the content of this News item. Issuers whose financial instruments are traded on markets operated by BVB are required to report in accordance with current legal and regulatory provisions. BVB publishes these Reports as market administrator, appointed by ASF. When, for investors’ information, Reports are published, either signed by different persons, or with conflicting information, legal liability lies fully with the signatories. BVB disclaims any obligation or responsibility towards issuers or third parties, regarding the reality, completeness and accuracy of information provided by them and distributed by BVB. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.


©2016 Bucharest Stock Exchange. All rights reserved