If you can see this message, your browser does not support canvas and needs an update. Sorry. :(
Thursday, June 21, 2018 
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 2017

Release Date: 2/15/2018 8:45:54 AM

IRIS Code: 2B165

According to the Financial Communication Calendar and in compliance with the provisions of the capital market specific laws regarding the reporting to the capital market institutions and to shareholders, the National Gas Transmission Company Transgaz SA Medias informs all those concerned on the individual annual unaudited financial statements, preliminary for 2017, prepared in line with the international financial reporting standards (IFRS).

The main estimated economic and financial indicators on 31 December 2017, as compared to the indicators obtained in the similar period of year 2016 are presented in the table below:

* thousand RON *

No.

Name

Obtained 2016

Estimated

2017

Increase

0

1

2

3

4=3/2x100-100

1.

Operating revenue before the balancing and the construction activity, according to IFRIC12

1.815.385

1.748.372

-4%

2.

Revenues from balancing

57.404

129.056

125%

3.

Revenue from the construction activity, according to IFRIC12

118.504

63.950

-46%

4.

Financial revenue

32.231

190.577

491%

5.

Operating costs before the balancing and the construction activity, according to IFRIC12

1.125.268

1.070.401

-5%

6.

Costs related to Balancing

56.093

129.056

130%

7.

Cost of assets built according to IFRIC12

118.504

63.950

-46%

8.

Financial costs

9.683

148.590

1434%

9.

GROSS PROFIT, of which:

713.975

719.957

1%

· from operation

690.117

677.971

-2%

· from the financial activity

22.547

41.986

86%

10.

Income tax

119.410

117.779

-1%

11.

NET PROFIT

594.565

602.179

1%

12.

Other elements of the comprehensive income

-1.026

-

x

13.

Total comprehensive income related to the period

593.539

602.179

1%

Operating revenue before the balancing activity and the construction activity, according to IFRIC12 decreased by 4 % as compared to the corresponding period of year 2016, which is lower by RON 67.012 thousand.

The revenue was influenced mainly by the following factors:

§ capacity booking revenue lower by RON 6.818 thousand due to:

- booked capacity lower by 124.355.410 MWh, with a negative influence of 239.145 thousand lei

- capacity booking tariff higher by 0,729 lei/MWh based on the increase in short-term bookings, with a positive influence of 232.327 thousand lei

§ commodity component revenue lower by RON 15.490 thousand due to:

- the commodity tariff lower by 0,348 lei/MWh with a negative influence of 49.919 thousand lei caused by the decrease of the variable component share in the total revenue from 40% to 35%;

- the quantity of transmitted gas higher than as opposed to 2016 by 8.321.654 MWh /795.231 thousand cm (▲6%)

§ international gas transmission revenue higher by RON 4.719 thousand due to the changes in the foreign currency of the contracts and to the application of ANRE Order 34/19 July 2016;

§ other operating revenue lower by RON 49.423 thousand, mainly due to the prescription in 2016 of default interest related to the dividends received in arrears for the period 2000-2003, amounting to RON 51.718 thousand, revenues which are not to be found in the achievements of 2017.

Revenue from balancing higher by Lei 71.652 thousand due to the following factors:

- higher gas amount by 761.271 MWh with a positive influence of Lei 59.225 thousand

- trading price higher by 8,29 lei MWh, with a positive influence of Lei 12.427 thousand

Revenue from the construction activity lower by RON 54.554 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 revenues with a positive influence of Lei 158.346 thousand due to the return to the revenues of the provision made-up for the impairment of Transgaz’ participation in the share capital of Nabucco Gas Pipeline International GmbH amounting to Lei 138.544.435. In September 2017, the Commercial Court of Vienna issued the resolution contemplating that Nabucco Gas Pipeline International GmbH (NIC) was disincorporated and, on 30 September 2017, the company removed the asset in amount of Lei 138.544.435 from its accounting records and returned to the revenues the provision made-up in the previous years in the same amount.

Operating costs before the balancing and the construction activity, according to IFRIC12 decreased by 5% as compared to 2016, which is lower by RON 54.866 thousand.

The company made savings of RON 86.066 thousand, mainly in relation to the following cost elements:

C transmission system technological gas consumption and loss decreased by RON 10.575 thousand due to the following:

- amount of gas for technological consumption lower by 171.425 MWh/ 13.631 thousand m3 (▼14%), with a positive influence of RON 1.642 thousand;

- average purchase price for 2017 is higher by RON 11,62 /MWh as compared to 2016, with a negative influence of RON 17.538 thousand;

C Maintenance and transport: Lei 2.172 thousand

C Royalty expenses: Lei 1.759 thousand

C Other operating expenses: Lei 71.560 thousand mainly due to the reduction of provisions for risks and expenses and for the impairment of current assets (-Lei 74.865 thousand).

Overruns amounting to Lei 31.200 thousand were recorded mainly with respect to the following cost elements:

§ fixed asset depreciation cost: Lei 5.767 thousand;

§ cost of personnel: Lei 15.820 thousand;

§ charges and tax costs: Lei 4.020 thousand;

§ auxiliary materials and other material costs: Lei 5.593 thousand.

The financial cost is higher by RON 138.907 thousand due to the fact that, on 30 September 2017, the company removed the asset, in amount of Lei 138.544.435, representing Transgaz’ share in the share capital of Nabucco Gas International Company GmbH from its accounting records.

As compared to the gross profit obtained in 2016, the estimated gross profit for 2017 increased by 1%, which is higher by RON 5.983 thousand.

We would like to mention that the interim financial statements related to 2017 were prepared according to the International Financial Reporting Standards – EU and are not audited. Below link:

DIRECTOR GENERAL

STERIAN ION



 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