If you can see this message, your browser does not support canvas and needs an update. Sorry. :(
Friday, August 7, 2020 
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 2019

Release Date: 2/20/2020 7:49:28 AM

IRIS Code: B9C60

 

According to the Financial Communication Calendar data and compliant with the capital market laws on reporting to capital market institutions and shareholders, SNTGN Transgaz SA Medias informs all those concerned on the unaudited interim yearly financial statements for 2018, prepared in accordance with the International Financial Reporting Standards (IFRS).

The main interim financial and economic indicators obtained at 31 December 2019, compared to the indicators obtained in the same period in 2018, are presented in the following table:       

No.

Name

Obtained

2018

Interim

2019

Increase

0

1

2

3

4=3/2x100-100

1.

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

1.608.437

1.575.558

-2%

2.

Revenue from the balancing activity

235.427

324.688

38%

3.

Revenue from the construction activity according to IFRIC12

405.794

851.696

110%

4.

Financial revenue

46.844

48.536

4%

5.

Operating costs before the construction activity, according to IFRIC12

1.046.952

1.178.853

13%

6.

Costs from the balancing activity

235.427

324.688

38%

7.

Cost of assets built according to IFRIC12

405.794

851.696

110%

8.

Financial costs

25.449

29.018

14%

9.

GROSS PROFIT, of which:

582.880

416.223

-29%

 

§   from operation

561.485

396.705

-29%

 

§   from the financial activity

21.396

19.518

-9%

10.

Income tax

87.205

66.744

-23%

11.

NET PROFIT

495.675

349.479

-29%

Values expressed in *Lei thousand*

Operating revenue before the balancing and construction activity, according to IFRIC12 decreased by 2% as compared to 2018, which is lower by LEI 32.879 thousand.

The revenue was influenced mainly by the following factors:

§  commodity component revenue lower by LEI 61.286  thousand due to:

- a commodity transmission tariff lower by Lei 0,54/MWh with a negative influence of LEI 83.934 thousand;

- the gas transmitted capacities higher by 6.450.960 MWh,  as compared to 2018, with a positive influence of LEI 22.647 thousand detailed by categories of consumers as follows:

 

 

12 months 2018

12 months 2019

Differences

Quantity transmitted for direct consumers

MWh

60.559.629

69.513.278

8.953.649

thousand m3

5.672.485

6.147.306

474.821

Quantity transmitted for distribution

MWh

78.605.004

76.102.315

-2.502.689

thousand m3

7.303.436

7.080.195

-223.241

Total*)

MWh

139.164.633

145.615.593

6.450.960

thousand m3

12.975.921

13.227.501

251.580

*) transmitted quantity for which transmission services are invoiced

The decreasing of the tariffs in 2019 as compared to 2018 is mainly due to:

- a lower approved revenue in gas year October 2018- September 2019 (Lei 882.983  thousand) as compared to the revenue approved in gas year October 2017 - September 2018 (Lei 954.322 thousand)  mainly because of the differences for the adjustment of the revenue in gas year 2018-2019 (the efficiency gain redistribution component, the correction component of the total revenue, etc).

- the commodity tariff is lower according to Order 10/2017 of the ANRE President on the amending and supplementing of Order 32/2014 of ANRE President on the approval of the Gas Transmission Regulated Revenue, Total Revenue and Regulated Tariffs Methodology, which establishes the increasing by 5% per year of the percentage by which the approved revenue is recovered by the application of the capacity booking tariff, up to 85%, and the decreasing of the percentage by which the approved revenue is recovered by the application of the commodity tariff. In gas year 2018-2019 the variable component of the total revenue at the basis of the commodity tariffs is 30% of the total revenue and in gas year 2019-2020 it decreased to 25% of the total revenue.

- at the substantiation of the tariffs for gas year 2019-2020 the monopoly tax was not recognized by ANRE at the category of the passed-through costs and implicitly at the regulated revenue.

§  capacity booking revenue higher by LEI 75.464 thousand due to:

- the capacity booking tariff higher by Lei 0,08/MWh, with a positive influence of LEI 28.611 thousand;  

- booked capacities higher by 20.335.403 MWh, with a positive influence of LEI 46.854 thousand;

§  revenue from international gas transmission activity higher by  LEI 3.316 thousand due to the appreciation of the contract currency;

§  other operating revenue lower by LEI 50.372 thousand due to the registration in 2018 of compensation revenue, as a result of the exercising of the right to unilaterally terminate gas transmission contracts concluded following the carrying out of the incremental capacity process having as object incremental capacity allocation.

Revenue from the balancing activity increased by LEI 89.261 thousand based on the following factors:

- quantity higher by 1.068.387 MWh with a positive influence of LEI 114.764 thousand;

- trading price lower by LEI 7,82 /MWh, with a negative influence of LEI 25.503 thousand.

Revenue from the construction activity higher by LEI 445.902 thousand, registered in line with IFRIC 12, according to which revenue and costs related to the construction activity or the improvement of the transmission network, in exchange of which the intangible asset is registered, must be acknowledged in line with IAS 11, Construction Contracts.

Financial revenue have a positive influence of Lei 1.692 thousand due to the increasing of the foreign exchange gains.

Operating costs before the balancing and construction activity according to IFRIC12 increased by 13% as compared to 2018, which is higher by LEI 131.901 thousand.

The company made savings of LEI 6.215 thousand, mainly in relation to the following cost elements:

§  maintenance and transport costs: LEI 6.075 thousand;

§  cost of provision for risks and charges: LEI 140 thousand.

A surplus of LEI 138.116 thousand was recorded mainly in relation to the following cost elements:

§  cost of technological consumption: LEI 1.185 thousand, due to the following:

- amount of gas for technological consumption lower as compared to achievements in 2018 by 162.493 MWh, with a positive influence of LEI  13.417 thousand;

- preliminary average purchase price higher as compared to 2018 by LEI 21,31 /MWh, with a negative influence of LEI 14.602 thousand;

§  cost of auxiliary materials and other material costs: LEI 7.233 thousand;

§  cost of personnel: LEI 28.434 thousand;

§  depreciation costs: LEI 6.630 thousand;

§  cost of royalty: LEI 256 thousand;

§  cost of taxes and duties: LEI 32.248 thousand following the introduction of the 2% turnover payment contribution according to Art. 78 of GEO 114/2018;

§  other operating costs: LEI 62.131 thousand, mainly due to the establishing of corrections for the depreciation of the current assets recording an increase of LEI 54.968 thousand.

The financial cost is higher by LEI 3.569 thousand mainly based on the increasing of the foreign exchange gains.

As compared to 2018 the interim gross profit obtained in 2019 decreased by 29%, which is lower by LEI 166.657 thousand.

The interim financial statements for 2019 were prepared according to the EU IFRS, are not audited.

For the full report please access the link below or Transgaz`s website at:  http://www.transgaz.ro/en/investitori/raportari_financiare

 

DIRECTOR - GENERAL

ION STERIAN



 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