Transgaz - 4Q 2009 results

The turnover for the quarter reached RON 381 mn, 4% above our estimate, we believe higher than expected quantities transported. Grid losses costs and salaries came in some 20% below our forecast while maintenance and other services expenses came significantly lower than expected, which put the operating profit at RON 137 mn, more than double our estimate (RON 58.4). The net profit also came double above our estimate at RON 108.7 mn. This will have a positive impact on the dividend to be paid, which is expect some 20% higher than estimated and around 25% higher yoy, at around RON 13 per share.