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Transelectrica 2010 budget

The Ministry of Economy made public on its website a draft 2010 budget for the power grid operator Transelectrica (TEL). We note that the budget presents Transelectrica unconsolidated estimated results under Romanian Accounting Standards.

The budget does not provide details on quantities transported or the full breakdown of revenues and costs.

The power grid operator Transelectrica sees its revenues in 2010 at RON 2.7 bn, 10% higher compared with 2009 results. The growth is in line with expectations considering the raise in transportation and system services tariffs agreed between the company and the regulator beginning of this year and an expected growth in quantities transported in 2010 of around 2-3%.

Payroll costs are in line with estimates, but third parties expenses (including mainly maintenance expenses) are budgeted 15% higher yoy, above our estimate. Operating profit is seen at RON 47 mn, half the 2009 result and lower than expected by us, probably on higher maintenance and grid losses costs. The company expects a financial loss of RON 37 mn, down from the RON 83 mn loss in 2009, as financial losses from the revaluation of the FX denominated loans are expected to come in lower. Overall the gross profit is seen at RON 10.5 mn, compared with a 2009 gross profit of RON 11.5 mn.

We were expecting the costs to remain close to the level of 2009, and we see the decrease in operating profit in 2010 as a negative surprise. We expect the investors' reaction to the news to be also negative.

Sursa: http://www.rciro.ro

Tags: budget transelectrica

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