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Transgaz 2010 budget

The Economy Ministry made public on its website a draft 2010 budget for the natural gas transporter Transgaz (TGN). We note that the budget presents Transgaz estimated results under Romanian Accounting Standards.

The budget does not provide details on quantities transported or the full breakdown of revenues and costs. Transgaz foresees revenues of RON 1.4 bn, 16% higher yoy, while we were expecting revenues to come up by around 10% yoy in 2010. The higher estimate could come from a more optimistic view regarding the growth in quantities transported (we see the growth at around 3%) or higher tariffs agreed between the regulatory authority and TGN for the next year of the current regulatory period (July 2010 – June 2011). Salaries costs are in line with our estimate, some 5% higher yoy, while materials expenses (including grid losses) are seen some 25% higher yoy, while we were expecting their growth to be limited at around 12%. This could be the result of higher estimated quantities of gas lost and/or higher estimated price. We remind that the company initially budgeted for 2009 grid losses 30% higher than realized and a higher gas price. The gas price is set by the regulator while grid losses are not under the direct control of the company, which explains why the company would take a conservative stance regarding these expenses. Third parties expenses, represented in the main part by maintenance costs, are seen 45% higher than in 2009. Maintenance works are agreed between the company and the regulator and we expect that the plan was not met in 2009, some of the works being moved into 2010, which explains the hike in costs. The company sees an operating profit of RON 358 mn, 4% higher yoy, on the back of higher revenues. The company expects a financial loss of RON 6 mn, from a gain of RON 16 mn in 2009 due to lower interest income and lower FX gains from transit. The net profit is seen at RON 298 mn, flat yoy. We were expecting a surge in operating expenses in 2010 compared with 2009, though we see lower revenues, but overall we were expecting 2010 operating profit to remain in line with the result of 2009. Therefore we see the news regarding the 2010 budget as neutral.

Sursa: http://www.rciro.ro

Tags: higher company revenues budget transgaz

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