In 2020, the company recorded a decrease in sales of -15%, decrease in EBITDA of -12%, net profit decrease of 34%.
In 2020, Transgaz recorded a 15% YoY decrease in operating revenue before the balancing and construction activity amounting to RON 1.332bn. Such a decrease could mostly be attributed to commodity revenue being down by RON 106.4m.
The commodity tariffs decreased in 2020 mainly due to the Order 10/2017 of the ANRE President on the amending 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.
Operating costs (before the balancing and construction activity) decreased by 11% YoY, amounting to RON 1.099bn. Such a decrease could mostly be attributed to lower other operating costs by RON 67.1m, based on the decreasing of the adjustments for impairment of current assets. Furthermore, costs of provision for risks and charges were lower by RON 65.61m, mainly due to the recording in 2019 of the provision regarding the investigation performed by the Competition Council.
As a result of the above mentioned, the company recorded a gross profit of RON 233.8m, representing a decrease of 31% YoY. Meanwhile, in 2020, the company recorded a decrease in net profit of 34%, amounting to RON 224.6m.