In H1 2022, Transgaz recorded a slight revenue increase of 0.44% YoY, EBITDA decrease of 15.11%, and a net profit of RON 177.2m, an increase of 33% YoY.
In H1 2022, Transgaz recorded operating revenue before the balancing of construction activity of RON 703.9m, an increase of 0.4% YoY. The revenue was influenced by several factors: an increase of RON 11.1m in commodity revenue, due to booking capacity being higher by 13%, and other operating revenues increased by RON 24.7m.
Revenue from the balancing activity was higher by RON 398.4m (+280.5% YoY), due to a higher trading price of RON 309.03/MWh, which had a positive impact of RON 337.4m. Besides higher trading price, revenue growth was further amplified by a higher volume, which increased by 327,953 MWh which had a positive influence of RON 61m. Moving on, revenue from construction activity was lower by RON 241.5m.
OPEX was higher by 17.1% YoY influenced by the following factors. First, savings of RON 37m, from other operating costs, mainly due to the decrease in the impairment of current assets, following the collection of outstanding receivables from Electrocentrale București. Second, there has been a surplus of RON 134.4m in the transmission system gas consumption, provisions for risks and charges, employee costs, and cost of depreciation, which somewhat offset the OPEX growth.
With the increase of OPEX and roughly similar revenue levels, the company’s EBITDA amounted to RON 243.5m, a decrease of 15.1% YoY. Financial revenue amounted to RON 295m, an increase of 386.4% YoY, due to the recording of an update of regulated assets value with the inflation rate for H1 2022, as well as revenue from shareholdings following the reduction Eurotransgaz’s share capital by EUR 13.2m, which was received during Q1 2022. Financial costs amounted to RON 102.6m, an increase of 378.8% YoY, mainly because of the cost of financial fixed assets being transferred.
Finally, because of these developments, net profit amounted to RON 177.2m, an increase of 33% YoY.
Transgaz key financials (H1 2021 vs. H1 2022, RONm)
Balance Sheet
Looking over the balance sheet, total assets amounted to RON 7.9bn, a decrease of 1.6% YoY. This was driven by the decrease in current assets, which amounted to RON 1.1m (-17.6% YoY). On the other hand, total liabilities increased by 23.8% YoY and amounted to RON 1.9bn, as a result of an increase in total long-term loans (22.9% YoY, amounting to RON 1.8bn), and total short-term loans (36.4% YoY, amounting to RON 130.1m).
