In Q1 2022, Transgaz recorded a slight revenue increase of 0.2% YoY, EBITDA growth of 34.3%, and a net profit of RON 257.4m, an increase of 67.3% YoY.
In Q1 2022, Transgaz recorded operating revenue before the balancing of construction activity of RON 457.1m, an increase of 0.16% YoY. The revenue was influenced by several factors: an increase in revenue from booking capacity (RON 11.4m), as well as the increase in international gas transmission revenue (RON 913k), and other operating revenue (RON 10.5m), offset by commodity revenue decrease of RON 21.5m.
Revenue from the balancing activity was higher by RON 242.7m (+327% YoY), due to a higher trading price of RON 381.55/MWh, which had a positive impact of RON 256.6m, but that was offset by a lower quantity of 101,911 MWh which had a negative influence of RON 9.91m. Moving on, revenue from construction activity was lower by -83% YoY and amounted to RON 26.4m.
OPEX was lower by 22% YoY influenced by the following factors: firstly, savings of RON 105m, from other operating costs, mainly due to the decrease in the impairment of current assets, following the collection of outstanding receivables from Electrocentrale București. Secondly, there has been a surplus of RON 43.3m 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 reduction of OPEX and roughly similar revenue levels, the Company’s EBITDA amounted to RON 346.6m, an increase of 34.3% YoY. Financial revenue amounted to RON 154m, an increase of more than 6x YoY, due to the recording of an update of regulated assets value with the inflation rate for Q1 2022, as well as revenue from shareholdings following the reduction of Eurotransgaz’s share capital by EUR 13.2m, which was received during Q1 2022. Financial costs amounted to RON 73.9m, an increase of more than 10x YoY, mainly because of the cost of financial fixed assets being transferred.
Finally, because of these developments, net profit amounted to RON 258.4m, an increase of 67.3% YoY.
Transgaz key financials (Q1 2021 vs. Q1 2022, RONm)
Balance Sheet
Looking over to the balance sheet, total assets amounted to RON 7.62bn, a decrease of -1% YoY. This was driven by the decrease in fixed assets, which amounted to RON 6.51bn (-1% YoY). On the other hand, total liabilities decreased by 10% YoY and amounted to RON 3.47bn, as a result of a decrease in total long-term loans (-10% YoY, amounting to RON 2.62bn). There has also been a decrease in current liabilities, which decreased by -9% YoY and amounted to RON 843.3m.
