C.N.T.E.E. TRANSELECTRICA

C.N.T.E.E. TRANSELECTRICA

About C.N.T.E.E. TRANSELECTRICA

The National Power Grid Company Transelectrica SA has already been acknowledged nationally and internationally as strong company playing a strategic role on Romania’s electricity market while also being an important participant on the regional market. Transelectrica has got an active part as in the national security strategy by providing the infrastructure necessary for the operation and development of the Romanian electricity market. In its capacity of Transmission and System Operator (TSO) Transelectrica provides operational safety of the Romanian Power System (RPS) and permanently improves the technical performance and adequacy of the Electricity Transmission Grid (ETG), while meeting the quality standards and securing the regulated access of all market participants to the transmission grid in transparent, non-discriminating and equidistant conditions .                  

The NPG Co. Transelectrica SA has got natural monopoly on Romania’s electricity market being the first majority state owned company to have been listed with the Bucharest Stock Exchange under the “A strong market – Developing the capital market” programme.

Ever since its listing on the Bucharest Stock Exchange on 29 August 2006 to date the Company underwent changes in the shareholders’ structure; at present the Romanian State got 58.69% of the shares while other shareholders got 41.31% of the share capital. In December 2013 Transelectrica launched the corporate bonds emission amounting to 200 de million Lei, and the titles are transacted on the domestic capital market from the beginning of this year. As regards the relation with investors Transelectrica aims at permanently increasing the added value for shareholders, thus also growing the quota and value of dividends and maximising the invested capital. Company efforts were mirrored by the Moody’s Investors Service rating company that maintained Transelectrica’s rating at Ba2 and improved the Company prospect from ‘negative’ to ‘stable’.

At present Transelectrica is a Company managed under two-tier system by the Directorate, consisting of five members under surveillance of a Supervisory Board consisting of seven members. The two-tier system provides balanced long term management and implementation of the corporate governance system. TheCompany takes into account three main development pillars:

-          Permanent improvement of the operational & human resources management performance with a view to increase the quality of provided services and the long term operational safety of the Romanian power system;

-          Expediting the investment and maintenance programme to enhance, develop, rehabilitate and upgrade the Electricity Transmission Grid in order to increase the interconnection with neighbouring countries and enhance the 400 kV ring around the country; to integrate the output from renewable sources, to remove congestions, to increase the technological level according to the exigencies of dispatch, metering and remote control of RPS installations;

-          Developing the financial management performance at high qualitative professionalism levels that should provide, draw and maintain diversified financing sources needed for all investment and maintenance plans as well as the permanent increase of added value for shareholders by increasing the share value, the dividend value and maximising the profitability of invested capital;

The Company’s message to the Romanian society is precisely its mid- and long-term commitment to carry out its public service mission in exemplary responsible manner using the up-to-date efficient transmission and system infrastructure of a Company with sustainable activities in terms of social liability to community and environmental protection.

President: DRAGOS CORNELIU ZACHIA - ZLATEA

Shareholder structure

Shareholder Shares Percent
STATUL ROMAN PRIN MINISTERUL ECONOMIEI, COMERTULUI SI RELATIILOR CU MEDIUL DE AFACERI loc. BUCURESTI jud. SECTOR 1 43,020,309 58.69%
alti actionari / others 30,282,833 41.31%
Total 73,303,142 100%

Info provided by: DEPOZITARUL CENTRAL Date: 06/14/2017

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Dividends

Year Dividend Reference date for GMS GMS date (dividend) Record Date Ex-dividend Date Announcement Date Payment date
2017 0.910000 N/A 12/14/2018 01/04/2019 01/03/2019 11/28/2018 01/25/2019
2016 2.257000 04/17/2017 04/27/2017 06/07/2017 06/06/2017 03/24/2017 06/28/2017
2015 2.650000 04/18/2016 04/28/2016 06/07/2016 06/06/2016 03/24/2016 06/28/2016
2014 2.803300 04/20/2015 04/29/2015 06/08/2015 06/05/2015 03/25/2015 06/29/2015
2013 2.228000 04/18/2014 04/29/2014 05/19/2014 05/15/2014 03/26/2014 06/26/2014

Notice of OGSM Update on March 29, (April 01), 2019

 To the: Bucharest Stock Exchange – Department of Operations Issuers Regulated Markets             Financial Supervision Authority - General Directorate Supervision - Issuers Division   Current report according to the provisions of Law no 24/2017, ASF Regulation 5/2018 and the BVB Code Date of the report: March 13, 2019 Name of ...

EGSM resolutions on 26 February, 2019

To the: Bucharest Stock Exchange – Department of Operations Issuers Regulated Markets             Financial Supervision Authority - General Directorate Supervision - Issuers Division   Current report according to the provisions of Law no 24/2017, ASF Regulation 5/2018 and the BVB Code Date of the report: February 26, 2019 Name o ...

Notice of OGSM on March 29, (1 st April), 2019

   To the: Bucharest Stock Exchange – Department of Operations Issuers Regulated Markets             Financial Supervision Authority - General Directorate Supervision - Issuers Division Current report according to the provisions of Law no 24/2017, ASF Regulation 5/2018 and the BVB Code Date of the report: February 22, 2019 Name ...

Refurbishment works of the 220/110 kV Craiova Nord Substation

To the: Bucharest Stock Exchange – Department of Operations Issuers Regulated Markets                 Financial Supervision Authority - General Directorate Supervision - Issuers Division   Date of the communique: February 18, 2019 Name of Issuer Company: CNTEE TRANSELECTRICA SA, company managed by two-tier system Headquarters: B ...

2018 Preliminary financial results

       To the: Bucharest Stock Exchange – Department of Operations Issuers Regulated Markets                   Financial Supervision Authority - General Directorate Supervision - Issuers Division Communique according to the provisions of ASF Regulation 5/2018 and of the BVB Code Date of the communique: 15 February 2019 Name of I ...

Refurbishing the transformer substation Domnesti

To the: Bucharest Stock Exchange – Department of Operations Issuers Regulated Markets                 Financial Supervision Authority - General Directorate Supervision - Issuers Division   Date of the communique: February 11, 2019 Name of Issuer Company: CNTEE TRANSELECTRICA SA, company managed by two-tier system Headquarters: B ...

Auditor Report - art. 82 Law 24/2017, sem II 2018

To the: Bucharest Stock Exchange – Department of Operations Issuers Regulated Markets             Financial Supervision Authority - General Directorate Supervision - Issuers Division   Current report according to the provisions of Law 24/2017, ASF Regulation 5/2018 and the BVB Code Date of the report: January 31, 2019 Name of I ...

Notice of EGSM on February 26, 2019

To the: Bucharest Stock Exchange – Department of Operations Issuers Regulated Markets             Financial Supervision Authority - General Directorate Supervision - Issuers Division   Current report according to the provisions of Law no 24/2017, ASF Regulation 5/2018 and the BVB Code Date of the report: January 23, 2019 Name of ...

OGSM & EGSM resolutions on January 21, 2019

To the: Bucharest Stock Exchange – Department of Operations Issuers Regulated Markets             Financial Supervision Authority - General Directorate Supervision - Issuers Division   Current report according to the provisions of Law no 24/2017, ASF Regulation 5/2018 and the BVB Code Date of the report: January 21, 2019 Name of ...

Legally insufficient quorum OGSM and EGSM on 18.01.2019

To the: Bucharest Stock Exchange – Department of Operations Issuers Regulated Markets             Financial Supervision Authority - General Directorate Supervision - Issuers Division   Current report according to the provisions of Law 24/2017, ASF Regulation 5/2018 and the BVB Code Date of the report: January 18, 2019 Name of Is ...

2018 Preliminary financial results

       To the: Bucharest Stock Exchange – Department of Operations Issuers Regulated Markets                   Financial Supervision Authority - General Directorate Supervision - Issuers Divis ...

Financial results Q3 2018

To the:    Bucharest Stock Exchange – Department of Operations Issuers Regulated Markets                 Financial Supervision Authority - General Directorate Supervision - Issuers Division Cu ...

Half-year financial cosolidated results - H1 2018

To the: Bucharest Stock Exchange – Department of Operations Issuers Regulated Markets             Financial Supervision Authority - General Directorate Supervision - Issuers Division   Cur ...

H1 2018 Report

To the: Bucharest Stock Exchange – Department of Operations Issuers Regulated Markets                 Financial Supervision Authority - General Directorate Supervision - Issuers Division   ...

2017 Annual reports

 To the: Bucharest Stock Exchange – Department of Operations Issuers Regulated Markets                 Financial Supervision Authority - General Directorate Supervision - Issuers Division   ...

2018 Q1 financial results

To:          Bucharest Stock Exchange                 Financial Supervisory Authority Current report according to the provisions of Law 24/2017, Regulation 1/2006 of the CNVM and the BSE Code ...

2017 Preliminary financial results

Current report according to the provisions of Law 24/2017, Regulation 1/2006 of the CNVM and the BSE Code Date of the report: February 15th, 2018 Issuer Company: National Power Grid Co. Transe ...

2017 Q3 financial results

Current report according to the provisions of Law 24/2017, Regulation 1/2006 of the CNVM and the BSE Code Date of the report: November 15th, 2017 Issuer Company: National Power Grid Co. Transelect ...

Condensed consolidated interim financial statements june 2017

 To:      Bucharest Stock Exchange             Financial Supervisory Authority   Current report according to the provisions of Law 24/2017, Regulation 1/2006 of the CNVM and the BSE Code ...

2017 H1 financial results

Current report according to the provisions of Law 24/2017, Regulation 1/2006 of the CNVM and the BSE Code Date of the report: August 16th, 2017 Issuer Company: National Power Grid Co. Transele ...

Annual financial information

2016 2017
Total Revenues 3,034,196,284 2,752,500,224
Deferred Income 496,129,731 467,983,616
Total Financial Income 48,093,550 29,960,030
Operating Income 2,986,102,734 2,722,540,288
Interest Income 10,015,772 5,666,055
Total assets 3,802,023,349 4,166,804,736
Inventories 34,328,954 30,409,648
Profit for the year 272,361,543 272,361,536
Financial Results -18,832,333 -17,028,278
Operating Result 448,654,870 351,618,240
Profit before tax 429,822,537 334,589,952
Employees 2,180 2,180
Shortterm Financial Investments 70,085,000 135,090,000
Total Capital Assets 3,341,450,716 3,189,591,552
Total Current Liabilities 967,248,483 1,038,065,344
Shortterm Financial Liabilities 166,989,537 137,764,384
Longterm Financial Liabilities 434,589,744 301,929,984
Trade Payables 568,167,900 666,874,752
Total Longterm Liabilities 669,252,990 532,124,992
Total Receivables 717,530,606 851,149,504
Sales 2,942,239,167 2,680,536,832
Total Expenses 2,604,373,747 2,417,910,272
Interest expense 28,483,676 23,995,214
Prepaid Expenses 6,477,758 10,574,113
Total Financial Expenses 66,925,883 46,988,308
Operating expenses 2,537,447,864 2,370,921,984
Cash and cash equivalents 974,451,258 933,661,184
Total equity 2,976,894,201 3,054,043,648
Subscribed Capital 733,031,420 733,031,424
Amortization 327,408,715 328,099,840
Total Non-current Assets 3,431,987,857 3,282,110,720
Net Current Assets / Net Current Liabilities 370,035,492 884,694,080
Total Current Assets 1,796,395,818 1,950,310,400

Financial indicators

Year Financial statements Key financials Ministry of Finance format (excerpt)*
2016 Q3 2016 Download -
2016 Q1 2016 Download -
2016 H1 2016 Download -
2016 Financial preliminary results 2016 Download -
2015 H1 2015 Download -
2015 Q3 2015 Download -
2015 Financial preliminary results 2015 Download -
2015 Q1 2015 Download -
2014 Q1 2014 Download -
2014 H1 2014 Download -
2014 Q3 2014 Download -
2014 Financial preliminary results 2014 Download -
2013 Q3 2013 Download -
2013 Financial preliminary results 2013 Download -
2013 Q1 2013 Download -
2013 H1 2013 Download -
2012 Financial Preliminary Results 2012 Download -

ANALYST ESTIMATES

ANALYST REPORT May 31, 2017

What dividends can the companies distribute after Government Ordinance No 29/2017

TEL - C.N.T.E.E. TRANSELECTRICA

May 31, 2017 - Government Ordinance 29/2017 created a new possibility for the State-owned companies listed on Bucharest Stock Exchange. They can now distribute dividends from the profit accumulated in previous years. Conpet wanted to do this a year ago, but for all the others this is uncharted territory.

ANALYST REPORT May 22, 2017

Analysis report - financial reports for Q1 2017

TEL - C.N.T.E.E. TRANSELECTRICA

May 22, 2017 - 2017 started well for most of the companies listed on BSE, and in some cases we've seen major profit increases.

ANALYST REPORT April 11, 2017

The biggest dividends of the BSE companies

TEL - C.N.T.E.E. TRANSELECTRICA

April 11, 2017 - The biggest dividends of this year come from the energy companies, following a decision by the Government to increase the payout ratio to 90% for all the State-owned companies.

ANALYST REPORT February 27, 2017

Growth story fades away on investments under performance.

TEL - C.N.T.E.E. TRANSELECTRICA

February 27, 2017 - Valuation We update our view on Transelectrica with a SELL recommendation and a target price of RON 23.8 per share, revealing a downside potential of 18% against current levels. We cut our NEUTRAL recommendation to SELL and reduced our previous target price (RON 28.1/share) mainly on a higher-than-expected cut in Y3 transmission tariff (11% vs. 4% our estimate) and reduced level of commissioned investments over the 3rd regulatory period that would be reflected in a correction of revenues over the next period. We used a DCF model with a 5-year explicitly forecasted period after which a terminal free cash flow with a perpetual growth of 1% is employed.

ANALYST REPORT January 30, 2017

Romanian Utilities. Diminishing marginal utility

TEL - C.N.T.E.E. TRANSELECTRICA

January 30, 2017 - With earnings on a downward trend as the regulator is cutting tariffs, investment projects that are running behind schedule and are only going to contribute to the Regulated Assets Base (RAB) after 2020E and increased risks of a potential cut in the Regulated Rate of Return (RRR) as the new regulatory periods start, we do not really see any positive triggers for the regulated utilities in Romania. On a relative basis, however, they continue to trade at discounts to their peers and to provide decent dividend yields, even if these are smaller than in past years. As such, we are neutral on our valuation of the three companies. We note that eventual acquisitions (such as Electrica buying the minorities held by Fondul Proprietatea (FP) within its subsidiaries) could generate a rerating of the stock prices but we have not included these in our valuation. We maintain our HOLD recommendations on Transelectrica (new PT: RON 31.5, 4.1% upside) and Transgaz (new PT: RON 339, 10.3% upside) and also downgrade Electrica to HOLD (new PT: RON 15.4, 12.9% upside).

ANALYST REPORT November 15, 2016

Wait for the storm end

TEL - C.N.T.E.E. TRANSELECTRICA

November 15, 2016 - Transelectrica reported its Q3 results today before market and had its conference call afterwards. The earnings were much better than the very pessimistic consensus, however the y-o-y decline was also significant. Revenue declined by 30% y-o-y, mostly due to the pass-through segments, however the y-o-y decline in case of the transmission segment was almost 12%, as a result of lower transmission fees. EBITDA went down by 13.3% y-o-y to RON 505 million in the first 9M, while net profit declined by 24% to RON 213 million, which is roughly in line with our end of the year forecast. Transelectrica should earn an EPS around RON 4 of which the DPS should be around RON 2.5 giving a ca. 8.5% dividend yield calculated with the current price. Power consumption in Romania fell by 0.3% y-o-y in the first nine months, while the power production was lower by. 3.6% y-o-y around 44 TWh. Billed volume of Transelectrica increased by 0.7% partly offset the lower tariffs. The tariff cut was rough. Transmission tariff decreased 12% y-o-y in the first 9Ms to RON 20.11 RON/MWh, while the dispatching tariff declined by 9.5% to 1.12 RON/MWh. The CAPEX guidance was drastically increased compared to our targeted levels for the next 10 years. We increased our CAPEX forecasts, which had a negative impact to the price target. We reduce our end of the year target price to RON 29 per share and change our Overweight recommendation to Equal weight. We still believe that the company is a great dividend play on the Romanian market and the price should not decline drastically till the DPS keeps strong but we wait for a better momentum to get on the grid again. Last but not least we see the CAPEX increase negative, which might obstruct dividend flow.

ANALYST ESTIMATES

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