S.N.T.G.N. TRANSGAZ S.A.

S.N.T.G.N. TRANSGAZ S.A.

About S.N.T.G.N. TRANSGAZ S.A.

SNTGN TRANSGAZ SA is the technical operator of the National Gas Transmission System (NTS) which ensures the transmission, under safe, efficient and competitive conditions, of over 90% of the natural gas consumed in Romania, in accordance with the EU standards of performance and environment.
The company intends to become an internationally recognised gas transmission operator, a leader on the energy market in the region, with a modern national gas transmission system, integrated at European level and a very competitive management system.
As sole technical operator of the Romanian Gas Transmission System, SNTGN TRANSGAZ SA conducts, in accordance with the EU and national standards on quality, performance, environment and sustainable development, the following:
*Domestic and international gas transmission services;
*Dispatching and research – design activities for natural gas transmission.
Since 2008, Transgaz is an active presence on the Romanian capital market, being listed on the Bucharest Stock Exchange. The ownership structure is as follows: 58.5097% of the shares are held by the Romanian State represented by the Government through the General Secretariat of the Government and 41.4903% free-float.
Transgaz has implemented and certified the Integrated Management System for Quality and Environment in accordance with ISO 9001 and ISO 14001 international standards;
Since 2003, Transgaz is member of GIE (Gas Infrastructure Europe).
Being a gas transmission system operator certified in accordance with the provisions of the Third Energy Package,  and also since July, 2010, TRANSGAZ is a member of  ENTSOG (The European Network of Transmission System Operators for Gas), organisation in which the company cooperates with all EU’s gas transmission system operators.
THE MAIN STRATEGIC OBJECTIVES 2014-2017
*Strengthening the role of transporter of the SNTGN Transgaz SA Medias on the national and European energy market, as a result of EU requirements on the development of the NTS interconnection with the similar gas transmission systems of the neighbouring countries, of the exploitation potential of the substantial gas deposits discovered in the Black Sea and of the shale gas in the future;
*Completion of the interconnection between the natural gas transmission systems of Romania and Bulgaria on Giurgiu – Ruse direction;
*Creating the technical conditions required to ensure bidirectional flow of natural gas on the interconnection between Romania and Hungary, on Arad-Szeged direction;
*Business development by optimizing the absorption of European funds and creating an efficient and flexible financing structure.
*Optimize and streamline the systems and management processes of the company, the quality of operational processes execution and their alignment to the requirements of the Integrated Management System for Quality and Environment (SMICM)  and the modern standards of performance and competitiveness;
*Intensification of the scientific research and design activity in the field of natural gas transmission;
*Reduction of the technological consumption and losses; increase the energy efficiency;
*Complete implementation of the supervisory control and data acquisition system (SCADA);
*Optimizing the quality of implementation of the good corporate governance principles;
*Strengthening and diversifying the internal and external cooperation relations of SNTGN Transgaz SA;
*Certification of the National Gas Transmission Company "Transgaz" SA as an independent system operator (ISO);
*Solving the issue regarding the infringement procedure initiated by the European Commission against Romania.

President: ION STERIAN

Shareholder structure

Shareholder Shares Percent
STATUL ROMAN PRIN MINISTERUL ECONOMIEI, COMERTULUI SI RELATIILOR CU MEDIUL DE AFACERI loc. BUCURESTI jud. SECTOR 1 6,888,840 58.51%
alti actionari / others 4,885,004 41.49%
Total 11,773,844 100%

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

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Volume

Dividends

Year Dividend Reference date for GMS GMS date (dividend) Record Date Ex-dividend Date Announcement Date Payment date
2017 45.380000 N/A 06/07/2018 06/26/2018 06/25/2018 05/17/2018 07/16/2018
2016 46.330000 04/14/2017 04/27/2017 06/27/2017 06/26/2017 03/23/2017 07/18/2017
2015 27.610000 04/15/2016 04/29/2016 06/22/2016 06/21/2016 04/07/2016 07/13/2016
2014 21.800000 04/16/2015 04/27/2015 06/24/2015 06/23/2015 03/24/2015 07/15/2015
2013 17.580000 04/16/2014 04/28/2014 05/19/2014 05/15/2014 03/24/2014 07/29/2014

Payment of dividends distributed according to OGMS nr.7 dated 03.12.2018

RELEASE ON PAYMENT OF DIVIDENDS distributed according to GOMS Resolution no 7 dated 3.12.2018   According to Resolution no. 7 of the Ordinary General Meeting of the Shareholders held on 3.12.2018, the National Gas Transmission Company Transgaz SA, headquartered in Medias, 1 C.I. Motas Square, Sibiu County, notifies the pay-out of the ...

Notification holdings threshold >5%

CURRENT REPORT According to the provisions of Article 77 para (6) of Law no 24/2017     Date of report: 05 December 2018   Name of issuing entity: SNTGN TRANSGAZ SA MEDIAS Headquarters: Medias, 1 Constantin I. Motas Square, Sibiu County Telephone/fax number: 0269803333/0269839029 Tax identification code: RO 13068733 ...

OGMS resolutions 03.12.2018

  CURRENT REPORT according to the provisions of art. 122 of Law 24/2017   Date of report: 03 December 2018 Name of issuing entity: SNTGN TRANSGAZ SA Headquarters: Medias, 1 Constantin I. Motas Square, Sibiu County Telephone/fax number: 0269803333/0269839029 Tax identification code: RO 13068733 Trade Register num ...

PM Dancila says Moldova's pro-European journey is the only solution to provide prosperity to Moldovan citizens

Bucharest, 1 Dec /Agerpres/ - Prime Minister Viorica Dancila says that the 'pro-European journey' of the Republic of Moldova represents 'the only solution which that will offer prosperity to the Moldovan citizens.' The Prime Minister says in an interview broadcast by TVR1 public television station, that during the period of the Presidency of the ...

PM Dancila: Pro-European road, only solution for Moldova, Moldovans' prosperity

Bucharest, Nov 22 /Agerpres / - The pro-European road is the only solution for the Republic of Moldova and for the prosperity of the Moldovan people, Romania's Prime Minister Viorica Dancila said on Thursday at a joint news conference with her Moldovan counterpart Pavel Filip at the end of a joint meeting of the two national governments. 'We disc ...

Supplement OGMS Convening 03.12.2018

CURRENT REPORT according to Art. 122 of Law 24/2017 Date of report: 14.11.2018 Name of issuing entity: SNTGN TRANSGAZ SA MEDIAS Headquarters: Medias, 1 Constantin I. Motas Square, Sibiu County Telephone/fax number: 0269 803333/0269 839029 Tax identification code: RO 13068733 Trade Register number: J32/301/2000 Subscribed ...

2018 Q3 report

QUARTERLY FINANCIAL RESULTS AT 30 SEPTEMBER 2018 (01.01-30.09.2018)   SNTGN Transgaz SA is a public limited liability company operated according to the Romanian laws and to the Articles of Incorporation. According to Government Resolution 334/2000 and to the Articles of Incorporation, Transgaz aims at giving effect to the national ...

2018 3Q Availability report and conference call

  SNTGN TRANSGAZ SA informs the shareholders and investors on the following: §  The Quarterly Report at 30.09.2018 (for the period of nine months ended 30.09.2018) and the unaudited Interim Financial Statements at 30.09.2018 are available as of 14.11.2018, 8:30 a.m.: -          In soft copy – on the website of TRANSGAZ SA at www.transg ...

OGMS Convening 17.12.2018

CURRENT REPORT according to Art. 122 of Law 24/2017 Date of report: 13.11.2018 Name of issuing entity: SNTGN TRANSGAZ SA MEDIAS Headquarters: Medias, 1 Constantin I. Motas Square, Sibiu County Telephone/fax number: 0269 803333/0269 839029 Tax identification code: RO 13068733 Trade Register number: J32/301/2000 Subscribed ...

Supplement Convening OGMS 03.12.2018

  CURRENT REPORT according to Art. 122 of Law 24/2017 Date of report: 9.11.2018 Name of issuing entity: SNTGN TRANSGAZ SA MEDIAS Headquarters: Medias, 1 Constantin I. Motas Square, Sibiu County Telephone/fax number: 0269 803333/0269 839029 Tax identification code: RO 13068733 Trade Register number: J32/301/2000 Subsc ...

2018 Q3 report

QUARTERLY FINANCIAL RESULTS AT 30 SEPTEMBER 2018 (01.01-30.09.2018)   SNTGN Transgaz SA is a public limited liability company operated according to the Romanian laws and to the Articles o ...

2018 Half-year financial results

CURRENT REPORT according to the provisions of Art. 61 of Law 24/2017   Date of report: 14 August 2018 Name of issuing entity: SNTGN TRANSGAZ SA MEDIAS Headquarters: Medias, 1 Cons ...

Q1 financial results 2018

SNTGN Transgaz SA is a public limited liability company operated according to the Romanian laws and to the Articles of Incorporation. According to Government Resolution 334/2000 and to the Articl ...

2017 Annual report

SNTGN TRANSGAZ SA of Medias informs its shareholders and investors that the ANNUAL REPORT for year 2017, approved by Resolution 3 of the Ordinary General Meeting of the Shareholders dated 27 April 201 ...

Preliminary financial results 2017

According to the Financial Communication Calendar and in compliance with the provisions of the capital market specific laws regarding the reporting to the capital market institutions and to shareholde ...

Q3 financial results

QUARTERLY FINANCIAL RESULTS AT 30 SEPTEMBER 2017 (01.01-30.09.2017) SNTGN Transgaz SA is a public limited liability company operated according to the Romanian laws and to the Articles o ...

Half-year financial results as of 30 June 2017

CURRENT REPORT according to the provisions of Art. 61 of Law 24/2017 Date of report: 11 August 2017 Name of issuing entity: SNTGN TRANSGAZ SA MEDIAS Headquarters: Medias, ...

2017 Q1 financial results

QUARTERLY FINANCIAL RESULTS AS AT 31 March 2017 SNTGN Transgaz SA is a public limited liability company operated according to the Romanian laws and to the Articles of Incorporation. Ac ...

2016 Annual report

April 27, 2017 RELEASE SNTGN TRANSGAZ SA informs its shareholders and investors that the Annual Report for the year 2016 approved by Resolution No. 1 of the Ordinary General Meeting of t ...

Preliminary financial results -2016

PRELIMINARY FINANCIAL RESULTS FOR YEAR 2016 According to the data stated in the Bucharest Stock Exchange financial communication calendar and to the provisions of the capital market law on the rep ...

Annual financial information

2016 2015 2017
Total Revenues 1,917,759,549 1,917,759,549 2,023,522,432
Deferred Income 933,020,393 933,020,393 1,045,158,336
Total Financial Income 43,236,621 43,236,621 32,230,672
Operating Income 1,874,522,928 1,874,522,928 1,991,291,776
Interest Income 22,163,076 22,163,076 21,277,272
Total assets 4,676,503,701 4,676,503,701 5,050,286,592
Inventories 73,991,632 73,991,632 83,714,632
Profit for the year 594,564,930 488,729,002 594,564,928
Financial Results 20,922,045 20,922,045 22,547,308
Operating Result 586,178,630 586,178,630 691,427,392
Profit before tax 607,100,675 607,100,675 713,974,720
Employees 4,769 4,769 4,665
Shortterm Financial Investments 532,691,723 532,691,723 745,033,472
Total Capital Assets 627,740,436 627,740,436 588,078,016
Total Current Liabilities 251,228,063 251,228,063 231,964,656
Trade Payables 90,948,629 90,948,629 78,215,648
Total Longterm Liabilities 75,453,685 75,453,685 70,392,976
Total Receivables 873,224,139 873,224,139 1,095,285,376
Sales 1,581,469,944 1,581,469,944 1,750,202,496
Total Expenses 1,310,658,874 1,310,658,874 1,309,547,776
Interest expense 308,092 308,092
Prepaid Expenses 10,094,687 10,094,687 7,536,472
Total Financial Expenses 22,314,576 22,314,576 9,683,363
Operating expenses 1,288,344,298 1,288,344,298 1,299,864,320
Cash and cash equivalents 168,364,078 168,364,078 204,335,216
Total equity 3,569,237,972 3,569,237,972 3,837,701,376
Subscribed Capital 117,738,440 117,738,440 117,738,440
Amortization 188,164,366 188,164,366 210,867,264
Total Non-current Assets 3,293,068,024 3,293,068,024 3,178,577,664
Net Current Assets / Net Current Liabilities 1,383,435,677 1,383,435,677 1,871,708,800
Total Current Assets 1,648,271,572 1,648,271,572 2,128,368,640

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 March 07, 2018

Transgaz 4Q17 Earnings Review

TGN - S.N.T.G.N. TRANSGAZ S.A.

March 07, 2018 - The local TSO’s operating performance has deteriorated in 4Q17 as predicted, thus, the decline was not as severe as we’ve initially anticipated as guided by what the Company released as the FY17 preliminary estimates in their FY18 budget.

ANALYST REPORT October 27, 2017

BT Equity Research - Transgaz Company Update

TGN - S.N.T.G.N. TRANSGAZ S.A.

October 27, 2017 - Raportul include o reevaluare a premiselor de la baza modelului si o actualizare a pretului tinta.

ANALYST REPORT August 08, 2017

BT Equity Research - Transgaz 2Q17 Earnings Preview

TGN - S.N.T.G.N. TRANSGAZ S.A.

August 08, 2017 - Earnings estimates for 2Q17 for the local TSO.

ANALYST REPORT May 31, 2017

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

TGN - S.N.T.G.N. TRANSGAZ S.A.

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

TGN - S.N.T.G.N. TRANSGAZ S.A.

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

TGN - S.N.T.G.N. TRANSGAZ S.A.

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 March 20, 2017

BT Coverage Initiation - Transgaz - Stop dawdling & Start building - 20/03/2017

TGN - S.N.T.G.N. TRANSGAZ S.A.

March 20, 2017 - Coverage initiation report

ANALYST REPORT February 16, 2017

Extremely cold winter brought amazingly good results

TGN - S.N.T.G.N. TRANSGAZ S.A.

February 16, 2017 - Trangaz reported outstanding figures on the back of high capacity booking due to chilly winter. Short term capacity booking multiple times more expensive than to longer time horizon that is the reason for the extra income at domestic revenues. Q4 profit exploded due to the above mentioned and came to RON 237 million (+129% y-o-y). With this outstanding results FY net profit arrived at RON 595 million (+22% y-o-y) implying EPS RON 50.6. From which Transgaz should pay out RON 46 (DY: 14%) on the request of government (90% payout ratio). However, we would like to note that Transgaz may ask for reduction, given its massive investment plan to build BRUA pipeline as it did last year. Revenue jumped to almost RON 599 (+42% y-o-y) principally on the back of powerful domestic transmission revenues, though international transmission gave also impressive figures (+8% y-o-y) helping by the strong dollar. On the OPEX side, we see strong efficiency, as expenses increased only by the cost of the newly added balancing activity (+9% y-o-y). Excluding that cost item, OPEX would have been even lower (-2% y-o-y). EBIT margin and EBITDA margin figures improved to 37% (+200bps y-o-y) and 49% (+200bps y-o-y) respectively for the full year driven by the robust last quarter.

ANALYST REPORT January 30, 2017

Romanian Utilities. Diminishing marginal utility

TGN - S.N.T.G.N. TRANSGAZ S.A.

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 April 11, 2016

10% dividend stock.

TGN - S.N.T.G.N. TRANSGAZ S.A.

April 11, 2016 - Valuation We update our view on Transgaz with a BUY recommendation and a target price of RON 358 per share, revealing an upside potential of 26% against current trading levels. Ex-dividend, our target price adjusts to RON 330.4 per share. We used a DCF model with a 7-year explicitly forecasted period after which a terminal free cash flow with a perpetual growth of 1% is employed. We did not price in our model any related benefits and/or investments related to Black sea gas discoveries.

ANALYST ESTIMATES

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