12.06.2013

Eustream published results 2012

In 2012 Eustream transmitted 56.5 billion cubic meters of natural gas, which is about 17.5 billion cubic meters less, than in 2011. This decrease was attributed to the completion of the Nord Stream pipeline system and an overall drop in exports of Russian natural gas to the European Union. The company has adopted several measures during the year to increase operational efficiency.

The source of revenues in 2012 was contracted gas transmission capacities. In addition to long-term contract which guarantees Eustream the incomes till 2028, an increasingly significant part of the contract portfolio is associated with short-term and cross--border transactions between European hubs. The highest share of transmission (more than 90%) in 2012 was for international customers.

The growth of the company was boosted by the acquisition of 15% of shares in the company Central European Gas Hub (CEGH) in September 2012. CEGH is an important Central European platform for gas trading and it is an operator of Austrian virtual trading point.

V roku 2012 Eustream implemented relevant measures arising from the Third Energy Package, In line with the new energy law and approved model of unbundling, the company successfully continued in preparation for the certification of Eustream as an independent transmission system operator (ITO).

Tomáš Mareček, Chairman of the Board of Directors of Eustream:

“Eustream has had a successful and challenging year, which brought an excellent profit. In addition to daily operation and commercial activities, it was necessary to focus on unbundling and implementation of the measures required by the new energy legislation. We also continued in optimization of the transmission system and invested into upgrade of infrastructure and green technologies. From a shareholder's perspective, those projects are important that increase the efficiency of transmission system and deliver value. Two of them are construction of new turbo-sets in Veľké Zlievce or Slovak-Hungarian interconnector, where we can expect significant business benefits in the future.”

Economic and financial performance
In 2012 Eustream generated revenue from the sale of services worth EUR 785.07 million, which means a drop over the previous period by EUR 17.32 million. The main source of revenues was contracted gas transmission capacities. Operating costs amounted to EUR 453.62 million, which is EUR 119.49 million down compared to 2011. The major cost items here comprised costs of services, consumption of natural gas, material and energy, and personnel costs. In 2012 Eustream recorded a profit before tax of EUR 333.06 million which was EUR 102.03 million higher than the previous year. The total income tax charge came to EUR 67.12 million.


Transmission of natural gas (in billion m³)
2012 – 56.5
2011 – 74.0
2010 – 71.4
2009 – 66.4
2008 – 76.2

Development of the transmission network
Eustream is investing in new equipment and environmental technologies in order to minimize the environmental impact of transmission system activities and to increase the reliability and safety of transmission. The investments are directed at replacing obsolete equipment, modernizing existing units, making technical modifications of the layout and setting the whole transmission system so that Eustream is able to react flexibly to changes in requirements for transmitted gas volumes. 

In 2012 Eustream carried out ten planned projects focusing on development of the transmission system. The most important development investment was the project for installing tandem turbo-sets at the compressor station in Veľké Zlievce. Overall nine projects with a total budget of EUR 164.38 million are currently elaborated in the development category.


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