01.07.2014
Eustream transmitted last year almost 60 bcm of natural gas
Slovak Transmission system operator, Eustream in 2013 transmitted 58,5 billion cubic meters of natural gas and generated net profit of almost EUR 320 mil. (319 362 000). Profit before income tax was EUR 406 143 000.
The source of revenues in 2013 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 2013 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.
Natural Gas Transmission
In 2013, we continued to register demand for greater flexibility in transmission services. We registered over five hundred new confirmed transmission capacity bookings, and for the January – December 2013 period we recorded over six hundred active contracts for transmission network access and the transmission of gas.
Throughout 2013 we transported a total of 58.5 billion cubic metres of natural gas through our transmission system, which in energy units works out at 614.25 terrawatt-hours. Most of the transmission, over 90%, was performed for international customers – users of the Slovak network and gas traders operating in various European countries.
In addition to stable long-term contracts, the number of contracts concerning short-term and cross-border transactions between hubs in the Central European region, and also contracts relating to liberalisation of the domestic Slovak gas market, have also increased substantially.
Gas transmission (in billion m3)
2008 – 76.2
2009 – 66.4
2010 – 71.4
2011 – 74.0
2012 – 56.5
2013 – 58.5
Gas transmission (in TWh)
2008 – 792.48
2009 – 690.56
2010 – 742.56
2011 – 769.60
2012 – 587.60
2013 – 614.25
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.
Comparison of revenues, costs and profit (in EUR million)
2012 2011
Revenues from sale of services 785.07 802.39
Operating costs (453.62) (573.11)
Financial income/(expense) 1.61 1.75
Profit before income tax 333.06 231.03
Income tax (67.12) (43.97)
Net profit for the period 265.94 187.06
Development of the Transmission System
Eustream consistently invests in new equipment and environmental technologies so as to minimise the impact of transmission system operation on the natural environment and increase the reliability, safety and efficiency of transmission. Investments are directed at replacing obsolete equipment, modernising existing units, technical modification of the arrangement and setup of the whole transmission system, so that we are capable of reacting flexibly to the changing requirements for transported gas volumes.