Eustream publishes annual report for 2013

Slovak Transmission system operator Eustream in 2013 transmitted 58.5 billion m³ of natural gas and generated net profit of almost €320 million. Profit before income tax was €406 143 000.

The main source of revenue in 2013 was contracted gas transmission capacities. In addition to long-term contracts, which guarantee Eustream income until 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, the company continued to register demand for greater flexibility in transmission services. It registered over 500 new confirmed transmission capacity bookings, and for the January – December 2013 period the company recorded over 600 active contracts for transmission network access and the transmission of gas.

Throughout 2013 Eustream transported a total of 58.5 billion m³ of natural gas through its transmission system, which in energy units is 614.25 terrawatt-hours.

Most of the transmission (over 90%) was 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, has also increased substantially.

Economic and financial performance

In 2012, Eustream generated revenue from the sale of services worth €785.07 million, which means a drop over the previous period by €17.32 million. The main source of revenue was contracted gas transmission capacities. Operating costs amounted to €453.62 million, which is €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 €333.06 million, which was €102.03 million higher than the previous year. The total income tax charge came to €67.12 million.

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 the company is capable of reacting flexibly to the changing requirements for transported gas volumes.

Edited from source by Elizabeth Corner

Read the article online at: https://www.worldpipelines.com/business-news/02072014/eustream_publishes_annual_report_for_2013/