company Description
Transelectrica is the national transmission and system operator, according to the Electricity Law, providing the electricity transmission service, the technical management of the Romanian Power System and the administration of the electricity market, through its subsidiary SC Opcom SA. The company is allowed to make transactions of electricity only for covering its own technical need of electricity for the electricity network, eliminating the internal or inter-connection system restrictions, balancing the gap between the real values and the forecasted plans of electricity consumed in Romanian Power System, or the neighboring countries.
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company Overview
The transmission of the electricity represents a natural monopoly, because Transelectrica is the only company that holds a license for electricity transmission and provision of system services. The Romanian energy market is split into a regulated market with framework contracts and tariffs settled by the Romanian Energy Regulatory Authority (ANRE) based on the costs justified and incurred during 12 months and a competitive market comprising the negotiated contracts of the eligible consumers, the electric-power Day-Ahead market and the balancing market. Transelectrica manages, operates, maintains and modernizes the power transmission grid, consisting of 77 transforming substations with a capacity of 35,506 MVA and 8,950 km of overhead lines. In April 2008, Moody s reaffirmed its rating of Baa3 with a stable outlook while in March 2008 Standard&Poor s reaffirmed the company s long term liabilities denominated in euro at BB+, also with a stable outlook.
Main Shareholders
Between 9 July and 25 October 2007 a number of 2,058,362 shares, representing 2.81% of the company s share capital have been allotted to the persons whose houses have been abusively taken during the communist regime. Thus, the Ministry of Economy and Finance, the main shareholder of the company, reduced its stake to 73.69% from 76.5%, Fondul Proprietatea owns a 13.49% stake, while other investors own c12.82%.
Results Overview
TEL posted for H108 YOY net profit of RON 115.56 Mn, two times higher than a yearago period, while the operating profit reached RON 148.27 Mn (+73.34% YOY). The total revenues reached RON 1.4 Bn up from RON 1.08 Bn in H107 (+27.38% YOY) and total operating revenues increased by 23.47% YOY to RON 1.23 Bn. The main drivers of company s H108 operating profit growth were: the rise by 10.92%YOY in H108 of the electricity quantity released in Romanian Power System; the increase by 3.23%YOY in transmission tariffs; the increase on average by 32.50%YOY of the administration tariffs of the angro electricity market; the decrease of the expenses with the erasing congestions on the balancing electricity market; the decrease of the expenses made for covering the CPT. The result exceeded management expectations of RON 90 Mn for the FY08 gross profit, while total revenues accounted for approximately 50% of the 2008 management guidance. The implied P/E(08E) accounts for 19.54x.
| Listed | BVB/1 |
| Ticker | TEL |
| Code Reuters | TSEL.BX |
| Code Bloomerg | TEL RO |
| Code ISIN | ROTSELACNOR9 |
| Price 14 Aug 2008 (RON) | 24.0000 |
| No. of shares issued | 73,303,142 |
| Mk cap | 1,759,275,408 |
| Minimum price YOY | 19.1000 |
| Maximum price YOY | 45.0000 |
| Free float | 12.82% |
| Change % (1M) | 12.15% |
| Change YTD | -40.00% |
| Change YOY | -46.67% |
| Average volume (last month) | 19,522 |
| Source: Bucharest Stock exchange |
INDICATORS (table)
FINANCIAL I NDICATORS (table)
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Copyright: 2006 SSIF IEBA TRUST SA. All rights reserved.
For further Information please contact IEBA TRUST, 66-68 Buzesti Str. , Fl. 8, Sector 1, Bucharest, Romania
Tel. +40 21 313 0102, fax: +40 21 313 1595, e-mail: research@iebatrust.ro, web site: http://www.iebatrust.ro
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Transelectrica Aug 14 2008.pdf, 274 Kb
