23.04.2012
In 2011 Eustream recorded substantial development of business activities
Annual Press Release
In the period of 2011 Eustream transmitted 74 billion cubic meters of natural gas, which is about 3 million more than the year before. This fact confirms that Slovak transmission system maintains its key position among the gas transmission routes to the territory of the European Union. Eustream recorded more than fifty new, confirmed transmission capacity bookings bringing the number of active contracts of about one hundred.
The highest share in transmission (more than 90%) was for international customers, including gas traders active in various European countries. The increasingly significant part of the contract portfolio is associated with short-term, crossborder transactions between hubs located in the region of Central Europe.
Eustream enjoyed successes in terms of unbundling with the introduction of measures regarding the Third Energy Package of EU.
Gunnar Löwensen, Chairman of the Board of Directors of Eustream
„We created new organisational units and filled around 200 job positions with the aim of ensuring all management and support functions. At the end of the year we physically
separated our information systems from those of the parent company.
When considering completed projects relating to unbundling, we can proudly say that our company managed all changes well in advance, even before the new legislation was transposed to the Slovak legal system.“
Energy Security
The demand for diversification and stability of natural gas supplies, coupled with liberalisation of this commodity’s market, lead to the ambitions to build the so-called North-South corridor connecting transmission networks of Central European countries. Eustream, as one of the key representatives of gas infrastructure in this region, is actively participating in this project. The goal of the project is to connect the Polish LNG terminal Świnoujście to the
planned LNG terminal on the Croatian island of Krk (Adria LNG) and, possibly, also with the planned Nabucco pipeline, and this by interconnecting the networks of Poland, Czech Republic, Slovakia and Hungary.
In the future, the interconnection of the Polish and Slovak transmission network could offer to the Slovak market the opportunity to receive gas supplies from non-conventional gas deposits in Poland.
Among our highest priorities is the interconnection of the Slovak and Hungarian transmission networks. The project is co-fi nanced by the European Energy Programme for Recovery (EEPR).
New Products and Services
In 2011, Eustream continued constantly improving the quality of services and endeavoured to satisfy on a maximum level the needs of its customers, from first contact to daily dispatching services. Company introduced several new products and services allowing more flexible capacity booking, such as Day Ahead product or On-line Booking.
A key move was the establishment of a virtual trading point in Slovakia. In this regard, it is worth to mention also the decision of Eustream to link to the platform GATRAC, to the cross-border partnership of European transmission system operators NET4GAS, ONTRAS and GRTgaz.
Development of the transmission system
Thanks to the continual modernization of the compressor fleet and upgrading of infrastructure, Eustream contributes to ensuring safe and reliable gas supplies to Central and Western Europe. The company is investing EUR 370 million into new equipment and high technologies in order to minimize the environmental impact of transmission system activities and to increase the reliability and safety of transmission.
Transmission of Natural Gas (in billion m3)
2011 – 74.0
2010 – 71.4
2009 – 66.4
2008 – 76.2
2007 – 72.8
Economic and financial performance
In 2011 Eustream generated revenue from the sale of services worth EUR 802.39 million, which means a decrease comparing to previous period by EUR 24.08 million. The main source of revenues was contracted gas transmission capacities. Operating costs amounted to EUR 573.11 million which is lower by EUR 19.94 million comparing to 2010.
The major cost items here comprised costs of services, consumption of natural gas, material and energy, and personnel costs.
In 2011 Eustream recorded a profit before tax of EUR 231.03 million (which was EUR 3.17 million lower than the previous year).
The total income tax charge came to EUR 43.97 million and profit after tax to EUR 187.06 million.
Comparison of Revenues, Costs and Profit (in EUR million)
|
|
2011
|
2010
|
|
Revenues from sale of services
|
802,39
|
826,47
|
|
Operating costs
|
(573,11)
|
(593,05)
|
|
Financial income/(expense)
|
1,75
|
0,78
|
|
Profit before income taxes
|
231,03
|
234,20
|
|
Income tax
|
(43,97)
|
(45,91)
|
|
Net profit for the period
|
187,06
|
188,29
|