ANNUAL REPORT OF “TRANSGAZ” MANAGEMENT INDIVIDUAL ...

SNTGN “TRANSGAZ” SA Medias Annual Management Report for 2007
The synthesis of the financial results on December 31 st , 2007 as compared to the
revenue and expense budget is illustrated in the table below:
*thousand lei*
Tag
REB Achieved Ratios
Name
no.
2007 2007 (%)
0 1 2 3 4=3/2x100
1. Operating revenues 1,048,330.44 1,051,656.69 100.32
2. Financial revenues 12,053.98 12,580.30 104.37
3. TOTAL REVENUES 1,060,384.42 1,064,236.98 100.36
4. Operating expenses 800,410.87 780,369.56 97.50
5. Financial expenses 12,106.07 14,537.20 120.08
6. TOTAL EXPENSES 812,516.94 794,906.76 97.83
7. GROSS RESULT, of which: 247,867.48 269,330.22 108.66
from operation 247,919.57 271,287.13 109.43
from financial activities -52.09 -1,956.91
8. Tax on profit 39,997.14 45,323.76 113.32
9. NET PROFIT 207,870.34 224,006.45 107.76
The total revenues corresponding to 100.36% as opposed to the provisions of the
REB, incur an excess of lei 3,852.57 thousand.
The total expenses incurred at the end of the financial year, of 97.83%, as opposed to
the approved forecast, were by lei 17,610.18 thousand lower than as provided in the
Revenue and Expense Budget.
The gross profit was achieved 108.66% compared to the forecast, by lei 21,462.74
thousand higher than as provided in the REB. The tax on profit, of 113.32%,
increased by lei 5,326.62 thousand, and the net profit, of 107.76%, was by lei
16,136.12 thousand higher than forecasted.
The steady increase in tax on profit compared with the increase in profit is due to the
influence of undeductible expenses (provisions for slow paying customers, rights
granted upon retirement, constituted on December 31 st , 2007, social expenses
exceeding the legal deductibility limit, granted under the collective labour contract).
The topping of the estimated profit was triggered by the following factors:
savings in expenses – a favourable influence of lei 17,610.18 thousand;
revenue exceeding - a favourable influence of lei 3,852.56 thousand.
Transgaz achievements within the analysed period are reflected in the evolution of the
following ratios:
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