ANNUAL REPORT OF âTRANSGAZâ MANAGEMENT INDIVIDUAL ...

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SNTGN “TRANSGAZ” SA Medias Annual Management Report for 2007 Currently, the engineering activity covers approximately 70% of the total design works provided in the investment development-modernisation programme and in the NTS maintenance programme. The engineering activity is intended to cover approximately 80% of the total design works necessary for the development of the NTS up to 2009, and to reach 90% in 2011. In order to achieve such objectives and to extend and improve the research and engineering activities, the following actions shall be taken: increase in the number of qualified personnel by attracting highly professional specialists; qualification of the personnel by training courses; carrying on the professional certification of researchers and designers; endowment of the Research, Engineering and Regulation Department with technical and scientific means. The total value of the investment expenses for the period under analysis according to the approved Revenue and Expense Budget was of lei 188,659.12 thousand, and the achieved value was of lei 200,849.99 thousand, also including the amount of lei 43,204.33 thousand related to the NTS connection equipment according to the regulation on the access to the NTS approved by GD no. 1043/2004. On December 31 st , 2007 the investment expenses were as follows: *thousand lei * Forecasted Achieved ‣ Total investment, of which: 188,659.12 200,849.99 • Connection equipment according to the regulation on the access to the NTS 43,204.33 ‣ Investment loan reimbursement 51,825.61 48,415.95 TOTAL 240,484.73 249,265.93 The financing sources for investment expenses were as follows: *thousand lei * Forecasted Realizat ‣ Net profit appropriated for own financing 95,980.53 107,489.51 ‣ Depreciation 73,904.20 73,448.10 ‣ Bank loans: 70,600.00 52,950.00 ‣ NTS connection tariff 43,204.33 TOTAL 240,484.73 277,091.94 The key completed and accepted objectives for the NTS development and modernization in 2007, were as follows: - Filiasi - Strehaia - Dobeta Turnu Severin gas transmission pipeline; - transmission pipeline for gas supply to Giurgiu; - Căpâlna – Stei gas transmission pipeline; - Modernisation of the Isaccea II – Import Gas Metering Station; Page 28 of 54
SNTGN “TRANSGAZ” SA Medias Annual Management Report for 2007 - transmission pipeline for gas supply to Fetesti; - Corbu Valve Control Station; - Onesti Compressor Station; - Băcia Technological Node; - Coroi Technological Node. The growth of investment expenses during 2005-2007 and their financing sources were as follows: *thousand lei* SPECIFICATIONS 2005 2006 2007 Total investment expenses, of which: 292,909 228,053 249,266 Investments 242,782 176,870 200,850 Reimbursement of loan installments 50,127 51,183 48,416 Total investment sources, of which: 292,909 228,053 277,092 Own sources,of which: 273,688 202,163 224,142 - net profit to be appropriated for own financing sources 67,039 116,522 107,490 - asset depreciation 62,650 70,119 73,448 -dividends associated to 2003 and 2004, withheld for financing investment under GEO no. 137/2004 96,423 15,522 - own sources from the previous years 47,576 - other sources 43,204 Bank Loans 19,221 25,890 52,950 Page 29 of 54
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