ANNUAL REPORT OF âTRANSGAZâ MANAGEMENT INDIVIDUAL ...

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SNTGN “TRANSGAZ” SA Medias Annual Management Report for 2007 In the progress of 2007, following annual inventory and suggestions made by the company to the National Agency for Mineral Resources, the transfer of pipelines from the state public domain to the state private domain, amounting to lei 7,218,785.69 and reflected in the decrease in intangible assets as opposed to 2006 was approved by GD no. 1523/12.12.2007. Following the initial public offering process, the value of the intangible assets increased by the commission paid to the financial intermediary under the intermediation contract. Tangible assets The tangible assets recorded an increase as opposed to 2006 as a result of: Asset commissioning during 2007; Transfer to the company’s domain of lands based on ownership certificates issued by the Ministry of Economy and Finance. Receivables On December 31 st , 2007 the receivables balance increased as opposed to 2006, due to the application of a new transmission tariff as of October 1 st , 2007. At the same time, the outstanding receivables decreased as opposed to 2006, by cashing-in of receivables from SC Termoelectrica SA. Cash and bank accounts On December 31 st , 2007, the cash available in bank accounts substantially increased as opposed to 2006. Such increase is firstly justified by cashing-in of outstanding receivables and secondly by cashing-in of amounts from the initial public offer of shares, developed within November 26 th - December 7 th , 2007. Short term liabilities The liabilities to be paid within a year raised as opposed to December 31 st , 2006. Such raise is justified by a 5-10% increase in the oil royalty for trimester IV of 2007, as opposed to the same period of 2006. Lond-term liabilities Liabilities to be paid within more than a year recorded a slight decrease as opposed to 2006, which is justified by: Decrease in long-term bank loans; Diminishing of liabilities related to the Concession Agreement, by transferring of pipelines to be retired, from the state public domain to the state private domain. Page 40 of 54
SNTGN “TRANSGAZ” SA Medias Annual Management Report for 2007 On December 31 st , 2007, the long and medium term loans commited by Transgaz were as follows: Tag Balance on Bank Currency Value of loan no. 31.12.2007 1. IRDB USD 6,933,684.00 3,554,913.17 2. GAZPROMBANK RUSSIA USD 48,340,434.44 14,291,954.84 3. GAZPROMBANK RUSSIA USD 67,000,000.00 21,709,804.06 4. EFIBANCA ITALY EUR 3,106,007.10 866,940.00 5. EFIBANCA ITALY EUR 3,187,500.00 1,646,298.53 6. EFIBANCA ITALY EUR 2,127,720.00 1,063,860.00 7. RAIFFEISEN BANK ROMANIA EUR 1,140,935.45 426,895.45 8. ABN AMRO BANK ROMANIA EUR 6,436,919.95 4,425,382.45 9. UNICREDIT TIRIAC ROMANIA RON 100,600,000.00 52,950,000.00 Own capital The subscribed and paid-up capital increased on December 31 st , 2007 as opposed to December 31 st , 2006 as follows: - The listing of lands amounting to lei 58,510, for which ownership deeds have been obtained, under the company’s share capital; - The issuance of new shares by primary initial public offering amounting to lei 13,849,560. The premium for share issuance, by initial public offering, amounting to lei 251,933,300, was listed under Capital Premium and stands for the difference between the nominal value (lei 10) and the subscription value of the shares (lei 191.92). The reserves recorded an increase following the appropriation of 5% of the profit for 2007 to the legal reserve and the listing of a net profit share for 2006 under Other Reserves. 5.1.2. Profit and loss account The operating revenues are resulted from the following activities: Gas transmission; International gas transit; Import gas delivery; Other operating revenues. Page 41 of 54
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