Questions and answers

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1. What is the level of the volumetric tariff for the quantity of gas transported (where tax on monopole is excluded) for 2017-2018? Can you confirm the level of RON 3.23 per MWh?

For gas year 2017 – 2018 the volumetric tariff for the quantity of transmitted gas (where tax on the monopole is excluded) is of 2.35 lei/MWh.

2.  How do you see the trend in regulated revenues for the next period given the fact that the regulated rate of return might be lowered ?

According to the tariff setting methodology, the CAPEX component may be found in the revenue regulated through amortization and profit, the profit being calculated by applying the rate of return (ROR) to the RAB. The TYNDP foresees strategic investment projects of approximately 1,819.49 million euro, which will be recognised in the RAB. The RoR is approved by ANRE at the beginning of the regulatory period, at least 3 months before the start of each regulatory period. The rate of return on capital (ROR) is calculated for one regulatory period and reflects the estimation of ANRE regarding the profit to be generated by the capital expenditure achieved by the licence holder for the performance of the gas transmission activity, considering the current capital market conditions.

3. Has any binding offer been submitted for Tuzla entry point? Will Tuzla-Podisor pipeline construction be postponed if not?

The incremental capacity booking process at the considered Black Sea NTS entry point – PM Tuzla- was successfully ended. For details please see:

4. What is the assumed split of the regulated revenues for the current gas year between volume and reservation of capacity (variable vs fixed)? The revenues from reservation of capacity in 1Q (RON 315 mn) seem higher than 1/4 of regulated revenues due from reservation in the current gas year. Should we expect these extra revenues to lead to a correction reflected in the regulated revenues for the following year?

ANRE Order 10/2017 establishes that `starting from 1 October 2017, the fix component of the total revenue will increase by 5% annually, until 85% of the total revenue, as compared to the current level of 60%, used at capacity booking tariff setting`. For year 2017 – 2018 the fix component of the total revenue is 65%.

According to the tariff setting methodology, any revenue obtained in addition to the approved revenue will be retained by ANRE from the total revenue of the following gas year. Transgaz offers annual and shorter (quarterly, monthly, daily) capacity booking products, enabling an optimization of the costs for the network users by the booking of short-term capacity.

Details on the additional revenue obtained for gas year 2017-2018 may be found in the information to be published by Transgaz according to Order 10 until the end of June 2018.

 5. Could you please provide more details explaining the decrease of transit revenues, including what has happened with the revenues from each of the three pipelines (what happened with tariffs and volumes booked for each)?

Under the international gas transmission activity gas is transmitted through dedicated pipelines (which are not interconnected with the national transmission system). For the Isaccea 1 and Negru Vodă 1 interconnection points, ANRE Order 34/19 July 2016 has been applied from 1 October 2016, order approving the Isaccea-Negru Vodă gas transmission pipelines capacity booking and tariff setting methodology. By this methodology the total revenue and the transmission tariffs for the Isaccea 1 – Negru Vodă 1 pipeline were substantiated, these being approved by ANRE Order 73/2 August 2017, for the period 1 October 2017 – 30 September 2018.

For the Isaccea 2 and Isaccea 3 – Negru Vodă 2 and Negru Vodă 3 gas transmission pipelines, tariffs are set on commercial bases, by negotiations between the parties. The decreasing of revenue from international gas transmission is mainly due to the rate of exchange.

6. What was in 1Q the average price paid for grid losses? When do the existing contracts for the acquisition of gas to cover grid losses expire (should we expect a similar price in 2-3Q)?

Technological consumption price for Q1 2018 amounted to 79 lei/MWh (without the excise), and the contract for the buying of gas for technological consumption is concluded for gas year 2017 – 2018.

7. Employees costs were marginally lower yoy. Is the trend sustainable throughout 2018?

The revenue and expense budget foresees an increase of the cost of personnel mainly due to:

   - the funds necessary for covering the cost of personnel for the personnel necessary for the implementation of the major investment projects, these costs following to be capitalized  according to the IFRS.

- the funds necessary for granting compensations for voluntary leaves of employees. The inclusion of these funds means an increasing of the costs of personnel over the short term, but will lead to the diminishing of the cost of personnel over the long term.

8. I believe the RON 42.6 mn stake in Eurotransgaz represents the share capital of this company. Has the amount been used by the entity?

The share capital of Eurotransgaz was increased to ensure the amounts necessary for the procurement of the stake in Vestmoldtrangaz and for the operation of Eurotransgaz. On 27.02.2018 Transgaz won the auction for taking over Vestmoldtransgaz, and on 28.03.2018 the representatives of Eurotransgaz Ltd. and of the authorities in Chișinău signed the SE Vestmoldtransgaz selling-buying contract for the price of 180,200,000 Moldovan lei, with an investment plan amounting to 93,000,000 euro in the following two years.

9. To complete Phase I of the BRUA project would require investments in excess of EUR 450 million by end-2019. Should we expect delays considering the pace of investments over the past period? If not, how do you plan to achieve and manage such a huge increase in capex?

 We do not expect delays in the implementation of the BRUA Phase I project.

10. In Q 1 how much was the capacity booking revenue obtained over the capacity regulated revenue ?

Details on the additional revenue obtained for gas year 2017-2018 may be found in the information to be published by Transgaz according to Order 10 until the end of June 2018.

11. Is the management plan regarding the indebtedness over the following years for the construction of BRUA based on the 50% pay-out every year?

In the management plan, profit distribution was based on dividends in accordance with GO no. 64/2001 on the distribution of profits to national companies and companies where the state holds a majority stake or which are fully controlled by the state, and autonomous regies, as further amended and supplemented, and 50% of the remaining net profit, after its reintegration with the sum of the expenses representing the participation to profit, with which gross profit before tax was affected.


1. Am cumpărat acţiuni în cadrul ofertei publice derulată de SNTGN Transgaz SA, si nu am primit nimic in scris care să ateste faptul că am aceste acţiuni.

Actiunile Transgaz, astfel cum a fost prevăzut şi în prospectul de emisiune sunt acţiuni nominative, ordinare comune emise în formă dematerializată, prin înscriere în cont. În această situaţie acţionarii trebuie să ştie că nu vor primi nici un document care să le ateste deţinerea acţiunilor, singuta modalitate prin care poate să verifice deţinerile de acţiuni în urma subscrierii şi a tranzacţiilor este să solicite acest lucru la SC Depozitarul Central SA care ţine registrul acţionarilor SNTGN Transgaz SA Mediaş

2. Detin actiuni Transgaz si doresc un document care sa ateste acest lucru. Daca doresc sa le vand, cui trebuie sa ma adresez?

SC Depozitarul Central SA este societatea care gestioneaza registrul actionarilor Transgaz, asadar pentru eliberarea unui extras de cont sau pentru modificarea datelor de identificare trebuie sa contactati societatea de registru. Informatii suplimentare gasiti pe site-ul Depozitarului Central:

Pentru a vinde sau cumpara actiuni Transgaz trebuie sa va adresati unui broker sau unei societati de servicii de investitii financiare (SSIF).

3. Am cumparat actiuni in 2007 si nu am primit dividende pana in 2014. Ce trebuie sa fac?

Transgaz a distribuit dividende pentru fiecare an financiar. Modalitatile de plata si actele necesare in vederea efectuarii platii dividendelor se gasesc pe site-ul Transgaz: – comunicat plata dividende.

In temeiul prevederilor art.2517 din Legea nr.287/2009, privind Codul Civil, republicata, potrivit caruia „termenul prescriptiei este de 3 ani”, dividendele se distribuie trei ani de la data inceperii platii, dupa aceasta data dividendele neincasate se prescriu.

4. Am fost la BRD sa incasez dividendele si suma primita este mai mica decit suma calculata de mine cu valoarea dividendului anuntat? Din ce cauza?

In cazul dividendelor incasate de o persoana fizica romana de la o persoana juridica romana: persoana juridica romana are obligatia retinerii la sursa a impozitului pe venit in cota de 16%, conform art.67 alin (1) din Codul fiscal.

In ceea ce priveste distribuirea dividendelor catre persoane juridice sunt aplicabile prevederile de la art.36 din Codul fiscal:

(1) O persoana juridica romana care distribuie/plateste dividendele catre o persoana juridica romana are obligatia sa retina, sa declare si sa plateasca impozitul pe dividende retinut catre bugetul de stat, astfel cum se prevede in prezentul articol.

(2) Impozitul pe dividende se stabileste prin aplicarea cotei de impozit de 16% asupra dividendului brut distribuit/platit unei persoane juridice romane.

In concluzie, impozitul pe dividende este un impozit care se retine la sursa, astfel ca procentul de 16% se aplica la suma bruta a dividendelor, deci suma incasata reprezinta contravaloarea dividendelor nete.