Transgaz - 2012 IFRS net profit 9% below consensus
Transgaz reported its 2012 results under IFRS. The quarterly results were so far available only under Romanian Accounting Standards so we stick to comparing the annual results. Historically the main difference between IFRS and RAS results came from differences in depreciation expenses.
Volumes transported dropped by 4.3% yoy in 2012 while over 4Q they stood 6% lower yoy. On the other hand transit revenues climbed with RON depreciation and overall revenues dropped by 1% yoy.
Salaries and benefits for employees climbed by 4% yoy and amortization expenses advanced by 3% yoy. At the same time maintenance and transportation costs and technological consumption and materials expenses dropped by close to 8% yoy. The company recorded a provision for benefits for employees of RON 31 mn, up from RON 1.3 mn in 2011 and the operating profit for 2012 fell by 17% yoy to RON 365 mn.
The effective tax rate surged to 28% from 16.7% in 2011 and thus the net profit reached RON 281 mn, down 27% yoy and 9% below consensus estimate.
4Q 2012 sales, computed by deducting from the IFRS results the RAS 1-3Q results, reached RON 381 mn, down 5% yoy and EBITDA came in at RON 122.5 mn, down 27% yoy.
Assuming a pay-out ratio of 85%, the dividend would reach RON 20.3, providing a dividend yield of 9.8%.
