Article: Ieba Trust - Company Report - Transgaz - New FY09 Guidance - Oct 27, 2009.

- On October 16, management made public new FY09 RAS guidance which incorporates new tariffs, effective from 1st September 2009 until 30 June 2010. We remind that new tariffs positively counterbalance the dropping volumes (H109 transported volumes sharply declined by c22% YOY). The new tariffs: (i) for the volumetric component stands at RON7.5MWh (-3.8% vs. previous), (ii) for firm capacity reservation was set at RON0.22MWh (+15.8% vs. previous), and (iii) for non-firms at RON0.17MWh (+13.3% vs. previous).- The new management guidance calls for FY09 operating revenues decline by c11% mainly reflecting an 11% YOY drop in volumes as well as a 2-month delay in new tariffs ...

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