Download the press release (PDF, 55 Ko)

Download the presentation to the press - in French (PDF, 683 Ko)

Consult the 2008 annual report - in French  

The year 2008 was a milestone in the development of GRTgaz for the benefit of shippers and industrial customers:

• Financial conditions for accessing the transmission system fixed for a 4-year period.
  In 2008, negotiations were concluded with the French Energy Regulatory Commission (CRE) on a new ATRT4 tariff structure applicable on 1 January 2009. The new tariff structure reduces the number of tariff zones from four to two, and covers a period of four years, offering greater visibility to both GRTgaz and the various market players, helping to promote activity.
• A significant increase in the number of active shippers on the market:
  Activity in 2008 was characterised by an increase in the number of shippers present on GRTgaz's transmission system from 37 to 50 between 1 January and 31 December, and also a 6% increase in revenue compared to 2007.
• Investment growth to promote the fluidity of the transmission system and the security of supplies.
  GRTgaz investments reached a record total of €600 million, a rise of more than 61% on the previous year. Infrastructures enabling the creation of new capacity accounted for 39%. A large share (22%) was also devoted to investments linked to the environment and security. The remaining 39% is mainly geared towards connection work, the repair of facilities or public service obligations.

Financial results:

• Revenue for 2008 stood at €1.464 billion, an increase of €84 million on 2007, of which €34 million was revenue from the connection of new combined-cycle gas turbines and €18 million for transportation. Revenue from transmission came to €1.261 billion, or 86% of total revenue.   
• EBITDA was stable compared to 2007, totalling €733 million (+0.4%). Net income (€135 million) fell by €10 million, of which €5 million was for non-operating revenues and expenses due to the rise in cost of variable rate debt and the reduction in available cash and cash equivalents, and €5 million for depreciation and extraordinary profit or loss.
• Available cash or cash equivalents were €177 million on 31 December 2008, down by €207 million compared with 1 January, against the background of a rapidly developing investment programme, without additional borrowings.

Outlook for 2009:

• GRTgaz will allocate 10% of its €650 million construction programme in 2009 to the nationwide economic stimulus plan, which is a public authorities-led initiative. Following the completion of upgrading work carried out over the year, several compressor stations will become operational: Courthézon (84), Nozay (44), Auvers-le-Hamon (72), Evry-Grégy (77) and Dierrey (10).
• GRTgaz also intends to adopt an even more European stance by developing new ties with adjacent operators. The projects to enhance interconnections with Belgium and Spain are also eligible for subsidies, earmarked as part of a large-scale European economic stimulus programme by the European Commission of some €1.4 billion.

Press contact:

Christophe Feuillet
Executive management - Corporate Communications
Tél : +33 (0)1.47.54.23.68
christophe.feuillet@grtgaz.com