TGS

#1422
Transportadora de Gas del Sur SA TGS
30.0 9 USD
+0.02%
Market Price
Settore: Energia
Base: USD
Valuta di Profitto: USD
Intervallo Giornaliero
29.56
30.13
Intervallo Annuale
19.74
36.34
Variazione giornaliera
+1.50%
Variazione Mensile
-4.14%
Variazione di 6 mesi
+3.05%
Variazione Annuale
+17.72%
Chiusura Precedente
29.6 8
Open
29.8 8
Minimo
29.5 6
Massimo
30.1 3
Volume
41
Apri il grafico completo

Financials

Panoramica Estratto Conto Statistiche Dividendi Documents

2026

Current report, Q3 FY2026
GAS TRANSPORTER OF THE SOUTH INC current report, Q3 FY2026
6-K
Current report, Q2 FY2026
GAS TRANSPORTER OF THE SOUTH INC current report, Q2 FY2026
6-K
Current report, Q2 FY2026
GAS TRANSPORTER OF THE SOUTH INC current report, Q2 FY2026
6-K
Current report, Q2 FY2026
GAS TRANSPORTER OF THE SOUTH INC current report, Q2 FY2026
6-K
Current report, Q2 FY2026
GAS TRANSPORTER OF THE SOUTH INC current report, Q2 FY2026
6-K
Current report, Q2 FY2026
GAS TRANSPORTER OF THE SOUTH INC current report, Q2 FY2026
6-K
Current report, Q2 FY2026
GAS TRANSPORTER OF THE SOUTH INC current report, Q2 FY2026
6-K
Current report, Q2 FY2026
GAS TRANSPORTER OF THE SOUTH INC current report, Q2 FY2026
6-K
Current report, Q2 FY2026
GAS TRANSPORTER OF THE SOUTH INC current report, Q2 FY2026
6-K
Current report, Q1 FY2026
GAS TRANSPORTER OF THE SOUTH INC current report, Q1 FY2026
6-K

GAS TRANSPORTER OF THE SOUTH INC current report, Q3 FY2008

Full document

Business Context and Reporting Period

Company: Transportadora de Gas del Sur S.A. (TGS)
Filing Type: Form 6-K (Report of Foreign Issuer)
Reporting Period: Third Quarter and Nine-Month Period ended September 30, 2008
Business Overview: Argentina's leading natural gas transporter with approximately 2.6 Bcf/d firm contracted capacity. The company also operates as a leading natural gas processor and marketer of natural gas liquids (NGL) via the Cerri Complex. The controlling shareholder is Compañía de Inversiones de Energía S.A. (CIESA).

Key Financial Metrics

Third Quarter 2008 (vs. Q3 2007)

  • Net Income: Ps. 37.0 million (Ps. 0.047 per share) vs. Ps. 3.0 million (Ps. 0.004 per share).
  • Total Net Revenues: Ps. 374.7 million vs. Ps. 246.3 million.
  • Operating Income by Segment:
    • NGL Production and Commercialization: Ps. 216.5 million revenue (up 128%); primary driver of growth.
    • Natural Gas Transportation: Ps. 127.3 million revenue (down from Ps. 135.0 million).
    • Other Services: Ps. 30.9 million revenue (up 87%).
  • Costs of Sales & Expenses: Ps. 261.7 million (up from Ps. 165.4 million), driven by higher export taxes and NGL production costs.
  • Net Financial Expenses: Decreased by Ps. 20.5 million, aided by a Ps. 32.5 million gain on debt prepayment.

Nine-Month Period Ended September 30, 2008 (vs. 9M 2007)

  • Net Income: Ps. 173.1 million (Ps. 0.218 per share) vs. Ps. 122.8 million (Ps. 0.155 per share).
  • Total Net Revenues: Ps. 1,110.0 million vs. Ps. 909.9 million.
  • Operating Income by Segment:
    • NGL Production and Commercialization: Ps. 648.4 million revenue (up 42%).
    • Natural Gas Transportation: Ps. 383.6 million revenue (down 1.3%).
    • Other Services: Ps. 78.0 million revenue.
  • Costs of Sales & Expenses: Ps. 725.6 million (up Ps. 177.3 million), primarily due to export tax increases and higher NGL costs.
  • Net Financial Expenses: Ps. 67.7 million (down from Ps. 126.6 million).
  • Cash Flow from Operating Activities: Ps. 427.8 million.

Material Changes vs. Prior Period

  • NGL Segment Growth: Significant revenue and income growth in the NGL segment due to a 78% rise in volumes sold (Q3) and higher international reference prices (9M). This contrasts with Q3 2007, which suffered from government-mandated supply interruptions.
  • Debt Prepayment Gain: A one-time gain of Ps. 32.5 million was recorded from the partial prepayment of debt with a nominal value of US$ 50 million.
  • Export Tax Impact: Costs increased significantly due to variable export tax rates designed to capture 100% of price increases over established averages.
  • Exchange Rate Effects: Higher local currency devaluation resulted in exchange rate losses of Ps. 14.8 million (Q3) and Ps. 23.7 million (9M 2007 comparison).
  • Transportation Revenue Decline: Natural gas transportation revenues declined slightly due to lower interruptible service revenue, partially offset by new firm contracts.

Guidance, Outlook, and Risks

  • Forward-Looking Statements: The filing contains forward-looking statements based on management's current views. Actual results may differ materially due to known and unknown risks.
  • Regulatory Environment: The Natural Gas Transportation segment is subject to regulation by the Ente Nacional Regulador del Gas (ENARGAS). Government instructions regarding gas supply interruptions have historically impacted NGL production volumes.
  • Capital Allocation: For the nine-month period, Ps. 152.5 million of operating cash flow was used for capital investments, and Ps. 105.6 million for financing activities.
  • Unusual Items: The financial results were materially influenced by the Ps. 32.5 million gain on debt prepayment and a Ps. 15.5 million gain in 2007 related to a turnover tax claim reversal, which is not present in the current period.

Investor Verification Checklist

  • NGL Volume Sustainability: Verify if the 78% volume increase in Q3 2008 is sustainable given the reliance on warmer weather and government-imported LNG.
  • Export Tax Volatility: Assess the impact of variable export tax rates on future margins, as these taxes captured 100% of price increases.
  • Debt Structure: Confirm the remaining debt obligations following the US$ 50 million prepayment and the impact of local currency devaluation on future interest expenses.
  • Regulatory Risks: Monitor ENARGAS regulations and potential government mandates for gas supply interruptions that could affect NGL processing volumes.
  • One-Time Gains: Exclude the Ps. 32.5 million debt prepayment gain when analyzing recurring operating profitability.

Notizie