Fluxys Publishes 2003 Results

04 March 2004

Belgium’s Fluxys, the independent natural gas transport company, has published its 2003 results.

Turnover fell 6.5% or €26.9 million to €384.9 million in 2003. The difference from 2002 is spread between regulated and other activities.

In 2003, turnover from regulated activities – transport, storage and terminalling activities was achieved on the basis of regulated tariffs throughout the entire year. These activities represented €281.6 million or 73% of the annual turnover. This compares with 2002, when these services represented 78% of turnover, or €321.3 million. Fluxys claims the main cause for the €39.7 million fall as the drop in regulated tariffs compared to the negotiated tariffs applied during the first ten months of 2002.

The turnover from other activities for 2003, amounted to €103 million, representing 27% of the annual turnover. In 2002, other activities represented 22% or €91 million of the annual turnover. This increase stemmed from transit services, the non-recurrent sale of gas following the draining of gas from the decommissioned Anderlues storage facility, and the integration of 12 months of Gas Management Services Limited (GMSL) activity compared to 6 months in 2002, when Fluxys took over the British company.

The decline in the turnover result had a negative impact on the operating result, which fell 7% to €100.1 million in 2003.

The 2003 financial result improved as a result of two factors: the Group’s treasury optimisation policy through early repayment of part of the debt and the renegotiation of the financial conditions of the loans taken out by Fluxys LNG.

The net consolidated result for 2003 was €54.4 million, up from €43.4 million in 2002. The Fluxys share in this result increased from €40.9 million to €51.6 million.

For further information please contact Julia Kirkham

Telephone No: +44 (0) 1403 269430

Facsimile No: +44 (0) 1403 269451