The consolidated result of ENAP Holding for the period January 1st to March 31st, 2012, measured as profit after income tax and special tax of 40%, amounted US$-236 million, which generates a negative variation of US$265 million compared to the same period in 2011.
An important part of this result is marked by the result of the first quarter, which reached US$-110 million, while those of the second and third quarters reached US$-60 and US$66 million, respectively.
The main causes for this variation are due to:
In addition to these factors, there are the structural conditions to which the company is exposed, such as:
Assets, Financial Debt and Ebitda
As of September 30, 2012, ENAP’s total assets increased by 4.3%, from US$6,203 million on December 31, 2011, to US$6,470 million on September 30, 2012.
This increase is mainly due to: a) Increase of the item Trade Receivables for US$287 million, due mainly to increased sales during September 2012 as compared to December 2011. b) Increase of Deferred Taxes by US$128 million due to the acknowledgement of credits associated to higher tax losses; c) Decrease of the Cash and Cash Equivalent items of US$118 million due to the closing position as of September 2012; and d) Reduction of the Inventories item by US$35 million due to a better management of the working capital.
As of September 30, 2012, current and non-current liabilities (excluding equity) increased by US$513 million (8.9%), compared to December 31, 2011. The main variations are given in the item “Other Current and Non-Current Financial Liabilities” by US$305 million, and the trade accounts payable, which increased US$178 million due to a higher level of operations for the period.
The EBITDA generated by ENAP as of September 30, 2012, was US$37 million.
[mappress] LNG World News Staff, November 27, 2012; Image: Enap