Gas Natural Fenosa achieved a net profit of €1.445 billion thanks to the company’s international business and despite the impact of new regulations in Spain.
Consolidated EBITDA for the period was 5.085 billion euros, a 0.1% increase, resulting from good performance in international activities, which increased by 2.2% and represented 44.1% of total EBITDA.
Gas Natural Fenosa obtained a net profit of €1.445 billion in 2013, up 0.3% on the previous year. The company’s business profile, its consolidated international presence and a strict financial policy enabled it to compensate for reduced business in Spain, due to the fiscal pressure of Act 15/2012 on electricity-generation activity in Spain, as well as the recent impact of RDA 9/2013 on power generation and distribution activities in Spain, which amounted to €455 million during 2013.
Consolidated EBITDA was €5.085 billion, up 0.1% on the same period last year, despite a harsh macroeconomic, energy and regulatory climate, and thanks to a good balance between the regulated and liberalised gas and electricity markets, and the growing and diversified contribution of the company’s international presence.
In November, Gas Natural Fenosa presented the update of its Strategic Plan for the 2013-2015 period, after fulfilling the 2012 goals established by the company. This update establishes realistic goals, adapted to the macroeconomic and energetic context and especially to the significant regulatory impact, to continue meeting its commitments to shareholders.
Gas Natural Fenosa remains committed to a sound cash dividend policy and expects to maintain the payout at around 62%, in line with recent years, a figure compatible with the growth targets and deleveraging forecast. The distribution proposal for 2013 results that the Board of Directors put forward to the Annual General Meeting for approval allocates €898 million to dividends (€0.897/share), which is 0.3% more than in 2012, in line with the increased net profit.
On 8 January, the company issued a cash interim dividend of €0.393 per share, charging results to the 2013 period. The €0.504 complementary dividend per share was also paid in cash.