Gas Natural Profit at EUR 767 Million (Spain)

Spanish utility Gas Natural Fenosa made a net profit during the first six months of 767 million euros, 6.7% less than the same period last year, due to the lower contribution of capital gains from the sale of assets which took place in 2011.

Net profit grew by 24.3% adjusting for capital gains/losses from the disinvestments of the first half of 2012 and the first half of 2011. This growth is due to the positive evolution of EBITDA in a demanding macroeconomic context and to financial discipline (normalisation of the ratio of debt and reducing financial costs).

The consolidated EBITDA was 2.559 billion euros in the first half of 2012, 7.3% higher than the same period last year, despite a very demanding macroeconomic, energy and financial context, thanks to the correct equilibrium between regulated and liberalised business in the gas and electricity markets, and the growing and diversified contribution of the international presence, which compensated for the disinvestments made in 2011, and the impact of Royal Decree-Act 13/2012.

The contribution of international markets to the company’s results continues to grow, and in the first half of the year, the international activities of Gas Natural Fenosa represented 42.2% of EBITDA, compared to 34.4% of the same period in 2011.

The net financial debt of Gas Natural Fenosa reached 16.939 billion euros, placing the level of indebtedness on 30 June at 53.3%. If we discount the rate deficit pending recovery on 30 June (1.067 billion euros), the net debt is 15.872 billion euros, equivalent to a level of indebtedness of 51.7%.

76.7% of net financial debt is due in or after 2015, and the average lifespan of the debt remains 4.5 years.

Gas Natural Fenosa’s investments during the first six months of the year were 551 million euros, a 6% increase from the same period last year. Spain is still the main recipient, with 57.8% of consolidated investments. In Latin America, the main centres of investment in the region continue to be Mexico, Brazil and Colombia.

[mappress]
LNG World News Staff, July 24, 2012; Image: Gas Natural