Spain: Enagas 1H Profit Rises

Enagás of Spain reported net profit of €202Mn in the first half of 2013.

This is figure is 5% higher than the profit reported in the same period of 2012 in like-for-like terms, i.e. stripping out non-contributing acquisitions or those with a lower weighting in the first half of the previous year: consolidation of investments in the Altamira regasification plant in Mexico and the Quintero LNG plant in Chile and BBG in Bilbao, and incorporation of the assets of Naturgas Transporte in March.

Like-for-like growth of 5% in the first six months of the year is in line with the full year target of 5.5%.

Enagás had liquidity of €2.575Bn at 30 June 2013, with 85% of debt at fixed rates.

Investment

Enagás invested €357Mn in the first half of the year and brought on stream assets worth €300Mn. The acquisition of 90% of Naturgas Transporte is included for the amount of €245Mn.

These figures are in line with the objective to invest €650Mn and bring on stream €550Mn in assets in full year 2013.

Operating highlights

Conventional demand for natural gas (household, commercial and industrial consumption and co-generation) climbed 0.7% year-on-year to 149,299 GWh in the first half of 2013. This figure stands at 2.2% corrected for the number of working days and temperature.

Conventional demand is expected to climb by 1.8% in 2013.