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Enagás announces increase in net profit

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LNG Industry,


Enagás has announced that it obtained a net profit of €214.2 million in 1H16. This figure is 0.5% higher than the figure from the same period in 2015. The company claims that this increase is mainly due to the acquisitions of the Sagunto (Saggas) and Bilbao (BBG) regasification plants and Swedegas in 2015.At the end of 1H16, the company’s net financial debt was a total of €4.041 billion, and financial resources were €2.857 billion. More than 80% of the debt was at a fixed rate, and the average cost of debt was 2.3%. This is compared to 3% for the same date in 2015.

In April 2016, Enagás closed a €750 million bond with maturities at 12 years. It also had one of the lowest coupon rates by a Spanish issuer and by European utilities companies in this period.

The company does not have any significant debt maturities until 2022, and claims to be in a strong financial position to continue hitting its strategic targets.

During the period of January to June 2016, Enagás invested €193.1 million overall. €30.1 million of this was invested in Spain, whilst the remaining €163 million was invested in outgoing international projects. In March, the company signed an agreement to increase its stake in Transportadora de gas del Perú (TgP) from 24.34% to 25.98%.

Furthermore, the company also reached an agreement to increase its stake in the Sagunto regasification plant from 30% to 72.5%. It also reached two other agreements to increase its stake from 20.4% to 60.4% in the LNG Quintero plant (Chile). The company claims that these acquisitions are subject to particular conditions.

Enagás also claims that conventional natural gas demand in Spain for both domestic-commercial and industrial use increased by 1.3% in 1H16 compared to 1H15. The company claims that this increase can be largely attributed to the 2% growth in demand for gas in industry.

Edited from press release by David Rowlands

Read the article online at: https://www.lngindustry.com/regasification/19072016/enagas-announces-increase-in-net-profit-2780/


 

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