Enagás reduces its profit by 21% to March, up to 54.6 million, weighed down by the snip of the CNMC

MADRID, 25 Abr. (EUROPA PRESS) -

Enagás registered a net profit of 54.6 million euros in the first quarter of the year, which represents a drop of 21.2% compared to the 69.3 million euros in the same period of the previous year, weighed down by the lower income regulated by the snip of the regulatory framework of the National Commission for Markets and Competition (CNMC) for the period 2021-2026.

However, the group pointed out that with these figures it is advancing as planned to achieve its annual profit target in the range of 310-320 million euros for this year, since this goal for 2023 includes a net capital gain of about 40 million euros, generated by the sale of the stake in the Gasoducto de Morelos, closed this Monday, and which is not reflected in the results of this first quarter.

The total income of the gas network operator amounted to 220.6 million euros until March 31, which represents a 5.7% drop compared to the first quarter of 2022.

Of these, regulated revenues in the period stood at 216.2 million euros, with a reduction of 14.3 million euros compared to March last year, due to the application of the 2021-2026 regulatory framework (-12, 3 million euros) and for the lower audited costs, without impact on Ebitda, amounting to 6 million euros.

For its part, the gross operating result (Ebitda) stood at 173.6 million euros at the end of the first quarter, 6.5% less, but as expected to achieve the company's annual objective, established in 770 million euros, the company said.

Meanwhile, the group's investee companies maintained a good performance in this first quarter, reaching 36.6 million euros, a figure that is lower than the 44.2 million in the first three months of 2022, which included the contribution of 12 million euros of GNL Quintero, an asset that was sold last year.

For its part, funds from operations (FFO) at March 31 include dividends received from investee companies amounting to 41.5 million euros, as planned to achieve the annual target of 190-200 million euros at the end of This exercise.

As of March 31, the group's net debt was 3,477 million euros, 16% lower than that registered in the first quarter of last year and similar to that registered at the end of 2022.

The financial cost of the debt stood at 2.7%. More than 80% of Enagás' debt is at a fixed rate, which allows the company to mitigate the impact of current interest rate movements. The FFO/DN ratio as of March 31 stood at 16.7%.

In addition, a 400 million euro bond was amortized in March. Following this operation, the group has no relevant debt maturities this year.

Thus, at the end of the first quarter, the company presented a liquidity situation of 3,352 million euros between treasury and undrawn credit lines.

((WILL BE EXTENSION))