Enagás cuts its profits by 8.8% in 2023, to 342.5 million, but shattered its objectives for the year

MADRID, 20 Feb.

Enagás cuts its profits by 8.8% in 2023, to 342.5 million, but shattered its objectives for the year


Enagás obtained a net profit of 342.5 million euros in 2023, which represents a drop of 8.8% compared to the 375.8 million euros of the previous year, although it allows the group to shatter the annual objective that it had set. established in a range of 310-320 million euros, the company informed the National Securities Market Commission (CNMV).

The gross operating result (Ebitda) for 2023 amounted to 780.3 million euros, 2.2% less than the 797.4 million euros in 2022, although also exceeding the annual target of 770 million euros that was set. had marked the company.

Thus, the company led by Arturo Gonzalo highlighted that in 2023 it exceeded all the objectives established for the year, thanks to the effectiveness of the cost, financial and operational efficiency plan, the good performance of the investee companies and the high degree of execution of the Strategic Plan 2022-2030, higher than initially planned.

These group profits last year were driven by net capital gains from the closing of the sale of the Morelos gas pipeline, amounting to €42.2 million, while the 2022 profit included the adjustment to the book value of the stake. in the American Tallgrass Energy (TGE) for an amount of 133.8 million euros and the net capital gains from the sale of GNL Quintero (132.1 million euros) and the entry of partners in Enagás Renovable (49 million euros).

The income of the Spanish gas system operator in 2023 amounted to 919.6 million euros, with a drop of 5.2% compared to the previous year, mainly due to the reduction of 48 million euros in regulated income in the year. derived from the application of the 2021-2026 regulatory framework.

The contribution of the companies in which Enagás has a stake amounted to 199.5 million euros last year, as a result of the good performance of all the subsidiaries.

For its part, the company's funds from operations (FFO) at the end of 2023 reached 555.3 million euros. This figure includes the dividends received from the investee companies in the amount of 192.5 million euros. This amount includes the collection of the first dividend from Trans Adriatic Pipeline (TAP) after its start-up in the amount of 76.4 million euros.

Regarding net debt, in fiscal year 2023 it was reduced by 122 million euros compared to the previous year, standing at 3,347 million euros at the end of the year.

Enagás' FFO to net debt ratio ended 2023 at 18.7%, higher than that obtained in 2022, which stood at 17.6%. More than 80% of the company's debt is at a fixed rate, which allows it to mitigate the impact of current interest rate movements. The financial cost of gross debt in 2023 stood at 2.6%.

The financial expense associated with Enagás' net debt was practically in line with that recorded in 2022, due to the improvement in financial income associated with cash. In addition, on January 15, the group issued a bond for an amount of 600 million euros maturing in 2034 and an annual coupon of 3.625%.