Enagás earns 307.3 million as of September, 11.9% lower due to new regulatory framework | Economie

Enagas It earned a net profit of 307.3 million euros during the first nine months of this year, a decrease of 11.9% compared to the same period the previous year, the company announced. Despite this drop in profit, the company maintains the target set for the whole of 2021 of 380 million euros. The group headed by Antonio Lardin generated revenue of €722.3 million, which is a 13.1% decrease compared to the same period in 2020. This difference is mainly due to the entry into force and termination of the new 2021-2026 regulatory framework. The contract of Andalusia and Extremadura.

Group operating profit (Ebitda) at the end of September was €670.1 million, representing a decrease of 7.9%, while operating profit (Ebit) was €439 million, down 9.8%.

The result of the companies invested until September 30, 2021 amounted to 163.8 million euros, compared to 118 million euros in 2020, which represents a contribution to net profit of 40.1% in the first nine months of this year.

The cash flow from operations (FFO) figure as of September was 553.2 million euros, 3% more than that obtained in 2020. The increase in FFO, among other effects, according to the company, was explained by dividends received from the investor companies. In them, which as of September 30 of this year amounted to 114.8 million euros.

Of that amount, 22.8 million corresponds to a dividend paid by Tallgrass Energy for fiscal year 2020.

The company confirmed that the “strong” generation of free cash during the first nine months of this year, 646.2 million euros, made it possible in July to distribute and reduce the supplementary dividend for 2020 in the amount of 265.3 million euros. Net debt, which as of September 30 of this year amounted to 4,127 million euros.

As the company explained, in the development of debt in the third quarter, an increase of 143 million euros should be considered due to the update of IFRS 16 as a result of the renewal of the fiber optic lease.

The financial cost of debt on September 30, 2021 was 1.7%. The company also emphasized that it had “strong” liquidity, as at the end of the third quarter it amounted to €2,953 million between cash and undrawn lines of credit.

Similarly, the net investment figure at the end of the third quarter of 2021 was €52.5 million and mainly includes investment in national businesses.

Finally, natural gas demand shows a positive increase of 2.7% as of September 30, 2021 compared to the same period in the previous year. This is mainly due to an 11.2% increase in residential demand compared to the third quarter of 2020, mainly due to Storm Philomena during the first 15 days of 2021.