August 14, 2022

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Naturgy sees splitting it in two as convenient, although it would be flexible on the calendar

Naturgy sees splitting it in two as convenient, although it would be flexible on the calendar

CEO of Naturgy, Francisco RainesThis Tuesday, he defended that Operating costs associated with Project Geminiconsisting in the creation of two independent companies to manage the organized business of the corporate networks and the liberalized business, “little effect. He describes the splitting of the multinational energy company into two companies as “ideal”, although he has hinted that The timetable for its implementation will be “flexible”because it “has to adapt to current uncertainties”.

This is how Raines expressed himself in his speech at the company’s ordinary general shareholders meeting, in principle The last before splitting into two companiesa process that aims to reach its climax in 2022. Renes demonstrated the suitability of the project to shareholders and denied the information that they assessed that Gemini will bear heavy costs For the separation and for the independent management of the new companies, the existing synergies between the two companies are “extremely limited,” as revealed.

For this reason he stressed that the analysis that Nature continues to make of this process “confirms what we thought was ideal”, although he cautioned that the evaluation of its application “is subject to several matters”. Among these, he touched on market conditions, its regulation, the company’s credit ratings, and obtaining the required licenses. He admitted that “it can and will have to be adapted depending on the uncertainties”. “The process is appropriate with respect to the issues presiding over today Sector development and dynamics It faces a giant investment cycle related to the energy transition to achieve greater independence from raw materials.”

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In addition, he noted that this type of business process to simplify and refocus business models is also taking place in other European countries in order to Greater Efficiency. “This revitalizes the future of both groups and enhances their attractiveness while being positive for shareholders and employees,” he said.

even though There was no agenda item associated with this projectShareholders, whose quorum reached more than 90%, agreed to reduce the duration of the company’s extraordinary general meetings to 15 days, such as the one that must be held to certify Geminis. On the other hand, they supported the remuneration policy for directors applied for the next three years and the amendments to the long-term incentives (ILP) for the CEO and other directors to extend its validity until 2025, a measure with a staff of 200 million euros.

As usual, They gave the green light to the 2021 accountsthe year in which Naturgy generated a profit of €1,214 million, and paid a supplemental dividend of €0.5 per share, which, together with the two interim dividends already paid, would add up to a total of €1.2 per share with the charge to the 2021 fiscal year. , thus complying with the dividend policy stipulated in the Strategic Plan 2021-2025.

As for the members of the board of directors, they agreed to establish Jaime Siles, representing the Australian IFM, as well as the renewal of Ramón Adell, the coordinator of the company now representing Criteria, and Enrique Alcántara, also the representative of the arm. CaixaBank Investor.