Results
January - March 2024
NET PROFIT
65.3 MILLION EUROS (+19,5%)
EBITDA
178,3 MILLON EUROS (+2.7%)
Key figures
Income statement January-March2024 (€M)
Total revenue
Var %
1Q2023 1Q2024 2024/2023
220.6 220.5 0.0%
Balance sheet and | Dec. 2023 | Mar. 2024 | ||
leverage ratios | ||||
Net debt (Bn€) | 3.347 | 3.342 | ||
(1) | 4.3x | 4.3x |
EBITDA | 173.6 | 178.3 | 2.7% |
EBIT | 95.9 | 92.9 | (3.1%) |
Net profit | 54.6 | 65.3 | 19.5% |
Cash flow and | Var % | ||||
Investments | 1Q2023 | 1Q2024 | 2023/24 | ||
Jan - March (M€) | |||||
FFO | 81.6 | 163.3 | 81.7 | ||
OCF | 4.6 | 65.4 | 60.8 | ||
Dividends received | 41.5 | 40.9 | (0.7) | ||
from affiliates | |||||
Net investment | (19.4) | (41.3) | (21.9) |
Net Debt/EBITDA | ||
FFO/Net Debt | 18.7%2 | 19.2%3 |
Financial cost of debt | 2.6% | 2.8% |
- EBITDA adjusted for dividends obtained from affiliates
- FFO/ND 18.7%: FFO does not include the payment of taxes associated with the sales of GNL Quintero and Morelos for €72 M. The ratio does not include Rating Agencies' methodology adjustments.
- FFO/ND 19.2%: the FFO does not include the payment of taxes associated with the sale of Morelos for €4.5 M. The ratio does not include Rating Agencies' methodology adjustments.
Growth in EBITDA and Net profit in 1Q on track to meet annual targets in both metrics
Source: Enagás GTS
Note: Conventional demand = industrial demand + domestic commercial demand
Solid financial structure and high liquidity position
Leverage and liquidity
- EBITDA adjusted by dividends received from affiliates.
- FFO/ND 19.2%: the FFO does not include the payment of taxes associated with the sale of Morelos for €4.5 M. The ratio does not include Rating Agencies' methodology adjustments.
- FFO/ND 18.7%: FFO does not include the payment of taxes associated with the sales of GNL Quintero and Morelos for €72 M. The ratio does not include Rating Agencies' methodology adjustments.
Debt type
- The solid financial position of Enagás remains one of our strengths
- Fixed rate debt above 80% including interest rate hedging instruments
Sustainability
Enagás maintains its leadership in the main sustainability indices, notably the Dow Jones Sustainability World Index, in which it remains for the 16th consecutive year, with one of the highest scores in its sector and the Top 5% S&P Global ESG Score 2023. It has also been included on the CDP A List for Climate Change for the fourth year running, and it maintains the highest ESG rating in its sector in the FTSE4Good sustainability index.
Enagás is a world leader in its sector in Bloomberg's Gender Equality Index and is positioned in the Top 20 of the Equileap ranking of leading companies in gender equality. Enagás has been awarded the highest excellence level (A+) in its certification as an EFR Family-Responsible Company, a leader in work- life balance. Furthermore, Enagás has been recognised by the Top Employers Institute as a 2024 Top Employers Spain company.
Enagás has established its decarbonisation path to achieve carbon neutrality by 2040 with emission reduction targets aligned with the 1.5ºC temperature increase scenario. Since 2014, Enagás has reduced its greenhouse gas emissions by nearly 50%. It has also established the commitment of positive impact on nature and has adhered to the new Pact for biodiversity and natural capital, promoted by the Spanish Business and Biodiversity Initiative (IEEB).
In April, Enagás was certified by AENOR with its highest recognition: the Good Corporate Governance Index 2.0, which evidences the strength of Enagás' corporate governance model and its commitment to transparency.
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Disclaimer
Enagas SA published this content on 23 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 April 2024 07:53:02 UTC.