This $ 450 million that has won Natural Gas Fenosa are slightly above the 398 million profit expected by experts consulted by Reuters.
This benefit is based “on the right balance of business profile with a growing contribution of the international presence and the results of strict financial discipline, “according to Gas Natural Fenosa to the National Securities Market Commission (CNMV).
CGE contributes 125 million to EBITDA
The energy company indicates presiding Salvador Gabarró markets regulator that its gross operating profit (EBITDA) increased consolidated in the first three months of the year 11.8% to 1,369 million. Specifically, the increase was $ 161 million, of which US $ 139 million accounts for the General Electric Company (GEC) Chilean group Gas Natural bought in November 2014. Likewise, the evolution of the coins in his translation into euro has had an impact on EBITDA of 35 million compared to 2014 due mainly to the appreciation of the dollar against the euro.
In this way, the gas offset the differential effect regarding 2014 of regulatory measures affecting the regulated gas activities in Spain from July 5, 2014, amounting to 26 million, and secondly, the contribution of the telecommunications business of 18 million, divested in June 2014.
The weight of Chilean gas is felt in their accounts, the proof is that ebitda of the international activities of Gas Natural Fenosa increased by 41% by the addition of CGE and represents 49.5% Total consolidated versus 39.2% in the previous year. On the other hand, EBITDA from operations in Spain falls by 7% and reduce its relative weight in 50.5% Total consolidated.
Its turnover in the first three months of the year improved 15 , 9% to US $ 8,116 million due to the inclusion in the scope of consolidation of CGE and appreciation, mainly the dollar against the euro.
CGE accelerates the implementation of the strategic plan
CGE, the Chilean subsidiary of Gas Natural Fenosa, joined the scope of consolidation of the matrix the November 30, 2014 and therefore had no contribution in the first quarter of 2014.
According to the company, the purchase of the CGE Chilean “accelerate the achievement of the objectives committed in the 2013-2015 Strategic Plan, contributing assets and businesses with efficient performance and growth potential.” Hence, during the year Gas Natural Fenosa intends to prepare a new strategic plan that will include, among others, the contribution of these new assets.
Meanwhile, this morning has been known that CGE doubled its profit in the first quarter due to a decrease in financial costs and a lesser charge on its debts by the effects of inflation, so that earned 24.878 million pesos (35.4 million euros).
Dividends amounting to 909 million
On the other hand, the Board of Directors of Gas Natural Fenosa pose to the Annual General Meeting of Shareholders on May 14 to allocate 909 million dividends, 1.2% more than the previous year, in line with the increase in net profit and maintain the ‘pay out’ -the proportion of their profits allocated to shareholders to remunerate in 62.1%. The final dividend of 0.511 per share in cash will be made next July 1, 2015.
The leverage ratio of Gas Natural Fenosa to March 31 stood at 47.7% and the ratio Net financial debt / EBITDA of 3.2 times, in proforma terms. And its net financial debt increased 22.3% to US $ 19,317 million. During the first quarter, Gas Natural Fenosa investments decreased 14.7%, to US $ 348 million. In the same period the net assets grew 23.9% to US $ 21,196 million.
For businesses and regions
For business, distribution gas in Spain contributed 5.7% less gross operating profit, to 214 million, the cuts made by the Government in the remuneration for regulated gas activities. However, the distribution of electricity in Spain, grew 0.7%, and contributed to the operating profit of 142 million. In Latin America they grew both providing gas distribution, which involved 155 million (+ 5.4%) and electricity distribution business in the region, which increased 15.2% to l91 million.
Regarding the electricity business in Spain, ie the generation, wholesale and retail and supply of electricity last resort rate, grew by 3.9% and generated 213 million thanks to the better performance of prices ‘pool’.
As for gas infrastructure business, which includes the operation of the Maghreb-Europe, management of maritime transport, the development of integrated liquefied natural gas (LNG) exploration, development, production and storage of hydrocarbons increased by 71 million, in line with the previous year.
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