Home INTERNATIONAL Enagás earns 54.6 million as of March, down 21%, but maintains its profit target for 2023

Enagás earns 54.6 million as of March, down 21%, but maintains its profit target for 2023

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Anagus, the manager of the Spanish gas system, closed the first quarter of the year with a net profit of 54.6 million euros, down 21% compared to 69.3 million, due both to a lower contribution from its international holdings and a decrease in earnings. Main activity: transportation of gas in Spain (-6.2%) due to cuts imposed by the National Market and Competition Commission (CNMC) on its remuneration. However, the company has maintained its target of earning between 310 and 320 million in 2023. has informed the National Securities Market Commission (CNMV) this Tuesday.,

The manager of the Spanish gas system has taken advantage of the presentation of results until March to inform the Australian fund manager Macquarie about the closing of the sale of 50% of the Mexican company Gasoducto de Morelos for 95 million euros. The operation, announced at the end of 2021, leaves a capital gain of approximately €40 million in Anagus’ income statement.

Net debt closed in March at 3,477 million euros, down 16% from a year earlier but slightly higher than the 3,469 million at which it ended 2022. Its finance costs rose sharply in the first three quarters of the year, going through 1.8%. 2.7%.

However, Anagus has some safety nets: 80% of its loans are at a fixed rate, so its sensitivity to monetary policy decisions of the European Central Bank (ECB) is relative; And, after the amortization of 400 million bonds in March, it will have no more “relevant” maturities in the remainder of 2023. Cash liquidity was bridged between treasury and undrawn credit lines in the first quarter with $3,352 million in liquidity.

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