Gas Natural Fenosa increased its net profit by 8.8% in 2012, earning €1.44 billion

The Catalan energy multinational’s earnings before interest, taxes, depreciation and amortization (EBITDA) reached €5.08 billion, 9.4% more than in 2011, thanks to its international business, which grew by 22.6% and balanced out the stagnation in the Spanish market. In fact, Gas Natural Fenosa’s business in Spain now only accounts for 56.8% of its gross profits, while in 2011 this represented 61.5%. Furthermore, the firm’s financial debt decreased by 7.5% and now the company’s financial debt/EBITDA ration is 3.1. With these results, the Barcelona-based company has fulfilled the objectives of its strategic plan up until 2012.


February 19, 2013 09:45 PM

Barcelona (ACN).- The Catalan multinational Gas Natural Fenosa earned €1,441 million in 2012, 8.8% more than in 2011, according to information released on Thursday by the company. Gas Natural Fenosa’s earnings before interest, taxes, depreciation and amortization (EBITDA) reached €5.08 billion, 9.4% more than the previous year. The positive results presented by the Barcelona-based company are mostly due to its international business, of which the gross profit grew by 22.6%. In fact, their regulated business activities within Spain stagnated due to the economic recession and because of this its weight is gradually decreasing within the energy group. In 2012 this corresponded to 56.8% of Gas Natural Fenosa’s gross profits while in 2011 it represented 61.5%. Consequently, international business grew from 38.5 to 43.2% of the firm’s gross profit last year. Barcelona-based net financial debt decreased by 7.5% over last year and reached €15,995 million, meaning that the indebtedness ration went from 54.5% in 2011 to 51.8% in 2012 and leaving the financial debt/EBITDA ratio at 3.1. In 2012, the company strengthened its position as one of the main operators of Liquid Natural Gas (LNG), which provided almost 30% of the Barcelona-based firm’s EBITDA. The Catalan company’s regulated gas and electricity distribution activities as a whole represented 51.9% of the company’s EBITDA, while electricity activity (mostly linked to power generation) represented 23.2% of the total.

According to a note released by Gas Natural Fenosa, the company has improved its net profit by 8.8% in 2012 “thanks to the balance of its business profile, the growth of its international activity and its strict financial discipline”. The Catalan company’s EBITDA increased by 9.4% thanks to a 22.6% growth in its international activities. International activities generated a €2,195 million EBITDA, 43.2% of the group’s total. In 2011, they represented only 38.5%. The main factors behind these positive results are the growth in gas sales and the increase in activity in Latin America. The growing importance of international activities within Gas Natural Fenosa’s business mix fulfils the guidelines of the company’s strategic plan for the 2010-2012 period.

Gas Natural Fenosa’s Board of Directors will propose an €895 million remuneration to the Shareholders Annual General Meeting, based on the results from 2012. This amount represents an 8.7% increase compared to the remuneration in 2011, which is a profitability per dividend of more than 6.6%. On the 8th of January, the Barcelona-based firm issued an interim dividend of 0.391 euros per share, charging results to the 2012 period.

Investments made by the Catalan company decreased by 8.5% compared to 2011 and totalled €1,386 million in 2012, mainly due to the reduction in regulated investment in Spain. 65.7% of the company’s investment was allocated to gas and electricity distribution regulated activities. Investments made in Spain decreased by 11.4%, although the Southern European country still received 63.7% of the group’s total investment in 2012. International investment represented 36.3% of the total and grew by 14.4% with respect to the previous year.