Enagás obtained a net profit of 422.6 million euros in 2019, which represents a 4.4% drop compared to the previous year, the company informed the National Securities Market Commission (CNMV).
The contribution to its profits of the investee companies throughout 2019 amounted to 162.1 million euros, increasing 38.5% over the previous year. He highlighted in the period the acquisition of the American Tallgrass from April 1, 2019 and from Desfa (Greece) since December 2018.
Enagás total income, the group chaired by Antonio Llardén, in 2019 they reached 1,151.1 million euros, 1.5% below the figure reached in the previous year. The regulated income of the group grew slightly with respect to the same period of the previous year, as a result of the increase in the RCS (remuneration for continuity of supply) due to the positive evolution of demand in the year.
For its part, the gross operating result (Ebitda) of the Spanish gas system operator closed last year at 994.8 million euros, 5.4% higher than in 2018.
Operation at Tallgras Energy
With regard to net investment, it amounted to 704.7 million euros in 2019, mainly including international investment in Tallgrass Energy to reach an indirect 12.6% stake in its capital.
In this regard, in mid-December, Enagás together with Blackstone Infrastructure Partners, GIC (Singapore Sovereign Fund) and other minority shareholders reached an agreement for the acquisition of the entire floating capital of Tallgrass Energy LP. The operation, once the preceding conditions are met, will involve a disbursement by Enagás of 836 million dollars (about 772 million euros), thereby increasing its indirect participation in the social capital of the US energy company from 12.6 Current% to approximately 30%.
To finance this operation, the group successfully completed a capital increase of 500 million euros by issuing 23,255 million shares (21.50 euros per share), which represents 8.88% of the share capital after its expansion and in which he entered as a shareholder of the company Amancio Ortega with 5%.
On the other hand, Enagás’ net debt at the end of the year stood at 3,755 million euros, decreasing by 520 million euros compared to 2018. In this variation the group indicated that the loss of control of LNG Quintero (- 645 million euros), the accounting effect of IFRS 16 (+355 million euros) and the funds obtained from the capital increase amounting to 500 million euros.
A 5% increase in the dividend
Meanwhile, Enagás will propose to its general shareholders meeting a dividend corresponding to the 2019 fiscal year of 1.60 euros gross per share, which represents an annual increase of 5%, in accordance with the company’s strategy.
With regard to the regulatory framework for the company’s activity for 2021-2026, approved by the National Commission of Markets and Competition (CNMC) last December with the circular of transportation compensation and regasification, which softened Almost half the cut initially planned leaving it at 10.5%, Enagás said that with these publications “a stable regulatory framework is established for these activities for the period.”
Regarding the demand for natural gas, in 2019 it reached the highest figure of the last decade, with 398 terawatt hours, which represents an increase of + 14% compared to the same period of the year 2018.