Enagás' profit reached 375.8 million euros in 2022, exceeding the target established by the company in its strategic plan, but 6.9% below those obtained in the previous year.
Revenues amounted to 970.3 million euros, 2.1% lower than those registered in 2021. Regulated revenues at the end of the year amounted to 950.4 million euros, 1.8% less than the same date of the previous year.
Said income was reduced by the application of the 2021-2026 regulatory framework by 45.1 million euros, although this impact has been partially offset by the remuneration of audited expenses, which decreased by 38 million euros.
The ebitda (operating result before taxes) stood at 797.4 million for the year as a whole, 10.9% below the 895.3 reported in 2021.
The operating cash flow figure was 847.4 million euros, representing an increase of 14.5%. This figure includes dividends received from investee companies, 121.5 million euros, 24% less, and the positive variation in working capital, which reached 235.3 million euros.
This behavior of the working capital is a consequence of the high use of the infrastructures of the Spanish gas system, especially the regasification plants, key to the security of supply in Spain and Europe, and which have caused an increase in the amounts of the settlements.
The high generation of cash flows and the positive effect of asset rotation had a positive impact on net debt, which fell by 808 million euros, 19%, from 4,277 million euros at the end of 2021 to 3,469 million euros at the end of 2022. More than 80% of Enagás' debt is at a fixed rate, which allows the company to mitigate the impact of current interest rate rises.
The company has explained that it has a solid liquidity situation, which at the end of the year amounted to 3,794 million euros. In December, it contracted a bank loan of 450 million maturing in 2025 and "under very competitive conditions" to cover all maturities in 2023.
