The Spanish gas infrastructure manager Enagás earned 353 million euros in the first nine months of the most difficult year in the Spanish energy market. This represents 15% more than in the same period of the previous year, according to information communicated this Tuesday to the National Securities Market Commission (CNMV).
This result places the company chaired by Antonio Llardén in line to achieve the objectives for the year. The company expects to obtain a profit after taxes of between 380 and 390 million euros at the end of the year and reduce, for the second consecutive year, the net debt, which at the end of the year will be around 3,700 million euros.
Regulated revenue as of September 30 amounted to 701.5 million euros, -0.4% compared to the same date of the previous year. Regulated income is reduced due to the application of the 2021-2026 regulatory framework, although the regulatory impact has been offset by the remuneration of audited expenses (about 30 million euros). Meanwhile, income derived from other operating expenses fell by 26.2%, to 13.4 million euros.
The EBITDA (operating profit before taxes) as of September 30, 2022 reached 605.1 million euros, 9.7% below the previous year. Although, the EBITDA adjusted for dividends as of September 30 amounts to 570.0 million euros, in line with reaching the target of 740 million euros communicated by the company in its Strategic Plan.
The financial result obtained as of September 30, 2022, amounted to 104.5 million euros and includes the following non-recurring impacts: on the one hand, the gross capital gain derived from the sale of GNL Quintero (249 million euros); on the other, the net capital gain from the sale of 30% of Enagás Renovable (50.4 million euros). And the impact of the operation with Tallgrass Energy, for a negative amount of 133.8 million euros.
The contribution of investees has risen to 153.9 million euros, as a result of the good performance of TGP, Saggas and TAP (due to a non-recurring negative adjustment included in 2021).
As of September 30, the net debt has been reduced from 4,277 million euros in December 2021 to 3,583 million. The financial cost of the debt has stood at 1.7%, in line with that of December 2021. More than 80% of Enagás' debt is at a fixed rate, which allows the company to mitigate the impact of current interest rate movements.
Likewise, the cash flows generated have sufficient slack to guarantee the dividend policy, which for the 2022 financial year foresees an increase of 1% compared to 2021.
