Enagas sees more than 7% contraction in revenues
Baku, Azerbaijan, April 25
By Leman Zeynalova – Trend:
Total revenue of Spanish Enagas company as of 31 March 2019 stood at 278.2 million euros, which is 7.4 percent lower than the figures obtained in the same period of 2018, Trend reports citing Enagas.
The decrease in revenues is because of the lower contribution from regulated revenue, and a non-recurring billing of 12 million euros, recognised as unregulated income in 2018, said the company in its report on Q1 2019.
This is while operating expenses at the end of 1Q2019 were -81.1 million euros, slightly lower than the figures reported in the same period of the previous year (-85.8 million euros), and thus a -5.5 percent decrease, mainly due to the application of IFRS 16, which decreased operating expenses by 8.5 million euro, reads the report.
“The company’s net profit at 31 March 2019 stood at 103.9 million euros, which is +0.2 percent higher than the figure reported in the first quarter of 2018. The contribution from affiliates to net profit at 31 March 2019 rose to 24.9 percent,” said the Spanish company.
Enagas said that net investments on 31 March 2019 were 630.5 million euros, which mainly included the international investment in Tallgrass Energy.
“Net debt at 31 March 2019 was 4.407 million euros, higher than the 4.275 million euros reported at 31 December 2018. That movement particularly includes the debt issued for acquiring Tallgrass for 404.6 million euros, the effect of IFRS 16 of +347 million euros and the deconsolidation of GNL Quintero (-645 million euros).”
Enagas began operating internationally in 2011 after taking a stake in the Altamira regasification plant in Mexico. Currently, the company is present in eight countries: Spain, Mexico, Chile, Peru, Albania, Greece, Italy and United States. It also participates in an engineering project of a gas pipeline and a natural gas treatment plant in eastern Morocco. It holds 16 percent share in the Trans Adriatic Pipeline (TAP) project.
Follow the author on Twitter: @Lyaman_Zeyn