Baku, Azerbaijan, July 31
By Leman Zeynalova – Trend:
Total revenues of Spanish Enagas company at 30 June 2019 stood at €567.1 million, which is 5.2 percent lower than the figure obtained in the same period of 2018, Trend reports with reference to the company.
This decrease is due to the lower contribution from regulated revenues, and a non-recurring billing of €12 million recognized as non-regulated income in 2018, according to the company.
“Operating expenses at the end of 1H2019 were -€160.2 million, slightly lower than the figures reported in the same period of the previous year (-€172.8 million). This -7.3 percent decrease is mainly due to the application of IFRS 16, which decreased operating expenses by €16.5 million,” reads a report released by Enagas.
Reportedly, the company’s net profit at 30 June 2019 stood at €216.1 million, in line with the figure reported in the first half of 2018. “The contribution from affiliates to net profit at 30 June 2019 rose to 29.7%, which includes Tallgrass’ contribution since 1st April 2019.”
Net investments on 30 June 2019 were €645.0 million, which mainly included the international investment in Tallgrass Energy announced during the first quarter of the year, according to the report.
This is while net debt at 30 June 2019 was €4,117 million, lower than the €4,275 million reported at 31 December 2018. “This change is explained by the debt issued for acquiring Tallgrass for €404.4 million, the effect of IFRS 16 of €335 million and the deconsolidation of GNL Quintero (-€645 million).”
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