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Enagas’ operating expenses down

Oil&Gas Materials 30 July 2020 10:09
Enagas’ operating expenses down

BAKU, Azerbaijan, July 30

By Leman Zeynalova – Trend:

The operating expenses of Spanish Enagas at the end of the first half of 2020 reached -150.2 million euros, 6.3 percent lower than the accumulated amount in the same period the previous year, Trend reports citing the company.

The progress of other operating expenses in the half-year period was positively affected by their control, as well as by a different schedule compared to the first half of 2019, said Enagas in its report.

“Net investment in the first half of the year was €806.7 million. This figure mainly includes the investment in Tallgrass Energy's Take Private operation, for €762.8 million. With this operation, Enagás has increased its direct shareholding in Tallgrass Energy to 30.2 percent,” reads the report.

Net profit at 30 June 2020 stood at €236.3 million, which is +9.4 percent higher than in the same period of the previous year.

“This good performance of net profit is fundamentally justified by: control of operating expenses and different scheduling of other operating expenses recorded in the first half of 2019; better financial result due to the non-recurring positive effect announced in the first quarter of €18.4 million originated by the positive exchange differences generated by the purchase of dollars made for Tallgrass Energy's Take Private (closed on 17 April), as well as by the financial update of the account receivable related to Gasoducto del Sur Peruano (€12.3 million),” the company said.

The operating cash flow (OCF) at 30 June 2020 was €465.7 million, 5.7 percent lower than that obtained in 2019 mainly due to the effect of scheduling dividend collections by affiliates. The accumulated net investments in the first half of the year amounted to €806.7 million, with the investment corresponding to Tallgrass Energy's Take Private operation being noteworthy. As a consequence of this operation, Enagás has increased its direct shareholding in Tallgrass Energy to 30.2% through the disbursement of €762.8 million.

Net Debt at the end of the first half of 2020 amounted to €4,090 million, with an average gross financial cost of 2 percent. The FFO/DN ratio at 30 June 2020 stood at 17 percent.

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