Spanish Enagas sharply reduces net debt

Oil&Gas Materials 22 February 2023 12:56 (UTC +04:00)
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, Feb.22. Net debt of Spanish Enagas company has decreased by 19 percent or 808 million euros as of December 31, 2022 year-on-year, Trend reports with reference to the company.

The company’s debt dropped from 4,277 million euros in December 2021 to 3,469 million euros in December 2022, primarily thanks to high cash generation, the divestment in GNL Quintero and the good performance of the Working Capital.

The financial cost of debt amounted to 1.76 percent, slightly more than 1.71 percent in December 2021. Over 80 percent of Enagas’ debt is at a fixed rate, which makes it less vulnerable to the ongoing interest rate movements.

The FFO/ND ratio stood at 17.6 percent by end-2022, while the Net Debt/EBITDA ratio adjusted for dividends received from affiliates amounted to 4.8x.

The debt type at 31 December 2022 was as follows: 10 percent is institutional debt, 57 percent was issued in capital markets, 25 percent is commercial bank borrowings and the remaining 8 percent is leases (IFRS 16). Of the debt recorded, 79 percent is issued in euros and the remaining 21 percent in US dollars.

Enagas is an international leader in the development, operation and maintenance of energy infrastructure.

It contributes to the security of supply and to the global decarbonization process with know-how and a consolidated infrastructure network. Enagas is certified as an independent TSO by the European Union and, moreover, it is the Technical Manager of the System in Spain.


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