BAKU, Azerbaijan, February 23. Enagas, the Spanish energy company, has demonstrated impressive fiscal discipline in the fiscal year 2023, with a notable reduction in net debt by 122 million euros compared to the previous year, bringing the total to 3.347 billion euros as of December 31, Trend reports via the company.
This achievement can be attributed to the exceptional performance of working capital, which surged by 205.7 million euros, fueled by the heightened utilization of regasification plants and the premiums paid by users.
Furthermore, Enagas reported a favorable FFO/ND ratio of 18.7 percent for 2023, indicating an improvement over the 2022 figure of 17.6 percent. Notably, over 80 percent of the company's debt is fixed-rate, providing a safeguard against fluctuations in interest rates.
However, the financial cost of gross debt in 2023 increased to 2.6 percent. Nevertheless, the financial expense associated with net debt remained largely consistent with 2022 levels, thanks to enhancements in cash-related financial income.
Enagas completed the issuance of 600 million euros in bonds maturing in 2034 on January 15, 2024. These bonds carry an annual coupon rate of 3.625 percent, signaling investor confidence in the company's future prospects.
Renowned internationally as a leader in energy infrastructure development, operation, and maintenance, Enagas holds certification as an independent Transmission System Operator (TSO) from the European Union. Furthermore, the company serves as the Technical Manager of the System in Spain. In accordance with Royal Decree-Law 8/2023, issued on 27 December, Enagas has been authorized to operate as a provisional Hydrogen Transmission Network Operator (HTNO), further solidifying its position as an innovative force in the energy sector.
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