BAKU, Azerbaijan, April 23. Enagas, the Spanish energy giant, reported net debt holding steady at 3.342 billion euros, the company remains on course with its targeted debt levels, signaling stability in its financial structure, Trend reports.
A significant portion of Enagas' debt, over 80 percent, is locked in at fixed rates, ensuring a measure of predictability in its financial obligations. Moreover, the financial cost of gross debt remains low at 2.8%, indicating efficient management of borrowing expenses. The company's Financial Funds from Operations (FFO) to Net Debt ratio, a key metric for credit agencies, stands at a healthy 19.2 percent, meeting the criteria set by agencies like S&P and Fitch to maintain its BBB rating.
Moody's recent upgrade of Enagas' rating outlook from negative to stable, while maintaining the rating at Baa2, reflects positively on the company's financial health and future prospects. This upward revision is a testament to Enagas' resilience and prudent financial management amidst a dynamic economic landscape.
In terms of revenues, Enagas reported total revenues of €220.5 million for the first quarter of 2024, mirroring the figures from the same period in 2023. Despite the regulatory framework's impact on revenues, Enagas offset the effect through increased other revenues, primarily attributed to the positive contributions from COPEX investments and the Musel E-Hub plant.
Operating expenses for the first quarter of 2024 remained consistent with the previous year, underscoring the effectiveness of Enagas' cost efficiency plan. This plan has been instrumental in mitigating the impact of inflation on manageable costs, further solidifying the company's financial performance.
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