Enagás obtained a net profit of 442.6 million euros in 2018, which represents 9.8% less than in 2017, as reported by the company on Wednesday to the National Securities Market Commission (CNMV). Without taking into account the non-recurring capital gain that Enagás accounted for in January 2017 due to the integration of the LNG Quintero regasification plant in Chile, the company's profit grew 1% in 2018 in comparable terms.
The gross operating result (EBITDA) of the gas company fell by 4.5% last year, to 1,060.7 million euros, while the net result (Ebit) amounted to 691 million euros, with a decrease of 5.6% over 2017. Enagás' total revenues decreased by 3.1% in 2018 and stood at 1,342.2 million euros. The investments made by the company in 2018 totaled 262.8 million euros, of which 60 million euros went to Spain.
Enagás will propose to the next general meeting of shareholders the payment of a dividend, charged to the year 2018, of 1.53 euros gross per share, which represents an annual increase of 5%, according to the company's strategy until 2020 and a minimum of 1% per annum in the period 2021-2023, according to the progress of Outlook 2019-2023 that the group will present before its general meeting of shareholders that will be held on March 29.
In a conference with analysts to present the results of 2018, Antonio Llardén, president of the company, said that with this new plan is intended to give "a vision beyond the short term," ensuring a growth "that has to be sustainable in the medium and long term, "and stated that this shareholder remuneration will be in cash.
According to the group's projections, which have not been considered any change in the regulatory framework from 2021 onwards, Enagás estimates an operating cash flow of around 3,516 million euros in the period, of which about 1,984 million euros Euros will be allocated to committed dividends.
Llardén won 1.89 million euros last year, 5.7% more than in 2017, when it received 1.79 million. The CEO of Enagás, Marcelino Oreja, received a compensation of 925,000 euros, 13% more than the 818,000 euros of last year. In the case of Antonio Llardén to that remuneration in cash of 1.89 million euros, a contribution of 240,000 euros is added to a long-term savings system, which already adds 2.58 million euros. For his part, Marcelino Oreja received 149,000 euros in 2018 for his long-term savings system, which already accumulates 520,000 euros.
Enagás remunerated its board of directors with 4,615 million euros in the 2018 financial year, which represents an increase of 10% over the previous year.