Naturgy closes 2018 with losses of 2,822 million euros | Economy

Naturgy closes 2018 with losses of 2,822 million euros | Economy



Naturgy Last year, it lost 2,822 million euros, due to the impairment of assets of its generation business in Spain of 4,851 million euros in the first half of the year, according to the company. As a consequence of . The net result of the energy group contrasts with that of last year, when it gained 1,360 million euros. At the end of last June, on the occasion of the presentation of its new strategic plan, Naturgy announced that adequacy of book assets that went from 9,300 to 4,400 million and carried out to start the business projections.

Excluding this impact and other non-recurring items, ordinary net profit grew by 57% to 1,245 million euros. The turnover of Naturgy grew last year by 4.9%, to 24,339 million euros. Ebitda evolved at a lower rate of 3%, reaching 4,019 million and ordinary EBITDA, up 12% to 4,400 million.

The 2018 exercise of the group was marked by the arrival of a new executive president, Francisco Reynés; the entry of new shareholders, with the exit of its Repsol capital who sold their participation to CVC; the renewal of the board of directors, which went from 17 to 12 members, and a new organizational structure of the company, which changed the name of Gas Natural Fenosa to that of Naturgy and presented Your new strategy for 2018-2022.

In that sense, Reynés indicated that the results of 2018 "they show a positive evolution of the businesses, but it will be during the next years when we will see a more substantial improvement of results as we move forward in the execution of the plan ". They had to do, in addition to the aforementioned adjustment, the evolution of exchange rates, which had a negative impact of 218 million on Ebitda and affected all the currencies in which the company operates, mainly the Argentine peso, the real Brazilian and the dollar.

The net financial debt was at the end of 2018 at 13,667 million, after having experienced a reduction of 10% over the previous year. In addition, the company generated 5,500 million cash during 2018 through the positive evolution of the business and the divestments of non-strategic assets (totaling 2,600 million), which were mainly dedicated to growth in strategic assets, reducing debt and remunerate the shareholder.

Dividend

At this point, Reynés has stressed that the group will advance the payment of the complementary dividend to the second half of March as a result of the advance, in turn, of the general meeting of shareholders to March 5. The total dividend that will be paid this year will be 1.30 euros per share (0.57 of complementary). The repurchase of shares, for 145 million. With the dividend program and the repurchase of shares, the shareholders were remunerated with a total of 1,500 million.

Investments rose to 2,321 million, 30% more than in 2017. Of this figure, 76% went to projects in organic growth, about 1,638 million. Also, in this 2019 the company plans to invest 663 million euros in new renewable capacity.

Reynés, on the other hand, has applauded that "fortunately, someone," in allusion to Teresa Ribera, "has taken the bull by the horns" and is going to propose a timetable for the closure of nuclear power plants. "The Government has begun a process of rapprochement and listening" to adopt its decisions in the Integrated Energy and Climate Plan (PIEC) and within it in the subchapter of the nuclear ones.

According to Reynés, in the year he has been in office, he was called last week for the first time to a meeting to discuss this issue, which also involved the heads of Iberdrola and Endesa, nuclear shareholders with Naturgy.

On the possible exchange of assets between companies, Reynés recalled that the share of Naturgy is minority (11% of Almaraz 1 y2 and 35% of Trillo) to get all the nuclear assets in a comfortable way, but does not close to any option, provided that it meets the interests of the company's shareholders.

Regarding the closure of the three coal plants of Naturgy in Spain, has indicated that the case is different from the nuclear, as the activity of coal plants has been impacted by the prices of CO2 emissions and ore that They have made them unprofitable.

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