Naturgy recorded accounting losses of 2,822 million euros, as a result of the strong adjustment of the book value of assets, mainly those of conventional generation in Spain, amounting to 4,851 million, which was executed in the first half of 2018. They also affected the group's accounts the evolution of the exchange rates in the markets where the power company operates, with a negative impact of 218 million euros on the Ebitda, mainly due to the fluctuations of the Argentine peso, the Brazilian real and the dollar.
Apart from this adjustment undertaken by the new presidency of Francisco Reynés, the former Gas Natural Fenosa accumulated a significant growth of all its businesses during the past year, with an ordinary Ebitda that reached 4,413 million (+ 12%) and a net profit ordinary of 1,245 million euros (+ 57%).
The accounts sent today to the CNMV reflect a positive evolution of the business, both gas and electric.
The company generated 5,500 million euros of cash during the year through the positive evolution of the business and the divestments of non-strategic assets, which has been mainly dedicated to growth in strategic assets, reducing debt and remunerating the shareholder.
Specifically, 2,321 million euros were invested, 30% more than in fiscal year 2017. Investments in organic growth projects accounted for more than 70% of the total, up to 1,638 million (+ 76%).
At the end of the year, Naturgy's financial debt was 13,667 million euros, 10% less than at the end of 2017. For its part, free cash flow stood at 3,055 million euros, compared to 746 million euros. Previous period. Additionally, Naturgy has provided the flexibility required by the business divisions for its autonomous financing.