• The company’s net profit is 1.5% higher than 2014, above the year’s forecast
• The company has met targets for the ninth year in a row
• In 2015, the ratings agency Standard and Poor’s improved the Enagás rating by two levels, from BBB to A- with a stable outlook
• For the 2016-2020 period, the company maintains the growth drivers and strategic criteria
• Enagás’ commitment is to maintain the 5% annual growth of the dividend until 2020
• The international business is expected to account for around 25% of net profit by 2020
• Enagás is committed to the implementation of sustainable business models and it takes part in projects for the use of natural gas as a fuel for sea transportation and to encourage the use of biogas
• The company is the worldwide leader in its sector according to the Global 100 Most Sustainable Corporations in the World, unveiled at the Davos Forum
In 2015, Enagás reported a net profit of 412.7 million euros, which represents a 1.5% increase on 2014, above target growth of 0.5% forecast for the year. The main reasons behind this increase were the contribution of affiliates, international projects and improved financial results.
In 2015, Enagás invested 530.2 million euros, in line with the 2015-2017 Strategic Update. Of the total amount, 324.1 million euros was targeted at international investments: at the acquisition of 50% of the Swedish grid operator, Swedegas; at the purchase of an additional 4.34% of TgP (Transportadora de Gas de Perú); and at projects in progress during the year, such as TAP (Trans Adriatic Pipeline), GSP (Southern Peruvian Pipeline), the Morelos pipeline and the Soto La Marina Compression Station, in Mexico.
In Spain, the company invested 206.1 million euros. This figure includes a 10% increase in the stake of the BBG plant, in Bilbao, where Enagás currently holds 50%; and the acquisition of 30% of the Saggas plant, in Sagunto.
The company conducted two issues of bonds in 2015, for a total of 1 billion euros, maturity of eight and 10 years, with a historically low financing cost for the issue of corporate debt in Spain.
At the year-end, net borrowing of Enagás totalled 4.237 billion euros and financial resources stood at 2.268 billion. More than 80% of the debt was at a fixed rate; the average life of the debt was 6.6 years; and the average net cost of the debt was 2.7%, versus 3.2% for the same date in 2014.
Furthermore, in 2015 the ratings agency Standard and Poor’s (S&P) improved the Enagás rating by two levels, from BBB to A- with a stable outlook Fitch also maintained the company’s rating of A- stable over the long term.
All these clearly point to the excellent financial situation of Enagás to continue to move forward in complying with its strategic objectives.
These figures confirm that the company has been able to meet its targets for the ninth year in a row.