Confirms the suitability of the Geminis project, but its execution schedule must be readjusted to the current market environment
Naturgy obtained a net profit of 1,649 million euros in 2022, which represents an increase of 35.8% compared to the previous year, in a context marked by intense volatility and global uncertainty, as well as a sustained increase in cost of raw materials worldwide and a good performance of the liberalized activities in the different markets.
Likewise, the company registered a gross operating result (Ebitda) of 4,954 million euros, with an advance of 40.4%, as reported this Wednesday to the National Securities Market Commission (CNMV).
In the period, the regulated activities registered a “good behavior” with an increase in their Ebitda to 2,475 million, due in part to the normalization of operating costs in Spain after the optimization plans and the positive impact of the exchange rate in Latin America, among other factors.
For its part, the deregulated business improved its contribution to the Group’s Ebitda to 2,574 million euros, driven by the marketing activity in Spain and global energy management.
“The 2022 financial year has been marked by the extreme volatility of the international energy market, as well as by geopolitical tensions that have made the year a disparate and unique year in the recent past.
In this context, the company has intensified its activity to provide stability and security of supply to the system and has paid special attention to providing citizens and companies with the best conditions for access to energy despite uncertainty, as demonstrated by our Commitment initiatives de Gas y Electricidad, as well as others to expedite and automate the change to the regulated gas rate for their customers”, explained the executive president of Naturgy, Francisco Reynés.
Regarding the Geminis project, consisting of a reorganization of the group’s activities, separating the regulated from the liberalized ones, the company has explained that, at the end of the 2022 financial year, said plan has been postponed without being able to provide visibility in relation to its calendar .
“The analysis carried out to date confirms the suitability and strategic sense of the Geminis project, but its execution schedule must be readjusted to the current market environment and its volatility, to the evolution of the European energy context and its regulatory uncertainties, many of which which are still in the process of being defined”, explained the group.
Specifically, the project contemplated a spin-off to create two large groups that would be listed on the Spanish Stock Markets with clearly differentiated business profiles while maintaining the same shareholding composition, at least initially, as a result of the proposed operation.
SHAREHOLDER REMUNERATION
Regarding shareholder remuneration, the board of directors will propose to the general meeting a complementary dividend of 0.50 euros per share, which is added to the first and second interim dividend of 2022, of 0.30 and 0.40 euros per share. share respectively, paid in cash during the year.
Thus, the total remuneration to the shareholder in charge of the 2022 results will be 1.2 euros per title, as stated in Naturgy’s 2021-2025 Strategic Plan. The ‘pay-out’ will be at 70%.
The company has highlighted that the results at the end of the year follow the trend of the first nine months of the year, which has been of high regulatory intensity with the application of more than twenty new measures, as well as the start of the study of future initiatives regulations, both in Spain and in Europe.
Likewise, net debt fell to 12,070 million euros, supported by cash generation, working capital management and the evolution of the exchange rate.
During the 2022 financial year, the company invested a total of 1,907 million euros, almost 30% more than in the same previous period.
The distribution networks and the renewable energy activity represented more than 90% of all the investment earmarked for growth (close to 1,200 million euros).
The company has highlighted that the destination of the investments confirms its commitment to advance in the energy transition, since almost 70% of those made are eligible according to the taxonomy defined by the European Union in 2021.
Likewise, Naturgy has assured that it works to accelerate its investment program in the coming years, taking advantage of the “solid” cash flow generation and its “firm” balance sheet.
The company also continues to reinforce its commitment to the deployment of renewable technologies in all the countries in which it is present, with special emphasis on territories with regulation and stable currency.
Currently, it adds more than 5.5 GW of operating power at the end of 2022 and has, in Spain, some thirty wind farms and photovoltaic plants under construction, equivalent to more than 1GW of additional capacity, which are expected to come into operation in the next few months.
