Barcelona (EFE).- The energy multinational Naturgy closed 2022 with a profit of 1,649 million euros, 35.8% more than in 2021, when its profits were 1,214 million.
In a communication to the CNMV, the Spanish stock market supervisor, the company chaired by Francisco Reynés has attributed the improvement in its profits to the “good performance” of the liberalized activities, which have been supported “by the world energy scenario and the high prices of the raw materials”.
Gross operating profit or Ebitda reached 4,954 million euros, which is 40.4% more than in 2021, while net sales shot up 53.4%, to 33,965 million euros.
The spin-off project into two companies, suitable but without a date
Naturgy presented on February 10, 2022 a project to split the multinational into two companies that should have been completed by the end of 2022, but the outbreak of the war in Ukraine has put this project on hold.
“At the end of the 2022 financial year, the Geminis project 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 they are still in the process of being defined”, the company specified to the CNMV.
In fact, Naturgy has presented the 2022 accounts following the structure that would result from the execution of the so-called Geminis project, that is, from its split into two companies, a plan that is currently “postponed”, the company stresses.
The multinational has specified that the Networks business reached an ebitda of 2,475 million euros, 8.7% more than in 2021, “supported by lower operating expenses in Spain after the 2021 restructuring plan and in Latin America due to the update of tariffs”.
Spain contributed 1,520 million to the ebitda of this activity, 5% more, while Latin America generated the other 955 million, 15.3% more.
Regarding the liberalized activities -called Markets-, they generated a gross operating profit of 2,574 million, 86.3% more than in 2021.
“Energy management -1,665 million Ebitda, 68.2% more- and marketing -543 million, compared to losses of 96 million in 2021- were the activities that contributed the most to growth in the period,” says Naturgy.
On the other hand, the renewable energy and new business activity generated 366 million ebitda, 25% less, due to the recovery of the hydraulic canon in Spain, although excluding this effect the contribution would have been greater, Naturgy insists.
Investments grow by 28.5%
On the other hand, Naturgy invested a total of 1,907 million last year, 28.5% more than the previous year, and 90% of the investments were in networks and renewables.
The multinational specifies that it has reached 5.5 GW of installed capacity and that it plans to build 30 wind farms and photovoltaic plants in Spain, equivalent to almost 1 GW of additional renewable capacity that is expected to come into operation in the coming months.
Regarding net debt, it fell from 12,831 million at the end of 2021 to 12,070 at the end of 2022.
“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,” said the president of Naturgy, Francisco Reynés, in a statement.
The manager also highlighted that, in this context, Naturgy has expedited the change in the regulated gas tariff for its customers, with an average of 4,000 customers per day transferring to the TUR.
The company also highlights the contribution it made in 2022 to the security of gas supply in Spain and does not mention in its results report how much it may be forced to pay for the new energy tax created by the Government.