Naturgy raises its profits to 1,214 million in 2021, after losses of 347 million the previous year

The energy multinational

earned 1,214 million euros in 2021, mainly thanks to the divestments of businesses abroad, and thus left behind the losses of 347 million with which it closed 2020.

In a communication to the CNMV, the Spanish stock market supervisor, Naturgy has released the accounts for 2021, a year marked by the partial takeover bid launched by the Australian fund IFM, in which its gross operating profit or Ebitda grew by

Naturgy recalls that the losses recorded in 2020 are explained by the impairment of 1,363 million that it made in its conventional generation activity in Spain and in the gas activities in Argentina, and assures that, in ordinary terms, it would have closed 2021 with a net profit of 1,231 million, 41.2% higher than in 2020.

In the information sent to the CNMV, the Spanish energy company specifies that in 2021 the

employees in Spain and the "withdrawal costs for onerous gas sales contracts" allocated to the last quarter of the year were "Almost fully compensated" by the net capital gains derived from the sale of the electricity distribution business of the Chilean CGE, by the exit from Egypt (Unión Fenosa Gas) and by the reversal of the hydraulic canon.

In a statement, Naturgy assures that 2021 was marked "by the gradual recovery in demand after the impact of the covid-19 crisis and, very significantly, by the significant increase in the prices of raw materials, especially along of the second semester".

Forecasts

The company underlines that it met its forecasts in a volatile energy context and that energy management in international markets offset the results of sales in Spain, which was affected by the market situation and the increase in electricity prices. energy, with transient impacts.

Naturgy invested 1,484 million last year, 16% more than the previous year, mainly due to the renewable projects it has underway in Australia, Spain and the US, and investments in gas and electricity networks, priorities that were absorbed as a whole 952 million.

The company achieved net sales of 22,140 million euros, 44.3% more than in 2020, and its net debt stood at 12,831 million at the end of 2021, 5.7% less than in 2020, which is equivalent to 3.6 times the ebitda.

Among the

of this year, the restructuring costs in Spain stand out, which subtracted 291 million euros from the net result of 2021, although the agreement on Unión Fenosa Gas generated a positive impact of 127 million and the divestment in Chile another 111 millions.

By business units, energy and network management contributed 3,266 million euros to EBITDA or gross operating profit, 14.2% more;

Renewables and new businesses contributed 488 million, 38.6%, while the marketing business subtracted 96 million and other businesses also penalized operating profit with 129 million.

On the other hand,

in 2021 reached 1,462 million euros, 48.5% less than in the previous year, and provisions for non-performing loans stood at 99 million, 36.5% less than in 2020.

"The company persists in its goal of creating value and carrying out integrated risk management, two key factors to face the continuous volatility of the energy markets and its impact on the various activities of the group", assured the president of Naturgy ,

In the meantime, the news of Naturgy is still pending the entry of IFM in the board of directors, since since the partial takeover bid ended, in mid-October, this Australian fund has not yet requested to have the director to whom it has the right to appoint the control 12% of the capital.

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