Enagás dodge the impact of the Covid, and earned a 9.4% more in the first half

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Javier Gonzalez NavarroSEGUIRMadrid Updated: Save Send news by mail electrónicoTu name *

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Enagas achieved a net profit of 236,3 million euros in the first half, a 9.4% more than in the same period of the previous year, in which stands that has not demonstrated impacts by the Covid-19.

The company attributed its higher profit to the cost control operating, and the different schedule of other operating expenses and better financial result by the positive exchange differences generated by the purchase of dollars for the “take private” of Tallgrass Energy (18.4 million) and the financial update of accounts receivable related to gas Pipeline of the South of Peru (12.3 million euros).

there have been No significant expenses of an exceptional nature relating to the crisis of the Covid-19 no provisions or contingent liabilities have been included in the interim financial statements of the group, Enagás, to June 30, 2020 175, according to the accounts submitted to the National Commission of the Market of Values (CNMV).

The company that presides over Antonio Llardén says that the production of the regasification plants has risen by 17% with regard to the first six months of 2019 and which have been downloaded a total of 126 ships of LNG in the regasification plants in Spain, representing a 12.5 per cent more than in the same period last year.

The conventional demand for natural gas in Spain has initiated a progressive recovery and, by 30 June 2020, is already around 92% compared to the same period of 2019.

Forecasts to 2020

The company underlines that it has carried out an analysis of their main investments (test of impairment), in accordance with the accounting standard of IAS 36, and has concluded that it is not necessary to perform any correction of the value of these investments in the balance of Enagás.

In this line, and with the data available at the closing date of the results of the first half, the company maintains its estimate of profit after tax for the end of the year of 440 million euros. It also confirms the commitment acquired with its shareholders of i increase the dividend 5% yearly by 2020 , a 1% annual as the minimum for 2021, 2022 and 2023, and a dividend to be sustainable in the long term in the period 2024-2026.