Gas Natural, engaged in the sale and distribution of natural gas, has reported a net profit of E1.06 billion for the year 2008, compared to E959 million for the year 2007.
The company has reported earnings before interest, taxes, depreciation and amortization (EBITDA) of E2.56 billion for 2008, compared to E2.28 billion for 2007. It was boosted by the electricity generation business, including the incorporation of generation activities in Mexico, and by the growth of gas distribution in Latin America.
Gas Natural has reported net sales of E13.54 billion for 2008, compared to E10.09 billion for 2007.
According to the company, distribution activity as a whole (Spain, Latin America and Italy) represented 54.2% of the Gas Natural’s EBITDA, particularly being the contribution of gas distribution in Spain (8.86 billion euros or 34.6%). Power generation represented 20.1% of total consolidated EBITDA in 2008, with major growth in Spain, while Mexico contributed 3.8%.
The gas company said that the net financial debt as at December 31, 2008 was 4.91 billion euros, with an indebtedness ratio of 42.2%.
Gas Natural’s investments in 2008 totalled 3.6 billion euros, of which 1,068 related to investments in tangible fixed assets and 2.4 billion euros to financial investments, principally the 14.7% holding in Unión Fenosa acquired in the year.
