Union Fenosa’s net profit for the 2006 fiscal year came in at E635 million, a 38% increase on the E460 million of recurring profit reported in 2005. EBITDA totaled E1.907 billion, 29.1% more than in 2005. EBIT rose by 41.4% to E1.307 billion.
Meanwhile, culmination of developing the gas chain, from gas supplies at source to CCGT plants, was the main factor driving Union Fenosa’s growth, assisted by good performance in its international business.
Gas EBIT increased 3.2-fold in 2006, to E310 million, as a result of boosting gas sales by 57.5% to 60,567GWh. Union Fenosa Gas ended the year with a 12.7% share of the liberalized Spanish market.
Union Fenosa believes that its gas chain is now complete as it now has a long-term supply deal with Oman and two new regasification plants operational. In addition, the company has 2,000MW of CCGT capacity in commercial operation in Spain.
Elsewhere, the firm’s international business was another top performer in 2006. EBIT for this division amounted to E333 million, 17.3% more than in 2005, due to increased generation and distribution activity and to operating improvements.
