Q3 2024 Enagas SA Earnings Call (Spanish) Transcript
Key Points
- Enagas SA (ENGGF) has successfully reduced its net debt to EUR 2.4 billion following the divestment of its stake in Tallgrass Energy.
- The company has maintained a strong liquidity position and expects to close the year with net debt at approximately EUR 2.4 billion.
- Enagas SA (ENGGF) has received credit rating upgrades from Standard & Poor's, Fitch, and Moody's, reflecting an improved risk profile.
- The company is making significant progress in the development of green hydrogen infrastructure in Europe, with Spain positioned as a leading hub.
- Enagas SA (ENGGF) has exceeded its core after-tax profit target for the first nine months of 2024, reaching EUR 233.5 million, up 7.8% year on year.
- The company's after-tax profit, including the impact of asset rotation, was negative EUR 130.2 million.
- There is uncertainty regarding the regulatory framework and remuneration rates for the upcoming period, which could impact future financial performance.
- The GSP arbitration award in Peru has been delayed, creating uncertainty around its financial implications.
- Enagas SA (ENGGF) faces potential challenges from the cancellation or suspension of hydrogen projects by other players, which could affect strategic ambitions.
- The company anticipates a lower contribution from its subsidiaries in the fourth quarter, impacting overall financial performance.
Good morning. Ladies and gentlemen. Welcome to this Enagas earnings call for the first nine months of 2024. Our earnings were disclosed this morning before the market opened and the figures are available on our website www.enagas.es. Arturo Gonzalo, Chief Executive Officer of Enagas will run through this earnings presentation with you which should take him about 15 minutes after which we will open a Q&A and we'll try and answer your questions in as much detail as possible. Thank you very much for your attention. I give the floor to Arturo Gonzalo.
(interpreted) Good morning, ladies and gentlemen, and thank you very much for your attention. I'd like to welcome you to this earnings presentation for the first nine months of 2024. And I'm here with our CFO, Luis Romero; our Board Secretary and CLO, Diego Trillo; our Chief Officer for Communications, Institutional and Investor Relations, Felisa Martin; our Head of Investor
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