Half Year 2024 Naturgy Energy Group SA Earnings Call Transcript
Key Points
- Naturgy Energy Group SA (GASNF) achieved strong financial results with an EBITDA of EUR2.8 billion and net income of EUR1 billion, matching historical record highs.
- Net debt declined to EUR11.8 billion from EUR12.1 billion, reinforcing the company's balance sheet strength.
- The company secured a definitive price agreement with Sonatrach for 2024, ensuring competitive procurement prices.
- Higher installed renewable capacity and a reduction in OpEx despite increased activity and a larger asset base.
- Naturgy Energy Group SA (GASNF) demonstrated efficient operational and risk management, contributing to business resilience in a competitive scenario.
- Energy management activities, including gas and LNG procurement, experienced significant margin contraction compared to previous years.
- Lower energy prices in the first half of 2024, particularly in gas and Spanish electricity, created a more challenging energy scenario.
- FX movements had a negative impact of EUR108 million, with depreciation most acute in Argentina and to a lesser extent in Chile.
- Cost of net financial debt increased slightly to 4% due to a higher average cost of gross financial debt.
- Gas networks in Spain experienced a remuneration adjustment and lower demand in the residential segment due to mild temperatures.
Good morning, everyone. This is Abel Arbat speaking from the capital markets team at Naturgy. Thank you for joining our results call for the first half of 2024.
Next to me sits our Executive Chairman, Mr. Francisco Reynes; the General Counsel of the Board, Manuel Garcia Cobaleda; the Head of Financial Markets, Mr. Steven Fernandez; and the Head of Control, Ms. Rita Ruiz de Alda.
We're going to cover the presentation first. And at the end, we will be addressing questions from analysts and investors. Please remember to submit your questions through the webcast platform in written form.
So without further ado, I'll hand it over to Steven to move past the presentation.
Thank you, Abel. Good morning, everyone. Today, we're going to be explaining our results for the first half of 2024, but also providing some guidance for the remainder of the year and introducing some relevant considerations for what we think is going to be
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