Enagas announces 8% dividend increase for 2012

Date: Tuesday 07 Feb 2012

For a fifth consecutive year, Spanish energy company Enagas has reached the targets it set out to achieve.

The company presented 2011 net earnings of €364.6 and President of the firm Antonio Llarden praised the group's performance, expressing his desire to continue improving once uncertainty over the energy mix and Spain's power tariff deficit is over.

Llarden also said he hopes to be able to improve the 2015 outlook. For now, the company moves forward with its 2010-2014 strategic plan.

The firm expects 8% earnings before interest, tax, depreciation, and amortization (EBITDA) growth and an average finance cost of 3.3%. It will most likely turn to the capital markets in the second half of the year in order to refinance the €500m bond issue that matures in July.

The net income target is €348m although it could reach €365m based on historical progress. 2012 capital expenditures are expected to total €550m while another €750m in assets will be placed into operation.

Enagas also announced an 8% dividend increase to €255m, which is a 22% increase from what was initially considered in the strategic plan. It has financing capacity for €2.126bn.

S.B.

« Go back to news channel

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE