CORRECT:=UPDATE:Gas Natural 4Q Net Profit EUR252 Million Vs Profit EUR233 Million
10 February 2009 - 8:59PM
Dow Jones News
Spain's Gas Natural SDG SA (GAS.MC) Tuesday reported a 12% rise
in its fourth-quarter net profit, helped by higher electricity
prices and an increase in power output.
Spain's largest gas distributor by market value said its net
profit in the fourth quarter ended Dec. 31 rose to EUR252 million,
from EUR233 million a year earlier.
A Dow Jones Newswires survey of four analysts had predicted an
average net profit of EUR279.6 million.
Profits were boosted by higher Spanish electricity pool prices,
and a rise in electricity output in Spain and Latin America. By
contrast, Gas Natural's gas distribution receded slightly in the
fourth quarter, while its gas supply also fell.
Spanish power prices rose as a drought led to a lower output of
cheap hydroelectric power. Gas Natural in 2008 consolidated five
gas-fired power plants it had bought in December 2007 in
Mexico.
The company's net debt rose 33% on the year to EUR4.91 billion
at the end of 2008.
Debt was boosted by the purchase of a first 9.9% of power
company Union Fenosa SA (UNF.MC) from leading shareholder
Actividades de Construccion y Servicios SA (ACS.MC), or ACS, in
August.
Spain's competition authority CNC in coming days or weeks is
expected to approve Gas Natural's purchase of the remaining 35.4%
of Union Fenosa from ACS.
Market observers are likely to focus on whether the CNC will ask
Gas Natural for divestments, and in particular whether it will
allow the company to keep Fenosa's gas unit Union Fenosa Gas.
Italy's Eni SpA (E) owns 50% in Union Fenosa Gas and has preemptive
rights to purchase the other half in case Fenosa is sold.
Once Gas Natural has bought at least 30% of Fenosa, by Spanish
law it is obliged to make a full bid for the company. When Gas
Natural announced its plan to buy Fenosa in July, Fenosa was valued
at EUR16.75 billion.
To finance the acquisition, Gas Natural plans a EUR3.5 billion
capital increase, which is scheduled for shareholder approval in an
extraordinary meeting on March 10.
Gas Natural's results came mostly in line with expectations,
Banesto analyst Antonio Cruz said, but won't have much of an impact
on the stock as the market will focus on the upcoming capital
increase.
Gas Natural's shares rose 2.5% to EUR17.83 at 0826 GMT in a
falling Madrid market. Shares are down 52% over the past 12
months.
Gas Natural's earnings before interest, taxes, depreciation and
amortization, or Ebitda, rose to EUR638 million, from EUR576
million a year earlier.
Sales rose to EUR3.84 billion in the period, from EUR2.76
billion in the fourth quarter of 2007.
Gas Natural Tuesday also said that its full-year 2008 net profit
rose 10.2% to EUR1.06 billion from EUR959 million a year
earlier.
Company Web Site: http://www.gasnatural.com
-By Bernd Radowitz, Dow Jones Newswires, 34-91-395-8125,
bernd.radowitz@dowjones.com
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