Gas Natural Aims to Invest EUR1.7 Billion Annually Until 2022
28 Juin 2018 - 12:10PM
Dow Jones News
By Alberto Delclaux
Gas Natural SDG SA (GAS.MC) said Thursday that it aims to invest
about 1.7 billion euros ($1.97 billion) on average annually until
2022, adding it is targeting a minimum 5% annual increase to its
dividend from 2019.
The Spanish energy company, renamed Naturgy Energy, said in 2022
it expects to reach earnings before interest, taxes, depreciation
and amortization of about EUR5 billion, from EUR3.92 billion in
2017, and a net income of about 1.8 billion, from EUR1.36 billion
last year. Net debt that year should stand at EUR16.4 billion, the
same level as in 2017.
The company is under pressure from two of its major shareholders
to improve results, after recent lackluster performance. They are
Global Infrastructure Partners LLC, which holds 20% of the company
and Rioja Bidco--controlled by CVC Capital Partners Ltd. and
Corporacion Financiera Alba--which owns another 20%.
Chief Executive Francisco Reynes, who arrived in February from
Abertis Infraestructuras, said Wednesday that the company doesn't
rule out growing through acquisitions, but noted that he was more
interested in value than size.
Write to Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
June 28, 2018 05:55 ET (09:55 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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