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    NTGY   ES0116870314

NATURGY ENERGY GROUP, S.A.

(NTGY)
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Naturgy Energy S A : 1H21 Results

07/28/2021 | 11:36am EDT
1H21 Results

The company closed the first half of the year with its business performing well, in a context of recovery, and now faces a new stage in its transformation with a focus on its commitment to the energy transition and growth in renewables and distribution networks, as well as the development of new energies.

As regards the results for the first half of the year, there was noteworthy improvement in the performance of the company's businesses, in a context of recovery. Ordinary EBITDA was 1.959 billion euros (+3%), while ordinary net profit was 557 million euros (+17%). Consequently, a first interim dividend on 2021 results of €0.30 per share was declared, to be paid on 4 Augus.

In the first half of the year, growth was mainly focused on renewable projects, particularly in Spain, Chile and Australia, where the company will be increasing its presence to 750MW of installed capacity. Likewise, Naturgy was awarded a total of 235MW of solar and wind power at the last auction in Spain, and more recently, 45MW in the solar auction for the Canary Islands, which will allow it to double its installed capacity in that region.

In terms of ESG, greenhouse gas emissions were reduced by 9%, while net emission-free production grew by 13.5% and emission-free installed capacity increased by close to 7% owing to new projects in Chile and the closure of coal-fired power stations in Spain. Naturgy signed a sustainable credit to the value of 2 billion euros linked to sustainability objectives, which includes an annual contribution to the Naturgy Foundation for social projects.

The group's ability to continue to grow in the current climate is highlighted. A feature of the first half of the year was the company's entry into the United States, as well as the latest agreements reached in Australia that give it a leading position in that country's market, where an installed capacity of 750MW is expected to be achieved by 2022.

Moreover, also worthy of note was the successful outcome of the renewables auction in Spain, where the company was awarded 235MW of wind and solar projects, to which it subsequently added 45MW of solar capacity in the Canary Islands, enabling it to double its installed capacity in that region.

Milestones of the quarter:

  • Naturgy this week concluded the sale of its electricity networks business in Chile to the Chinese state-owned company State Grid International Development Limited (SGI) by accepting latter's offer as a necessary and final step to finalising the takeover.

  • In financial terms, Naturgy signed a sustainable credit for 2 billion euros linked to sustainability objectives that includes an annual contribution to the Naturgy Foundation for social projects. Through this milestone, the company has strengthened its commitment to sustainable financing and its progress in aspects related to ESG.

  • In terms of growth, the company continued to advance in its expansion of renewable power generation. Through its international subsidiary Global Power Generation (GPG), Naturgy signed a power purchase agreement (PPA) with the Australian telecommunications company Telstra to build a 58MW wind farm in that country, with construction starting later this year. For this purpose, GPG will invest approximately 120 million Australian dollars (equivalent to approximately 76 million euros) in its development, with the aim of having it operational by 2023.

  • Also in the second quarter of this year, Naturgy became the first company in Spain to inject renewable gas into the country's gas distribution network, reflecting the company's commitment to energy transition and positioning itself at the forefront of innovation in the development of this new energy vector, which significantly contribute to the decarbonisation of the energy system.



EBITDA by business unit

Reported Ordinary
(€ m) 1H21 1H20 Change 1H21 1H20 Change
Energy management and networks 1,414 1,476 -4.2% 1,613 1,563 3.2%
Renewables and new businesses 185 193 -4.1% 178 198 -10.1%
Supply 151 134 12.7% 214 171 25.1%
Rest -72 -59 22% -46 -24 91.7%
TOTAL 1,678 1,744 -3.8% 1,959 1,908 2.7%



Madrid, 28 July, 2021

Disclaimer

Naturgy Energy Group SA published this content on 28 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2021 15:33:19 UTC.


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Financials
Sales 2021 17 633 M 20 662 M 20 662 M
Net income 2021 1 285 M 1 506 M 1 506 M
Net Debt 2021 11 944 M 13 996 M 13 996 M
P/E ratio 2021 16,2x
Yield 2021 5,57%
Capitalization 20 708 M 24 249 M 24 266 M
EV / Sales 2021 1,85x
EV / Sales 2022 1,79x
Nbr of Employees 8 552
Free-Float 27,7%
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Mean consensus HOLD
Number of Analysts 17
Last Close Price 21,55 €
Average target price 22,03 €
Spread / Average Target 2,24%
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Managers and Directors
Francisco Miguel ReynÚs Massanet Chairman & Chief Executive Officer
Carlos Ayuso Salinas Director-Internal Audit, Compliance & Control
Ramˇn Adell Ramˇn Independent Director
Francisco Belil Creixell Independent Director
Helena Herrero Starkie Independent Director
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