Naturgy sees Q1 profits slip
First quarter profits at Spain's Naturgy fell 9.4% yr/yr to €347mn ($361mn), as the integrated gas and electricity group continued its bid to splinter generating assets and infrastructure into two distinct units.
Naturgy also said core earnings growth at its Latin America infrastructure units outperformed its core grid assets in Spain. Latin American infrastructure earnings rose by 19.3% yr/yr to reach €216mnm while operations in Spain generated €392mn, climbing 2.9% on the year.
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Net financial debt rose to €13.1bn from €12.8bn at the end of Q1 2021, while cash holdings amounted to €3.6bn against €4bn yr/yr. Naturgy does, however, have access to €5.5bn in undrawn credit lines, bringing its liquidity to around €9.2bn overall.
Naturgy's division into separate units is aimed at monetising opportunities from the energy transition. The generating business will take over 11mn customers and a diversified portfolio of 298 TWh of gas supplies, while the infrastructure unit includes 13,500 km of natural gas pipelines in six countries and 155,000 km of electricity networks.