BAKU, Azerbaijan, July 26. Spanish Enagas recorded a cash outflow of €62.1 million in the first half of 2024, reflecting an increase in its stake in HEH (Stade) from 10 percent to 15 percent, Trend reports via the company.
This contrasts with a net cash inflow of €33.6 million in the same period of 2023, primarily driven by proceeds from the sale of Gasoducto de Morelos, which brought in €73.0 million. The difference of €39.4 million corresponds to national investments as of June 30, 2023.
Net debt decreased by €183 million in the first half of 2024, a 5.5 percent reduction from December 31, 2023, bringing total net debt to €3.164 billion by June 30, 2024. The financial cost of gross debt rose slightly to 2.8 percent, up from 2.6 percent at the end of 2023. Notably, 90 percent of Enagas’ debt is at a fixed rate, including interest rate hedging instruments, which helps mitigate the impact of fluctuating interest rates. The FFO/ND ratio at June 30, 2024, stood at 20.2 percent.
On January 15, 2024, Enagas successfully issued €600 million in bonds maturing in 2034, with an annual coupon rate of 3.625 percent. The bond issue was met with strong demand, being oversubscribed five times, indicating positive market reception. Following this issuance, the average maturity of Enagas' debt is approximately 4.6 years.
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