BAKU, Azerbaijan, October 25. As of September 30, net debt of Spanish Enagas has been reduced from €4,277 M in December 2021 to €3,583 M, Trend reports via the company on October 25.
The financial cost of debt stood at 1.7 percent, in line with that of December 2021. More than 80 percent of Enagás’ debt is at a fixed rate, which allows the company to mitigate the impact of current interest rate movements.
The company has a solid liquidity position, which at the end of the third quarter amounted to €3,632 M between treasury and undrawn lines of credit. The FFO/ND ratio at the end of the third quarter was 18.3 percent, while the Net Debt/EBITDA ratio adjusted for dividends received from affiliates amounted to 4.5x.
The debt type at September 30, 2022 was as follows: 10 percent is institutional debt, 54 percent was issued in capital markets, 28 percent is commercial bank borrowings and the remaining 8 percent is leases (IFRS 16). Of the debt booked, 67 percent is issued in euros and the remaining 33 percent in US dollars (USD).
The company has a solid liquidity position, which at the end of the third quarter of 2022 amounted to €3,632 M between treasury and undrawn credit lines.