Gas Natural to boost investments in renewable energy as of 2015 - report
Nov 4, 2013 - Spanish gas utility Gas Natural Fenosa (MCE:GAS) plans to boost investments in renewable energy outside Spain and in natural gas distribution in Latin America as of 2015, news agency Europa Press said.
The company will reduce its earnings before interest, tax, depreciation and amortisation (EBITDA) expectations to between EUR 4.5 billion (USD 6.1bn) and EUR 5 billion annually in 2016 and 2017, Europa Press quoted analysts from Citi as saying.
The net profit forecasts will also be lowered to EUR 1.4 billion in 2015, but debt, liabilities and capital expenditure are seen on the decline as well, which gives margin for international growth.
Gas Natural intends to present its upgraded business development plan tomorrow, and forecasts a cash inflow of EUR 3.5 billion and investments in new projects to stand at EUR 1.35 billion annually.
The dividend pay out is likely to reach 65%, versus 62% currently, and Gas Natural's presence on the international liquefied natural gas (LNG) market will expand, especially on emerging markets.