Financial position

Finantial position

 

 Naturgy is progressing on the optimization of its capital structure as outlined in its 2018-2022 Strategic Plan. 

 In January 2018, the company completed a liability management exercise at the holdco with the issuance of an €850m 10-year bond with a coupon of 1.5% and €916m notes repurchase. Additionally, two bonds of €1,099m in aggregate with an average coupon of 4.59% matured in 2018.


 During the last quarter of 2018, the company completed €333m bond repurchases at the holdco with maturities spanning from 2019 to 2021.


 Furthermore, the company used part of its excess cash to amortize all of its bank-funded holdco debt, including €1,270m denominated in euros, as well as €390m denominated in USD.


 The company is in the process of optimizing the financing allocated into each of the business units in order to increase accountability and funding autonomy in the same currency where cash flows are originated, and gain increased flexibility. In this respect, the Company refinanced / issued new debt in Latin America for an aggregate amount of approximately €1,073m, including new bond issuances of €389m and new banking debt / refinancing of €684m. 

 

Net debt evolution (€m)

Vencimiento deuda

Gross debt maturities (€m)


Vencimiento deuda

Credit metrics
 

 
Credit metricsFY18FY17
EBITDA/Net financial debt cost7.56.4
Net debt/LTM EBITDA 3.43.9
Net debt /LTM EBITDA (IFR16) 3.84.2



Financial debt by currency

 
 Financial debt by currencyConsolidated GroupChileBrazilArgentinaPerúMexicoPanamaHolding &
other 
Dec'18 Dec'17CLPUSD BRL ARS USDMXN USD EUR/USD
Financial debt €m13,66715,1541,99514244(34)5536750610,520
Average cost of debt % 3.13.45.93.87.9 40.9 4.68.64.12.3
% fixed rated (gross debt)  % 878872--1-535995


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