Naturgy’s General Shareholders’ Meeting has approved, with broad support, the Group’s annual accounts and the management conducted by the Board of Directors, amidst a particularly volatile energy scenario. During the meeting, Naturgy’s executive chairman Francisco Reynés highlighted the Group’s essential role as a major contributor to economic and social development in the countries where it operates, with a firm commitment to the necessary energy transition, ensuring the guarantee of energy supply, creating value across businesses and addressing all the needs of its stakeholders.
Meeting attendance was high reaching a quorum of 90%. The proposals presented for approval at this Meeting received ample support throughout. The management of the Board of Directors, the annual accounts and the dividend proposal received the affirmative vote from 99.9% of the capital present at the Meeting. The consultative vote on the Annual Remuneration Report received the backing of 76% of the capital present, while 2% voted against.
Regarding the various decisions, the Meeting approved the accounts for the financial year 2023 and the distribution of a final dividend of €0.40 per share, payable on 9 April, which, together with the two interim dividends already paid, totals €1.40 per share against the financial year 2023, as committed. The share’s dividend yield at the end of March stood at 7%.
The Meeting approved other items on the agenda, including the management of the Board of Directors and the re-election of KPMG as auditor, both for the Company and its consolidated group accounts for the financial years 2024 and 2025. Furthermore, the authorisation to the Board of Directors for the acquisition of own shares was renewed.
During his speech to shareholders, Francisco Reynés highlighted Naturgy’s strong performance in 2023 despite the volatility in the energy scenario, marked by a decline of gas and electricity prices towards historic average levels.
The Company’s activities in 2023 saw a notable increase in investment, with a focus on energy transition. Naturgy invested nearly €3 billion in 2023, which implies a 50% increase compared to the previous year. This investment effort enabled the Group to expand its installed renewable capacity to 6.5 GW and to progress on numerous renewable gas projects, particularly in biomethane, as a new and promising strategic vector for decarbonisation.
In 2023, Naturgy improved its EBITDA to €5,475 million, with the networks businesses generating €2,638 million and the liberalized businesses €2,949 million in EBITDA. All that translated in a net income of €1,986 million for the group. “These results underscore the dedication of the entire Naturgy team and enable the Company to continue meeting its commitments to shareholders by distributing a total dividend of €1.40 per share against the 2023 results”, Reynés explained in his speech to the shareholders.
He also stressed that the Company “continues to advance in all its commitments regarding sustainability, social responsibility, and governance”. In 2023, Naturgy increased its emissions-free installed capacity to 40% and implemented 353 biodiversity initiatives to support the preservation of natural capital in the geographies where it operates. In terms of diversity, the Group exceeded 36% women representation in management positions.
During the General Meeting, the executive chairman outlined the management priorities for 2024: 1) maintain the investment commitment in energy transition, focusing on renewable generation and the development of biomethane; 2) strengthen its energy distribution networks; 3) Proactive regulatory management; 4) adapt its gas procurement contracts to reflect the current market conditions and to ensure long-term energy supply; and 5) enhance our customers’ experience.
Francisco Reynés concluded by highlighting Naturgy’s ability to adapt to the environment: “The Company’s 180-year history demonstrates our ability to adapt to changing circumstances. Naturgy remains committed to the future, increasingly investing in the energy transition and addressing the concerns of our stakeholders”. He finally expressed his gratitude to the entire Naturgy team, stating, “They deserve our utmost recognition, as these achievements would not have been possible without their collective efforts”.
