Gas Natural, Inc. (EGAS)
Q1 2012 Earnings Call
May 08, 2012 PM ET
Rafael Villaseca – CEO
Manuel Palomo – Citigroup
Fernando Garcia – Espirito Santo
Avinash Kant – D.A. Davidson & Co
Andrew Abrams – Avian Securities
Alberto Gandolfi – UBS
Carolina Dores – Morgan Stanley
Good morning. Welcome to the presentation of results of the first quarter 2012 Gas Natural Fenosa. As usual, the presentation will be given by Mr. Rafael Villaseca, CEO together with the Financial Manager Mr. Álvarez and Mr. Antonio Basolas, Director of Strategy and Development.
After the presentation we'll have a debate or a question-and-answer period for the people in the room and the people who have followed this remotely on the internet or who want to ask questions on the telephone. I'll pass the floor to Mr. Villaseca.
Good morning everyone. Good morning to those of you who've logged in from afar? We're going to analyze our three monthly or quarterly results and answer your questions. These are the six points of the presentation. I will start with the highlights. Continue with the growth of international operations which is being really very good. We'll talk about the Spanish regulatory issues, financials and an analysis of the operations. And then we will have a series of questions and get your questions and answers.
If you go to highlights for the quarter, we could simplify in these four figures. Our net income after taxes 407 million euros, a growth of 5.2%. EBITDA has remained the same 1,300 million in spite of the situation, had it not been that big a situation been what's it's been, it would have increased. Investments have gone down by 4.7% and the net debt has gone down by almost 8%. We think these results of growth are presentable if we bear in mind the investments that we've made in the last 12 months as regards to previous year and the impact of the royal decree act 13, 2012 including the first package of measures that the government introduced as regards the electric tariff deficit. So we believe it's very acceptable, these results are very acceptable. It's been a poor performance of the electric industry in Spain. It's been a good international result especially in international gas operations and a continuity and the reduction of expenses especially, financial expenses.