Gas Natural Fenosa delivers on the objectives of its 2013-2015 Strategic Plan, recording net profit of 1.502 billion euros (+2,7%)

  • The company remains committed to its sound policy of remunerating shareholders in cash and will set aside 933 million euros for dividends charged to 2015 results (0.9328 euros/share), an increase of 2.7%. The pay out is 62.1%, meeting the objective established in the Strategic Plan.
  • GAS NATURAL FENOSA’s EBITDA has grown 10.8% YoY to 5.376 billion euros. However, the growth rate decreased to 8.6% following the restatement of financial statements in light of the agreement reached to divide Chilean company Gasco. This operation has affected consolidated EBITDA by 112 million euros in 2015 and 8 million in 2014.
  • Growth recorded in 2015 can be attributed to the solidity of regulated businesses and the expansion of operations in Latin America, in particular Chile. CGE, acquired at the end of 2014, contributed 499 million euros to the multinational’s EBITDA.
  • The weight of international activities grew in 2015, now accounting for 48% of GAS NATURAL FENOSA’s EBITDA, compared to 44.7% in 2014.
  • The debt ratio of GAS NATURAL FENOSA, which continues to apply its strict financial policy, stood at 45.8% and its financial debt/EBITDA ratio stood at 3:1, as set out in the 2013-2015 Strategic Plan.
Salvador Gabarró, Chairman of GAS NATURAL FENOSA.​
Salvador Gabarró, Chairman of GAS NATURAL FENOSA.​

GAS NATURAL FENOSA ends 2015 satisfying the objectives set out in the 2013-2015 Strategic Plan. In 2015, the multinational recorded net profit of 1.502 billion euros, an increase of 2.7%, with consolidated EBITDA increasing to 5.376 billion euros, above the 5 billion set out in the Strategic Plan.

The EBITDA grew by 10.8% YoY; however, this figure dropped to 8.6% (5.264 billion euros) following the restatement of financial statements in light of the agreement reached to divide the Chilean company Gasco. At the end of the year, the financial debt/EBITDA ratio was 3:1, which also meets the objectives set out in the now defunct plan.

Against a complex economic and energy backdrop, marked by commodity prices, specially the Brent oil price, and the devaluation of currencies, growth was attributable to the solidity of regulated businesses and the expansion of operations in Latin America, underscored by regulatory stability.

The Chilean Compañía General de Electricidad (CGE), which formed part of GAS NATURAL FENOSA’s scope in December 2014, added 499 million euros to the group’s consolidated EBITDA in 2015. This contribution made it possible to offset the 59-million impact of Royal Decree-Law No. 8/2014, which affects regulated gas operations in Spain, and the disinvestment of the telecommunications business, which contributed 32 million euros to EBITDA in 2014.

The company restated its 2014 and 2015 financial statements to reflect the agreement signed last December to divide Chilean gas supplier Gasco into two companies, one dedicated to liquefied petroleum gas (LPG), which will not be managed by GAS NATURAL FENOSA and another that will be managed by the group, dedicated to natural gas operations. Following this revision, the consolidated EBITDA of GAS NATURAL FENOSA dropped by 112 million euros in 2015 and 8 million in 2014. Had this not occurred, the multinational’s EBITDA would have grown by 10.8% last year, rather than by 8.6% as reported.

The contribution of CGE increased the weight of international activities on GAS NATURAL FENOSA’s EBITDA to 48%, compared to 44.7% in 2014. The amount attributable to operations in Spain (52%) is therefore relatively less in terms of the consolidated total.

At the end of the year, the company posted a borrowing ratio of 45.8% and net financial debt of 15.648 billion euros. 96.3% of debt is subject to long-term maturities and the average lifetime is slightly longer than five years.

At the close of 2015, GAS NATURAL FENOSA had 10.601 billion euros of liquidity available, equivalent to financial obligations for over 24 months.


The Board of Directors will propose that the Annual General Meeting sets aside 933 million euros (0.9328 euros per share) to the distribution of dividends charged to 2015 results. This figure represents a 2.7% increase compared to the previous year. The payment of the supplementary dividend of 0.525 euros per security, will take effect on 1 July 2016. The pay out (proportion of net profit designated to dividends) stands at 62.1%, meeting the objective set out in the Strategic Plan.

During the effective period of the Strategic Plan, total shareholder return was 58.4%: 38.6% due to the revaluation of shares between 31/12/2012 and 31/12/2015 and an additional 19.9% due to yield per dividend.

This return of 58.4% for the period corresponds to an accumulative annual return of 16.6%.


The multinational invested a total of 2.082 billion euros in 2015. Investments in material and immaterial assets amounted to 1.767 billion euros, up by 0.9%.

The main focus of investment at GAS NATURAL FENOSA was in gas distribution activities, which increased by 3.8% to 735 million euros, representing 41.6% of the consolidated total. In Spain, investments in gas distribution grew by 29.9%.

Investment in electricity distribution activity rose by 12.9% to account for 22.8% of the total, mainly due to growth in Spain. In turn, CGE represented 15% of material and immaterial investments.

By geographical area, investments in Spain fell by 2.7% (but would increase by 18.4% when excluding the investment made in an LNG tanker in 2014). Overseas, investments rose by 5.5% due to the incorporation of CGE.

Other targets of the 2013-2015 Strategic Plan

In terms of compliance with the objectives set out in the now defunct strategic plan, based on the three lines of growth identified, special mention should be made of the progress in terms of the distribution network business; this has made it possible to increase the number of supply points by 3.7 million, with a potential additional portfolio of around one million by 2020.

Concerning power generation during the effective period of the 2013-2015 Strategic Plan, the group added 520 MW with the inauguration of the Bií Hioxo wind farm (Mexico), the Torito plant (Costa Rica) and the acquisition of Gecalsa. The creation of Global Power Generation as an international growth and operating platform is also worth particular mention; this venture will be driven by the recent inclusion of KIA amongst its shareholders.

Finally, as regards the wholesale gas sales business, the group signed agreements for an additional 11 bcms to add to its gas procurement portfolio, from two projects in the US (Cheniere, Sabine Pass and Corpus Christi), the Yamal LNG in Russia and the Shah Deniz II project in Azerbaijan. Furthermore, it doubled the capacity of its tanker fleet by adding six larger vessels, providing an extra total capacity of almost one million cubic metres.

The implementation of the efficiency plan from 2013-2015 generated accumulated savings throughout the effective period of the Strategic Plan of 306 million euros, in excess of the 300-million euro target, thanks to the reduction in discretional and service costs, the rationalisation of commercial and operating costs and the optimisation of costs in corporate departments.

Gas distribution in Spain

The EBITDA of gas distribution operations in Spain totalled 872 million euros, similar to the previous year (+0,1%), thanks to the adjustments to the retribution of regulated gas activities established by Royal Decree-Law No. 8/2014.

Regulated gas sales in Spain rose by 3.2% compared to 2014, to 177,391 GWh. There were no significant changes in household-commercial and industrial demand (-1.6% and -0.1%, respectively), whilst demand regarding power generation grew by 106% due to the improved functioning of the combined cycles.

At 31 December, the company had 5,266,651 supply points (+0.8%) and the distribution network stood at 51,016 kilometres, up 4.3% on the figure reported at the close of the previous year. The number of municipalities with access to natural gas increased to 1,188, following the inclusion of 41 new municipalities in 2015.

Gas distribution in Italy

The EBITDA from the gas distribution business in Italy stood at 66 million euros, in line with the previous year.

Gas distribution sales amounted to 3,821 GWh, an increase of 12.2% on 2014 due to more favourable meteorological conditions. The distribution network stood at 7,167 kilometres on 31 December 2015, with an increase of 67 kilometres in the last 12 months. GAS NATURAL FENOSA has 457,614 supply points in Italy, slightly up on the previous year.

Gas distribution in Latin America

The EBITDA from gas distribution in Latin America amounted to 637 million euros, an increase of 5.3% on 2014. This was affected by positive currency performance in Argentina (up +8.9%) and Mexico (up +1.3%), partly offsetting the currency devaluation in Colombia (down -11.2%) and Brazil (down -13.6%). When disregarding the exchange rate effect, the EBITDA would have increased by 14.6%.

By country, the EBITDA recorded in Brazil is worth particular mention: 263 million euros, or 41.3% of the total. Mexico, with 163 million euros, representing 25.6% of the total and Colombia with 167 million euros, or 26.2% of the EBITDA, are also worth special note. In Colombia, sales of gas and third-party access to the network (ATR) grew by 9.4% thanks to the boost from the industrial market (+16.3%).

Sales in the gas business in Latin America, which encompass gas sales and third-party access to the network services (ATR), amounted to 248,536 GWh, similar to the figure recorded in 2014.

The distribution network in Latin America grew by 2,296 kilometres (+3.2%), to 73,186 kilometres at the end of the financial year. This important level of growth was largely attributable to the expansion of the network in Mexico (891 kilometres) and Colombia (770 kilometres).

GAS NATURAL FENOSA has over 6.8 million supply points in Latin America, following the addition of 293,022 new points in the period (+4.4%). Increases in Mexico (106,000 additional supply points) and Colombia (105,000 additional supply points) are also worth note.

Electricity distribution in Spain

The EBITDA from electricity distribution operations rose by 3.8% to 607 million euros compared to 2014, while net turnover rose by 1.7% to 838 million euros.

Energy supplied increased to 31,992 GWh in 2015, up 1.1% on 2014. At the end of the financial year, the company had 3,683,000 supply points, a net annual increase of 9,857 points.

The equivalent interruption time related to the installed capacity (TIEPI) was 44 minutes, down 8.3% on the previous year.

Electricity distribution in Moldova

The EBITDA for electricity distribution operations in Moldova rose to 38 million euros in 2015, up 2.7%, despite the weakening of the euro against the local currency. When disregarding the exchange rate effect, EBITDA growth would stand at 15.9% due to increased tariff revenue, lower network losses and the application of the cost of extending the useful life of assets.

Electricity activity sales rose to 2,684 GWh (+2.4%) and there were 867,218 supply points at the end of the period, up 1.3%, due in large part to real-estate sector growth.

Electricity distribution in Latin America

The EBITDA from electricity distribution operations in Latin America, which includes Colombia and Panama, amounted to 378 million euros at the end of the financial year, up 8.6% on 2014. When disregarding the exchange rate effect, the EBITDA would increase by 12%.

The distribution business in Colombia contributed 258 million euros to EBITDA, which represents a 6.6% increase (20% when disregarding the exchange rate effect). The distribution companies in Panama contributed 120 million euros (up +13.2%).

Sales from electricity distribution operations in Latin America rose by 6.1% to 18,200 GWh, due to growth in demand in both Colombia and Panama. Overall, the number of customers rose by 3.7%.

Gas: Infrastructure

The EBITDA of infrastructure activities rose by 293 million euros in 2015, up 1.7%. This heading covers Magreb-Europe Gas Pipeline operations, maritime transport management, the development of integrated liquefied natural gas (LNG) projects and the exploration, development, production and storage of hydrocarbons. In spite of a lower volume transported via the Maghreb–Europe Gas Pipeline in 2015, activity was boosted by the positive effect of the exchange rate against the dollar.

At 31 December, the gas shipment business conducted in Morocco through EMPL and Metragaz, posted a total volume of 112,861 GWh, down 6.4% on 2014 due to a lower volume of gas transported to Spain. Of this figure, 75,890 GWh (-11.6%) was transported for GAS NATURAL FENOSA through Sagane and 36,971 GWh (+6.6%) for Portugal and Morocco.

Gas: Supply and sales

The EBITDA from global gas supply and sales activity amounted to 788 million euros, a moderate reduction of 12.6% bearing in mind the energy price adjustment figure reported during the year. Flexibility in the management of the global contract portfolio to adapt to the current price context should allow a gradual stabilisation of constricting business margins.

In 2015, wholesale commercialisation by GAS NATURAL FENOSA amounted to 285,500 GWh. This represents an increase of 1.2% on 2014 due to the commercialisation of natural gas overseas (+8.1%) and in spite of a 3.7% fall in gas sold in the Spanish market stemming from reduced supply to third parties.

Gas Natural Europe, the sales subsidiary in Europe, currently has a subscribed portfolio of 29.5 TWh/year in France, with customers in various sectors that range from industry to local authorities and the public sector. The French subsidiary is consolidating its position in Belgium, Luxembourg, the Netherlands and Germany with a subscribed portfolio of 20.6 TWh/year.

In Italy, Gas Natural Vendita achieved a contract portfolio in the wholesale market of 6.9 TWh/year at the end of 2015.

In the Portuguese market, GAS NATURAL FENOSA remains the second-largest operator in the country with a market share of over 15%, maintaining its position as the leading foreign operator. In the industrial market, where its business is focused, this market share stands above 17%.

Overseas, it has continued with its market diversification efforts, with sales in America and Asia. The company is thus consolidating its presence in the main international LNG markets, with a medium-term position in growth markets and new markets.

Within the retail market, the company reported a figure of 12.3 million active gas, electricity and maintenance service contracts at the end of the year, of which 550,000 were in Italy. GAS NATURAL FENOSA, a pioneer in the integration of joint gas and electricity supply, now has over 1.5 million households in Spain with contracts for both energies. Furthermore, a large proportion of these households (80%) also have a maintenance service contract.

Electricity in Spain

The EBITDA from electricity activity in Spain (generation, wholesale and retail sales, and supply of electricity to voluntary price for the small consumer) amounted to 741 million euros, down 5.2%. This reduction was mainly due to the different performance by pool prices between the periods in question.

The average weighted price of the daily market in 2015 was €51.75/MWh, 23% up on the aggregate price in 2014.

Electricity production stood at 31,568 GWh, 3.4% up on 2014. Of this figure, 29,468 GWh corresponded to generation under the traditional regime (+3.5%), while renewable generation and cogeneration stood at 2,100 GWh (+1.1%).

GAS NATURAL FENOSA had a market share in the aggregate traditional generation market in 2015 of 18.9%, slightly higher than the figure of 18.6% reported in 2014.

Hydraulic production came to 2,457 GWh, significantly down on the 4,275 GWh reported in 2014. The year began with the hydrological characteristics of an average year, changing to a dry year in the second quarter and very dry in the third quarter. The fourth quarter was extremely dry.

Nuclear production increased by 2.7%, to 4,544 GWh, although these figures were affected by the postponement of scheduled downtime.

Combined cycle production in 2015 amounted to 14,494 GWh, 2.5% up on the figure recorded in 2014.

Heat generation from coal reached 7,973 GWh in 2015, a YoY increase of 41.8%. However, the 2014 figure was affected by different operating criteria as it was subject to the Royal Decree on the Guarantee of Supply, in force until the end of the year.

Electricity sales, which include sales in the liberalised market and the Voluntary Price for the Small Consumer, came to 35,241 GWh (+1.5%). These figures from the electricity sales portfolio are in accordance with the positioning of margins maximisation, market share optimisation and the level of coverage that GAS NATURAL FENOSA wishes to have in view of electricity-market price variations.

Gas Natural Fenosa Renovables

Gas Natural Fenosa Renovables ended 2015 with a consolidatable installed capacity of 1.145 MW, of which 977 MW came from windpower, 110 MW from mini-hydroelectric production and 58 MW from co-generation and photovoltaic plants.

Production was higher than the levels recorded in 2014 (2,100 GWh in 2015 compared to 2,077 GWh in 2014).

Gas Natural Fenosa reached an agreement in June to acquire 100% of the renewable energies company Gecalsa for the amount of 260 million euros. After obtaining the necessary permits, the deal was closed in October.

Global Power Generation

In October 2014, GAS NATURAL FENOSA incorporated Global Power Generation (GPG), which encompasses its electricity generation assets and businesses outside Europe. The objective of this new company is to drive the international generation business pursuant to the framework established as part of the Strategic Plan.

Last March, GAS NATURAL FENOSA and the Kuwait Investment Authority (KIA) signed an agreement to undertake a share capital increase of 550 million dollars in GPG, which will be wholly underwritten by KIA. Following the share capital increase, KIA holds a 25% stake in GPG while GAS NATURAL FENOSA maintains control of the company.

After obtaining the necessary permits, the deal was closed in October and represents a partnership with a sound investment partner for expediting the development of its international power generation expansion plans, which, for the medium term, involve building an additional 5 GW of generation capacity in international markets, mainly in Latin America and Asia.

The EBITDA from GPG amounted to 261 million euros at the end of 2015. This 18.1% increase on the same period last year was mainly due to the exchange rate effect and the entry into commercial operation of the Bii Hioxo Wind Farm (Mexico) in October 2014 and the Torito Hydropower Plant (Costa Rica) in May 2015.

Compañía General de Electricidad (CGE)

The Chilean company CGE was added to the scope of consolidation of GAS NATURAL FENOSA via the global integration method on 30 November 2014. CGE contributed 499 million euros to the consolidated EBITDA.

In the gas distribution business, CGE increased its sales over the course of the year by 11,6% to 44,083 GWh. Furthermore, CGE recorded growth of 1.9% in terms of the sale of electricity distribution activity (to 15,856 GWh), primarily due to the 2.9% increase in sales to regulated clients, partially compensated by the 13.8% decrease in sales to free clients.


Consolidated Income Statement

The income statements in 2015 and 2014 have been restated due to discontinuation of LPG business in Chile, without impacting the net income.


(€ Million)20152014
Net turnover26.01524.697
Other operating income321295
Labour costs-973-828
Other operating costs-2.102-1.987
Other revenue5258
Depreciations and impairment losses-1.750-1.616
Allocation to provisions-258-302
Financial Income-894-799
Income from disposal of financial instruments
Income from institutions via shareholding-4-474
PRE-TAX INCOME2.3631.912
Tax on profits-573-256
Income from interrupted operations342
Non-controlling interests-322-196


Consolidated balance

(€ Million)31/12/1531/12/14
Non-current assets38.40539.507
Intangible assets10.52510.783
Tangible fixed assets23.69324.267
Investments via shareholdings1.7302.034
Non-current financial assets1.3871.289
Deferred tax assets1.0701.134
Current assets-9.72710.821
Non-current assets held for sale955
Trade and other receivables5.1915.701
Other current financial assets365471
Cash and equivalent liquidity2.3903.572
TOTAL ASSETS48.13250.328


(€ Million)31/12/1531/12/14
Net worth18.51818.020
Net equity attributed to the parent company14.36714.141
Non-controlling interests4.1513.879
Non-current liabilities21.48123.885
Deferred income853832
Non-current provisions1.4881.560
Non-current financial liabilities15.65317.740
Deferred tax liabilities2.5432.798
Other non-current liabilities944955
Current liabilities8.1338.423
Related assets held for sale585
Current provisions193128
Current financial liabilities2.5952.804
Trade creditors and other payable accounts4.0084.641
Other current liabilities752 850


Physical key figures

Distribution Business:

Gas distribution (GWh)429.748424.2901,3
Latin America248.536249.067-0,2
Rate-regulated gas sales159.574158.6950,6
Electricity distribution (GWh)52.87651.4122,8
Rate-regulated electricity sales2.6842.6212,4
Latin America18.20017.1506,1
Rate-regulated electricity sales17.11516.1026,3
Gas distribution supply points, in thousands (on 31/12):12.61012.2762,7
Latin America6.8866.5934,4
Electricity distribution supply points, in thousands (at 31/12):7.6947.5611,8
Latin America3.1443.0323,7
TIEPI in Spain (minutes)4448-8,3


Gas Business
Wholesale sales (GWh)285.500282.0041,2
Other gas sales127.307117.7878,1
Retail sales (GWh)30.76828.6257,5
Gas transportation – EMPL (GWh)*112.861120.558-6,4

*TPA services included in secondary transport.

Electricity Business


Electricity produced (GWh)49.54848.2822,6
Combined cycles14.49414.1432,5
Renewable and cogeneration2.1002.0771,1
Global Power Generation17.98017.7401,4
Mexico (CC)15.51915.898-2,4
Mexico (wind power)850253
Costa Rica (hydraulic)408159
Panama (hydraulic)7374-1,4
Panama (oil)28
Dominican Republic (oil)1.01292010,0
Kenya (fuel)118408-71,1
Electricity generation capacity (MW)15.47114.7854,6
Combined Cycles7.0016.6036,0
Renewable and cogeneration1.14590226,9
Global Power Generation2.7022.6631,5
Mexico (CC)2.0352.035
Mexico (Windpower)234234
Costa Rica (hydraulic)1015198,0
Panama (hydraulic)2222
Panama (oil)11
Dominican Republic (oil)198198
Kenya (oil)112112

Compañía General de Electricidad

Gas Distribution
Gas business sales (GWh)44.08339.51211,6
Supply points, in thousands (at 31/12)5625404,1
Electricity distribution
Electricity business sales (GWh)15.85615.5661,9
Supply points, in thousands (at 31/12)2.9282.8542,6
Transported power (GWh)14.49715.902-8,8