ENAGAS has presented its 2022 results. Operating results were in line with consensus, both revenues and EBITDA (€797m vs €798m css, down 11% Year-on-Year), as well as EBIT (€478mn vs €476mn). However, the company posted a FY22 net profit (€376mn) -6% below consensus (€401mn), due to the discrepancy in the timing of the Morelos pipeline sale (the sale is now expected to be completed in the first four months of…
F.R. | The plenary session of the Senate is scheduled to debate and vote on the draft Securities Markets and Investment Services Act by urgent procedure. It is expected that the new regulation will be approved without major changes to the text published last September in the Official Gazette of the Spanish Parliament (BOCG). According to the sources consulted, the bill could return to Congress for examination and approval of…
The delegation of MEPs will return from Madrid to Brussels on Wednesday with the feeling of having failed to get “answers” to the main questions that caused their “serious doubts” about Spain’s management of the NextGenerationEU recovery funds. The government has boasted of co-governance, but the Autonomous Communities do not ratify it,” explains an internal source within the mission. “We asked Nadia Calviño and José Luis Escrivá about the reduction…
The president of Renfe, Isaías Táboas, and the Secretary of State for Transport, Isabel Pardo de Vera (former president of ADIF, the company that owns the railway network) have left their posts yesterday, after the major scandal that Renfe, to cover the service of the Spanish north coast, had ordered 31 trains with such dimensions that they did not fit through the tunnels of the route: https://bit.ly/3YSJvIj The fact was…
Bankinter | Housing Transactions fell -10% in December (year-on-year) vs +11% in the previous two months. This is the first fall since February 2021. Thus, 2022 closed with 650k transactions (+15% vs 2021). On the other hand, according to the Land Registry, Housing Prices fell -0.4% on average in Spain in 4Q 2022 (q/q) vs +0.1% previously. Those of used housing fell by -1.1%, while those of new housing still…
The European Parliament’s budget control committee is arriving in Spain to find out how the government is managing and spending European funds. A long-awaited mission that is keeping the government, which has just received the go-ahead from Brussels to receive a further 6 billion euros, on tenterhooks. The aim of the mission is to investigate how the government has managed and spent the money. But not all of it, but…
Link Securities | The Directorate General of Armament and Material (DGAM) has awarded Indra (IDR) a contract to develop and test the Navy’s new generation of electronic intelligence systems within the Santiago national programme of Electronic Defence, according to Europa Press. The systems under development aim to facilitate the detection and generation of strategic information to ensure the access and use of the electromagnetic spectrum for the Armed Forces. Indra…
The listed real estate sector has managed the crisis well and is in optimal conditions to face the coming years, according to the dominant opinion among the 300 experts gathered at the V Iberian Reit & Listed Conference held in Madrid. Dominique Moerenhout, CEO of EPRA – the umbrella organisation for listed real estate companies in Europe – said that, in such challenging times as the present, “in the coming…
Repsol yesterday presented its results for the 2022 financial year. The oil company recorded profits of €4.251 billion, an increase of 70% compared to 2021. The company’s EBITDA rose to 13,813 million, up 40%. Investments amounted to 4,182 million euros. Net debt was reduced by 61% to 2,256 million and liquidity increased to €12,000 million. Regarding the dividend, Repsol announces that it will propose at the next General Shareholders’ Meeting…
Francisco Vidal | Covid, inflation and the new minimum wage hike are just additional problems for SMEs that suffer “a regulatory burden that suffocates them: a commercial establishment opening its doors in 2021 in any Spanish city would be affected by more than 3,000 regulations, from European to municipal”. SMEs make up the heart of Spain’s productive fabric and, in fact, by the end of 2022 there were 2.9 million…