The company’s profit was 37.9 million euros.

Bilbao, April 19, 2018.- nortegas‘s income for the 12 months of 2017 reached 222.8 million euros. That amount includes the incorporation of approximately 82,000 LPG customers at the end of 2016, meaning that the company’s connection points now exceed 1 million, making it the leading distributor of gas in northern Spain and the second largest nationally.

As for its results, nortegas had a net profit of 37.9 million euros in 2017. It is important to clarify that both the profit and sales figures relate to proforma financial data for the twelve months of 2017. At the end of last year, the company approved a change in fiscal year, which now starts on January 1 and ends on December 31.

The aforementioned change and reverse merger carried out in the second half between nortegas and its shareholder recommend the presentation of these proforma results in order to better understand nortegas’s full year, but also make it difficult to compare them to the previous year.

Moreover, it should be remembered that on September 28 nortegas issued bonds worth 1,300 million euros, making it the largest inaugural issue by a Spanish company since 1999.

The success of the operation is a true reflection of the quality of the company and the stability of its business. Proceeds from this issue were used entirely to refinance existing medium-term bank debt under a sound long-term financial structure. Standard & Poor’s awarded a BBB- (stable outlook) rating to both the company and the bonds issued.

In addition, on July 27, the consortium of institutional investors advised by JP Morgan Asset Management, Gulf Cooperation Council Sovereign Wealth Fund, Swiss Life Asset Managers and Covalis Capital completed the acquisition of 100% of the company from the EDP Group. From that moment on, the company began a transformation and value creation plan, focusing on growth and cost efficiency programmes.

In this regard, nortegas has made investments of 25 million euros, which has allowed the company to grow in the Basque Country, Asturias and Cantabria.

The company also tackled the creation of a new brand and corporate identity, which it presented recently.