Investors

Operating data 2017 2016 2015 CAGR (2015-2017) (1)
Connection points 1,016,530 1,008,181 917,846 5%
Natural Gas (NG)<4 bar 932,578 925,659 917,095
Natural Gas (NG)>4 bar 685 687 683
GLP 83,267 81,835 68
Distributed Energy NG+LPG (GWh) 29,728 27,109 26,476 6%
Distributed Energy (NG) (GWh)P 29,339 27,037 26,476
Distributed Energy (LPG) (GWh) 389 72 0
Length of the network (NG+LPG) (Km) 8,194 8,101 7,715 3%
Km NG 7,803 7,747 7,715
Km LPGG 391 354

Note 1: Accumulated rate of growth composed from the year 2015 to the year 2017.

Income Statement
(In millions of euros)
2017 (1) 2016 (3)
Revenues 222,8 201,1
EBITDA 169.1 159.4
Depreciation & Amortization -92.9 (2) -92.7
Results from operating activities 76.3 66.7

(1) For making the figures more comprehensive, 2017 Nortegas consolidated figures has been Proforma calculated from 1st January to 31st December 2017 and are under IFRS.
See also note (2).

(2) Calculated Proforma as if the purchase price allocation for the acquisition of Nortegas and the reverse merger merger with its parent company, would have taken place on Jan 1, 2017.

(3) 2016 Nortegas consolidated figures under Spanish Gaap.


Investments
(In millions of euros)
2017 2016
NG Distribution 24.9 22.9
LPG distribution 0.5 116.3 (1)
Total investments 25.4 139.2

(1) End 2016 acquired approx. 80,000 LPG connection points.

a. Results Presentations

2018

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First Half 2018 Results Presentation #


2017

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Full-year Results Presentation #


b. Annual Accounts

Full-year Annual Accounts

2017

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Consolidated Annual Accounts 31 December 2017_english #
Consolidated Annual Accounts 31 December 2017_spanish #
Consolidated Annual Accounts 30 April 2017_english #
Consolidated Annual Accounts 30 April 2017_spanish #

2016

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Consolidated Annual Accounts 31 December 2016_english #
Consolidated Annual Accounts 31 December 2016_spanish #

2015

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Annual Accounts Directors Report 2015_english #
Annual Accounts Directors Report 2015_spanish #

Debt structure

Facility Maximum available Maturity
Fixed Notes €750M Sept 2027
Fixed Notes €550M Sept 2022
Revolving Credit Facility €100M Apr 2022

Bond issuance

ISSUES €750m due 2027 €550M due 2022
Issuer NORTEGAS Energía Distribución, S.A.U. NORTEGAS Energía Distribución, S.A.U.
Guarantors NED España Distribución Gas, S.A.U. and NED Suministro GLP, S.A.U NED España Distribución Gas, S.A.U. and NED Suministro GLP, S.A.U
Issuer rating BBB- (stable) by S&P BBB- (stable) by S&P
Documentation EMTN Programme EMTN Programme
Maturity date 28/09/2027 (10-yr) 28/09/2022 (5-yr)
Amount €750M €550M
Coupon 2.065% fixed 0.918% fixed
Listing Irish Stock Exchange Irish Stock Exchange
Listing date 28/09/2017 28/09/2017
Structure Senior unsecured Senior unsecured

Credit rating

Agency Corporate Senior unsecured bonds Outlook
S&P BBB- BBB- stable

NORTEGAS sales reached 222.8 million in 2017

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.
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Institutional Investors Advised by JPMorgan, GCC sovereign wealth fund, Swiss Life Asset Managers and Covalis complete acquisition of 100% of Naturgas

Bilbao, July 27, 2017. The company will continue to operate its gas distribution business as an independent company, with the aim of growing in its core areas of activity. Naturgas, that changed the name to nortegas, is the 2nd largest gas distribution network …
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NORTEGAS successfully closes inaugural €1.3bn dual-tranche deal

nortegas Energía Distribución successfully launched an inaugural €1.3bn dual-tranche bond transaction. The deal was structured in two tranches: a €550m 5-year bond and a €750m 10-year bond, in what was the largest inaugural bond debut by a Spanish issuer since 1999…
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nortegas is owned by a consortium of highly experienced infrastructure investors:
  • Institutional investors advised by J.P. Morgan Asset
  • Gulf Cooperation Council Sovereign Wealth fund
  • Swiss Life Asset Management
  • Covalis Capital

NORTEGAS Energía Distribución, S.A.U.

General Concha, 20

48010 Bilbao, Spain

E-mail: ir@nortegas.es