Significant hike in natgas operator's profits expected to positively affect privatization bids

Tuesday, 13 March 2018 22:43

Significantly improved results in 2017 and noteworthy cash reserves are expected to positively affect international bids for the Hellenic Gas Transmission System Operator S.A. (DESFA), a memorandum-mandated privatization.

For instance, after-tax profits increased by 140.6 percent, reaching 85.6 million euros in 2017, up from 34.3 million in 2016. The increase was attributed to a major hike in natural gas consumption in the country, especially for power production; industrial and retail use was also up, less so comparatively.

Sales in 2017 reached 268.7 million euros, up by 59 percent from 2016.

Percentage wise, DESFA’s cash reserves also posted a significant improvement, reaching 227.8 million euros at the end of 2017, up 56.1 percent (145.9 million euros in 2016).

Greece's privatization fund, the Hellenic Republic Asset Development Fund (HRADF), last month received two binding offers for the acquisition of 66 percent of DESFA.

The 66-percent stake is divided between HRADF (31 percent) and the Hellenic Petroleum (Hel.Pe) group, with 35 percent.

Binding offers were submitted by:

• A consortium composed of Snam S.p.A., Enagás Internacional S.L.U. and Fluxys S.A.

• A consortium composed of Regasificadora del Noroeste S.A., Reganosa Asset Investments S.L.U., S.N.T.G.N. Transgaz S.A. and the European Bank for Reconstruction and Development (EBRD). 


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