The company, which was scheduled to present its results on Friday, is appealing the judgment against its Metrogas shareholding and assures that the impact will be limited.
The National Securities Market Commission (CNMV) has forced Naturgy to restate its semi-annual accounts, which the company planned to present this Friday, to include a new provision ahead of a conviction in a series of lawsuits against Chilean Metrogas, in which Naturgy participates with 55 .6% of the capital.
In a pertinent fact sent to the regulator, the gas company led by Francisco Reynés explains that it has decided to postpone the presentation of the results on August 11 in order to assess the impact of the ruling it plans in any case. is to appeal. “The first estimate in the Group’s consolidated results for the first half of 2022 is that the impact will be limited, although a detailed analysis will be conducted in the coming days,” the company said in the statement.
After taking note of the information, Naturgy’s share fell more than 2.5% on the Spanish stock exchange. The conflict originated in 2009, when Argentina stopped supplying gas to Chile “because of decisions unrelated to Metrogas itself”.
The ruling condemns the Chilean company to pay Transportadora de Gas del Norte (TGN) – a company dedicated to transporting natural gas to central-west and northern Argentina – an amount for bills and “loss of profit”, plus costs and interest derived from a gas transportation contract that was hit by the energy crisis between the two countries at the time.
“This ruling, not final and subject to appeal, requires its possible effects to be included in Naturgy’s accounts for the first half of 2022,” the company explained in the statement to the CNMV, adding that Metrogas “will have all legal will take steps that agree to defend their interests, appeal the court’s ruling, as that ruling is not final.
The presentation of the results scheduled for this Friday was widely anticipated by the market amid a debate on the potential impact the new tax proposed by the government will have on the sector’s revenues, with which the Executive hopes to raise some 4,000 million euros in two years.
Sedigas, the natural gas employer of which Naturgy is a part, has already expressly rejected a measure which, in its view, creates legal uncertainty “because of its retroactive nature” and whose effects, in their view, are “far from clear”.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
