Energy and infrastructure products provider, AusNet Services Limited (ASX: AST) has appointed highly experienced Mr. Tony Narvaez as its new Managing Director. Mr. Tony Narvaez is going to commence its new role from 1 November 2019 onwards.
The company is surely going to benefit from Mr. Tony’s leadership qualities and capabilities. He is expected to lead the company to achieve its ambition for ongoing sustainable growth and strong financial performance while delivering value to its customers, communities and partners through its three regulated energy businesses and the growing portfolio of commercial energy services of its Mondo business.
Mr. Tony Narvaez is going to take the role of Mr. Nino Ficca (Current MD), who will retire from the role upon Mr. Narvaez’s commencement.
Mr. Narvaez is currently the CEO of Endeavour Energy and before that he has held leadership positions in various other big companies like United Energy and Multinet Gas, General Electric, ATCO and Verve Energy.
On the educational front, he is a holder of a bachelor’s degree in Commerce and Economics. And besides that, he has a Diploma in Financial Services (Energy Trading) and he has also completed executive studies at Harvard Business School.
For his role as Managing Director, Mr. Tony Narvaez will be getting an Annual Remuneration of $1,150,000 which includes base salary and superannuation.
For the year ended 31 March 2019 (FY19), AusNet Services Limited reported revenues of $1,861.5 million, down by 2.5% as compared to the previous corresponding period (pcp). Further, the company reported EBITDA of $1,134.2 million, down by 0.8% on pcp.
Summary of FY19 Results (Source: Company Reports)
The full year results were negatively impacted by reduced regulated revenues; namely hand-back of previously received metering revenue, lower reliability incentive revenue and a 9.4 percent decline in gas tariffs. However, the second half was FY19, the results were positively impacted by prices resetting in both distribution businesses on 1 January 2019.
The company recorded a final dividend of 4.86 cents per share, up 5%, franked to 45%.
For FY20, the company is expecting to pay a total dividend of 10.2 cents per share, up 5% on FY 2019, franked 40% to 50%. The company will continue to determine future dividends by reference to operating cash flows (using EBITDA as a proxy) after servicing all of its maintenance capital expenditure and a portion of its growth capital expenditure.
For Future, the company is going to keep its focus on productivity and efficiency, targeting top quartile of efficiency benchmarks for all network.
In the past six months, the share price of the company increased by 11.01% as on 23 May 2019. At the time of writing, i.e., on 24 May 2019 AEST 12:10 PM, the stock of the company was trading at a price of A$1.805, down by 0.551% during the day’s trade with the market capitalisation of ~A$6.63 Bn. The company’s stock is trading at a PE multiple of 25.890x.
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