The 2014 financial period has been shaped by stable operating earnings and the impact of the debt refinancing process

2014 is the third year running in which our scope of consolidation remains unchanged after the acquisition from Gas Natural Fenosa in April 2010 and June 2011 of its natural gas distribution operations in various municipalities of the Madrid region.

There were two exceptional milestones in the financial period: the refinancing and restructuring of our financial debt, and the completion of the corporate reorganization of the Group following the acquisitions from Gas Natural in 2010 and 2011.