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3Q2014 profits: REN posts net profit of EUR 84.9 milion

 

REN has announced a profit of EUR 84.9 million in the first nine months of 2014, 4.9% down year on year. Profits were adversely affected by an extraordinary levy on the energy sector to the amount of EUR 25 million a year, as established by the 2014 State Budget.

EBITDA totalled EUR 374.2 million, which was 3.4% lower than for the same period of 2013, essentially influenced by a reduction in income from water-covered land.

The company's net debt totalled EUR 2.432 billion, 1.5% less year on year. The average debt cost also went down to 4.7% from 5.5% in 2013.

CAPEX totalled EUR 69.3 million in the first nine months of the year. REN is still awaiting for approval from authorities to finalise the purchase of two gas caverns from GALP Energia for an estimated EUR 71.7 million, following an agreement in July this year .

Emílio Rui Vilar, REN's Chairman and CEO, believes that the results for the first nine months of 2014 "reflect the constant improvement in the company's operations but have been severely affected by the extraordinary levy on the energy sector".