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EBITDA stability and reduced debt cost in the first half 2015

 

REN had a net profit of 75.3 million euros in the first half of 2015. EBITDA stood at €254,3M, up 0.8% on the same period of 2014, benefiting from the sale in the first quarter of the stake in Enagas (20,1M€), but was penalized by regulatory changes for the period from 2015 to 2017 in the electricity sector, in particular by changes in interest rates and their impact on the indexing mechanism that establishes the fee remuneration of assets.

CAPEX reached 98,7M € in the first half of the year, the result mainly of the purchase of storage assets previously owned by Galp Energia, resulting in a 2.2% increase in the RAB (regulated asset base) average, which reached 3.558, 8M€.

Net debt rose slightly to 2.494,0M€ the first half of 2015, 1.7% more compared to the same period of 2014. It should be noted material improvement in the average debt cost, which decreased to 4.0% compared to 4.8% for the first six months of 2014.

For the Chairman and CEO of REN, Rodrigo Costa, "REN presented a solid set of operational and financial results, also benefit from some extraordinary factors that we detail in the reported results. We continue to develop our activity focused on managing our electricity and gas concessions, with full commitment and efficiency levels within the highest international standards. "