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REN Posts 1ST Quarter Net Proft of Eur 6.1 Million

 

• EBITDA declines 12.4%

• Financial Results improve 4.3%

REN- Redes Energéticas Nacionais today published the results for the first quarter of 2016, registering a EUR 14.2 million fall in net profit to EUR 6.2 million. This decline is due to the capital gain achieved in 2015 from the sale of REN's stake in ENAGÁS.

EBITDA stood at EUR 121.1 million, a fall of 12.4%. This reduction is due to the referred sale of the stake in ENAGÁS, and despite the EUR 0.5 million improvement of operating costs, owing to optimisation and operational efficiency. CAPEX in this first quarter was EUR 11.3 million.

REN again recorded a sound financial performance in the first three months of this year, despite the negative impact of the extraordinary contribution levied on the energy sector (CESE tax). The performance highlights are the reduction of operating costs, growth of the regulated assets base (average RAB) to EUR 3.5421 billion, as well as growth of operating transfers of EUR 0.9 million. It should also be noted that these results derive from a positive trend in the average cost of debt.

72% of electricity consumption in Portugal was sourced from renewable energy sources in the first quarter of 2016. Also in this quarter, an electricity generation record was registered on 18 February, 232 GWh, due to peak generation by hydro and wind energy sources. The National Electric System had the capacity to handle the registered generation peaks, maintaining the high levels of service quality.

REN launched an APP for investors and the media in January 2016. This new communication channel complements those already existing and facilitates access to all the company's information.