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REN posts net profit of EUR 89.3 million

 

• EBITDA at EUR 387.4 million

• Average RAB rises 2.5%

• CAPEX stands at-EUR 110.1 million

• Net debt down 2.1%

• Operating costs decrease EUR 3 million

REN posted a profit of EUR 89.3 million in the first nine months of 2013, 9.2% down on the same period of 2012, in line with company expectations. The major factors influencing these results were falling income from regulated assets and increased financial costs incurred by the company. An improvement in the last quarter is however expected.

The positive performance of EBITDA is to be highlighted, which rose slightly to EUR 387.4 million, despite the decline in the rate of return on electricity assets.

The company’s operational costs (OPEX) are also to be noted, falling by EUR 3 million to EUR 78 million in the first nine months of 2013, owing to the ongoing operating efficiency effort.

The average cost of debt, which had been penalised in previous periods by the sovereign debt crisis, confirmed its downward trend during 2013.

The success of the 400 million euro bond issue, with a 7-year maturity, is also of note. This issue not only helped reduce the cost of REN’s debt but also ensured the company is fully financed until 2016.

The company’s net debt decreased by 2.1% to EUR 2.468 billion, reflecting the expected slowdown of investment in natural gas and electricity infrastructure in Portugal.

Rui Cartaxo, REN CEO, states that “the reduction of the cost of debt will accelerate from the last quarter of this year and we will continue to optimise operating costs, with the aim of making REN one of most efficient European energy transport operators.”