24 March 2022

Development of planned infrastructure despite the pandemic

  • EBITDA decreases to €460.8M (-2%) in line with a reduction in the return on assets;
  • Net income of €97.2M (-11.1%), hindered by the EBITDA performance and by the tax increase;
  • Average cost of debt decreases from 1.8% to 1.6%; 
  • CAPEX rises 42.6%, and transfers to operations grow 288.5%, to €309.1M as a result of the investments required for the ongoing energy transition;
  • Board of Directors proposes dividend of 15.4 cents per share in accordance with the new strategic plan.

REN - Redes Energéticas Nacionais reported a net income of €97.2M in 2021 (-11.1% vs. 2020), hindered by a drop in EBITDA and by a tax increase, despite the positive contribution of financial results (-€42.8M compared to -€46.8M in 2020).

EBITDA decreased 2% to €460.8M, impacted by the lower return on assets (-€3.4M), by the decrease of €5.1M in the incentives for economic rationalisation of investments (IREI - incentivos à racionalização económica dos investimentos), and by the increase in energy prices (€5.0M). EBIDTA benefited from a positive contribution from international business, namely from the performance of Transemel in Chile.

Also contributing to the results were a lower cost of debt (down from 1.8% to 1.6%), and an increase in the effective tax rate to 44.9% (up €6.2M compared to 2020), including the CESE.

In 2021, REN recorded a strong growth in CAPEX, which rose 42.6% (to €73.8M). Transfers to operations also increased, to €309.1M (+288.5%), stemming from the investments required for the ongoing energy transition, with the company having overcome a significant share of the delay caused by the pandemic, in 2020.

These results enable REN to meet all the goals set in the business plan in 2021.

Energy from renewable sources reached 59.2% of total supply (about 0.7 p.p. more than in 2020). Electricity consumption increased 1.4%, while natural gas consumption decreased 4.6% due to the drop in the use of natural gas for electricity generation (-9.7%).

The levels of quality of service remained high, in a context of growing electricity consumption. The average interruption time in electricity was 0.05 minutes, remaining in line with the previous year's figure, while the combined gas transmission availability rate reached almost 100%.

Throughout 2021 -an atypical year Portugal, in which the resilience of the Portuguese energy sector was tested-, REN's teams worked around the clock to ensure the transmission of energy in Portugal without jeopardising the continuity of sustained energy supply to users of the company's infrastructure.

Taking into account 2021's results, REN's Board of Directors will propose, at the General Meeting of Shareholders to be held on 28 April, the payment of a dividend of 15.4 cents per share, an amount in line with the new dividend policy presented for the 2021-2024 period.


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