REN profits reach €34.5M with 13.2% EBITDA growth

• EBITDA advances to €130.7m

• Net profits rise to €34.5 million (+0.2%), in line with Q1 2011

• Start of consultancy business in Brazil with State Grid

REN achieved profits of 34.5 million euros in Q1 2012, a rise of 0.2%, in line with the same quarter of 2011. EBITDA improved significantly to EUR 130.7 million euros, 13.2% up on Q1 2011.

The growth in the regulated asset base and the rise in its weighted remuneration rate contributed significantly to the EBITDA results.

Financial results were -32.2 million euros , 54.9% down on the same quarter the previous year, influenced by the rise in the debt value and the average financing cost, which increased from 4.2% in Q1 2011 to 5.6% in Q1 2012.

The level of investment in Q1 2012 was 25 million euros, a significant decrease on Q1 2011. However, the value of commencements reached 7.8 million euros, 6.2 million euros up on Q1 2011.

The first quarter of this year also saw the start of the cooperation between REN and State Grid International Development in providing consultancy services in Brazil. After the end of the quarter, REN signed an agreement to purchase, for 38.4 million euros, 7.5% of the share capital of Hidroeléctrica de Cahora Bassa in Mozambique. According to Rui Cartaxo, this stake 'will be instrumental for REN's involvement in developing Mozambique's transport infrastructure'.