• EBITDA at EUR 126.5 million
• Average RAB rises 1.8%
• Recurrent net profit increases 11.4%
• Net debt declines 4.3%
• Average cost of debt decreases to 4.8%
REN recorded a profit of EUR 26.3 million in the first quarter of 2014, in line with the company's expectations. This profit is 9.6% down on the result of the same period of 2013.
The special tax on the energy sector for 2014, created by the Portuguese State, impacted on the financial results. Subtracting this non-recurring impact, net profit would have been EUR 33.3 million, equivalent to an increase of 11.4%. EBITDA fell slightly to EUR 126.5 million (-0.7% than the same period of 2013).
Net financial profit improved 14.2%, reflecting the 4.3% decrease in the amount of net debt and a substantive drop in the average cost of debt, which fell to 4.8%.
CAPEX amounted to EUR 9.5 million. This result is normal given the concentration of investment in the last quarter of each year.
It should also be noted that REN paid EUR 0.171 per share as dividends in respect of 2013 profits (6% dividend yield).
The end of the REN privatisation process is scheduled to take place during the first half of 2014. The placement of the State's 11% shareholding in the company should significantly improve share liquidity.
Emílio Rui Vilar, REN CEO, highlighted that the results of the first quarter of 2014 'reflect an improvement in the average cost of debt thanks to the recent refinancing process.' The REN CEO further stated that 'the privatisation of the remaining 11% to be undertaken in the second quarter will significantly contribute to improving our shares' liquidity.'