REN has announced a profit of EUR 112.8 million in 2014, 7% down on 2013. Profits were adversely affected largely by the extraordinary levy on the energy sector contained in the 2014 State Budget (EUR 25 million).
EBITDA was EUR 505.2 million, 3.1% lower than the same period of 2013, essentially influenced by the reduction in income from water-covered land.
CAPEX totalled EUR 163.3 million in 2014, with a EUR 38.4 million increase in average RAB, which reached EUR 3,5292 billion. REN is still awaiting government approval to finalise the purchase of two gas containers from GALP Energia for an estimated EUR 71.7 million, following an agreement in July 2014.
The net debt increased slightly to EUR 2.436 billion in 2014, a 1.4% increase on 2013. There was a material improvement in the average cost of debt, which fell to 4.7% from 5.5% in 2013 following the refinancing process.
We must also mention the decision by the rating agency Moody's to increase our rating to investment grade, reflecting the company's solid financial performance during the period, which has ensured REN that has retained the best rating among the world's three largest rating agencies (Fitch, Moody's and Standard and Poor's). In 2014 REN received approval from the Bank of China for a EUR 200 million loan over five years, from the European Investment Bank for new EUR 200 million long-term financing, and renegotiated four commercial paper programmes to the tune of EUR 650 million.
The 2014 results demonstrate the company's operational soundness. They highlight the important projects that have been implemented, the reduction in the cost of debt and the improvement of the company's liquidity.