REN Redes Energeticas Nacionais SGPS S A : Fact sheet 2023 Annual
March 07, 2024 at 12:30 pm EST
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Factsheet Results 12M23
FINANCIAL HIGHLIGHTS
ROBUST PERFORMANCE OF DOMESTIC AND INTERNATIONAL BUSINESSES, LOWER ELECTRICITY COSTS AT THE LNG TERMINAL AND POSITIVE CONTRIBUTION OF TARIFF DEVIATION INTEREST AND NON-RECURRING EFFECTS
Both domestic and international businesses improved their performance, supporting the increase in EBITDA of 5.5% YoY, to €514.0M.
Due to a higher EBITDA, higher financial results and lower taxes, Net Profit increased to €149.2M (+33.5% YoY). This was partially offset by higher depreciations and a higher CESE.
Net Debt increased to €2,748.7M (+€705.0M
YoY), motivated by tariff deviations outflows.
CAPEX remained high at €301.5M (+49.6% YoY). Transfers to RAB increased, with a growth of €59.3M (+36.3% YoY), recovering from delays in projects in 2022.
OPERATIONAL HIGHLIGHTS
ACHIEVEMENT OF TRANSITION GOALS FOR RENEWABLE ENERGY SOURCES (RES) AND HIGH QUALITY OF SERVICE LEVELS
In 2023, RES achieved a historic milestone, constituting 60.6% of the total energy supply, marking an increase of +11.3pp YoY.
Electricity consumption remained stable YoY at 50.7 TWh, while natural gas consumption saw a notable decline of 20.7% to 49.0 TWh, the lowest recorded since 2014.
Electricity transmission losses remained consistent with 2022 level, and the combined availability rate for gas transportation stood at 100%.
REN undertook a review of its sustainability strategy, demonstrating its commitment to adopt rigorous ESG standards.
OUTLOOK
Based on the outcomes from 2023, the Board will suggest a dividend payout of 9 cents per share, maintaining its annual remuneration of 15.4 cents per share, with a bi-annual distribution.
SECTOR OVERVIEW
The H2MED project secured acknowledgment on the PCI list as an EU Project of Common Interest.
ERSE approved tariffs and prices for electricity for 2024.
New four-year regulatory period for natural gas (starting in 2024): with reassessment of the regulatory framework, including a new rate of return.
GROUP FINANCIAL SUMMARY
AVERAGE RAB, €M
€M
2023
2022
Δ%
181.1
-1.7%
EBITDA
514.0
487.3
5.5%
491.8
vs 12M22
Financial Result
-40.6
-44.0
7.7%
Net Profit
149.2
111.8
33.5%
Recurrent Net Profit
125.0
108.7
15.1%
2044.2
Average RAB
3,547.8
3,609.8
-1.7%
830.8
CAPEX
301.5
201.5
49.6%
Net Debt
2,748.7
2,043.7
34.5%
Net Debt
2,421.2
2,543.1
-4.8%
Electricity
Natural GasT
(w/o tariff deviations)
Natural GasD
Land
Note: T - Transportation | D - Distribution
1
Factsheet Results 12M23
EBITDA
€ 514M
TOTAL DOMESTIC
OPERATIONAL COSTS
€ 197.6M
NET PROFIT
€ 149.2M
NET DEBT
€ 2,748.7M
GROSS DEBT MATURITY
SCHEDULE 2024
€ 699M
EBITDA increased
€+26.7M
driven by assets and
(+5.5%)
OPEX remuneration
23.8
-2.8
-1.6
7.4
514.0
487.3
in domestic business
and by strong
international business
performance.
EBITDA
Δ Assets and
Δ Other
Δ Opex core
Δ
EBITDA
2022
opex
revenues
International
2023
remuneration
segment
€+1.6M
OPEX increased
5.3
(+1.3%)
-3.6
124.0
29.6% YoY.
122.3
Core OPEX grew
1.3%.
Core OPEX
Δ Personnel Costs
Δ Core
Core OPEX
External Costs
2022
2023
OPEX
152.5
€45.2M
197.6
€M
(29.6%)
€+37.5M
Recurring Net Profit
(+33.5%)
11.6
149.2
reached €125.0M,
111.8
26.7
-3.9
3.4
-0.3
mainly due to
improved operational
performance and
non-recurrent events.
Net Profit
Δ EBITDA
Δ
Δ Financial
Δ CESE
Δ Income tax
Net Profit
2022
Depreciation
results
(excl. CESE)
2023
€+705.0M
(+34.5%)
2,748.7
Net Debt
2,043.7
249.7
65.0 -25.3 28.1 31.4
-56.5
102.1
increased
driven by
-516.4
826.8
tariff
deviations
outflows.
Net Debt
Operating
Tariff
Capex
Interest Dividends Levy
Income Other
Dividends Net Debt
Dec
Cash
deviations(payments)
(net)
received (payment)
Tax
paid
2023
2022
Flow
(payments)
REN's liquidity
699
811
573
605
reached €1,255M in
2023. Average debt
maturity, including
84
liquidity available,
stands at 4.1 years.
2024
2025
2026
2027
After 2027
RoR Average
5.4%
RoR Electricity With Premium
6.0%
RoR GasT
5.7%
RoR GasD
5.9%
Average
Cost of Debt
2.5%
Net Debt /
EBITDA
5.3x
2
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REN - Redes Energéticas Nacionais SGPS SA published this content on
07 March 2024 and is solely responsible for the information contained therein. Distributed by
Public, unedited and unaltered, on
07 March 2024 17:29:05 UTC.
REN - Redes Energéticas Nacionais, SGPS, S.A. specializes in the operation and concession management of the Portuguese electricity transportation network. Net sales break down by activity sector as follows:
- electricity (63.7%): transportation of electricity from producers to end distributors and consumers, management of the electricity transportation network (connecting user installations to the network, maintenance of the network, etc.). At the end of 2022, the network has a total of 9,424 Km;
- gas (34.8%): transportation of natural gas from producers to end distributors and industrial consumers, underground storage of natural gas, receiving, storage, and regasification of liquid natural gas (LNG), infrastructure construction and maintenance services, etc.;
- telecommunications (1.3%);
- other (0.2%).