REN Redes Energeticas Nacionais SGPS S A : Resultados consolidados dos primeiros 9 meses de 2020 - report (versão inglesa)
November 13, 2020 at 03:45 pm EST
Share
Results Report
Nine Months 2020
13th November 2020
AGENDA
1.
2.
3.
Overview of the period
Business performance
Closing remarks
9M20 RESULTS
2
1. Overview of the period
9M20 RESULTS
3
1. Overview of the period
KEY MESSAGES
9M2020
Electricity and natural gas consumption decreased by 3.5% and 1.5% respectively, with renewable sources reaching 56% of the total supply (11pp higher than in 9M2019)
Service quality remained high, with 0.03min of electricity interruption time (93% lower than 9M2019) and natural gas combined availability rate at 100%, the same rate as in 9M2019
EBITDA reached €352.5M, a 4.2% decrease (-€15.5M) mainly explained by lower remuneration rates from lower sovereign bond yields coupled with the new parameters in the gas regulatory framework (-€15.6M) and higher results from the international segment (€5.4M), especially from the consolidation of Transemel in Chile
Net Profit decreased to €76.1M (€10.3M lower than in 9M19), despite the positive effects of a lower cost of debt in Financial results (reduction of €2.8M to -€36.7M)and lower income tax (reduction of €10.3M to -€31.7M),but with an increase in the extraordinary energy sector levy of €3.8M to €28.2M, as for the first time this year it also covered Portgás
COVID-19had a limited impact on REN's financial performance overall, with neutral impact in Net Income, a slight increase in Net Debt and delays in investment execution, which are expected to be recovered in 2021
The credit agency S&P reaffirmed REN's rating at 'BBB' and outlook stable (October 29th)
9M20 RESULTS
4
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
Original document
Permalink
Disclaimer
REN - Redes Energéticas Nacionais SGPS SA published this content on 13 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 November 2020 20:44:03 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%).
REN - REDES ENERGÉTICAS NACIONAIS, SGPS, S.A. 
