REN - REDES ENERGÉTICAS NACIONAIS, SGPS, S.A. 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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Disclaimer
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.
