Thursday, March 17, 2016

REN’s profit increases by 3 percent to 116 million euros in 2015 – RTP


 In a statement to the market, the company led by Rodrigo Costa explained that the increase in profit resulted from improved financial results in 14.9 million euros from the sale of the stake in Enagas, in which REN has raised EUR 16.1 million and a tax credit of 9.9 million euros.
 

 Negatively, weighed the least remuneration of assets, following a new regulatory period, and maintaining the extraordinary contribution of the Energy Sector (EESC), said at a press conference the financial manager of REN, Gonçalo Morais Soares.
 

 In the same period, EBITDA (earnings before interest, taxes, depreciation and amortization) stood at 489.7 million euros, down 3.1% over the same period of 2014, explained by the downward trend in rates sovereign interest in the indexation mechanism of the return of assets.
 

 In 2015, the investment made by REN rose 47.2% year on year to 240.4 million euros, a result of the acquisition of two caves underground natural gas storage, formerly owned by Galp Energia, which represented a 70 million investment euros.
 

 Following this acquisition, REN holds all the underground storage of natural gas infrastructure in Portugal, said João Conceição administrator.
 

 Net debt REN rose 1.2% to 2,465 million euros in 2015 from the previous year.
 

 In November, REN signed with the European Investment Bank (EIB) a financing agreement for long-term 80 million, the first tranche of a total of EUR 200 million, which is intended to finance the extension and improvement projects the power transmission network.
 

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