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REN-Redes Energeticas Nacionais

Quarterly Report • Nov 8, 2018

1903_iss_2018-11-08_c7f4c755-fa77-479c-a5bd-bd0ca9ce9c05.pdf

Quarterly Report

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RESULTS REPORT 9M18

9M18 HIGHLIGHTS

MAIN INDICATORS

€
M		 3
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2

1) Financial result from the interconnection capacity auctions between Spain and Portugal (‐€0.3M in 9M18 and 9M17) – known as FTR (Financial Transaction Rights) was reclassified from Financial Result to Revenues (EBITDA level);

2) Fixed/Variable rates: 62%/38%;

3) LPG: Liquefied Petroleum Gas.

  • In 9M18, EBITDA grew by 3.8% (€14.0M) yoy to €378.4M, while Net Profit rose by 2.3% (€2.0M) yoy to €90.9M;
  • EBITDA increase was mainly driven by the consolidation of Portgás (€31.8M), the contribution from OPEX (€8.0M) and the sale of the LPG(1) business (€4.0M). Portgás added €460.5M to the average RAB, which totalized €3,835.2M (€3,462.5M in 9M17). Nevertheless, revenues suffered from lower remuneration rates, due to the parameters set for the current electricity regulatory period and the decline in bond yields;
  • REN's solid Financial performance (2.3%, to ‐€43.5M), with the average cost of debt displaying a reduction (2.3%, versus 2.6% in 9M17) contributed to Net Profit stability. Though, it was penalized by two main effects: (1) the increase in Amortizations (€13.4M), due to the integration of Portgás; and (2) the maintenance of the extraordinary energy sector levy (€25.4M in 2018 and €125M in 5 years), that brought the effective tax rate to 38.7%. Excluding extraordinary effects, Recurrent Net Profit amounted to €112.5M (‐3.8%, ‐€4.4M);

In 16th October 2018, Standard & Poor's Global Ratings (S&P) upgraded REN's corporate credit rating to BBB/A‐2 from BBB‐/A‐3, with a stable outlook. Thus, REN strengthened further its position as the Portuguese company with the best rating from all three major agencies.

CAPEX DECLINED BY €13.1MPortgás contributed with €14.4M

CAPEX and RAB

€
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  • In 9M18, CAPEX was €67.2M (‐€13.1M), of which Portgás contributed with €14.4M. Average RAB rose by 10.8% to €3,835.2M, again helped by Portgás (€460.5M);
  • The following projects were completed within the scope of the electricity transmission infrastructure:
  • • Insulation refurbishment of the 150 kV overhead line Ourique‐Tavira;
  • • New transformer 220/60 kV, 126 MVA, in Tábua substation;
  • • Opening of the Palmela‐Fanhões overhead line for the Alcochete substation.
  • Within NG transportation and storage investments were in line with budgeted, highlighting the following upgrades:
  • •Experion platform of command & control;
  • •Anti‐corrosive protection of pipes & equipment.
  • Portgás capex is proceeding according to plan, both in unitary and overall investment costs. Investments this period were focused in networks expansion and densification on existing ones, mainly for B2C clients. Note: T ‐ Transmission; D ‐ Distribution; OHL ‐ Overhead Line. Portgás is also investing in it's information systems.

AVERAGE RAB INCREASED BY 10.8%

Essentially due to Portgás assets integration (€460.5M)

  • Including Portgás, average RAB increased by €372.6M to €3,835.2M (€3,462.5M in 9M17), despite the negative path of NG transmission and electricity without premium;
  • In the electricity business, the base rate of return (RoR) fell to 5.2% from 6.3%. Electricity with premium (with a 5.9% RoR) increased by €9.3M vs 9M17, while lands, the category with the lowest RoR (0.4%), dropped the value of its average RAB of €12.7M, to €244.5M year‐on‐ year;
  • In natural gas transmission, the average RAB fell by €40.8M (RoR 5.5%);
  • At the end of 9M18, electricity accounted for 54.6% of the average RAB, natural gas for 39.0% (Portgás included) and lands for the remaining 6.4%.

(1) Includes ‐Δ€0.6M of NG tariff smoothing effect (natural gas);

(2) Includes €1.2M related to the one‐off costs with Electrogas (in 1Q17) and ‐Δ€0.02M of OPEX own works.

TRANSMISSION RAB REMUNERATION DECREASED BY €26.5M

Partially offset by Portgás integration

1) Portgás accounted for asset returns using ERSE's ex‐ante allowed return (6.42%). REN used the effective rate calculated using the 10‐Year bond yields (6.43%). In this period, Portgás wasn't included in the REN's consolidation perimeter.

OPEX ROSE BY 14.9% TO €91.5M

Excluding Portgás, OPEX fell by 4.0%

OPERATIONAL COSTS

RESULTSREPORT

  • OPEX variation was mainly affected by the acquisition of Portgás;
  • External Supplies and Services include €1.2M from Electrogas acquisition in 2017.

(1) ITC ‐ Inter Transmission System Operator Compensation for Transits;

(2) Related to Portgás.

BELOW EBITDA

Financials benefited from the lower average cost of debt

€
M		 9
1
8
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Average cost of debt stood at 2.3% versus 2.6% in 9M17;

  • Depreciations and amortizations expanded by 8.2% to €176.2M, as a result of Portgás integration;
  • Reported Income Tax slightly higher by 0.1% to €42.4M. The effective tax rate reached 26.7%, without taking into account the special levy on the energy sector;

In 9M18, the Group was taxed at a Corporate Income Tax rate of 21%, added by a municipal surcharge up to the maximum of 1.5% over the taxable profit plus (i) a State surcharge of an additional 3.0% of taxable profit between €1.5M and €7.5M; (ii) an additional 5.0% of taxable profit in excess of €7.5M and up to €35.0M; and (iii) 9.0% over the taxable profit in excess of €35.0M.

Financial Result improved by 2.3%, impacted by lower average cost of debt, despite the increase of Net Debt due to the acquisition of Portgás.

The Average cost of debt decreased to 2.3%, versus 2.6% in 9M17.

NET PROFIT ROSE BY 2.3% TO €90.9M

NET PROFIT(€M)

  • In 9M18, the cost of REN's debt reduced by 2.3% due to improvements in market conditions and REN's own risk profile that warrants its debt as investment grade by the three major rating agencies ‐ S&P, Fitch and Moody's;
  • In October, S&P has risen REN's rating status to "BBB / A‐2", that lead to a more favourable climate among REN's creditors and helps to open the door for future issues of debt securities at potentially lower costs;
  • The average debt maturity at the end of the period was 4.63 years.
  • 1) The ratio was affected by the Portgás acquisition;
  • 2) Value adjusted by interest accruals and hedging on yen denominated debt.

BALANCE SHEET

R
E
S
U
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€
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  • The total amount of fixed assets concessions related increased to€4,081.8M (this value includes investment subsidies);
  • Investments and goodwill (1) increased to €350.0M from €345.5M at the end of 2017. This item includes goodwill, available‐for‐sale financial assets, derivative financial instruments, investments in associates (including Electrogas) and other investments;
  • Receivables (2) related to trade and other receivables, deferred tax assets and current income tax recoverable, reached €435.3M in 9M18, increasing from €539.8M at the end of 2017;
  • Other Assets (3) stood at €120.6M. This item consists of inventories, guarantee deposits, fixed assets and assets in progress (not RAB related);
  • Payables (4) include trade and other payables, deferred tax liabilities and income tax payable. These totalized €750.2M at the end of the period, versus €857.3M in 2017;
  • Other liabilities (5) stood at €124.7M. These include retirement and other benefit obligations, derivative financial instruments and guarantee deposits (€128.9M in 2017).

THE BALANCE OF TARIFFS DEVIATIONS AMOUNTED TO €14.4M

To be received from tariffs over the next two years

TARIFF DEVIATIONS

€
M		 9
M
1
8		 2
0
1
7
)
1
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4		 6
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The value of the tariff deviations is paid in full and with interest over a two year period from the moment it is created.

1) Value adjusted to include the amount to be received from the Fund for the Systemic Sustainability of the Energy Sector (FSSSE) related with the PPA's (€70.8M in 2017 and €37.0M in 9M18).

RESULTSREPORT

DIVERSIFIED FUNDING SOURCES

RESULTSREPORT

BORROWINGS

€
M		 C
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  • In 9M18, REN's total liquidity reached €904M, including credit facilities, loans, non‐used commercial paper programmes, cash and bank deposits;
  • Bank borrowings were mainly represented by EIB loans (€418.0M);
  • The Group had credit lines negotiated and not used in the amount of €91.5M, maturing up to one year, which are automatically renewed periodically (if they are not resigned in the contractually specified period for that purpose);
  • REN also had five active commercial paper programmes in the amount of €975M, of which €825M were available for use;
  • REN's financial liabilities had the following main types of covenants: Cross Default, Pari Passu, Negative Pledge, Leverage ratios and Gearing (ratio of total consolidated equity with the total consolidated regulate dassets).

SHARE PERFORMANCE

In the end of first half, REN's share price was ‐2.0% YTD

ANNUALIZED CLOSING PRICES

RESULTSREPORT

MARKET INFORMATION

ANALYST RECOMMENDATIONS(1)

Average Price target €2.71

Upside/Downside(+/‐) 15.0%

CMVM: MAIN PRESS RELEASES(from January 2018)

  • Jan‐23: Qualified shareholding and transactions over REN shares (Fidelidade, Jorge Magalhães Correia)
  • Feb‐21:Summary of annual information disclosed in 2017
  • Mar‐15:2017 Consolidated results
  • Mar‐23: Notice to convene the Annual General Shareholders Meeting and deliberation proposals
  • Mar‐23: Accounts Reporting Document referring to the financial year 2017 Item 1 of the agenda for the General Shareholders Meeting
  • May‐03: 1Q18 Consolidated results
  • May‐03 : Resolutions approved at the general shareholders meeting
  • May‐04 : Strategic Update 2018‐2021
  • May‐10 : Payment of dividends relating to the financial year of 2017
  • May‐30 : Manager's transaction over REN' shares (Manuel Sebastião)
  • Jul‐02: Sale of LPG business
  • Jul‐03 : Supplement to the communication of 02 July
  • Jul‐26: 1H18 Consolidated results
  • Oct‐16: S&P raises REN's rating to BBB/A‐2, with a stable outlook

REN'S TOTAL SHAREHOLDER RETURN WAS +4.8% (YTD)

R
E
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e
s		 6
6
7.
1
9
1
2
6
2		 6
6
9
2
6
2
7,
1
1,
(
)
h
O
n
s
a
r
e
s
m
n
w		 3.
9		 3.
9
l
(
h
h
)
V
t
o
u
m
e
s
a
r
e
s		 0.
3
5
4		 0.
6
4
4
(
)
l
l
h
h
A
D
i
V
t
v
e
r
a
g
e
a
y
o
u
m
e
s
a
r
e
s		 1.
0
7
3		 8
3
8
f
i
d
i
P
t
e
r
o
r
m
a
n
c
e
n
c
a
o
r
s
d
d
l
d
i
i
i
D
v
e
n
y
e		 %
7.
0		 %
6.
5
l
h
h
l
d
T
Y
T
D
t
t
o
a
s
a
r
e
o
e
r
r
e
u
r
n		 8
%
4		 0.
%
1
1
l
l
*
i
C
t
t
t
t
u
m
u
a
v
e
o
a
r
e
u
r
n
R
E
N		 8
5.
3
%		 7
6.
7
%
P
S
I
2
0		 %
3
7.
8
‐		 3
9.
9
%
‐
l
E
S
U
i
i
i
t
t
t
r
o
o
e
s
u
x
x		 9.
6
%
‐		 %
1
1.
3
‐

*Inception to date (July 09th 2007).

APPENDIX

RESULTS BREAKDOWN

€
M		 /
9
M
1
8
9		 M
1
7
9
M
1
8		 9
M
1
7		 2
0
1
7		 Δ
%		 bs
Δ
A
)
1
T
O
T
A
L
R
E
V
E
N
U
E
S		 2
3.
0
5		 1
2.
1
5		 4
8
7
7.		 2.
1
%		 1
0.
9
fro
Re
ts
ve
nu
es
m
as
se		 3
3
9.
9		 3
3
8.
4		 4
6
0.
3		 0.
5
%		 1.
6
Re
R
A
B
tu
rn
on		 1
0.
5
5		 1
6.
9
5		 2
1
5.
7		 1
%
4.
‐		 6.
4
‐
lec
E
ic
i
tr
ty		 8
7.
5		 1
0
7.
4		 1
4
3.
9		 1
8.
5
%
‐		 1
9.
9
‐
l g
Na
tu
ra
as		 2.
9
4		 9.
4
5		 6
4.
7		 3.
%
1
4
‐		 6.
6
‐
ás
Po
tg
r		 2
0.
1		 0.
0		 7.
1		 2
0.
1
lan
Hy
dr
d r
ion
t
o
em
un
er
a		 0.
2		 0.
2		 0.
2		 9
%
4.
‐		 0.
0
fro
hy
dr
Le
ion
te
t
as
e r
ev
en
ue
s
m
o p
ro
c
zo
ne		 0.
5		 0.
5		 0.
7		 1.
2
%
‐		 0.
0
f
f
f
ic
ic
ien
inv
Ec
tm
ts
on
om
e
cy
o
es
en		 6.
2
1		 6.
2
1		 2
8
1.		 0.
0
%		 0.
0
f
f s
h
f
fe
(
l g
)
Ta
i
ing
t
t
tu
r
mo
o
e
c
na
ra
as		 0.
0		 0.
6		 0.
6		 0.
6
‐
f a
(
fro
)
iza
ion
bs
i
d
ies
Re
t
t
t
co
ve
ry
o
mo
r
s
ne
m
su		 1
5
9.
1		 1
5
0.
5		 2
0
3.
4		 %
5.
7		 8.
6
bs
d
Su
i
ies
iza
ion
t
t
am
or		 1
3.
5		 1
3.
5		 1
8.
0		 0.
3
%
‐		 0.
0
*
f
O
Re
P
E
X
ve
nu
es
o		 9
3.
2		 7
5.
2		 1
0
8.
2		 %
2
3.
9		 1
8.
0
he
O
t
r r
ev
en
ue
s		 2
3.
4		 1
8.
3		 2
4.
7		 2
7.
8
%		 5.
1
(
)
Co
ion
I
F
R
I
C
1
2
tru
t
ns
c
re
ve
nu
es		 6
6.
5		 8
0.
2		 1
5
4.
7		 %
1
7.
1
‐		 1
3.
7
‐
)
**
2
O
P
E
X		 9
1.
5		 7
9.
6		 1
2
1.
5		 1
4.
9
%		 1
1.
8
l c
Pe
ts
rso
nn
e
os		 4
1.
1		 3
7.
3		 5
1.
8		 %
1
0.
0		 3.
7
l s
l
d s
Ex
ies
ice
te
rn
a
up
p
an
erv
s		 3
5.
4		 3
2.
0		 5
5.
0		 1
0.
9
%		 3.
5
he
ion
l co
O
t
t
ts
r o
p
er
a
a
s		 1
5.
0		 1
0.
3		 1
4.
7		 %
4
4.
8		 4.
6
)
(
)
3
Co
ion
I
F
R
I
C
1
2
tru
t
ts
ns
c
co
s		 2.
9
5		 6
8
7.		 1
3
6.
7		 2
2.
0
%
‐		 1
9
4.
‐
)
ia
ion
d a
iza
ion
4
De
t
t
t
p
rec
s a
n
mo
r
s		 1
7
6.
2		 1
6
2.
8		 2
2
2.
0		 8.
2
%		 1
3.
4
)
he
5
O
t
r		 0.
3		 0.
3		 2.
1		 3.
8
%
‐		 0.
0
)
6
E
B
I
T		 2
0
2.
2		 2
0
1.
6		 2
6
5.
5		 0.
3
%		 0.
6
)
d a
7
De
ia
ion
iza
ion
t
t
t
p
rec
s a
n
mo
r
s		 6.
2
1
7		 6
2.
8
1		 2
2
2.
0		 8.
2
%		 3.
1
4
)
8
E
B
I
T
D
A		 3
7
8.
4		 3
6
4.
4		 4
8
7.
5		 3.
8
%		 1
4.
0
)
9
ia
ion
d a
iza
ion
De
t
t
t
p
rec
s a
n
mo
r
s		 6.
2
1
7		 6
2.
8
1		 2
2
2.
0		 8.
2
%		 3.
1
4
)
l re
l
1
0
F
ina
ia
t
nc
su		 ‐4
3.
5		 4
4.
5
‐		 6
1.
2
‐		 2.
3
%		 1.
0
)
1
1
Inc
tax
om
e
ex
p
en
se		 4
2.
4		 4
2.
4		 5
2.
5		 %
0.
1		 0.
0
)
d
bu
1
2
Ex
ina
i
ion
tra
tr
t
to
or
ry
co
n
on
en
er
g
y
se
c
r		 2
5.
4		 2
5.
8		 2
5.
8		 1.
5
%
‐		 0.
4
‐
)
3
O
1
N
E
T
P
R
F
I
T		 9
0.
9		 8
8.
9		 1
2
5.
9		 %
2.
3		 2.
0
)
*
1
4
No
i
t
te
n r
ec
ur
re
n
ms		 2
1.
6		 2
8.
0		 2
8.
9		 2
2.
8
%
‐		 6.
4
‐
)
1
C
U
N
N
O
I
5
R
E
R
R
E
T
E
T
P
R
F
T		 2.
1
1
5		 6.
9
1
1		 8
1
5
4.		 3.
8
%
‐		 4.
4
‐

* NON RECURRENT ITEMS:

9M18: i) Extraordinary energy sector levy, as established in the 2018 State budget law (€25.4M); ii) One‐off gains related to the sale of LPG business in July, net from associated costs (€3.7M, €3.8M after taxes);

RESULTSREPORT

9M17: i) Extraordinary energy sector levy, as established in the 2017 State budget law (€25.8M); ii) one‐off costs from the Electrogas and Portgás acquisition processes (€2.0M, €1.5M after taxes); iii) Electrogas acquisition stamp duty (€1.0M, €0.8M after taxes).

* Revenues of OPEX is calculated using the annual revenue divided by the number of months elapsed.

** OPEX is the effective cost incurred in the period.

OTHER OPERATIONAL REVENUES AND COSTS BREAKDOWN

RESULTSREPORT

€
M
9
1
8
M		 9
1
M
7		 2
0
1
7		 /
9
M
1
8
9
M
1
7
Δ
%		 b
Δ
A
s.
h
O
t
e
r
r
e
e
n
e
s
v
u		 2
3.
4		 1
8.
3		 2
4.
7		 2
7.
8
%		 5.
1
l
l
d
A
i
i
t
o
e
n
c
e
n
e
s
w
v		 2.
5		 2.
4		 3.
2		 6.
3
%		 0.
2
f
f
d
i
i
i
I
t
t
t
t
n
e
r
e
s
o
n
a
r
e
v
a
o
n		 0.
1		 1.
1		 1.
4		 1.
0
‐
l
d
G
i
i
i
t
a
n
s
n
r
e
a
e
c
o
m
p
a
n
e
s		 4
0		 0.
0		 4
0
l
l
d
d
d
T
i
i
i
t
e
e
c
o
m
m
n
c
a
o
n
s
a
e
s
a
n
s
e
r
c
e
s
r
e
n
e
r
e
u
v		 4
8		 3.
8		 5.
2		 2
8.
5
%		 1.
1
l
d
h
d
d
i
i
i
C
t
t
o
n
s
u
a
n
c
y
s
e
r
v
c
e
s
a
n
o
e
r
s
e
r
v
c
e
s
p
r
o
v
e		 2.
8		 0
1.		 2.
8		 8
1.
h
*
O
t
e
r
r
e
v
e
n
u
e
s		 9.
1		 1
0.
0		 1
2.
1		 9.
0
%
‐		 0.
9
‐
h
O
t
t
e
r
c
o
s
s		 0
1
5.		 0.
3
1		 1
4.
7		 8
%
4
4.		 6
4.
h
C
i
S
E
R
E
t
t
o
s
s
w		 7.
7		 3
7.		 9.
7		 3
%
4		 0.
3
h
O
t
e
r		 7.
3		 3.
0		 5.
0		 4
3

*Includes revenues related to Electrogas' Net Profit proportion (€5.1M in 9M18 and €5.8M in 9M17).

EBITDA BREAKDOWN (ELECTRICITY1)

€
M
9
M
1
8		 9
M
1
7		 2
0
1
7		 /
9
8
9
M
1
M
1
7
%
Δ		 b
Δ
A
s.
)
1
R
E
V
E
N
U
E
S		 3
2
1.
2		 3
6
9.
0		 5
3
0.
4		 1
2.
9
%
‐		 4
7.
8
‐
fro
Re
ts
ve
nu
es
m
a
ss
e		 2
2
1.
3		 2
4
2.
7		 3
2
4.
2		 8.
8
%
‐		 2
1.
4
‐
Re
R
A
B
tu
rn
o
n		 8
7.
5		 0
1
7.
4		 3.
9
1
4		 8.
%
1
5
‐		 9.
9
1
‐
dr
lan
d
Hy
io
t
o
re
m
un
er
a
n		 0.
2		 0.
2		 0.
2		 4.
9
%
‐		 0.
0
fro
hy
dr
Le
io
te
t
as
e
re
ve
nu
es
m
o
p
ro
c
n z
on
e		 0.
5		 0.
5		 0.
7		 1.
2
%
‐		 0.
0
f
f
f
ic
ic
ie
inv
Ec
tm
ts
on
om
e
nc
y
o
es
en		 1
6.
2		 1
6.
2		 2
1.
8		 %
0.
0		 0.
0
f a
(
fro
bs
d
Re
iza
io
i
ies
t
t
t
co
ve
ry
o
m
or
ns
ne
m
su		 )
1
0
7.
8		 1
0
9.
3		 1
4
5.
4		 1.
4
%
‐		 1.
5
‐
bs
d
Su
i
ies
iza
io
t
t
a
m
or
n		 9.
1		 9.
1		 1
2.
1		 0.
4
%
‐		 0.
0
f
Re
O
P
E
X
ve
nu
es
o		 4
9.
9		 4
5.
8		 6
4.
5		 %
9.
0		 4.
1
he
O
t
r r
ev
en
ue
s		 2.
6		 5.
7		 6.
9		 5
5.
1
%
‐		 3.
2
‐
f
f
de
In
i
ia
io
te
t o
ta
t
re
s
n
r
v
n		 0.
3		 0.
7		 0.
9		 5
8.
6
%
‐		 0.
4
‐
he
O
t
r		 2.
3		 5.
0		 6.
0		 %
5
4.
7
‐		 2.
8
‐
(
)
Co
io
I
F
R
I
C
1
2
tr
t
ns
uc
n
re
ve
nu
es		 4
7.
5		 7
4.
8		 1
3
4.
8		 3
6.
5
%
‐		 2
7.
3
‐
)
2
O
P
E
X		 3
3.
9		 3
6.
4		 5
3.
8		 6.
8
%
‐		 2.
5
‐
l c
Pe
ts
rso
nn
e
os		 1
4.
1		 1
4.
7		 1
9.
5		 %
4.
5
‐		 0.
7
‐
l s
l
d
ies
ice
Ex
te
rn
a
up
p
a
n
se
rv
s		 1
3.
7		 1
4.
9		 2
6.
0		 8.
0
%
‐		 1.
2
‐
he
l c
O
io
t
t
ts
r o
p
er
a
na
os		 6.
2		 6.
8		 8.
3		 9.
2
%
‐		 0.
6
‐
)
(
)
io
3
Co
I
F
R
I
C
1
2
tr
t
ts
ns
uc
n
co
s		 3
7.
1		 6
4.
0		 1
1
9.
7		 %
4
2.
0
‐		 2
6.
9
‐
)
d
4
ia
io
iza
io
De
t
t
t
p
re
c
ns
a
n
am
or
ns		 1
1
6.
6		 1
1
7.
5		 1
0
5
7.		 0.
8
%
‐		 0.
9
‐
)
he
5
O
t
r		 0.
2		 0.
1		 1.
2		 7
4.
0
%
‐		 0.
2
‐
)
(
)
6
E
B
I
T
1‐
2‐
3‐
4‐
5		 1
3
3.
4		 1
5
1.
0		 1
9
8.
7		 %
1
1.
6
‐		 1
7.
6
‐
)
d
ia
io
iza
io
7
De
t
t
t
p
re
c
ns
a
n
am
or
ns		 6.
6
1
1		 1
1
7.
5		 0
1
5
7.		 0.
8
%
‐		 0.
9
‐
)
(
)
8
E
B
I
T
D
A
6
7
+		 2
5
0.
0		 2
6
8.
5		 3
5
5.
8		 6.
9
%
‐		 1
8.
5
‐

1) Includes Electricity and Enondas (wave energy concession).

EBITDA BREAKDOWN (NATURAL GAS TRANSPORTATION )

€
M		 /
9
M
1
8
9
M
1
7
9
M
1
8		 9
M
1
7		 2
0
1
7		 Δ
%		 b
Δ
A
s.
)
1
S
R
E
V
E
N
U
E		 2
8
1
5.		 3
0
1
1.		 8
0.
1
7		 0
%
4.
‐		 2
5.
‐
fro
Re
ts
ve
nu
es
m
a
ss
e		 8
9.
0		 9
5.
7		 2
6.
2
1		 0
%
7.
‐		 6.
7
‐
Re
R
A
B
tu
rn
o
n		 2.
9
4		 9.
4
5		 6
4.
7		 3.
%
1
4
‐		 6.
6
‐
f
f s
h
f
fe
(
l g
)
i
in
Ta
t
t
tu
r
m
oo
g
e
c
na
ra
as		 0.
0		 0.
6		 0.
6		 0.
6
‐
f a
(
fro
bs
d
)
iza
io
i
ies
Re
t
t
t
co
ve
ry
o
m
or
ns
ne
m
su		 4
1.
7		 4
1.
3		 5
5.
1		 %
1.
1		 0.
5
bs
d
Su
i
ies
iza
io
t
t
a
m
or
n		 4.
4		 4.
4		 9
5.		 0.
%
1
‐		 0.
0
f
O
Re
P
E
X
ve
nu
es
o		 3
0.
1		 2
9.
3		 3
9.
6		 %
2.
8		 0.
8
he
O
t
r r
ev
en
ue
s		 1.
4		 0.
6		 0.
6		 0.
8
f
f
de
i
ia
io
In
te
t o
ta
t
re
s
n
r
v
n		 ‐0
1		 0.
2		 0.
3		 0.
3
‐
he
ice
i
de
d
O
t
r s
er
v
s p
ro
v		 0.
0		 0.
1		 0.
0		 0.
1
‐
he
O
t
r		 1.
5		 0.
2		 0.
3		 1.
2
(
)
Co
io
C
2
I
F
R
I
1
tr
t
ns
uc
n
re
ve
nu
es		 5.
2		 5.
4		 1
4.
2		 %
‐3
1		 0.
2
‐
)
2
O
P
E
X		 1
9.
2		 1
9.
4		 2
6.
9		 %
0.
9
‐		 0.
2
‐
l c
Pe
ts
rso
nn
e
os		 5.
5		 5.
4		 7.
4		 %
1.
2		 0.
1
l s
l
ies
d
ice
Ex
te
rn
a
up
p
a
n
se
rv
s		 1
0.
3		 1
0.
7		 1
5.
4		 %
4.
6
‐		 0.
5
‐
he
io
l c
O
t
t
ts
r o
p
er
a
na
os		 3.
4		 3.
2		 4.
1		 %
7.
8		 0.
2
)
(
)
3
Co
io
C
2
I
F
R
I
1
tr
t
ts
ns
uc
n
co
s		 3.
7		 3.
8		 1
1.
8		 0.
5
%
‐		 0.
0
)
ia
io
d
iza
io
4
De
t
t
t
p
re
c
ns
a
n
am
or
ns		 4
5.
6		 4
5.
1		 6
0.
2		 %
1.
0		 0.
5
)
O
he
5
t
r		 0.
0		 0.
0		 0.
1		 0.
1
)
6
E
B
I
T		 5
7.
2		 6
2.
8		 8
1.
5		 8.
9
%
‐		 5.
6
‐
)
ia
io
d
iza
io
7
De
t
t
t
p
re
c
ns
a
n
am
or
ns		 4
5.
6		 4
5.
1		 6
0.
2		 %
1.
0		 0.
5
)
8
E
B
I
T
D
A		 1
0
2.
8		 1
0
7.
9		 1
4
1.
8		 4.
7
%
‐		 5.
1
‐

EBITDA BREAKDOWN (PORTGÁS)

€
M		 9
8
M
1		 (
)
1
Q
4
1
7
)
1
R
E
V
E
N
U
E
S		 6
2.
7		 1
9.
9
fro
Re
ts
ve
nu
es
m
a
ss
e		 2
9.
7		 9.
9
Re
R
A
B
tu
rn
o
n		 2
0.
1		 7.
1
(
)
f a
fro
bs
d
Re
iza
io
i
ies
t
t
t
co
ve
ry
o
m
or
ns
ne
m
su		 9.
6		 2.
8
f
Re
O
P
E
X
ve
nu
es
o		 1
3.
1		 4.
1
he
O
t
r r
ev
en
ue
s		 6.
1		 0.
3
f
f
de
In
i
ia
io
te
t o
ta
t
re
s
n
r
v
n		 0.
0		 0.
0
d
A
j
io
tm
ts
us
en
p
re
v
us
y
ea
rs		 0.
2		 0.
3
‐
la
d
*
Ga
in
in
ies
te
s
re
co
m
p
an		 4.
0		 0.
0
he
de
d
O
ice
i
t
r s
er
v
s p
ro
v		 1.
4		 0.
7
he
O
t
r		 0.
6		 0.
0
(
)
io
Co
I
F
R
I
C
1
2
tr
t
ns
uc
n
re
ve
nu
es		 1
3.
8		 5.
7
)
2
O
P
E
X		 1
5.
0		 6.
0
l c
Pe
ts
rso
nn
e
os		 3.
9		 1.
5
l s
l
d
Ex
ies
ice
te
rn
a
up
p
a
n
se
rv
s		 6.
1		 3.
0
he
l c
O
io
t
t
ts
r o
p
er
a
na
os		 5.
0		 1.
5
)
io
(
)
3
Co
I
F
R
I
C
1
2
tr
t
ts
ns
uc
n
co
s		 1
2.
0		 5.
1
)
ia
io
d
iza
io
4
De
t
t
t
p
re
c
ns
a
n
am
or
ns		 9.
9		 3.
3
)
he
5
O
t
r		 ‐0
1		 0.
1
‐
)
6
E
B
I
T		 2
5.
8		 5.
6
)
d
**
7
De
ia
io
iza
io
t
t
t
p
re
c
ns
a
n
am
or
ns		 9.
9		 3.
3
)
8
E
B
I
T
D
A		 3
5.
7		 8.
9

(1) REN only started to consolidate Portgás in 4Q17;

* One‐off related to the sale of LPG business;

** In 4Q17, €1.2M was reclassified to "Depreciations and amortizations" in "EBITDA breakdown (Other)" (page 25).

RESULTSREPORT

EBITDA BREAKDOWN (OTHER1)

€
M		 9
M
1
7		 2
0
1		 /
9
8
9
M
1
M
1
7
9
8
M
1		 7 Δ
%		 b
Δ
A
s.
)
1
T
O
T
A
L
R
E
V
E
N
U
E
S		 1
3.
3		 1
2.
0		 1
6.
9		 1
0.
3
%		 1.
2
f
Re
O
P
E
X
ve
nu
es
o		 0.
0		 0.
1		 0.
1		 0.
1
‐
O
he
t
r r
ev
en
ue
s		 3.
3
1		 2.
0
1		 6.
8
1		 0
%
1
1.		 3
1.
l
low
d
in
ive
A
t
e
ce
n
s		 2.
5		 2.
4		 3.
2		 6.
3
%		 0.
2
f
f
de
In
i
ia
io
te
t o
ta
t
re
s
n
r
v
n		 0.
1
‐		 0.
2		 0.
2		 0.
3
‐
lec
les
d
de
d
Te
ica
io
ice
t
om
m
un
n s
a
a
n
se
rv
s r
en
re		 4.
8		 3.
8		 5.
2		 2
8.
5
%		 1.
1
l
d
he
de
d
Co
ice
ice
i
ta
t
ns
nc
se
rv
s a
n
o
r s
er
s p
ro
u
y
v
v		 1.
4		 0.
9		 2.
1		 5
7.
1
%		 0.
5
he
O
t
r		 4.
6		 4.
8		 6.
1		 3.
2
%
‐		 0.
2
‐
(
)
io
Co
I
F
R
I
C
1
2
tr
t
ns
uc
n
re
ve
nu
es		 0.
0		 0.
0		 0.
0		 0.
0
)
2
O
P
E
X		 2
3.
3		 2
3.
9		 3
4.
9		 2.
1
%
‐		 0.
5
‐
l c
Pe
ts
rso
nn
e
os		 1
7.
6		 1
7.
2		 2
3.
4		 %
2.
5		 0.
4
l s
l
ies
d
ice
Ex
te
rn
a
up
p
a
n
se
rv
s		 5.
4		 6.
3		 1
0.
6		 %
1
4.
4
‐		 0.
9
‐
he
l c
O
io
t
t
ts
r o
p
er
a
na
os		 0.
3		 0.
4		 0.
9		 9.
%
1
‐		 0.
0
)
(
)
3
Co
io
I
I
C
1
2
F
R
tr
t
ts
ns
uc
n
co
s		 0.
0		 0.
0		 0.
0		 0.
0
)
d
*
4
De
ia
io
iza
io
t
t
t
p
re
c
ns
a
n
am
or
ns		 4.
1		 0.
2		 1.
5		 3.
9
)
he
5
O
t
r		 0.
1		 0.
2		 0.
9		 5
0.
0
%
‐		 0.
1
‐
)
6
E
B
I
T		 1
4.
3
‐		 1
2.
2
‐		 2
0.
4
‐		 1
7.
0
%		 2.
1
‐
)
d
7
De
ia
io
iza
io
t
t
t
p
re
c
ns
a
n
am
or
ns		 4.
1		 0.
2		 1.
5		 3.
9
)
8
E
B
I
T
D
A		 1
0.
2
‐		 1
2.
0
‐		 1
9.
0
‐		 1
5.
4
%
‐		 1.
9

(1) Includes REN SGPS, REN Serviços, REN Telecom, REN Trading, Aerio Chile SPA and REN Finance B.V.

* In 2017, €1.2M from "EBITDA breakdown (Portgás)" (page 25) was reclassified to "Depreciations and amortizations" in "EBITDA breakdown (Other)".

RESULTSREPORT

CAPEX AND RAB

9
1
M		 /
8
9
1
M
7
€
M		 9
M
1
8		 9
M
1
7		 2
0
1
7		 Δ
%		 b
Δ
A
s.
*
C
A
P
E
X		 6
7.
2		 8
0.
3		 1
5
5.
6		 1
6.
3
%
‐		 1
3.
1
‐
lec
E
ic
i
tr
ty		 4
7.
5		 7
4.
8		 1
3
4.
8		 3
6.
5
%
‐		 2
7.
3
‐
l g
Na
tu
ra
as
T		 5.
2		 5.
4		 1
4.
2		 3.
1
%
‐		 0.
2
‐
l g
Na
tu
ra
as
D		 1
4.
4		 0.
0		 6.
3		 1
4.
4
he
O
t
r		 0.
1		 0.
1		 0.
3		 1
2.
3
%
‐		 0.
0
fe
**
Tr
R
A
B
to
an
s
rs		 3
2.
5		 3
6.
1		 1
5
8.
8		 9.
8
%
‐		 3.
5
‐
lec
ic
i
E
tr
ty		 1
9.
4		 3
4.
4		 1
3
2
4.		 3.
%
4
7
‐		 1
0
5.
‐
l g
Na
tu
ra
as
T		 1.
7		 1.
7		 1
4.
6		 0.
6
%
‐		 0.
0
l g
Na
tu
ra
as
D		 1
1.
5		 0.
0		 0.
0
1		 1
1.
5
Av
R
A
B
er
ag
e		 3,
8
3
5.
2		 3,
4
6
2.
5		 3,
9
2
4.
7		 1
0.
8
%		 3
7
2.
6
lec
ic
i
E
tr
ty		 2,
0
9
9
4.		 2,
2
9.
1
4		 2,
3
8.
1
4		 6
%
1.
‐		 3
4.
4
‐
h
W
i
iu
t
p
re
m
m		 1,
1
2
6.
8		 1,
1
1
7.
5		 1,
1
3
2.
3		 0.
8
%		 9.
3
ho
i
iu
W
t
t p
u
re
m
m		 9
6
8.
1		 0
9
1,
1
1.		 0
0
6.
1,
1		 3
%
4.
‐		 3.
4
7
‐
d
La
n		 2
4
4.
5		 2
5
7.
2		 2
5
5.
6		 4.
9
%
‐		 1
2.
7
‐
l g
Na
tu
ra
as
T		 1,
0
3
5.
2		 1,
0
7
6.
0		 1,
0
7
5.
5		 %
3.
8
‐		 4
0.
8
‐
l g
Na
tu
ra
as
D		 4
6
0.
5		 0.
0		 4
5
5.
2		 4
6
0.
5
R
A
B
e.
o.
p.		 3,
7
7
1.
8		 3,
4
0
5.
2		 3,
8
9
8.
7		 %
1
0.
8		 3
6
6.
7
lec
E
ic
i
tr
ty		 2,
0
5
5.
8		 2,
0
9
6.
6		 2,
1
3
4.
2		 1.
9
%
‐		 4
0.
7
‐
d
La
n		 2
3
9.
8		 2
5
2.
4		 2
4
9.
2		 %
5.
0
‐		 1
2.
6
‐
l g
Na
tu
ra
as
T		 1,
0
1
5.
2		 1,
0
5
6.
2		 1,
0
5
5.
2		 3.
9
%
‐		 4
1.
1
‐
l g
Na
tu
ra
as
D		 4
6
1.
1		 0.
0		 4
6
0.
0		 4
6
1.
1
's
ia
io
R
A
B
t
va
r
n
e.
o.
p.		 1
2
6.
9
‐		 1
1
4.
6
‐		 3
7
8.
9		 %
1
0.
7
‐		 1
2.
3
‐
lec
ic
i
E
tr
ty		 8.
4
7
‐		 6
4
5.
‐		 2
8
7.
‐
d
La
n		 9.
4
‐		 9.
6
‐		 1
2.
7
‐
l g
Na
tu
ra
as
T		 ‐4
0.
1		 3
9.
6
‐		 4
0.
6
‐
l g
Na
tu
ra
as
D		 1.
1		 0.
0		 4
6
0.
0
€
M		 /
9
M
1
8
9
M
1
7
9
M
1
8		 9
M
1
7		 2
0
1
7		 Δ
%		 b
Δ
A
s.
's
io
R
A
B
t
re
m
un
er
a
n		 1
5
1.
2		 1
5
7.
6		 2
1
6.
7		 4.
1
%
‐		 6.
4
‐
lec
ic
i
E
tr
ty		 8
7.
5		 1
0
7.
4		 1
4
3.
9		 %
1
8.
5
‐		 1
9.
9
‐
h
W
i
iu
t
p
re
m
m		 5
0.
0		 5
9.
4		 8
0.
2		 1
5.
8
%
‐		 9.
4
‐
i
ho
iu
W
t
t p
u
re
m
m		 3
7.
5		 4
8.
1		 6
3.
7		 %
2
1.
9
‐		 1
0.
5
‐
d
La
n		 0.
7		 0.
7		 1.
0		 2.
1
%
‐		 0.
0
l g
Na
tu
ra
as
T		 4
2.
9		 4
9.
5		 6
4.
7		 %
1
3.
4
‐		 6.
6
‐
l g
Na
tu
ra
as
D		 2
0.
1		 7.
1		 2
0.
1
's
Ro
R
R
A
B		 5.
3
%		 6.
1
%		 6.
1
%		 0.
8p
.p
‐
lec
E
ic
i
tr
ty		 5.
6
%		 6.
7
%		 6.
7
%		 1.
2p
.p
‐
h
i
iu
W
t
p
re
m
m		 9
%
5.		 %
7.
1		 %
7.
1		 2p
1.
.p
‐
ho
W
i
iu
t
t p
u
re
m
m		 5.
2
%		 6.
3
%		 6.
3
%		 1.
2p
.p
‐
d
La
n		 0.
%
4		 0.
%
4		 0.
%
4		 0.
0p
.p
l g
Na
tu
ra
as
T		 5.
5
%		 6.
1
%		 6.
0
%		 0.
6p
.p
‐
l g
Na
tu
ra
as
D		 8
%
5.		 6.
%
4		 6.
2
%		 0.
6p
.p
‐

RESULTSREPORT

* Total costs;

** Transfers to RAB include direct acquisitions RAB related.

Fixed

9
8
M
1		 9
M
1
7		 2
0
1
7
b
(
)
€
N
D
M
t
t
e
e		 2,
6
3.
8
4		 2,
0.
6
5
4		 2,
6.
2
7
5
A
t
v
e
r
a
g
e
c
o
s		 2.
3
%		 2.
6
%		 2.
%
5
(
)
i
A
t
t
e
r
a
g
e
m
a
r
e
a
r
s
v
u
y
y		 4.
6		 4.
4		 4.
1
/
b
N
D
E
B
I
T
D
A
t
t
e
e		 5.
3
x		 5.
2
x		 5.
3
x
D
E
B
T
B
R
E
A
K
D
O
W
N
d
i
F
u
n
n
g
s
o
u
r
c
e
s
d
i
B
o
n
s
s
u
e
s		 %
6
6		 %
6
5		 %
5
9
E
I
B		 1
6
%		 1
8
%		 1
6
%
L
o
a
n
s		 1
3
%		 2
%		 1
7
%
h
O
t
e
r		 %
6		 %
1
5		 %
8
T
Y
P
E
l
F
t
o
a		 3
8
%		 0
%
4		 6
%
4

62% 60% 54%

R
A
T
I
N
G		 L
t
o
n
g
e
r
m		 h
S
t
t
o
r
e
r
m		 l
k
O
t
o
o
u		 D
t
a
e
d
's
M
o
o
y		 3
B
a
a		 ‐ b
l
S
t
a
e		 /
/
0
4
1
2
2
0
1
7
d
d
's
S
&
P
t
a
n
a
r
o
o
r		 B
B
B		 A‐
2		 b
l
S
t
a
e		 /
/
1
0
1
9
2
0
1
8
h
F
i
t
c		 B
B
B		 F
3		 b
l
S
t
a
e		 /
/
0
4
1
1
2
0
1
8

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS

Financial position (thousands of euros)

Se
2
0
1
8
p		 De
2
0
1
7
c		 Se
2
0
1
8
p		 De
2
0
1
7
c
A
S
S
ET
S		 E
Q
U
ITY
No
t a
ts
n‐c
urr
en
sse		 ' e
S
ha
ho
l
de
ity
re
rs
q
u
:
lan
d e
Pro
ip
ert
t a
nt
p
y,
p
n
q
u
me		 3,
2
2
2		 3,
2
27		 ha
l
S
ita
re
ca
p		 6
6
7,
1
9
1		 6
6
7,
1
9
1
dw
l
l
Go
i
o		 1
8,
8
1
8		 1
9,
1
0
2		 ha
Ow
n s
res		 1
0,
7
2
8
‐		 1
0,
7
2
8
‐
i
b
le
Int
ets
an
g
ass		 4,
1
9
6,
3
0
6		 4,
3
0
6,
41
7		 ha
ium
S
re
p
rem		 11
6,
8
0
9		 11
6,
8
0
9
d
Inv
in
iat
j
int
est
nts
ntu
me
ass
oc
es
an
o
ve
res		 1
6
7,
0
11		 1
6
2,
0
27		 Re
se
rve
s		 3
14,
8
4
0		 3
1
0,
1
9
1
in
ity
ins
fa
ir v
lue
hro
h o
he
he
ive
inc
Inv
est
nts
tru
nts
at
t
t
me
eq
u
me
a
ug
r c
om
p
re
ns
om
e		 3,
0
6
15
1		 6,
3
9
15
4		 ine
d e
ing
Re
ta
arn
s		 24
2
6
7,
1		 2
25
3
2
4
,
f
l
De
iva
ive
ina
ia
ins
t
tru
nts
r
nc
me		 11,
11
0		 7,
9
0
7		 he
ha
Ot
in
ity
r c
ng
es
eq
u		 5,
5
77
‐		 5,
5
41
‐
Ot
he
f
ina
ia
l a
ts
r
nc
sse		 4
0		 27 f
it
for
he
Ne
t p
t
ro
y
ea
r		 9
0,
8
6
8		 1
25
9
25
,
de
d o
he
b
les
Tra
iva
t
an
r re
ce		 9
1,
0
8
3		 6,
5
2
8		 T
O
TA
L E
Q
U
ITY		 1,
4
2
0,
5
3
0		 1,
4
2
9,
1
8
9
fer
d t
De
ets
re
ax
ass		 1
0
0,
8
6
2		 9
7,
7
3
7
4,
74
1,
4
6
9		 4,
75
9,
41
1		 LIA
BIL
ITI
E
S
Cu
nt
ets
rre
ass		 l
b
l
No
ia
i
it
ies
t
n‐c
urr
en
ies
Inv
tor
en		 2,
8
5
7		 2,
9
5
8		 ing
Bo
rro
w
s		 2,
27
5,
0
41		 2,
2
0
5,
3
9
0
de
d o
he
b
les
Tra
iva
t
an
r re
ce		 3
3
5,
1
27		 5
4
0,
8
4
9		 b
l
for
be
f
d o
he
L
ia
i
ity
ire
its
t
nt
t
re
me
ne
an
rs		 11
8,
3
41		 1
21
9
77
,
Cu
inc
b
le
nt
e t
rre
om
ax
rec
ove
ra		 6,
0
8
8		 0 iva
ive
f
ina
ia
l
ins
De
t
tru
nts
r
nc
me		 6,
3
3
7		 6,
9
6
0
h a
d c
h e
len
Ca
iva
ts
s
n
as
q
u		 27
6
1
6
,		 6
1,
45
8		 Pro
is
ion
v
s		 9,
0
4
2		 9,
0
3
5
3
71
6
8
8
,		 6
0
5,
2
6
5		 de
d o
he
b
les
Tra
t
an
r p
ay
a		 3
8
8,
0
2
8		 3
6
4,
9
6
1
fer
d t
l
ia
b
i
l
it
ies
De
re
ax		 9
7,
5
4
0		 9
9,
5
3
4
T
O
TA
L A
S
S
ET
S		 5,
11
3,
15
7		 5,
3
6
4,
6
7
6		 2,
8
9
4,
3
2
8		 2,
8
0
7,
8
5
7

REPORT

RESULTS

EQUITY
Shareholders' equity:
Share capital 667,191 667,191
Own shares $-10,728$ $-10,728$
Share premium 116,809 116,809
Reserves 314,840 310,191
Retained earnings 247,126 225,342
Other changes in equity $-5,577$ $-5,541$
Net profit for the year 90,868 125,925
TOTAL EQUITY 1,420,530 1,429,189
74
1,
4
6
9		 4,
75
9,
41
1		 LIA
BIL
ITI
E
S
3
71
6
8
8
,		 6
0
5,
2
6
5		 de
d o
he
b
les
Tra
t
an
r p
ay
a		 3
8
8,
0
2
8		 3
6
4,
9
6
1
fer
d t
l
b
l
De
ia
i
it
ies
re
ax		 9
7,
5
4
0		 9
9,
5
3
4
l
b
l
Cu
ia
i
it
ies
nt
rre
ing
Bo
rro
w
s		 0
3
6
4
7,
5		 6
24
3
3
6
,
de
d o
he
b
les
Tra
t
an
r p
ay
a		 3
9
0,
9
3
4		 47
3,
3
3
7
b
le
Inc
e t
om
ax
p
ay
a		 0 2
9,
9
5
7
7
9
8,
2
9
9		 1,
1
27
6
3
0
,
T
O
TA
L L
IAB
ILIT
IE
S		 3,
6
9
2,
6
27		 3,
9
3
5,
4
8
7

TOTAL EQUITY AND LIABILITIES 5,113,157 5,364,676

CONSOLIDATED STATEMENTS

Profit and loss (thousands of euros)

Se
2
0
1
8
p		 Se
2
0
1
7
p
les
Sa		 9
6		 2
3
de
d
Se
ice
rv
s r
en
re		 4
27
47
7
,		 4
0
8,
0
5
8
fro
f c
Re
ion
ion
nst
t
set
ve
nu
e
m
co
ruc
o
on
ces
s
as
s		 6
6,
47
9		 8
0,
1
6
1
/
(
)
Ga
ins
los
fro
iat
d
j
int
ntu
ses
m
ass
oc
es
an
o
ve
res		 0
4,
5
4		 6
9
4,
4
he
Ot
ing
inc
t
r o
p
era
om
e		 24
7
3
7
,		 1
9,
6
2
1
Op
ing
inc
t
era
om
e		 2
3,
3
2
9
5		 2,
3
3
2
5
1
f g
ds
l
d
Co
st
o
oo
so		 1,
0
2
2
‐		 14
6
‐
Co
it
h c
ion
f c
ion
st
str
uct
set
w
on
o
on
ces
s
as
s		 2,
8
9
6
5
‐		 6
8
0
0
7,
‐
l su
l
d s
Ext
ies
ice
ern
a
p
p
an
erv
s		 3
5,
77
0
‐		 3
2,
25
3
‐
l co
Pe
sts
rso
nn
e		 4
0,
7
3
1
‐		 3
7,
0
3
1
‐
d a
De
iat
ion
iza
ion
rt
t
p
rec
an
mo
s		 17
6,
1
9
1
‐		 1
6
2,
8
0
9
‐
is
ion
Pro
v
s		 5
7
‐		 27
irm
Im
ts
p
a
en		 9
9
1
‐		 2
9
3
‐
he
Ot
r e
xp
en
ses		 1
3,
9
5
1
‐		 1
0,
1
9
7
‐
Op
ing
t
sts
era
co		 3
2
0,
8
1
6
‐		 3
1
0,
5
0
2
‐
Op
ing
lts
t
era
re
su		 2
0
2,
3
5
1		 2
0
8
3
1,
1
l co
F
ina
ia
sts
nc		 5
3,
2
3
2
‐		 5
4,
3
5
3
‐
l
F
ina
ia
inc
nc
om
e		 4,
4
6
0		 4,
5
6
6
d
de
ds
Inv
inc
iv
i
est
nt
me
om
e ‐
n		 4,
9
47		 5,
0
1
3
l re
lts
F
ina
ia
nc
su		 4
3,
8
25
‐		 4
4,
77
4
‐
f
it
be
for
inc
Pro
e t
e
om
ax		 8,
6
8
8
15		 0
15
7,
5
7
Inc
e t
om
ax
ex
p
en
se		 4
2,
4
2
1
‐		 4
2,
3
9
2
‐
(
)
d
ina
i
but
ion
S
C
En
tor
tra
ntr
E
E
erg
y
sec
ex
or
ry
co		 25
3
9
8
‐
,		 25
9
8
7
‐
,
f
it
for
he
Ne
t p
t
ro
y
ea
r		 9
0,
8
6
8		 8
8,
8
6
7
At
i
bu
b
le
tr
ta
to
:
ho
l
de
f t
he
Eq
ity
Co
u
rs
o
mp
an
y		 9
0,
8
6
8		 8
8,
8
6
7
l
le
d
int
No
tro
st
n‐c
on
ere		 0 0
l
da
d p
f
for
he
Co
i
it
te
t
nso
ro
y
ea
r		 9
0,
8
6
8		 8
8,
8
6
7

CONSOLIDATED STATEMENTS

Cash flow (thousands of euros)

S
2
0
1
8
e
p		 S
2
0
1
7
e
p
f
fro
Cas
h
low
tin
ctiv
itie
m
op
era
g a
s
h r
fro
Ca
ip
ts
ust
s
ece
m c
om
ers		 1,
79
9,
52
8		 1,
80
1,
29
3		 )
a
h p
d t
lie
Ca
ai
s
o s
up
p
rs		 1,
30
1,
25
0
‐		 1,
31
5,
94
9
‐		 )
a
Ca
h p
ai
d t
loy
s
o e
mp
ees		 52
83
2
‐
,		 50
17
1
‐
,
/ p
ive
d
ai
d
Inc
e ta
om
x r
ece		 84
40
2
‐
,		 63
38
1
‐
,
/
her
(pa
) re
lat
Ot
cei
ing
tin
cti
vit
ies
ts
ent
to
re
p
ym
s
op
era
g a		 76
3		 8,
53
2
‐
h
f
low
fro
(
)
Ne
tin
ctiv
itie
1
t c
as
s
m
op
era
g a
s		 36
1,
80
7		 36
3,
26
1
Cas
h
f
low
fro
inv
ing
tiv
itie
est
m
ac
s
lat
d t
Rec
eip
ts
re
e
o:
P
lan
d e
ipm
ert
t a
ent
rop
y, p
n
qu		 7 0
her
fin
cia
l a
O
t
ts
an
sse		 4,
03
0		 1,
30
9
I
stm
ent
ts
nve
gr
an		 5,
57
2		 5,
64
7
d o
her
lar
I
si
mi
in
nte
ts
t
res
an
co
me		 85 12
ivi
de
ds
D
n		 8,
39
3		 9,
25
0
lat
d t
Pay
nts
me
re
e
o:
l in
F
ina
nci
tm
ent
a
ves
s		 12
‐		 16
9,
28
5
‐
lan
d e
P
ipm
ert
t a
ent
rop
y, p
n
qu		 15
2
‐		 23
9
‐
b
le a
Int
i
‐ C
sio
ts
ts
an
g
sse
on
ces
n a
sse		 11
1,
55
8
‐		 13
0,
46
0
‐
(
)
h
f
low
d i
n in
sti
ivit
ies
2
Ne
t c
act
as
us
e
ve
ng		 93
63
4
‐
,		 28
3,
76
6
‐
h
f
low
fro
fin
ing
tiv
itie
Cas
m
anc
ac
s
lat
Rec
eip
d t
ts
re
e
o:
ing
B
orr
ow
s		 84
9,
99
9
1,		 3,
61
8,
80
0
d o
her
lar
In
si
mi
in
ter
est
t
s a
n
co
me		 0 0
lat
d t
Pay
nts
me
re
e
o:
ing
B
orr
ow
s		 99
3,
60
1,
1
‐		 3,
58
05
2
1,
‐
d o
her
lar
In
si
mi
ter
est
t
s a
n
ex
pen
se		 45
43
4
‐
,		 46
29
3
‐
,
de
ds
D
ivi
n		 11
3,
42
6
‐		 90
65
0
‐
,
/
(us
)
(
)
h
fro
d i
fin
ing
tiv
itie
3
Ne
t c
as
m
e
n
anc
ac
s		 30
2,
46
2
‐		 99
19
6
‐
,
/
(
de
)
inc
in c
h a
d c
h e
iva
len
(
)
+(
)
+(
)
Ne
1
2
3
t
ts
cre
ase
rea
se
as
n
as
qu		 34
28
9
‐
,		 19
70
1
‐
,
f
fec
f ex
ha
E
t o
tes
c
nge
ra		 90
‐		 1,
58
2
Ca
h a
d c
h e
iva
len
he
beg
inn
ing
f t
he
ts
at
t
s
n
as
qu
o
yea
r		 60
44
8
,		 10
68
0
,
h a
d c
h e
iva
len
he
d o
f t
he
rio
d
Cas
ts
at
t
n
as
qu
en
pe		 26
07
0
,		 7,
44
0
‐
l o
f ca
h a
d c
h e
len
De
tai
iva
ts
s
n
as
qu
C
h
as		 25 21
k o
dra
fts
B
an
ver		 1,
54
6
‐		 13
81
2
‐
,
k
de
B
sit
an
po
s		 27
59
1
,		 6,
35
1
26
07
0
,		 7,
44
0
‐

RESULTSREPORT

(a) These amounts include payments and receipts relating to activities in which the Group acts as agent, income and costs being reversed in the consolidated statement of profit and loss.

DISCLAIMER

RESULTSREPORT

This presentation and all materials, documents and information used therein or distributed to investors in the context of this presentation do not constitute, or form part of, a public offer, private placement or solicitation of any kind by REN, or by any of REN's shareholders, to sell or purchase any securities issued by REN and its purpose is merely of informative nature and this presentation and all materials, documents and information used therein or distributed to investors in the context of this presentation may not be used in the future in connection with any offer in relation to securities issued by REN without REN's prior consent.

Visit our web site at www.ren.pt or contact us:

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