RESULTS REPORT. 21 st MARCH

Transcription

1 RESULTS REPORT st MARCH

2 2018 HIGHLIGHTS MAIN INDICATORS M 4Q Δ% Δ Abs. EBITDA % 4.8 Financial Result % 3.5 Net Profit % Recurrent Net Profit % Average RAB % CAPEX % Net Debt % In 2018, EBITDA stood at 492.3M, an increase of 1.0% compared with the previous year, mainly driven by the Portgás consolidation ( 34.2M). Additionally, there was a positive contribution from the sale of the LPG (1) business ( 3.7M) and Electrogas ( 0.7M). However, these gains were partially offset by the decline in asset remuneration (- 35.3M), following the parameters set in the current electricity regulatory period and the decrease in bond yields; Net profit and Recurrent Net Profit decreased to 115.7M (-8.1%) and 137.2M (-11.4%), respectively, in spite of the positive contribution of Financial Results that reached 57.8M (5.7% YoY). Financials benefited from the reduction in the average cost of debt (2.2% versus 2.5% in 2017) and the decrease in Net Debt ( M to 2,653.1M); The maintenance of CESE (2) led to an effective taxes rate of 42.0% for the full year; The Cabinet of the Energy Secretary of State approved the PDIRGN (3), in January 04, and the PDIRT-E (4), in February 19, which include a total amount of CAPEX of 55M and 535.1M, respectively, for the period (1) Liquefied Petroleum Gas; (2) Extraordinary energy sector levy; (3) Natural Gas System s Development and Investment Plan; (4) Electricity Transmission System s Development and Investment Plan. 2

3 CAPEX REACHED 121.9M Of which Portgás accounted for 24.9M CAPEX and RAB M Δ% Δ Abs. Average RAB 3, , % Electricity 2, , % Land % Natural gas T 1, , % Natural gas D RAB end of period 3, , % Electricity 2, , % Land % Natural gas T 1, , % Natural gas D CAPEX % Electricity % Natural gas T % -2.8 Natural gas D Other % -0.2 RAB variation e.o.p Electricity Land Natural gas T Natural gas D Note: T - Transmission; D - Distribution. The deceleration of demand for new gas and electricity infrastructures resulted in a reduction in Total CAPEX and Transfers to RAB. Capex amounted to 121.9M ( 155.6M in 2017) and Transfers to RAB to 88.5M ( 158.8M in 2017); In electricity transmission the following projects were among the ones completed in 2018: Refurbishment of command and protection systems and High Voltage switchgear at Riba de Ave and Canelas susbtations; Refurbishment of command and protection systems at Carriche and Santarém substations. Within NG transportation and storage the most important projects were: Expansion of detection and extinction fire network; Adequacy of ground system at LNG Terminal; Replacement of flow computers in GRM. Investments in Portgás were focused above all in network expansion and densification, mostly for B2C. 3

4 AVERAGE RAB DOWN BY 2.4% TO 3,832.0M Portgás had a positive contribution of 9.3M 6.1% 1 0.3% 5.2% 5.9% 5.5% 5.8% 5.3% 1 ( M) 3, Average RAB was lower 92.8M year-on-year, penalized by the negative path of NG transportation and electricity transmission; In the electricity transmission, the base rate of return (RoR) was down by 1.2p.p. to 5.2%, driven by the new regulatory framework, in which the starting point is 5.9%, vs 6.4% in the previous period. The electricity with premium decreased by 5.3M YoY, while lands, the category with the lowest RoR (0.3%), was down by 12.7M to 242.9M; ,832.0 In natural gas transportation, the average RAB decreased by 42.9M (RoR 5.5%) to 1,032.6M; By year-end, electricity accounted for 54.6% of the average RAB, natural gas for 39.1% (Portgás included) and lands for the remaining 6.3%. Average RAB 2017 Lands Electricity without premium Electricity with premium Natural gas T Portgás Average RAB ) RoR is equal to the specific asset remuneration, divided by the average RAB. 4

5 EBITDA REACHED 492.3M Portgás contributed with 34.2M EBITDA ( M) M (1.0%) EBITDA 2017 EBITDA Portgás LPG business sale Δ Asset remuneration (1) Δ Recovery of amortizations Δ OPEX contribution (2) Δ Electrogas Net Profit proportion Δ Other EBITDA 2018 (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 0.09M of OPEX own works. 5

6 RAB REMUNERATION DROPPED BY 36.7M Driven by the decrease in both RoR and asset bases (Electricity and NG T ) RAB REMUNERATION ELECTRICITY (ex. Lands) ( M) M (-19.0%) M M M Impact of the change in the rate of return resulting from the new framework to 5.92% from 7.08% in assets with premium, and to 5.17% from 6.33% in assets without premium. Impact of the decrease in the asset base by 46.5M to 2,091.9M. Impact of the change in asset mix assets with premium weight increased to 54% in 2018 from 53% in RAB REMUNERATION NATURAL GAS T (ex. tariff smoothing effect) ( M) M (-11.8%) M M Impact of the decrease in the rate of return, to 5.52% from 6.02%. Impact of the 42.9M decrease in the asset base, to a total of 1,032.6M. RAB REMUNERATION PORTGÁS ( M) M (-6.0%) M M Impact of the decrease in the rate of return, to 5.82%. from 6.32%. Impact of the 9.3M increase in the asset base, to a total of 464.5M Electricity with premium Electricity without premium ) In 2017, Portgás contributed with 7.1M (last 3 months of 2017) for REN s RAB remuneration

7 OPEX WAS 131.3M, 8.0% ABOVE 2017 VALUE Without Portgás, OPEX fell by 2.3% OPERATIONAL COSTS ( M) 9.7M (8.0%) 12.4 (n.m.) -1.5 (-11.1%) (-5.2%) 0.7 (1.5%) OPEX variation was mainly affected by the Portgás acquisition; External Supplies and Services include 1.2M from Electrogas acquisition in OPEX 2017 Δ External Supplies and Services (1) Δ Personnel Costs Portgás Δ Other Operating Costs OPEX

8 CORE OPEX WAS 13.8M HIGHER YOY Excluding Portgás and Forest clearing it was 0.4M above the previous year CORE OPEX ( M) Distribution -2.7 Transmission Forest Clearing OPEX ITC (1) mechanism -2.7 Costs with NG transportation -4.0 OPEX ITC (1) mechanism Costs with NG transportation Forest clearing -7.2 Costs with ERSE Costs with ERSE Subsoil occupation levies (2) Subsoil occupation levies (2) Other Other Core OPEX 13.8M (14.1%) Core OPEX With the new electricity regulatory period starting in 2018, Forest clearing costs are now subject to revenue cap (Core OPEX), and therefore no longer a pass-through cost. This amounted to 3.8M in extra Core OPEX. (1) ITC - Inter Transmission System Operator Compensation for Transits; (2) Item related to Portgás. 8

9 BELOW EBITDA Financials benefited from both lower stock and lower cost of debt M Δ% Δ Abs. EBITDA % 4.8 Depreciations and amortizations % 13.1 Financial Result % 3.5 Profit before income tax and levy % -4.8 Taxes % 5.9 Extraordinary levy % -0.5 Net Profit % Recurrent Net Profit % Depreciations and amortizations rose by 5.9% to 222.0M, as a result of the integration of Portgás; Income Tax grew to 52.5M. Without taking into account the special levy on the energy sector, the effective tax rate reached 29.3%, versus 25.7% in the previous year. This 5.9M variation was mainly due to a higher State surcharge ( 2.2M), to 9% in 2018 from 7% in 2017, and a higher amount of deferred taxes, due to the increase in receivables from tariff deviations ( 2M); In 2018, the Group was taxed at a Corporate Income Tax rate of 21%, increased 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; Average cost of debt declined to 2.2%, from 2.5% in 2017; Financial Result improved by 5.7%, with the reduction in the average cost of debt and its stock. 9

10 NET DEBT DOWN BY 3.7% TO 2,653.1M NET DEBT ( M) 2, M (-3.7%) , Net Debt Dec 2017 Operating Cash Flow (1) LPG sale Capex (payments) Interest (net) Dividends (received-paid) Income tax (payments) CESE Other Net Debt 2018 The Average cost of debt decreased by 0.31p.p. to 2.2%. (1) Includes Δ 6.4M of positive tariff deviations. 10

11 NET PROFIT DECREASED BY 8.1% TO 115.7M On the back of higher amortizations ( 13.1M) due to the Portgás acquisition NET PROFIT ( M) 4.8 (1.0%) -10.2M (-8.1%) (-4.6%) 0.5 (2.1%) Net Profit 2017 Δ EBITDA Δ Below EBITDA Δ CESE Net Profit

12 REN IS FUNDED OVER THE NEXT TWO YEARS The average debt maturity at the end of the period was 4.35 years DEBT MATURITY SCHEDULE ( M) 2,653 2,706 2,692 Net Debt / EBITDA 1) 0.09x 5.30x 5.39x Net Debt Gross Debt Gross debt adjusted 2) ,684 Years following In 2018, the cost of REN s debt decreased to 2.2% 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; During this year, S&P upgraded REN's rating to BBB/A 2 from BBB /A 3 (in October) and Fitch reaffirmed REN s Rating at BBB, with a stable outlook (in April). Consequently, REN maintained its position as the Portuguese listed company with the best rating from all three major agencies, 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. 1) The ratio was affected by the Portgás acquisition; 2) Value adjusted by interest accruals and hedging on yen denominated debt. 12

13 BALANCE SHEET M Fixed assets c. related Investments and goodwill Tariff deviations Receivables Cash Other Total assets Shareholders equity Debt (end of period) Provisions Tariff deviations Payables Other Total equity and liabilities The total amount of fixed assets concessions related decreased to 4,072.9M (this value includes investment subsidies); Investments and goodwill (1) increased to 355.3M from 345.5M at the end of 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 444.4M in 2018, decreasing from 539.8M at the end of 2017; Other Assets (3) stood at 122.4M. 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 780.9M at the end of the period, versus 857.3M in 2017; Other liabilities (5) stood at 111.2M. These include retirement and other benefit obligations, derivative financial instruments and guarantee deposits ( 128.9M in 2017). 13

14 THE BALANCE OF TARIFFS DEVIATIONS WAS 72.0M To be received from tariffs over the next two years TARIFF DEVIATIONS M Electricity 1) Trading Natural Gas T 2) Natural Gas D TOTAL 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 ): 70.8M in 2017 and 25.8M in 2018; 2) Value adjusted to include the amount to be received from the FSSSE: 5.8M in

15 DIVERSIFIED FUNDING SOURCES BORROWINGS M Current Non Current TOTAL Bonds , ,768.2 Bank borrowings Commercial paper Bank overdrafts Finance lease TOTAL , ,710.7 Accrued interest Prepaid interest In 2018, 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 ( 409.4M); The Group had credit lines negotiated and not used in the amount of 87.5M, 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 1,050M, of which 870M were available for use; REN s financial liabilities had the following main types of covenants: Cross Default, Pari Passu, Negative Pledge and Gearing (ratio of total consolidated equity with the total consolidated regulated assets). TOTAL , ,

16 SHARE PERFORMANCE In 2018, REN s share price decreased by 1.8% YTD ANNUALIZED CLOSING PRICES Source: Bloomberg 16

17 MARKET INFORMATION ANALYST RECOMMENDATIONS (1) CMVM: MAIN PRESS RELEASES (from January 2018) Average Price target 2.64 Upside/Downside(+/-) 8.5% 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 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 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 Nov-08: 2017 Consolidated results Nov-23: Change in Corporate Bodies 1) March 18 th,

18 REN S TOTAL SHAREHOLDER RETURN WAS +5.0% (YTD) REN END OF PERIOD Price ( ) Close Average High YTD Low YTD Variation YTD -1.8% 3.4% Market cap. ( M) 1,624 1,654 Number of shares 667,191, ,191,262 Own shares (mn) Volume (th shares) Average Daily Volume (th shares) Performance indicators Dividend yield 7.0% 6.5% Total shareholder return YTD 5.0% 10.1% Cumulative total return* REN 85.6% 76.7% PSI % -39.9% EuroStoxx Utilities -6.5% -11.3% *Inception to date (July 09 th 2007). Source: Bloomberg 18

19 APPENDIX

20 RESULTS BREAKDOWN M /2017 Δ % Δ Abs. 1) TOTAL REVENUES % Revenues from assets % -5.0 Return on RAB % Electricity % Natural gas % -7.7 Portgás Hydro land remuneration Lease revenues from hydro protection zone % 0.0 Economic efficiency of investments % 1.8 Tariff smoothing effect (natural gas) Recovery of amortizations (net from subsidies) % 9.1 Subsidies amortization % 0.0 Revenues of OPEX % 12.9 Other revenues % 4.0 Construction revenues (IFRIC 12) % ) OPEX % 9.7 Personnel costs % 4.0 External supplies and services % 3.2 Other operational costs % 2.5 3) Construction costs (IFRIC 12) % ) Depreciations and amortizations % ) Other % ) EBIT % ) Depreciations and amortizations % ) EBITDA % 4.8 9) Depreciations and amortizations % ) Financial result % ) Income tax expense % ) Extraordinary contribution on energy sector % ) NET PROFIT % ) Non recurrent items* % ) RECURRENT NET PROFIT % * NON RECURRENT ITEMS: 2018: i) Extraordinary energy sector levy, as established in the 2018 State budget law ( 25.3M); ii) One-off gains related to the sale of LPG business in July, net from associated costs ( 3.7M, 3.8M after taxes); 2017: 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 ( 3.3M, 2.4M after taxes); iii) Electrogas acquisition stamp duty ( 1.0M, 0.7M after taxes). 20

21 OTHER OPERATIONAL REVENUES AND COSTS BREAKDOWN M /2017 Δ % Δ Abs. Other revenues % 4.0 Allowed incentives % -0.3 Interest on tariff deviation Gains in related companies Telecommunication sales and services rendered % 1.0 Consultancy services and other services provided % 0.1 Other revenues* % 0.5 Other costs % 2.5 Costs with ERSE % -2.5 Other *Includes revenues related to Electrogas Net Profit proportion ( 6.5M in 2018 and 7.2M in 2017). 21

22 EBITDA BREAKDOWN (ELECTRICITY 1 ) M /2017 Δ % Δ Abs. 1) REVENUES % Revenues from assets % Return on RAB % Hydro land remuneration Lease revenues from hydro protection zone % 0.0 Economic efficiency of investments % 1.8 Recovery of amortizations (net from subsidies) % -1.8 Subsidies amortization % 0.0 Revenues of OPEX % 0.0 Other revenues % -2.6 Interest on tariff deviation % -0.5 Other % -2.1 Construction revenues (IFRIC 12) % ) OPEX % -1.2 Personnel costs % -0.4 External supplies and services % -0.2 Other operational costs % ) Construction costs (IFRIC 12) % ) Depreciations and amortizations % ) Other % ) EBIT ( ) % ) Depreciations and amortizations % ) EBITDA (6+7) % ) Includes Electricity and Enondas (wave energy concession). 22

23 EBITDA BREAKDOWN (NATURAL GAS TRANSPORTATION) M /2017 Δ % Δ Abs. 1) REVENUES % -9.3 Revenues from assets % -7.7 Return on RAB % -7.7 Tariff smoothing effect (natural gas) Recovery of amortizations (net from subsidies) % 0.5 Subsidies amortization % 0.0 Revenues of OPEX % 0.7 Other revenues % 0.4 Interest on tariff deviation Consultancy services and other services provided Other Construction revenues (IFRIC 12) % ) OPEX % 0.4 Personnel costs % 0.2 External supplies and services % 0.9 Other operational costs % ) Construction costs (IFRIC 12) % ) Depreciations and amortizations % 0.5 5) Other % ) EBIT % ) Depreciations and amortizations % 0.5 8) EBITDA %

24 EBITDA BREAKDOWN (PORTGÁS) M Q17 1) REVENUES Revenues from assets Return on RAB Recovery of amortizations (net from subsidies) Revenues of OPEX Other revenues Interest on tariff deviation Adjustments previous years Gains in related companies* Other services provided Other Construction revenues (IFRIC 12) ) OPEX Personnel costs External supplies and services Other operational costs ) Construction costs (IFRIC 12) ) Depreciations and amortizations ) Other ) EBIT ) Depreciations and amortizations** ) EBITDA REN s Portgás acquisition was only completed in October 2017 and REN started to consolidate Portgás in 4Q17 (full consolidation method). For this reason, Portgás 2017 results are not entirely comparable with 2018 results. * One-off related to the sale of LPG business; ** In 4Q17, Purchase Price Allocation 1.2M was reclassified to Depreciations and amortizations in EBITDA breakdown (Other) (page 25). 24

25 EBITDA BREAKDOWN (OTHER * ) M /2017 Δ % Δ Abs. 1) TOTAL REVENUES % -0.2 Revenues of OPEX Other revenues % -0.1 Allowed incentives % -0.3 Interest on tariff deviation Telecommunication sales and services rendered % 1.0 Consultancy services and other services provided % -0.3 Other % -0.2 Construction revenues (IFRIC 12) ) OPEX % -1.9 Personnel costs % 0.9 External supplies and services % -2.6 Other operational costs % ) Construction costs (IFRIC 12) ) Depreciations and amortizations** ) Other % ) EBIT % ) Depreciations and amortizations ) EBITDA % 2.3 (*) Includes REN SGPS, REN Serviços, REN Telecom, REN Trading, REN PRO, Aerio Chile SPA and REN Finance B.V. (**) In 4Q17, Purchase Price Allocation 1.2M from EBITDA breakdown (Portgás) (page 24) was reclassified to Depreciations and amortizations in EBITDA breakdown (Other). 25

26 CAPEX AND RAB M /2017 Δ % Δ Abs. CAPEX* % Electricity % Natural gas T % -2.8 Natural gas D Other % -0.2 Transfers to RAB** % Electricity % Natural gas T % -3.6 Natural gas D Average RAB 3, , % Electricity 2, , % With premium 1, , % -5.3 Without premium , % Land % Natural gas T 1, , % Natural gas D % 9.3 RAB e.o.p. 3, , % Electricity 2, , % Land % Natural gas T 1, , % Natural gas D % 8.4 RAB's variation e.o.p Electricity Land Natural gas T Natural gas D M /2017 Δ % Δ Abs. RAB's remuneration % Electricity % With premium % Without premium % Land % -0.3 Natural gas T % -7.7 Natural gas D RoR's RAB 5.3% 6.1% -0.8p.p. Electricity 5.6% 6.7% -1.2p.p. With premium 5.9% 7.1% -1.2p.p. Without premium 5.2% 6.3% -1.2p.p. Land 0.3% 0.4% -0.1p.p. Natural gas T 5.5% 6.0% -0.5p.p. Natural gas D 5.8% 6.3% -0.5p.p. * Total costs; ** Transfers to RAB include direct acquisitions RAB related. 26

27 DEBT Net Debt ( M) 2 653, ,2 Average cost 2,2% 2,5% Average maturity (years) 4,3 4,1 Net Debt / EBITDA 5.4x 5.3x DEBT BREAKDOWN Funding sources Bond issues 65% 59% EIB 15% 16% Loans 13% 17% Other 7% 8% TYPE Float 38% 46% Fixed 62% 54% RATING Long term Short term Outlook Date Moody's Baa3 - Stable 04/12/2017 Standard & Poor's BBB A-2 Stable 10/19/2018 Fitch BBB F3 Stable 04/11/

28 CONSOLIDATED FINANCIAL STATEMENTS

29 CONSOLIDATED STATEMENTS Financial position (thousands of euros) Dec 2018 Dec 2017 Dec 2018 Dec 2017 ASSETS EQUITY Non-current assets Shareholders' equity: Property, plant and equipment Share capital Goodwill Own shares Intangible assets Share premium Investments in associates and joint ventures Reserves Investments in equity instruments at fair value through other comprehensive income Retained earnings Derivative financial instruments Other changes in equity Other financial assets Net profit for the year Trade and other receivables TOTAL EQUITY Deferred tax assets LIABILITIES Current assets Non-current liabilities Inventories Borrowings Trade and other receivables Liability for retirement benefits and others Current income tax recoverable Derivative financial instruments Cash and cash equivalents Provisions Trade and other payables Deferred tax liabilities TOTAL ASSETS Current liabilities Borrowings Trade and other payables Income tax payable TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES

30 CONSOLIDATED STATEMENTS Profit and loss (thousands of euros) Dec 2018 Dec 2017 Sales Services rendered Revenue from construction of concession assets Gains / (losses) from associates and joint ventures Other operating income Operating income Cost of goods sold Cost with construction of concession assets External supplies and services Personnel costs Depreciation and amortizations Provisions Impairments Other expenses Operating costs Operating results Financial costs Financial income Investment income - dividends Financial results Profit before income tax and ESEC Income tax expense Energy sector extraordinary contribution (ESEC) Net profit for the year Attributable to: Equity holders of the Company Non-controlled interest 0 0 Consolidated profit for the year Earnings per share (expressed in euro per share) 0,17 0,19 30

31 CONSOLIDATED STATEMENTS Cash flow (thousands of euros) Dec 2018 Dec 2017 Cash flow from operating activities Cash receipts from customers a) Cash paid to suppliers a) Cash paid to employees Income tax received/ paid Other receipts/ (payments) relating to operating activities Net cash flows from operating activities (1) Cash flow from investing activities Receipts related to: Available-for-sale 0 10 Property, plant and equipment Other financial assets Investment grants Interests and other similar income Dividends Payments related to: Financial investments Equity instruments throught other comprehensive income Property, plant and equipment Intangible assets - Concession assets Net cash flow used in investing activities (2) Cash flow from financing activities Receipts related to: Borrowings Capital increase Payments related to: Borrowings Interests and other similar expense Dividends Net cash from/ (used in) financing activities (3) Net (decrease)/increase in cash and cash equivalents (1)+(2)+(3) Effect of exchange rates Cash and cash equivalents at the beginning of the year Changes in the perimeter Cash and cash equivalents at the end of the period Detail of cash and cash equivalents Cash 0 1 Bank overdrafts Bank deposits (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. 31

32 DISCLAIMER 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. 32

33 Visit our web site at or contact us: Ana Fernandes Head of IR Alexandra Martins Telma Mendes Av. EUA, Lisboa Phone number: