Redes Energeticas Nacionais Sa · EURONEXT:RENE
Redes Energeticas Nacionais Sa — REN - Redes Energéticas Nacionais — Q1 2024 Earnings Presentation
25 slides from Redes Energeticas Nacionais Sa's earnings presentation, May 9, 2024
Slide 1: Unaudited Accounts 09th May 2024
UNAUDITED ACCOUNTS 09TH MAY 2024
Slide 2: Unaudited Accounts 09th May 2024
UNAUDITED ACCOUNTS 09TH MAY 2024
Slide 3: Overview of the Period
Slide 4: Key Messages – Financial
KEY MESSAGES – FINANCIAL €128.9M €3.7M €2,361.4M €47.9M -2.3% versus 1Q23 -71.1% versus 1Q23 -2.9% versus 1Q23 +4.4% versus 1Q23 EBITDA Net Profit Net Debt CAPEX (w/o tariff deviations) EBITDA decrease driven by: Net Profit reached €3.7M, as a result of: • Net debt (excluding tariff • CAPEX rose 4.4
Slide 5: Key Messages – Operational
KEY MESSAGES – OPERATIONAL 88.6% Quality of service Committed to PDIRG 2024-2033 | +16.6 pp versus 1Q23 maintain elevated Project of Common levels remained high Renewable energy ESG performance Interest from EU sources (RES) • Renewable Energy sources • The level of energy transmission • REN maintai
Slide 6: anf ca) file
anf ca) file RESULTS PRESENTATION 1924 (UNAUDITED ACCOUNTS )
Slide 7: Business Highlights
BUSINESS HIGHLIGHTS COMBINED AVAILABILITY RATE REMAINED HIGH IN 1Q24, WITH LOW ENERGY TRANSMISSION LOSSES, IN THE CONTEXT OF GROWING ELECTRICITY AND LOWER GAS CONSUMPTION 13.6TWh 2.4% 9,439km Consumption Energy transmission losses Line length 1Q23: 13.5TWh 0.2TWh (1.2%) 1Q23: 2.2% 0.2 pp 1Q23: 9,424
Slide 8: Financial Highlights
FINANCIAL HIGHLIGHTS DECREASE OF OPERATIONAL RESULTS AND NET PROFIT IN 1Q24 €8.4M EBITDA €3.0M (2.3%) Financial results Net Profit €9.1M (71.1%) (64.7%) €128.9M €131.9M €-21.3M €-12.9M €3.7M €12.8M CAPEX €2.0M (4.4%) Average RAB1 €50.0M (1.4%) Net Debt2 €478.9M (21.9%) €47.9M €45.9M €3,499.3 €3,549.
Slide 9: EBITDA
EBITDA DECREASE IN EBITDA DRIVEN BY LOWER ASSETS AND OPEX REMUNERATION IN DOMESTIC BUSINESS AND BY DECREASE IN INTERNATIONAL BUSINESS RESULTS EBITDA evolution breakdown - €M EBITDA contribution by business segment 4 - % €-3.0M (-2.3%) Electricity Gas Distribution5 131.9 Gas Transportation Internatio
Slide 10: RoR Evolution
ROR EVOLUTION Domestic Business DECREASE OF BASE RETURN ON RAB, IN LINE WITH PORTUGUESE BOND YIELD PERFORMANCE Portuguese 10Y Treasury Bond Yields * - % Base Return on RAB (RoR) ** - % 4.0 10Y Bond Yield 3.5 Linear (10Y Bond Yield) 1Q23 5.3 3.0 Electricity 1Q24 5.2 2.5 2.0 1Q23 5.7 1.5 AVERAGE YIELD
Slide 11: Investment
INVESTMENT Domestic Business CAPEX INCREASED, WHILE TRANSFERS TO RAB DECREASED IN 1Q24 Electricity KEY HIGHLIGHTS Gas Transportation Electricity Gas Distribution Transfers to RAB 1 - €M • No relevant investments to report for the 1Q24. €-5.6M (-67.8%) 8.3 Gas Transportation 5.7 2.7 • No relevant inv
Slide 12: RAB Returns
RAB RETURNS Domestic Business RAB REMUNERATION DECREASED IN GAS BUSINESSES DRIVEN MOSTLY BY THE DECREASE IN THE RATE OF RETURN Return on RAB evolution breakdown - €M Electricity (GGS1) Gas Transportation Gas Distribution Return on 1.12 12.00 7.17 RAB 1Q23 RoR evolution 0.00 -0.91 -0.28 €+0.03M €-1.4
Slide 13: OPEX
OPEX Domestic Business OPEX DECREASED 1.4% YOY, WHILE CORE OPEX GREW 1.6% Core OPEX 1 evolution - €M KEY HIGHLIGHTS €+0.4M (+1.6%) CORE EXTERNAL COSTS 0.6 • Electricity costs decreased 0.4M€, of which 0.2M€ in LNG 25.9 Terminal -0.2 • The decrease in electricity costs was partially offset by increas
Slide 14: Chile Highlights
CHILE HIGHLIGHTS International Business SOLID PERFORMANCE FROM THE CHILEAN BUSINESSES, CONTRIBUTING 4.4%1 TO TOTAL EBITDA IN 1Q24 Contribution to EBITDA 1Q24 - €M TRANSEMEL (100%) EBITDA increased YoY mainly driven by higher revenues Revenues EBITDA 6.0 International €0.3M €0.5M €4.2M €3.2M (7.0%) (
Slide 15: Below EBITDA
BELOW EBITDA DECREASE IN FINANCIAL RESULTS, REFLECTING THE INCREASE IN AVERAGE COST OF DEBT, AND DECREASE IN TAXES 1Q23: €62.8M 1Q23: -€12.9M 1Q23: €43.3M €63.2M -€21.3M €40.6M €0.4M (0.6%) €8.4M (64.7%) €2.7(6.3%) Depreciation & Amortization Financial results Taxes • Increase of €0.4M versus 1Q23,
Slide 16: Net Profit
NET PROFIT NET PROFIT DECREASED AS A RESULT OF LOWER FINANCIAL RESULTS AND LOWER EBITDA Net profit evolution breakdown - €M €-9.1M KEY HIGHLIGHTS (-71.1%) 12.8 • Decrease in EBITDA reflecting the decrease in contribution of both domestic (€-2.6M) and international businesses (€-0.5M). -3.0 -0.4 • Ne
Slide 17: Debt
DEBT NET DEBT DECREASED DRIVEN BY OPERATING CASH FLOWS AND TARIFF DEVIATIONS Net Debt Cost of Net Debt evolution - €M (w/o tariff deviations) Debt Adjusted Gross Debt Maturity - €M Net Debt 1,111 Dec 2023 2,748.7 2,421.2 2.5% Gross debt Average debt adjusted 563 572 381 maturity 2,7121 84 4.6 years3
Slide 18: RESULTS PRESENTATION 1924 (UNAUDITED ACCOUNTS )
RESULTS PRESENTATION 1924 (UNAUDITED ACCOUNTS ) 8
Slide 19: ESG Performance at a Glance
ESG PERFORMANCE AT A GLANCE INDICATOR UNIT 1Q2024 1Q2023 YoY Energy consumption GJ 1 304 921 1 135 603 15% Greenhouse gas emissions (scope 1 and 2) tCO2eq 25 979 33 627 -23% Environment Intensity of greenhouse gas emissions (scope 1 and 2) tCO2 / GWh 0.97 1.21 -20% Turnover aligned with EU taxonomy
Slide 20: ESG Highlights
ESG HIGHLIGHTS REN IS STRONGLY COMMITTED WITH SUSTAINABILITY • Renewable production reached new highs in • Launch of REN’s Ambassadors “Plug-in • Green bonds emissions (300 million euros, the first quarter of 2024, representing 89% of programme”, which aims to bring the company maturing in 8 years a
Slide 21: Highest ESG Standards
HIGHEST ESG STANDARDS IMPROVING OUR PERFORMANCE IN INTERNATIONAL ESG SCORES Scale Score Strengths Latest update Governance, Opportunity disclosure, Risk management processes, and D-A A- Targets February 2024 Transparency and reporting, Business ethics, Innovation management, 0-100 60 Resource effici
Slide 22: RESULTS PRESENTATION 1924 (UNAUDITED ACCOUNTS )
RESULTS PRESENTATION 1924 (UNAUDITED ACCOUNTS ) 22 4
Slide 23: Closing Remarks
CLOSING REMARKS DECREASE IN DOMESTIC AND INTERNATIONAL OPERATIONAL RESULTS, REINFORCING COMMITMENT WITH SUSTAINABILITY AND IMPROVEMENT IN INTERNATIONAL ESG SCORES €128.9M €3.7M -2.3% versus 1Q23 €-9.1M versus 1Q23 EBITDA Net Profit • Decrease in EBITDA mostly reflecting the • Decrease in Net Profit
Slide 24: Disclaimer
DISCLAIMER This document has been prepared by REN – Redes Energéticas Nacionais, SGPS, S.A (the "Company") and its purpose is merely informative. As such, this document may be amended and supplemented at the discretion of REN and it should be read as a overview of the matters addressed or contained
Slide 25: Contacts
CONTACTS VISIT OUR WEB SITE AT WWW.REN.PT OR CONTACT US: Madalena Garrido – Head of IR Alexandra Martins Mariana Asseiceiro Telma Mendes Avenida Estados Unidos da América, 55,1749-061, Lisboa - Portugal ir@ren.pt
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