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1

— MESSAGE FROM THE CHAIRMAN

  • 1.1 — MESSAGE FROM THE CHAIRMAN
2

— APPROACH TO REPORT

  • 2.1 — Approach to Report
3

— REN AT A GLANCE

  • 3.1 — REN Profile
  • 3.2 — Corporate Bodies, Departments and Other Managers
  • 3.3 — Shareholder Structure
  • 3.4 — Milestones in 2016
  • 3.5 — Main Performance Indicators
  • 3.6 — Regulated Assets
  • 3.7 — Technical Infrastructures
  • 3.8 — Supply Chain
4

— MANAGEMENT REPORT

  • 4.1 — ENVIRONMENT
  • 4.2 — Electricity
  • 4.3 — Natural Gas
  • 4.4 — Business Development
  • 4.5 — Other Business
  • 4.6 — Financial Performance
  • 4.7 — Proposed Allocation of Net Profit
  • 4.8 — Perspectives 2017
5

— SUSTAINABILITY AT REN

  • 5.1 — Sustainability approach
  • 5.2 — Main actions undertaken
  • 5.3 — Management and performance
  • 5.4 — AWARDS
6

— CONSOLIDATED AND INDIVIDUAL ACCOUNTS

  • 6.1 — CONSOLIDATED FINANCIAL STATEMENTS
  • 6.2 — INDIVIDUAL FINANCIAL STATEMENTS
7

— CORPORATE GOVERNANCE

  • 7.1 — INFORMATION ON SHAREHOLDER, STRUCTURE, ORGANIZATION AND CORPORATE GOVERNANCE ECONOMIC ENVIRONMENT
  • 7.2 — ASSESSMENT OF CORPORATE GOVERNANCE
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REN recommends:
  • — MESSAGE FROM THE CHAIRMAN
  • — Approach to Report
  • — REN Profile
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— A YEAR OF ENERGY NUMBERS

ELECTRICITY

49,3 TWh

ELECTRICAL POWER CONSUMPTION

0,34

INTERRUPTOR TIME
(MINUTES)

46,7 TWh

ENERGY TRANSMITTED BY
NATIONAL TRANSMITIION SYSTEM

9.140 TWh

MAXIMUS POWER
ENERGY TRANSMITTED

NATURAL GAS

55,8 TWh

NATURAL GAS
CONSUMPTION

56,7 TWh

GAS TRANSMITTED BY THE
NACIONAL NATURAL GAS

TRANSMISSION SYSTEM

6,9%

EVOLUTION OF NATURAL GAS
CONSUMPTION

11,6 GWh

MAXIMUM HOURLY
CONSUMPTION

FINANCIAL INDICATORS

476,0 M€

EBITDA

100,2 M€

NET INCOME

171,5 M€

INVESTMENT

3.537,1 M€

AVERAGE RAB

PERFORMANCE INDICATORS

27.009

HOURS OF TRAINING

107.353

TREES PLANTED

608

EMPLOYEES

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Connections
1

- MESSAGE FROM THE CHAIRMAN

Connected to Commitment
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MESSAGE FROM THE CHAIRMAN

"In 2016, work continued to implement the plans presented to the public the previous year."

1.1 MESSAGE FROM THE CHAIRMAN

"2016 was once again a year where we were successful in achieving those goals."

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2

- APPROACH TO REPORT

Connected to Transparency
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APPROACH TO REPORT

This report brings together the information required to meet our commitments and legal financial reporting obligations as well as our commitments to sustainability reporting.

2.1 Approach to Report

The aim of the report is to provide transparent information on economic, social and environmental issues which have been identified as most relevant to the company and its stakeholders.

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3

- REN AT A GLANCE

Connected to Productivity
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REN AT A GLANCE

REN's core business is energy transmission and the management of energy transmission systems and we are present in the electricity and natural gas markets.

3.1 REN Profile

2016 Ren achieved one of its medium and long-term aims: to acquire a relevant stake in a foreign company as part of our internationalization strategy.

3.2 Corporate Bodies, Departments and Other Managers

3.3 Shareholder Structure

3.4 Milestones in 2016

Highlights of the main REN events in 2016 contributing to the success of our energy.

3.5 Main Performance Indicators

Financial, Electricity, Natural Gas, Social and Environmental Indicators

3.6 Regulated Assets

Electricity and Natural Gas

3.7 Technical Infrastructures

At the end of 2016, the RNT (National Transmission System) consisted of 8,863 km in lines and 66 transformer substations and 15 step down, switching and transition substations.

3.8 Supply Chain

In the compliance of its public service mission in the national energy sector, the REN Group is committed to the defence and promotion of the principles of sustainable development, seeking to create value on an ongoing basis for shareholders and stakeholders.

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4

- MANAGEMENT REPORT

Connected to the Future
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MANAGEMENT REPORT

Satisfying criteria of quality and safety, guaranteeing the uninterrupted supply of energy and maintaining a balance between energy supply and demand are daily tasks which reflect an attitude of commitment to the future.

4.1 ENVIRONMENT

Economic, Setoral and Regulatory Environment

4.2 Electricity

In 2016, energy transmitted by the National Transmission System (RNT) saw a significant increase of 8.6% over the previous year, standing at the highest ever figure of 46.7 TWh.

4.3 Natural Gas

Operation and Investment RNTIAT

4.4 Business Development

REN continued to follow and implement the strategic plan approved in 2015 for the three-year period of 2015-18. With regard to business development, the aim is to diversify REN’s business growth by investing in international projects.

4.5 Other Business

Enondas, Rentelecom and REN Trading

4.6 Financial Performance

Results in 2016; Average RAB and Investment; Financial and Debt

4.7 Proposed Allocation of Net Profit

The consolidated net profit of REN SGPS, S.A. in the financial year of 2016 amounted to 100,183,103.19 euros (one hundred million, one hundred and eighty three thousand, one hundred and three euros and nineteen cents).

4.8 Perspectives 2017

Our expectations for 2017 are in line with events of recent years.

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5

- SUSTAINABILITY AT REN

Connected to Responsibility
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SUSTAINABILITY AT REN

REN's mission is to ensure the uninterrupted supply of energy to the entire country, thus contributing to the development of communities and improved quality of life for the residents of Portugal. 

5.1 Sustainability approach

This report was prepared in compliance with the fourth version of the Global Reporting Initiative (GRI) guidelines, based on the protocols for general indicators and on the sectoral supplement for the electricity sector.

5.2 Main actions undertaken

Actions undertaken by REN in 2016 followed the three axes of our sustainability strategy.

5.3 Management and performance

Social and Environmental Performance

5.4 AWARDS

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6

- CONSOLIDATED AND INDIVIDUAL ACCOUNTS

Connected to Continuity
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CONSOLIDATED AND INDIVIDUAL ACCOUNTS

To constantly improve the quality of energy transmission, ensuring the stability of the energy market, contributing to educational and technological evolution while respecting the environment both in Portugal and around the world, is to provide continuity to sustainable and balanced growth.

6.1 CONSOLIDATED FINANCIAL STATEMENTS

31 December 2016

6.2 INDIVIDUAL FINANCIAL STATEMENTS

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7

- CORPORATE GOVERNANCE

Connected to Development
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CORPORATE GOVERNANCE

The integration of the principles of sustainable development in all its facets: social, environmental and economic, means turning REN’s mission and values into guaranteed evolution and progress.

7.1 INFORMATION ON SHAREHOLDER, STRUCTURE, ORGANIZATION AND CORPORATE GOVERNANCE ECONOMIC ENVIRONMENT

PART I

7.2 ASSESSMENT OF CORPORATE GOVERNANCE

PART II

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