OPERATING PROFITS
[millions of euros]
2009 2010 2011 2012 2013
EBITDA8 384,1 431,4 472,5 511,6 521,5
EBIT 258,7 250,5 283,2 314,2 320,3
Financial profits -73,8 -83,9 -103,4 -136,0 -142,2
Pre-tax profits 184,9 166,6 179,8 178,5 178,0
Net profit 134,0 110,3 120,6 123,6 121,3
Recurrent net income9 108,2 119,8 131,0 120,2 120,7

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8 In 2013, there was a small change in the methodology used to calculate EBITDA, and the value for 2012 was adjusted for comparison purposes, using the same criteria.

9 Recurring net profit in 2013 reflects the carry cost of the pledge to the European Investment Bank, considered as a non-recurring item. The figure for 2012 has been adjusted for purposes of comparison, applying the same criteria.

ASSETS, INVESTMENT AND DEBT
[millions of euros]
'11 '12 '13
RAB Average remuneration rate, % 7,61% 8,79% 7,97%
Investment (CAPEX), millions of euros 349,4 201,1 187,8
Net debt, millions of euros 2311,3 2512,3 2402,3
Net debt/EBITDA, x 4,89x 4,91x 4,61x

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REN Shares

‘11 ‘12 ‘13
End of year share price . euros 2,110 2,055 2,238
Total return to shareholder (YTD). % 12,6% 5,0% 17,2%
Stock Market Capitalization . million euros 1.126,7 1.097,4 1.195,1
Net profit per share . euros 0,226 0,231 0,227
Dividend per share . euros 0,169 0,170 0,171
PAYOUT RATIO, % 74,8% 73,4% 75,3%
DIVIDEND YIELD, % 8,0% 8,3% 7,6%

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