REN Redes Energeticas Nacionais SGPS S A : Distribution of free reserves distribution
April 05, 2024 at 12:32 pm EDT
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REN - REDES ENERGÉTICAS NACIONAIS, S.G.P.S., S.A. - listed company
Registered Office: Avenida dos Estados Unidos da América, no. 55, Lisbon
Share capital: 667,191,262 Euros
Company and registration number with the Lisbon Commercial Registry Office: 503 264 032
Non-binding translation
For information purposes only
PROPOSAL OF RESOLUTION
ITEM 7 OF THE AGENDA FOR THE ANNUAL GENERAL SHAREHOLDERS MEETING
OF MAY 9TH, 2024
According to the Company's balance sheet as at 31 of December 2023, free reserves totaling € 180,189,797.00 are currently recorded, which, under the terms of Articles 32 and 33 of the Portuguese Companies Code, are distributable to shareholders. To this end, it is proposed to the Company's shareholders that the Board of Directors be authorized to distribute accumulated reserves available for distribution to shareholders until the end of the 2024 financial year, provided that the following conditions are met:
The Board of Directors resolves on such distribution;
The distribution in question is made only once during the authorized period;
The Audit Committee gives its consent to such distribution;
The resolution of the Board of Directors is preceded by an interim balance sheet, prepared no more than 30 days in advance and certified by the Company's Statutory Auditor, showing the existence at that time of sums available for distribution, which must comply with the rules of Articles 32 and 33 of the Portuguese Companies Code;
The amount decided to be distributed does not exceed half of the amount that, under the terms of the balance sheet referred to in the previous paragraph and Articles 32 and 33 of the Portuguese Companies Code, is distributable on the date of the decision as accumulated reserves available for distribution;
As a result of the distribution resolution, the Company's equity, including the net profit of the year, does not fall below the sum of the share capital
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REN - REDES ENERGÉTICAS NACIONAIS, S.G.P.S., S.A. - listed company
Registered Office: Avenida dos Estados Unidos da América, no. 55, Lisbon
Share capital: 667,191,262 Euros
Company and registration number with the Lisbon Commercial Registry Office: 503 264 032
Non-binding translation
For information purposes only
and reserves which the law or the articles of association do not permit to be distributed to the shareholders;
At the date of the balance sheet referred to in paragraph "d" above, the net profit for the current financial year is positive by at least €
50,000,000.00; and
In general, that it is the opinion of the Board of Directors that the distribution to be resolved does not jeopardize the financial situation of the Company and its solvency in the short, medium and long term.
Lisbon, 21th March 2024
On behalf of the Board of Directors of
REN - Redes Energéticas Nacionais, S.G.P.S., S.A.
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REN - Redes Energéticas Nacionais SGPS SA published this content on
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REN - Redes Energéticas Nacionais, SGPS, S.A. specializes in the operation and concession management of the Portuguese electricity transportation network. Net sales break down by activity sector as follows:
- electricity (63.7%): transportation of electricity from producers to end distributors and consumers, management of the electricity transportation network (connecting user installations to the network, maintenance of the network, etc.). At the end of 2022, the network has a total of 9,424 Km;
- gas (34.8%): transportation of natural gas from producers to end distributors and industrial consumers, underground storage of natural gas, receiving, storage, and regasification of liquid natural gas (LNG), infrastructure construction and maintenance services, etc.;
- telecommunications (1.3%);
- other (0.2%).
REN - REDES ENERGÉTICAS NACIONAIS, SGPS, S.A. 
