Investments of the Red Eléctrica Group in the transmission grid reached 539.4 million euros in the nine first months of 2011, which represents a growth of 4.3% with respect to the same period last year. From January to September 2011, total investments of the Group were 552.7 million euros, 5% above those of 2010 without factoring in the advanced payments for the acquisition of transmission assets, in the amount of 1,000 million euros, accounted for in the previous fiscal year.
The Group has recorded a profit of 332.9 million euros over this nine month period, 17.7% more than in the same period last year. Red Eléctrica's net turnover reached 1,217.2 million euros, which represents an increase of 24.3% with respect to 2010 associated, fundamentally, to the transmission activity. This increase is due mainly to the incorporation of the transmission assets acquired during the second half of 2010 and to the facilities commissioned during the previous fiscal year.
The gross operating result (EBITDA) generated in the nine first months of 2011 was 902.9 million euros, 30.6% more than in this same period of 2010. This growth responds to the increase in net turnover and to a containment in operating costs, which increased 7.5%, well below the increase in managed assets.
Red Eléctrica has received the prize for business excellence in the category "Taking responsibility for a sustainable future" awarded by the European Foundation for Quality Management (EFQM). In addition, the EFQM highlighted as "best practice" the management of Red Eléctrica, not only in the category where it received the prize, but also in "Achieving balanced results" and "Adding value for customers".
These prizes, that are the maximum European recognition regarding business excellence, are awarded to the best European companies in the adoption of the most advanced management systems and business practices.
The credit rating agencies Moody's and Standard & Poor's have affirmed the rating of Red Eléctrica at A2 and AA-, respectively. Although the agencies recognize the improvement in the financial profile of the company and its capacity to maintain the principal ratios, the outlook is evaluated as negative due to the influence of the downgrading of the rating regarding sovereign debt and the reduction in the rating of Spain.
As already communicated in the previous quarter, Red Eléctrica formalised, on 14 July, a new credit line for the sum of 600 million euros over a term of 5 years, which will be used to refinance the current syndicated loan with a maturity date of July 2012.