The Red Eléctrica Group has reported a profit of 149.6 million euros for the first quarter of 2013, representing an increase of 6.8% with respect to the same period last year.
Net revenue reached €450.5 million, an increase of 5.4% on the same quarter in 2012. Transmission revenues reflect the implementation of Royal Decree 2/2013, which has substituted the general consumer price index for the consumer price index at constant tax rates excluding unprocessed food and energy products as well as the effect of the facilities that came into service during 2012.
The gross operating result (EBITDA) totalled €358.3 million, representing a rise of 5.3% on the same period last year, due to the increase in net revenue and the control of operating costs.
Investment rose to €89.6 million, 37.8% below the figure of the first three months of 2012. This reduction was mainly due to the effects of Royal Decree 13/2012 that came into force on 31 March 2012, although it is circumstancial and will be diluted as the year goes on, in line with that foreseen in the Strategic Plan 2013-2017. Most of the investment made in the first quarter corresponds to transmission grid development, for which €85.2 million euros was earmarked.
On 25 January, Red Eléctrica launched a €400 million bond issue maturing in 2022, with a coupon of 3.894%. This transaction strengthens Red Eléctrica's liquidity position and allows the financing requirements of the Company for the coming years to be covered.
On 17 January, Ministerial Order 18/2013 was published, which sets out the need for investment in a series of strategic transmission facilities for the grid, and whose commissioning is deemed urgent, within a special plan that will bridge the gap until the new 2014-2020 planning, which is currently in the administrative stage.
These new facilities, together with the projects already commissioned by the Company in previous years, allow an average annual investment in the development of new facilities to reach an average of €500-600 million per annum.
On 14 February, the Tariff Order was approved which establishes transmission revenues for the Company of just over €1.627 billion in 2013. The Annual General Meeting approved the payment of a dividend of €2.3651 euros per share for the 2013 financial year. Of this total, €0.6764 per share was paid out on 2 January 2013, in the form of an interim dividend.