Press office

Profit of the Red Eléctrica Group reached €448.8 million in the first nine months of 2015
  • Investment rose to 328.3 million euros, of which 95% was earmarked for developing the transmission grid in Spain and energy storage in the Canary Islands

 

The Red Eléctrica Group has reported a net profit of €448.8 million in the first nine months of 2015 compared to €414.8 million in the same period last year, representing an increase of 8.2%

Revenue for the first nine months of 2015 amounted to €1,456.3 million, representing a growth of 6% on the same period last year and includes revenues coming from facilities brought into service in 2014. Similarly, it brings together the revenues associated with the provision of telecommunications services, which reached €62.5 million, a fourfold increase on that invoiced in the same period of 2014, due to the inclusion of revenues from services associated to the rights to use and manage ADIF’s fibre optic network.

Operating costs grew at a rate of 5.3% compared to the previous year, and continue to reflect the Company's efforts to improve efficiency, as in 2015 this item includes the costs associated to the new telecommunications activity which were not included in 2014.

Gross operating profit (EBITDA) reached €1,088.5 million, up 7% on the figure obtained in the first nine months of 2014.

The increase in both EBITDA and revenue is due to the almost equal growth in the transmission activity and telecommunications, noteworthy being that the latter is progressing according to plan, even exceeding the expected results for this period.

The net financial result was -€119.1 million compared to -€108.6 million registered in the same period year earlier as a result of a higher average financial debt balance mainly due to the acquisition of the rights to use and manage ADIF's fibre optic network and to an increase in other financial costs, partially offset by a lower average interest rate.

Investment in this period reached €328.3 million, of which 95% was earmarked for transmission grid development in Spain and energy storage in the Canary Islands.

On 13 October, the credit rating agency Standard & Poor’s raised its rating for Red Eléctrica from ‘BBB+’ to ‘A-’ ranking it among the companies with the highest credit rating in the country.

 

Income statement

 

Relevant events

  • On 10 September, Red Eléctrica was included in the Dow Jones Sustainability World Index and Dow Jones Sustainability Europe Index, according to the results of the 2015 edition. The Company ranks among the eight companies selected from the Electric Utilities sector worldwide and among the two in Europe with the best sustainability performance, with an overall rating of 88 points out of 100.
  • On 16 October, the process for the assignment contract for Chira-Soria hydroelectric station project was completed, after having formalised the concession for the  rights to use the pond water and reservoir of the Chira dam (Chira-Soria) for hydroelectric purposes, pursuant to that approved on 17 July by the Junta General de Gobierno del Consejo Insular de Aguas (the general board of the canary water authorities).
  • Red Eléctrica will develop this hydroelectric energy storage system to integrate renewable energy generated on the island of Gran Canaria and strengthen the security of supply. The total investment will encompass the construction of a reversible hydroelectric power station and the connection of the power station to the Santa Águeda substation through a 220 kilovolt power line for an overall estimated total investment of approximately €300 million.

 

 

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