The Red Eléctrica Group has reported a profit of €173.6 million for the first three months of 2016 compared to €166.1 million in the same period last year, representing a year-on-year increase of 4.6%.
Revenue for the period amounted to €487.9 million, up 0.2% year-on-year. This includes regulated revenue in Spain, transmission and operation of the electricity system, which was essentially in line with 2015. Similarly, it includes revenue associated with the provision of telecommunications services, which experienced an increase of €1.7 million.
Investments in this period rose to €277.5 million, and incorporate €199.8 million for the acquisition of 50% of the Chilean company TEN. The rest of the investments were mostly earmarked for the development of Spanish transmission grid.
Operating costs fell by 4.2% compared to the previous year due to reduced supplies costs and other operating expenses, whose performance reflects the efficiency improvements introduced in the first quarter of this year.
Consequently, the gross operating profit (EBITDA) rose to €392.9 million, 1.4% above that obtained in the first quarter of 2015.
The net financial result was -39.2 million euros compared with -40 million euros recorded in the same period last year. These expenses show the fall in the average cost of financial debt, which stood at 3.01% versus 3.24% in the first quarter of 2015.
On the 15th of April, the General Shareholders’ Meeting approved the Financial Statements and Management Report of Red Eléctrica Corporación, S.A. and the consolidated Red Eléctrica Corporación Group and its subsidiaries for the year ended 31 December 2015.
It also ratified the payment of a gross dividend of 3.21 euros per share on 1 July, minus the gross amount of 0.8906 euros per share paid out as an interim dividend.
The General Shareholders’ Meeting re-elected José Folgado as an external director, who as a result shall perform the role of non-executive Chairman of the Board of Directors and of Red Eléctrica from the date of the meeting. In addition, Fernando Fernández was re-elected as a nominee director and Carmen Gómez de Barreda as an independent director. It also confirmed the appointments of José Ángel Partearroyo as a nominee director and of Agustín Conde as an independent director.
Furthermore, the General Shareholders’ Meeting approved the split of the number of Company shares through the reduction of its nominal value of two euros to fifty cents per share, a ratio of four new shares for each old share, without changing the share capital amount, and delegated the Board of Directors to execute the agreement.
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