Press office

Press office

26.10.2016
5% higher than the same period in 2015

Red Eléctrica Group’s profit stands at €471.3 million in the first nine months of 2016

  • Investment rose to €458.1 million, of which €236.9 million was earmarked for development of the transmission grid in Spain.

Profit for the Red Eléctrica Group in the first nine months of 2016 amounted to €471.3 million compared to €448.8 million in the same period last year, representing an increase of 5% year-on-year.

Investment in this period totalled €458.1 million, 39.5% higher than in the same period of 2015, with €236.9 million earmarked for the development of the Spanish transmission grid.

Revenue for the period totalled €1,445.3 million and includes not only regulated revenues in Spain corresponding to electricity system transmission and operation activities, which remain roughly in line with those of last year, but also revenues associated to the provision of telecommunications services and those related to the international activity of the Group.

Operating costs fell by 6.3% compared to the previous year and its performance reflects the efficiency improvement efforts being made by Red Eléctrica.

The gross operating profit (EBITDA) for the first nine months of 2016 rose to €1,113.1 million, an increase of 2.3% compared to the same period in 2015.

Therefore, net financial result amounted to €-114.8 million versus €-119.1 million in the same period last year. These results show the fall in the average cost of financial debt, which stands at 2.99% compared to 3.21% for the first nine months of 2015.

 

Income statement

 

 

January - September

(in thousands of euros)

2016

2015

D %

Revenue

1.445.318

1.456.332

(0,8)

Gross operating profit (EBITDA)

1.113.061

1.088.454

2,3

Net operating profit (EBIT)

751.610

738.246

1,8

Profit before tax

635.374

619.184

2,6

Profit for the period

471.287

448.774

5,0

 

 

Relevant events

  • On 26 September, Red Eléctrica received an award from the sustainability assessment agency Vigeo Eiris as a Top Performer in the responsible integration of social factors within its supply chain, making it the only Spanish company to be included among the world’s 20 leading companies in the field.
  • Red Eléctrica Corporación has strengthened its position in the Dow Jones Sustainability World Index and Dow Jones Sustainability Europe Index, according to the results of the 2016 edition published on 8 September. The Company obtained an overall score of 90 points out of 100, improving on the previous year’s result, leading nine areas of sustainability and just one point behind the leading company in its sector.
  • On 3 August, the credit rating agency Standard & Poor's issued its latest report on Red Eléctrica maintaining the level of its credit rating and the outlook assigned to the Company. Red Eléctrica Corporación, S.A. and its subsidiary Red Eléctrica de España, S.A.U. have maintained their long-term rating at "A-" and their short-term rating at "A-2" with a stable outlook.

 

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