95% of these investments (€219 million) were allocated to the development of the national transmission grid, whose most notable projects were: the interconnection with France, the strengthening of grid meshing for the interconnection of the central and southern areas of the Spanish peninsula that will improve the quality of supply in Extremadura and Andalusia, and the Majorca-Ibiza interconnection. 

Net revenue for the first half of 2013 amounted to €893.9 million in homogenous terms and its growth was 6.5% compared with the same period last year. This growth reflects the effect of a larger asset base that has to be remunerated for the facilities placed in service in 2012. 

The increase in net revenue and the evolution of operating cost have allowed the gross operating result (EBITDA) to have reached €682.7 million, 5.3% higher than that achieved in the first half of 2012. In real terms, the Company's net profit in the first half of the year amounted to €272 million. 

The interim dividend paid out in the first half of 2013 amounted to €91.2 million, equivalent to the €0.6764 per share on the interim dividend for the year 2012. On 1 July, €1.6887 per share was paid out as an additional gross dividend against the year 2012. In 2013 the company is maintaining a dividend policy of paying out 65% of its consolidated accounting profit to shareholders.

The profit of €278 million reflects the recurring activity, eliminating non-recurring items in 2012 and 2013, and the impact of exceptional events which occurred in 2013:

• Effects of the regulatory measures adopted by the Government (Royal Decree-Law 9/2013 and a proposal of order of tariffs) entailing a €75 million reduction in remuneration for transmission activity for the whole year
• Revaluation of balance sheets to which the Company has availed itself (Law 16/2012 of December 27), reducing the outlay on profits tax by €33.9 million

Homogenous income statement

Relevant events

On July 12, Royal Decree-Law 9/2013 was published for the adoption of urgent measures for financial stability in the electricity sector. This RDL establishes a system for calculating the revenue associated with transmission activity from July 2013 until the coming into force of a new methodology for calculating the remuneration for electricity transmission.

Pursuant to the aforementioned RDL, on 15 July the Ministry of Industry issued a proposal for an order to establish the remuneration of the transmission business for the second half of 2013, entailing a decrease of €75 million in transmission revenues. Also, Red Eléctrica estimates a remuneration of about €1.6 billion in 2014 for the electricity transmission business. 

Also on 15 July, the Ministry of Industry sent the National Energy Commission its proposal for a Royal Decree to establish future remuneration of the transmission business, to be reviewed every six years. The main features are: unification of all methodologies for remuneration of assets, valuation of assets in operation for the first regulatory period in consideration of the replacement value and establishment of financial remuneration on the basis of a ten-year Spanish treasury bond plus 200 basis points.

A comments period has been initiated to enable agents of the market to clearly express their contributions to the regulation that has been published and always contemplating the possibility to submit alternatives to enhance the regulation. Red Eléctrica welcomes this open dialogue, and intends to submit proposals to clarify certain specific issues of the Royal Decree, such as the factor for updating assets, the establishment of the residual life of assets and suitable incentives for the availability of facilities and construction and maintenance processes.