• Investment rose to 99 million euros, of which 85% was earmarked for transmission grid development in Spain.
   

The Red Eléctrica Group has reported a net profit of 166.1 million euros for the first quarter of 2015. This figure is 4.7% higher than that achieved in the same period last year, in line with the growth objectives, compared to 2013, as set out in the Strategic Plan 2014-2019

Revenue for the first three months of 2015 amounted to €487 million, up 5.1% year-on-year. This figure includes income from facilities commissioned in 2014 and €20.3 million from the telecommunications business.

Gross operating result (EBITDA) reached €387.5 million, representing a growth of 5.1% over the first three months of 2014. Its performance is linked to the evolution experienced by revenue and the growth in operating costs, which increased to a rate of 6.7% compared to the previous year as €4 million in costs associated with dark fibre optic network of Adif were included.

The net financial result was -€40.0 million compared with -€36.9 million in the same period a year earlier as a result of a higher average gross debt balance. This is mainly attributable to the above-mentioned acquisition of the rights to use ADIF's dark fibre optic network, partially offset by a lower average interest rate.

Investments in the quarter amounted to €99.4 million, of which 85% was earmarked for transmission grid development in Spain.

From the point of view of seeking efficiency in the financial management, it should be noted that in April, the Company carried out a €500 million bond issue in the Euromarket, with a maturity of 10 years and a profitability of 1.176%. Part of this issue was used for a swap for other bonds corresponding to previous issues for a nominal amount of €446.1 million, and interest rates between 2.375% and 4.75%.

Income statement

Relevant events

• On 15 April the General Shareholders' Meeting approved the Annual Accounts and Management Report of Red Eléctrica Corporación, S.A. and that of the Consolidated Red Eléctrica Corporación Group and its subsidiaries for the year ended 31 December, 2014. it also ratified payment of a gross dividend next 1 July of €3 per share, minus the gross amount of €0.8323 per share paid out as an interim dividend. It also confirmed the appointments of Mr Santiago Lanzuela Marina as a nominee director and of Mr José Luis Feito Higueruela as an independent director.
   
• On 6 and 7 April 2015, the rating agencies Fitch and Standard & Poor’s published reports on Red Eléctrica. Fitch confirmed its long term rating of 'A-' with a positive outlook and short term rating of 'F2' for Red Eléctrica Corporación, S.A. and Red Eléctrica de España, S.A.U. For its part, Standard & Poor’s upgraded its rating for both companies by a notch to ‘BBB+’ in the long term and ‘A-2’ in the short term with a stable outlook. The agencies highlighted the strength of Red Eléctrica's balance sheet, the visibility provided by its new strategic plan and the healthy situation of the Spanish electricity sector following the reforms enacted in recent years.
   
• On 13 February, Red Eléctrica Internacional, in partnership with the Peruvian investment fund manager AC Capitales, was awarded the concession contract for the 220 kV Azángaro-Juliaca-Puno line in Peru. The project will entail an estimated investment of $70 million (around €61 million) and a construction period of 33 months to complete. The contract is in keeping with the international expansion plans of the Red Eléctrica Group.

The Press Office of Red Eléctrica publishes all written and visual information via the Twitter account @RedElectricaREE.

Also on Facebook through the account RedElectricaREE.