• Investments totalled €364.8 million and includes the acquisition of 50% of the Chilean company TEN (Transmisora Eléctrica del Norte).

Profit for the Red Eléctrica Group for the first half of 2016 rose to €323.5 million compared to 308.8 million in the same period last year, representing a year-on-year increase of 4.8%.

Revenue for the period amounted to €968.2 million, practically in line with the previous period. This figure includes regulated revenue in Spain regarding transmission and system operation and revenues associated with the provision of telecommunications services.

Operating costs fell by 8.1% compared to the previous year and its performance reflects the efforts the Group is carrying out regarding the implementation of efficiency measures.

The gross operating profit (EBITDA) for the first half of the year rose to €754.4 million, a value 1.9% above that obtained in the same period in 2015.

The financial result amounted to €-75.5 million compared to €-78.5 million in the same period last year. These results show the fall in the average cost of financial debt, which stands at 3% compared to 3.24% for the first half of 2015.

Investments in this period totalled €364.8 million and incorporate €199.8 million for the acquisition of 50% of the Chilean company TEN. The rest of the investments were earmarked mostly for the development of Spanish transmission grid. Noteworthy among these investments was the second Majorca-Ibiza line, which is in the testing phase after the commissioning of the first cable in June 2015.

Income statement

Relevant events

• On 11 July, stock market trading began of the new shares of Red Eléctrica following their split at a rate of four new shares to one old share, as approved by the General Shareholders’ Meeting held on 15 April. New shares have a par value of €0.50.
• On 1 July, a gross additional dividend payment was made of €2.3194 per share for the 2015 financial year. The total dividend for 2015 was €3.21 per share, which is in line with the shareholder remuneration policy included in the Red Eléctrica Strategic Plan that establishes average annual growth of 7%.
• On 17 June, the Ministerial Order was published regarding the transmission tariff for 2016 which determined revenues for Red Eléctrica of €1.6813 billion, in line with forecasts. The tariff includes all regulatory parameters approved in the final months of 2015 and, for the first time ever, is subject to the methodology set out in Royal Decree 1047/2013.  
• Dated 27 May, 2016, the credit rating agency Fitch Ratings upgraded the long term rating of Red Eléctrica Corporación, S.A. from 'A-' to 'A' with a stable outlook. This improved rating is thanks to the main business's low risk level and predictability of regulated income. The agency has positively viewed the conservative financing policy observed and improved regulatory visibility..

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