First quarter results 2011
Red Eléctrica Group profits reach 129.5 million euros with the newly acquired transmission assets
Investments grew 47% reaching 158 million

Net turnover of the Red Eléctrica Group in the first quarter of 2011 was 405 million euros, which represents an increase of 26.6% with respect to the same period last year. These figures incorporate the effect of the purchase of transmission assets carried out in the middle of last year, which were not included in the corresponding period of the last fiscal year. Therefore, approximately 60% of the increase in net turnover corresponds to the remuneration rights associated to the acquired assets and the rest comes mainly from the remuneration associated to facilities commissioned in the last fiscal year.

For its part, the gross operating result (EBITDA) was 308 million euros and net profit grew to 129.5 million euros, 23.8% more than the figure reached in the first quarter of 2010. The growth of these figures will slow down in the second half of the year, insofar as it is compared with a 2010 base that partially incorporates the purchase of assets in the second half of that year, and once the renovation and improvement programmes associated to the acquired assets commence.

During the three first months of the year, the Red Eléctrica Group invested 158.2 million euros, 46.8% more than in the same period last year. This amount almost entirely corresponds to transmission grid development, in which investments have risen to 155.3 million euros. 

Key figures 

Relevant facts this quarter
In February and April, Red Eléctrica entered into two debt financing operations in the Euromarket for the amounts of 600 and 300 million euros, respectively. These operations, along with that carried out in 2010, have allowed the complete refinancing of the bridging loan for 1.4 billion euros underwritten for the purchase of transmission assets.

On 13 April this year, the General Shareholders' Meeting approved a dividend payment of 1.8751 euros per share corresponding to the 2010 fiscal year, of which 0.5882 euros per share were already paid out in the month of January. In this way, the payout of the company is again situated at 65%, a level that had been reduced temporarily to 60% to facilitate the purchasing process of the transmission assets which still belonged to the electric utility companies.