The Red Eléctrica Group recorded a profit of 140.1 million euros in the first quarter of 2012, representing an increase of 8.2% over the same period last year.
Consolidated revenue amounted to 427.5 million euros, up 5.6% on the first three months of 2011. The revenue accrued in respect of transmission remuneration represents an estimate of the measures passed under Spanish Royal Decree-Law 13/2012 published on 31 March 2012.
Gross operating profit (EBITDA) totaled 340.1 million euros, representing an increase of 10.4% on the same period last year. EBITDA growth was driven by the increase in revenues, coupled with operating cost controls.
Investments amounted to 144.1 million euros, 8.9% below those in the first quarter of 2011. This amount corresponds almost entirely to the development of the transmission grid, which was allocated 140.5 million euros.
During this quarter, 250 million euros has been issued in the Euromarket with a maturity date of April 2020 and new financing for 250 million euros with a maturity of up to 18 years has been signed with the European Investment Bank. These operations are geared towards refinancing debt maturities of the Group over the next two years.
On 8 March the Board of Directors of Red Eléctrica appointed José Folgado as Chairman of the Board in replacement of Luis Atienza who stepped down as member of the Board. This appointment was ratified at the General Shareholders' Meeting held on April 19, along with those of Alfredo Parra, Francisco Ruiz and Fernando Fernández, as new proprietary directors, and Juan Iranzo, Paloma Sendín and Carmen Gómez de Barreda, as independent Board directors.
In addition, the General Shareholders' Meeting approved a dividend of 2.2124 euros per share, 0.3373 euros more than in the prior-year. Of this total, and dated January 2 2012, an interim dividend payment of 0.6764 euros per share was made.
On 31 March, Royal Decree-Law 13/2012 was published adopting measures intended to correct the deviation between revenue and expenditure in the electricity and gas sectors. Amongst the measures proposed was the postponement until 2013 of the revenues from transmission assets commissioned in 2011, a reform was proposed regarding the remuneration of the transmission activity in order to link it to non-depreciated assets, and a new planning for the gas and electricity sectors was requested in order to adjust it to the current situation.