Investment grew to €447.8 million
Profit of the Red Eléctrica Group, in like-for-like terms, increased 8.3% in 2015
  • The 2015 dividend to be proposed to the General Shareholders’ Meeting is €3.21 per share, up 7% year-on-year


In 2015, the Red Eléctrica Group made a profit of €606 million, up 8.3% compared with 2014 in like-for-like terms and down 15.6% when considering the non-recurring items included in the fourth quarter of 2014, such as the agreement reached with the Plurinational State of Bolivia on compensation for Transportadora de Electricidad (TDE) and the impact of the tax reform. These figures are mainly the result of the higher volume of assets and improvements in operational and financial efficiency.

The Board of Directors has agreed to propose to the General Shareholders’ Meeting a dividend of €3.21 per share for the 2015 financial year, a value 7% higher than the previous year.

The Group's investments amounted to €447.8 million, of which €410.7 million was earmarked for the development of the national transmission grid and €12 million for energy storage in the Canary Islands. The acquisition of 50% of the Chilean company Transmisora Eléctrica del Norte (TEN), amounting to 218 million dollars, is not included; payment of this transaction has been made in 2016.

In 2015, the commercial operation of the Spain-France interconnection began and progress was made on the interconnection cable between Majorca and Ibiza. The first cable was brought into commercial operation in June 2015 and the second cable is due to come into service in April this year.

Net revenue in 2015 was €1,938.9 million, an increase of 5%, mainly due to revenue associated with new facilities started up in 2014 and that associated with the provision of telecommunications services, which amounted to €83.5 million, as they include revenue associated with the acquisition of the rights to use and manage the fibre optic network of ADIF formalised in November 2014.

The gross operating result (EBITDA) totalled €1,458.4 million, 5.3% more than in the previous year. More than half of the growth in EBITDA is due to the telecommunications business.


The net finance expense was 159.3 million euros. The financial expenditure on interest was very similar to that of 2014, since the lower average cost of debt was almost entirely offset by the larger volume of debt resulting from the operation with ADIF in late 2014.

The financial debt was reduced by 503 million euros, reaching €4,905.8 million as at 31 December, thanks to the strong generation of funds and the positive performance of working capital, which enabled investments and dividends to be paid and the level of debt to be reduced.

 (1) Earnings for 2014 include non-recurring gains from the compensation for TDE (€52 million) and from the application of Corporate Income Tax Law 27/2014 (€106 million). Stripping out these items, the profit in 2015 have risen by 8.3% year-on-year.

Strategic Plan 2014-2019. Confirmation of objectives

The achievements of 2014 and 2015 are a good starting point for achieving the objectives outlined in the Strategic Plan, which is based on the core business of the Company, transmission and system operation, and assumes a greater range of other related businesses linked to already consolidated activities, such as the management of fibre optic. The Plan includes, in addition, promoting the growth of the Red Eléctrica Group with a broadening of the business base centred on energy storage and international investment.

2015 has been intense for Red Eléctrica, mainly due to the finalization of the regulatory reform started in 2013, with the approval of the new benchmark unit investment costs and for operation and maintenance. This new framework, although demanding, has contributed a significant level of certainty regarding the evolution of transmission remuneration.

In the current scenario, the Company has a number of strengths that will enable it to achieve the strategic objectives for the period 2014-19. Investments in the transmission grid in Spain are endorsed by the recently approved Infrastructure Plan 2015-2020 which also provides further visibility beyond 2020 with certain investment projects related to interconnections. In addition, the telecommunications business is moving forward in a highly satisfactory manner.

Internationally, there have been opportunities for investment. In Chile, the Company acquired 50% of the share capital of Transmisora Eléctrica del Norte (TEN), which is currently building the first interconnection line between the northern and central electricity subsystems in Chile. In addition, during 2015, tenders were won to build, operate and maintain two electricity lines in Peru.

On the other hand, Red Eléctrica will continue to work in redefining processes and improving efficiency; additionally, financial policy will be an essential management tool and its lines of action will be aimed at lowering the financial cost during the development of the Plan.

The combination of these elements provides Red Eléctrica with the mechanisms to achieve the main objectives of the 2014-2019 Strategic Plan:

  • The investment of €3.6 billion during the period in the electricity transmission grid and the telecommunications business, and €1 billion in new activities.
  • Maintaining an attractive shareholder remuneration policy with an average yearly dividend growth of 7% over the period, and an expected growth in earnings per share at an average cumulative rate of 5-6%.

Corporate Social Responsibility

In January 2016, Red Eléctrica obtained, for the first time, the ‘Gold Class’ distinction in The Sustainability Yearbook, a report prepared by RobecoSAM that recognises companies with best practices in corporate responsibility. Only two Spanish companies have obtained this distinction and Red Eléctrica is the only one in its sector.

In December 2015, the Company was awarded the AENOR Healthy Workplace certificate confirming that Red Eléctrica has implemented the Healthy Workplace Model, a management system that promotes and protects the health, well-being and safety of employees, as well as sustainability in the working environment.

In the month of November, Red Eléctrica renewed its European Seal of Excellence 500+ under the EFQM model with a score of more than 700 points, one of the highest for a Spanish company. The score attained enables the Company to renew its recognition at both national (European Seal of Excellence 500+) and European (Recognised for Excellence 5 Star) level.


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