Financial highlights
Revenue for the first nine months of 2015 amounted to €1,456.3 million, up 6.0% year-on-year. This increase includes the growth in Transmission revenue in Spain from the facilities started up in 2014 and from the revenue associated with the provision of telecommunication services which totalled €62.5 million in the period, a fourfold increase on that invoiced in the same period of 2014, due to the inclu- sion of revenue from services associated with the rights to use and manage ADIF's fibre optic network.
Net operating profit (EBIT) stood at €738.2 million, up 5.2% year-on-year due to the 12.3% increase in amortisation and depreciation of non-current assets as a result of the facilities started up in 2014. These included the new interconnection with France and the impact of the amortisation of the rights to use and manage ADIF's fibre optic network.
Operating cash flow after taxes amounted to €930.5 million, a 9.8% increase on the same period in the previous year. Strong cash flow generation and the positive trend in working capital have enabled the Red Eléctrica Group to meet investment payments, pay dividends and reduce its net financial debt, which stood at €5,176.2 million at 30 September 2015.
Working capital increased by €95.3 million, which was largely underpinned by the recovery of the VAT on the acquisition of the long-term rights to use ADIF's fibre optic network, thereby reversing the nega- tive performance of this item in the previous year. Accordingly, payments made to suppliers of prop- erty, plant and equipment in these first nine months of the year rose by €45.1 million.
Group investments during the first three quarters of 2015 totalled €328.3 million, down 10.7% on the same period of 2014, with investment in developing the Spanish transmission grid and energy storage in the Canary Islands accounting for €310.2 million.The dividends paid out of 2014 profit amounted to €404.8 million, which is equivalent to €3 per share.
Source : January - September 2015 Financial Results Red Eléctrica de España S.A., Madrid (Spain), October 28, 2015
