• The General Shareholders' Meeting has agreed the payment of a gross dividend of 0.8587 euros per share
• Investment has reached €87.6 million, of which 57% was earmarked for the development of the transmission grid in Spain
• Gross operating profit (EBITDA) amounted to €400.8 million, a growth of 2% year-on-year

Profit for the Red Eléctrica Group in the first quarter of 2017 reached €181.3 million compared to €173.6 million in the same period last year, representing a year-on-year increase of 4.7%.

Revenue for the period totalled €496.5 million, an increase of 1.8% year-on-year. This rise is mainly due to the commissioning of new transmission facilities in Spain. This figure also includes the income coming from the telecommunications and international businesses, which has remained in line with that registered in the first quarter of last year.

Gross operating profit (EBITDA) amounted to €400.8 million, showing a growth of 2% year-on-year. This has been possible thanks to the fact that the Company's operating costs have evolved at a similar rate to that of income growth, and, which in turn has allowed the efficiency improvements achieved in 2016 to be maintained.

Net financial profit improved by €2.2 million and reached €-37 million compared to the -39.2 reported in the same period last year. These expenses show the fall in the average cost of financial debt, which this quarter stands at 2.85% compared to 3.01% in the first quarter of 2016.

Investment in the first quarter of 2017 amounted to €87.6 million, and this mainly includes investment in the national transmission grid, which amounted to €49.9 million, and international investments in Peru, which include the acquisition, last January, of the remaining 45% of the capital of Redesur and infrastructure development in that country.

Income statement

Relevant events

• On 31 March, the General Shareholders’ Meeting approved the Financial Statements and Management Report of Red Eléctrica Corporación, S.A. and the consolidated Red Eléctrica Group and its subsidiaries for the year ended 31 December 2016.
  Similarly, the General Shareholders’ Meeting also agreed the payment of a gross dividend of 0.8587 euros per share for 3 July, minus the gross amount of 0.2382 euros per share paid out as an interim dividend.
• Red Eléctrica Corporación has been distinguished as a Company with best corporate practices in the Utilities sector for Europe and Africa, an award given by the specialist publication ‘Ethical Boardroom’ that appraises best practices in this field each year. These awards acknowledge listed companies that have shown exceptional leadership in the area of corporate governance. They highlight the important role of this framework of rules and practices in dictating the success of a company and the contribution of the Board of Directors to creating long-term value for shareholders.

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