• EBITDA amounted to €1,147.4 million
• Investment totalled €404.1 million, of which €257.9 million was allocated to the transmission grid
• The Board of Directors agreed to pay a gross interim dividend for 2018 of €0.2727 per share, up 7% on 2017

In the first nine months of 2018 the Red Eléctrica Group obtained a net profit of €520.7 million, a  5.1% rise year-on-year.

Revenue for the period totalled €1,470.2 million, showing a growth of 0.3% year-on-year, thanks to the increase in revenues from activities related to system operation and telecommunications. In addition, international business abroad has also contributed positively to this figure after the commissioning of the Azángaro-Juliaca-Puno line in southern Peru.

According to Teresa Quirós, Chief Financial Officer at Red Eléctrica Corporación, "we have had a positive quarter that allowed us to reach total investments of €404 million in the first nine months, and aggregate group results that increased by 5.1 %, which is a clear step forward to achieving the commitment established in our strategic plan to increase shareholder return by approximately 5 to 6% per share in the period 2014-2019. We are focused on tackling the challenges that the energy transition represents to us as a company".

In this regard, operating costs have fallen by 0.9%, showcasing once again the efforts made by Red Eléctrica in terms of efficiency.

The gross operating result (EBITDA) rose to €1,147.4 million 1% above the figure obtained in the first nine months of 2017.

Financial loss stood at -99.6 million euros compared to the value of -€106.8 million year registered in the same period last year. This result shows the fall in the average cost of financial debt, which stood at 2.42% compared to 2.8% in the third quarter of 2017.

Investment by the Group for the first nine months of the year totalled €404.1 million, of which €257.9 million was earmarked for the development of the national transmission grid, representing an increase of 13.6% on the investment made within the first nine months of last year. With regard to international business, a total of €101.2 million was included as a result of the acquisition of the Chilean electricity transmission company Centinela Transmisión.

Income statement

Relevant events

•    At its meeting held on 30 October, the Board of Directors agreed to pay an interim dividend for 2018 in the amount of 0.2727 euros per share. This dividend will be paid for all shares with dividend rights on 8 January 2019, in accordance with the rules of operation of Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A. (IBERCLEAR).

•    At its meeting held on 25 September, the Board of Directors of Red Eléctrica Corporación approved the appointment of María Teresa Costa Campi and Antonio Gómez Expósito as non-executive proprietary directors representing the Sociedad Estatal de Participaciones Industriales (SEPI – the State Industrial Holding Company).

•    On 18 September 2018, Fitch Ratings confirmed the long-term rating of Red Eléctrica Corporación, S.A. as ‘A’ with a stable outlook. Following the announcement, Red Eléctrica Corporación, S.A. and Red Eléctrica de España, S.A.U. maintain a long-term rating of ‘A’ and a short-term rating of ‘F-1’ with a stable outlook.

•    On 13 September, the new ranking of the Dow Jones Sustainability Index (DJSI) was published. Red Eléctrica was selected for a further year by the prestigious index as one of the four utilities present on a global basis (DJSI World) and at the European level (DJSI Europe), and the only company of its sector that has maintained its presence on both indices during last four years.