Financial results
January - September 2017 Profit for the first nine months of 2017 was €495.5 million, a 5.1% rise year-on-year, which is in keeping with the growth target of the 2014-2019 Strategic Plan. EBITDA was €1,136.6 million, up 2.1% on the first nine months of 2016. Total investment by the Red Eléctrica Group was €296.0 million.2 November 2017
Contents
Red Eléctrica: Financial highlights
................................................ 2
Profit performance 3
Cash flow and balance sheet per- formance 4
4 Significant events 5
Consolidated Income Statement 6
Consolidated Balance sheet………..7 Consolidated Cash Flow Statement.7 Financial calendar 8
Appendix 9
P a s e o d e l C o n d e d e l o s G a i t a n e s , 1 7 7 · 2 8 1 0 9 A l c o b e n d a s ( M a d r i d ) · w w w . r e e . e s
-
Red Eléctrica: Financial highlights
Income statement
Balance sheetJanuary -September
July - September
(in thousands of euros) 2017 2016
2017 2016
Revenue
1,465,360
1,445,318
1.4
478,065
477,111
0.2
Gross operating profit (EBITDA)
1,136,568
1,113,061
2.1
366,865
358,708
2.3
Net operating profit (EBIT)
767,776
751,610
2.2
244,314
237,694
2.8
Profit before tax
661,540
635,374
4.1
207,648
198,686
4.5
Profit for the period
495,537
471,287
5.1
155,456
147,788
5.2
(in thousands of euros) September 2017 December 2016
Non-current assets
9,133,655
9,256,765
(1.3)
Equity
3,061,979
2,920,549
4.8
Net financial debt*
4,859,843
4,949,456
(1.8)
(*) Includes exchange rate derivatives.
Other financial figuresJanuary -September
July - September
(in thousands of euros) 2017 2016 % 2017 2016 %
Operating cash flow after taxes
963,975
948,011
1.7
320,989
316,671
1.4
Investments
295,964
458,073
(35.4)
97,803
93,226
4.9
Dividends paid
463,189
432,834
7.0
334,772
312,752
7.0
-
Profit performance
Revenue for the first nine months of 2017 was €1,465.4 million, up 1.4% year-on-year. This rise is principally due to remuneration from transmission facilities commissioned throughout 2016. It includes further revenues such as those from the provision of telecommunications services, amounting to €65.3 million, and regulated revenue from system operation in the amount of €42.0 million.
EBITDA amounted to €1,136.6 million, showing growth of 2.1% year-on-year, the fruit of the consolida- tion of efficiency measures implemented by Red Eléctrica.
Operating costs performed as follows:
- Supply costs and other operating expenses for the first nine months rose 6.0% year-on-year, principally due to the inclusion of the investment in construction projects in Peru, in application of ac- counting standard IFRIC 12 and loss-related expenses. Without those elements, they would be simi- lar to 2016, thus highlighting the effort made by Red Eléctrica to improve efficiency.
-
Personnel expenses rose 2.8% to September. This rise is fundamentally due to growth in the aver- age headcount from last year.
The final headcount was 1,813 employees at 30 September 2017, while the average headcount stood at 1,794 employees, up 1.8 % on the first nine months of 2016.
Net operating profit (EBIT) stood at €767.8 million, up 2.2 % year-on-year. Financial profit (loss) was €-106.8 million, compared to €-114.8 million in the same period last year. The improvement seen is mainly owing to lower average interest rates.January -September
July - September
(in thousands of euros) 2017 2016 % 2017 2016 %
Supplies and other operating expenses
277,736
262,058
6.0
94,316
101,191
(6.8)
Personnel expenses
109,079
106,116
2.8
36,255
34,751
4.3
Operating expenses
386,815
368,174
5.1
130,571
135,942
(4.0)
Finally, profit for the period totalled €495.5 million, up 5.1 % year-on-year. The average tax rate was
25.1 % compared to 25.6 % in the same period last year.
- Cash flow and balance sheet performance
January -September | July - September | |||||
(in thousands of euros) 2017 2016 % 2017 2016 % | ||||||
Profit before tax | 661,540 | 635,374 | 4.1 | 207,648 | 198,686 | 4.5 |
Taxes paid on earnings | (71,086) | (47,716) | 49.0 | (9,831) | (4,824) | - |
Provision for amortisation/depreciation of non-current assets | 386,379 | 377,266 | 2.4 | 128,433 | 126,338 | 1.7 |
Other adjustments | (12,858) | (16,913) | (24.0) | (5,261) | (3,529) | 49.1 |
Operating cash flow after taxes | 963,975 | 948,011 | 1.7 | 320,989 | 316,671 | 1.4 |
Changes to working capital | 2,842 | (160,551) | - | (52,241) | (9,363) | - |
Changes to other non-current assets and liabilities | (46,394) | (141,639) | (67.2) | (24,727) | (24,061) | 2.8 |
Changes to suppliers of PP&E | (84,769) | (23,958) | - | 11,547 | 7,712 | 49.7 |
Investments | (295,964) | (458,073) | (35.4) | (110,516) | (93,226) | 18.5 |
Free cash flow | 539,689 | 163,790 | - | 145,052 | 197,733 | (26.6) |
Dividends paid | (463,189) | (432,834) | 7.0 | (334,772) | (312,752) | 7.0 |
Change in net financial debt (*) | (76,500) | 269,044 | - | (189,720) | 115,019 | - |
This table is solely for the purpose of simplifying the consolidated cash flows table. It includes investments made by the Group in this period, the different with investment payments is fundamentally contained in Changes to assets and liabilities.
The difference between this figure and the change in Net Financial Debt shown on page 2 is owing to items that do not in- volve cash movements.
The Red Eléctrica Group's net financial debt at 30 September 2017 was €4,859.8 million, compared to €4,949.50 million at the end of 2016.
Red Eléctrica Corporación SA published this content on 02 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 02 November 2017 07:14:01 UTC.
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