Redeia Corporacion Sa · BME:RED
Redeia Corporacion Sa — Red Eléctrica Corporación — H1 2015 Earnings Presentation
16 slides from Redeia Corporacion Sa's earnings presentation, Jul 29, 2015
Slide 1: Results 1H2015
Results 1H2015 29 July 2015 25 February 2015
Slide 2: Juan Lasala Bernad, Chief Executive Officer
2 Juan Lasala Bernad Chief Executive Officer, Red Eléctrica Corporación
Slide 3: Significant events
Results 1H2015 Significant events 3 SOUND PROGRESS IN THE FIRST HALF FINANCIAL RESULTS • Net profit amounted to €309 million, 6.5% higher year‐on‐year growth. • Payment of a dividend on 2014 earnings of €3 per share, up 18% year‐on‐year. • A €500 million ten‐year euromarket bond issue with a coupon
Slide 4: Significant events: corporate governance and responsibility
Results 1H2015 Significant events 4 CORPORATE GOVERNANCE BEST PRACTICES • Approval by the EGM of the separation of the positions of Chairman of the Board of Directors and Chief Executive Officer of the company. • Board of Directors with a majority of independent members: 58%. There is still a Lead I
Slide 5: Highlights
Results 1H2015 Highlights 5 €mn 1H2015 1H2014 % Revenues 973 926 5.0 Gross operating result (EBITDA) 740 695 6.6 Net operating result (EBIT) 507 485 4.5 Profit for the year 309 290 6.5 Total investment 226 249 (9.3) Results in line with the growth target of the strategic plan 2014‐2019.
Slide 6: Balance sheet: Net debt evolution
Results 1H2015 Balance sheet: Net debt evolution 6 363 €mn 5,409 112 5,046 226 56 632 125 2014 Operating Changes in Investments Dividends Other* 1H15 Cash flow working capital (*) “Other” includes changes in other non‐current assets and liabilities, suppliers of property, plant and equipment, exchan
Slide 7: Debt
Results 1H2015 Debt 7 SOLVENCY RATIOS 1H2015 1H2014 EBITDA / Interest* 8.7x 8.5x FFO / Debt 21.4% 20.9% Debt/ EBITDA 3.5x 3.6x (*) EBITDA / Net finance cost excluding capitalisations DEBT STRUCTURE BY BREAKDOWN Total liquidity sources Total gross debt € 5,430mn € 2,059mn INSTRUMENT OF LIQUIDITY Euro
Slide 8: Targets Strategic Plan 2014-2019
8 Targets Strategic Plan 2014-2019
Slide 9: Targets Strategic Plan 2014-2019
Targets Strategic Plan 2014‐2019 9 Growth in a low‐risk environment 2015 SOLID GROWTH IN “CONSOLIDATED” ACTIVITIES • Investment of € 3,100mn in transmission network. • Investment of € 475mn in the dark fibre optic network*. ADDITIONAL GROWTH IN NEW ACTIVITIES € 1,000MN • Investment in storage on i
Slide 10: relacioninversores@ree.es
relacioninversores@ree.es Presentation available in: www.ree.es Shareholders and investors
Slide 11: Appendix: Financial statements at 30th of June
11 Appendix: Financial statements at 30th of June
Slide 12: 1H2015 Consolidated income statement
1H2015 Consolidated income statement 12 Consolidated Income Statement (in thousands of euros) 30/06/2015 30/06/2014 ∆% Revenue 972,725 926,472 5.0% Own work capitalised 10,913 9,101 19.9% Supply costs (26,213) (35,667) (26.5%) Other operating income 9,353 2,448 - Personnel expenses (68,731) (65,176)
Slide 13: 1H2015 Consolidated balance sheet
1H2015 Consolidated balance sheet 13 Consolidated Balance Sheet ASSETS (in thousands of euros) 30/06/2015 31/12/2014 Intangible assets 116,917 109,069 Property, plant and equipment 8,907,337 8,923,262 Investment properties 2,495 2,517 Non-current financial assets 97,579 71,998 Deferred tax assets 31
Slide 14: 1H2015 Consolidated cash flow statement
1H2015 Consolidated cash flow statement 14 Consolidated Cash Flow Statement (in thousands of euros) 30/06/2015 30/06/2014 CASH FLOWS FROM OPERATING ACTIVITIES 717,058 207,563 Profits before tax 428,569 414,902 Adjustments to profit 316,037 280,610 Depreciation/amortization 242,938 216,003 Other adju
Slide 15: relacioninversores@ree.es
relacioninversores@ree.es Presentation available in: www.ree.es Shareholders and investors
Slide 16: Disclaimer
16 This document has been produced by Red Eléctrica Corporación, S.A. for the sole purpose expressed therein. It should not in any event be construed as an offer of sale, exchange or acquisition, or as an invitation to make any kind of offer, in particular for the purchase of securities issued by Re
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