The result of the electrical infrastructure manager falls due to regulatory adjustments, despite raising its income by 4.2%
The group network (formerly Red Elctrica) closed 2022 with a profit of 664.7 million, 2.3% below the previous year, weighed down by the adjustments in the regularization of income and its higher expenses in the activity of management and operation of electrical infrastructures in Spain, as reported on Tuesday by the company that manages the country’s high-voltage networks within the framework of the update of their annual accounts. All in all, the company chaired by Beatriz Corredor will maintain its objective of a dividend of one euro per share.
Redeia, a group that manages the country’s high-voltage networks, registered income, understood as the turnover and the participation in the profits of companies that compute in their accounts, of 2,065.4 million last year, 4.2% more than in 2021after improving the performance of almost all the businesses of the energy group.
The exception was the electrical infrastructure management and operation area, which closed 2022 with a cut in revenue due to the application of the new TED/1311/2022 and TED/1343/2022 regulations that establish the final remuneration for 2016-2019. .
For its part, the international subsidiary Return higher revenues were recorded thanks to its organic growth in Chile and Peru and the contribution in Brazil of the results of Argo Energa after commissioning Argo II and Argo III and acquiring five new concessions, in addition to the favorable effect of the exchange rate.
Hispasatthe satellite business, has registered higher sales, a positive contribution from the exchange rate and has registered changes in its accounting perimeter due to the inclusion of Axess since August and the full year of the businesses acquired in 2021 in Peru.
Redeia’s board of directors will propose to the next general meeting of shareholders the distribution of a complementary dividend of 0.7273 euros per title which, together with the amount already paid last January, of 0.2727 euros, adds up to a payment of one euro per share charged to these results.
In the case of fiber, Reintel it also increased its income thanks mainly to its commercial activity and the linking of its contracts to inflation.
Likewise, the Group’s gross operating result (EBITDA) stood at €1,491.3 million, 0.5% less than that generated the previous year. This magnitude would have improved by 1.8%, had it not been for the aforementioned regulatory adjustments, explains the company, which adds that the contribution to these figures of its efforts in terms of efficiency stands out, the good evolution of the turnover and the results of the international electricity, satellite and fiber optic business.
The net operating result (EBIT) reached 961.6 million euros after falling by 3.1%. The company reduced its net financial debt by 18% last year, leaving it at 4,633.8 million euros, after selling to the KKR fund the 49% from the optical fiber branch, Reintel.
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