Financial Results 2015: A good operational performance in the service of the community and sound financial stability maintained
RTE’s 2015 revenue increased slightly to 4 593 M€ (+ 3%). Its cost-control policy succeeded in maintaining a good operational performance, which generated a net profit of 215 M€. RTE also continued its investment programme, with 1 402 M€ expenditure, to reinforce its quality of service and adapt its public electricity transmission network to energy transition and European challenges.
RTE’s 2015 revenue of 4 593 M€ was up by 3% in relation to 2014 (4 461 M€). This higher figure is mainly due to an all-time record in interconnection takings with neighbouring European countries, as well as the colder weather conditions experienced at the beginning of 2015 compared to 2014 and the summer heat wave. The effects of the slight economic upturn on consumption are hardly noticeable. This can be explained by the increase in decentralised renewable productions that supply consumers without going through the electricity transmission network, and the efforts made to keep energy consumption down.
The EBITDA rose by 226 M€ (+ 13%) compared to 2014 to reach 1 913 M€; this progression is the result of the higher revenue as well as operational spending control. This very good operational performance allowed RTE to maintain a good net profit of 215 M€. It is however, lower than in 2014 (- 163 M€), which is a consequence of the European Commission’s decision, on 22 July 2015, concerning the tax treatment of provisions created between 1986 and 1997 for the renewal of General Transmission Network (« RAG ») facilities.
RTE maintained financial stability with a debt of 8 260 M€ at the end of 2015, up by 383 M€ in relation to the end of 2014. RTE’s A+ rating, with a stable outlook, was confirmed in November 2015 by Standard & Poor’s.
In November 2015, RTE launched a billion euro bond issue for a term of 10 years at a rate of 1.625%. These funds contribute to RTE’s investment programme and extend the average maturity of the debt.
In 2015, RTE continued its high investment strategy with 1 402 M€ of (CRE agreed) investments being made, slightly more than in 2014 (+ 2%). The investments – facilities renewal, reinforced security of supply and power system safety, connecting renewable energies and developing the information system – contribute to ensuring RTE’s public service mission over the long-term.