NET PROFIT AMOUNTED TO €878.6 MILLION 2013

FIRST QUARTER RESULTS MARKED BY THE GOOD OPERATING PERFORMANCE OF THE BUSINESSES BUT AFFECTED BY MULTIPLE FISCAL IMPACTS

• Gross margin increased by 5.5% to €3,573 million driven by Renewables (+20.1%) and Generation and Supply (+11.1%), which offset the impact of the Networks business in Brazil.
• Operating efficiency improved by 4.6%. Net operating expenses increased by 0.8%.
• Ebitda totalled to €2,278.8 million (-3.7%), affected by impacts distorting comparison with Q1 2012, recoverable in the course of 2013 and 2014 (temporary excess energy costs in Brazil and ECO energy efficiency Programme in the United Kingdom).
• Levies on generation and renewables increased by 288% due to the tax increase in Spain and UK.
• Recurring net profit dropped by 4.8% to €889.0 million.
• Financial result improved by 15.3%.
• Temporary effect of 1% reduction of tax rate in the first quarter of 2012 in the United Kingdom, expected for the second semester of 2013.
• Funds from operations (FFO) totalled €1,732 million, exceeding the investment made in all businesses.
• Net debt reduction by € 2,000 million during the last 12 months. The leverage stood at 46.1%(1).
• Divestment reached €1,100 million.
• Tariff deficit securitisation amounts €2,800 million.
• More than €12,200 million of liquidity, covering financial needs for more than 3 years.

Extracted from Press Release, videos and audios published on the occasion of the Results Presentation First Quarter 2013 celebration on April 24 2013. For more information look up First Quarter 2013 Report Results [PDF] and the Results Presentation First Quarter 2013 [PDF] published on April 24 2013 by the Company.

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