Acciona’s profit rises 33% and Acciona Energy doubles it

The Spanish infrastructure and renewable energy development and management group Acciona obtained a net profit of 441 million euros in 2022, an increase of nearly 33% on the previous year’s result, thanks to the good performance of the energy asset portfolio and, to a lesser extent, of contracts in the construction business. For its part, its subsidiary Energía, which in July 2021 began trading independently from the Acciona Group, doubled its profits to 758.7 million in a year marked by high energy prices.

As the company informed the Spanish National Securities Market Commission (CNMV) on Monday, its revenues increased by 38% to 11,195 million, with growth in all its business lines, especially in its subsidiary Acciona Energía.

The infrastructure and energy group’s gross operating profit or ebitda reached 2,068 million, 39.4% more than in 2021, also supported by the performance of its energy business, which contributed 79% of ebitda.

By business area, Acciona Energy increased its turnover by 76% to 4,351 million, thanks to an environment marked by high energy prices.

Of the energy subsidiary’s total revenue, 2,111 million corresponds to the energy commercialisation business for companies, more than double that of a year ago, while the remaining volume corresponds to domestic (1,555 million) and international (685 million) generation.

Installed capacity reached 11,826 megawatts (MW) at the end of 2022, with 706 MW of new capacity added during the year.

At 31 December, it had 2.2 gigawatts (GW) under construction, with projects including the MacIntyre wind farm in Australia and a photovoltaic portfolio of 1.3 GW in the United States.

In the infrastructure business, Acciona obtained revenues of 6,016 million, 23.5% more than a year ago, of which 4,560 million came from the construction division, with a year-on-year increase of 25.8%, and 1,272 million from the water division, which grew by 20.9%.

The group’s infrastructure backlog at the end of 2022 reached a new high of 22,020 million, 21.7% more than at the end of 2021, of which 82% corresponded to international projects (17,977 million), and the remaining 18% to projects in Spain (4,042 million).

During 2022, the company was awarded contracts worth 9,142 million, the most important of which was the construction of the Western Harbour tunnel in Sydney (Australia), for 2,746 million.

In other activities, the group increased its revenues by 12.1 % to 1.183 billion, driven by the good performance of urban electric mobility and airports.

The company’s net investments amounted to 2,004 million, of which the energy subsidiary accounted for almost 60%.

It also earmarked 243 million for the capital increases carried out by Nordex to raise its stake in the wind turbine company to 40.97 %.

The company’s net financial debt at year-end stood at 5,253 million, up 20.9% from 4,344 million the previous year.

Acciona Energy doubles its profits in 2022, to 759 million euros

Acciona Energía, which in July 2021 began trading separately from the Acciona Group, doubled its profits in 2022 to 758.7 million (up 109%), in a year marked by high energy prices.

As detailed by the company to the Spanish National Securities Market Commission (CNMV), its revenues rose 76 % last year to 4,350.8 million, of which almost half (2,111) came from the business of marketing clean energy for companies, which grew by 120.9 %.

In 2022, the company signed power purchase agreements (PPAs) for 2.5 terawatt hours (TWh), including with Fortia (which integrates some of Spain’s leading industrial groups), Interxion, Mango, Makro, ZEN Energy and Barwon Renewable Energy Partnership (BREP).

The rest of the revenues in 2022 correspond to the wholesale generation business, which reached 2,240 million (up 47.7%), distributed between Spain (1,555 million) and the rest of the countries in which it operates (685 million), mainly Chile, Mexico and Australia.

Acciona Energía’s gross operating profit (ebitda) was 1,653 million (up 52.2%) in a context of high energy prices, thanks to appropriate commercial and risk management and the stabilisation of Acciona Energía’s financial costs under the company’s new structure, implemented for its IPO in July 2021.

During the past year, it invested 1.64 billion (167.2%), mainly in its projects under construction in Australia, the USA and Spain (San Serván and Bolarque), as well as in the acquisition of an energy storage facility and a portfolio of projects at an advanced stage of development in Texas (USA).

Overall, capacity under construction at 31 December 2022 stood at 2.2 gigawatts (GW), of which the company expects to complete almost 1.8 GW in 2023.

Total installed capacity in December 2022 was 11,826 megawatts (MW), up 5.2%, although consolidated output fell by 2.2% to 19,657 GWh.

Acciona Energía’s debt ended the year at 2,021 million, bringing its debt to EBITDA ratio down from 1.83 times to 1.22 times, which “places the company in a solid balance sheet position to tackle new investments as part of its growth plan“, according to the company itself.

José Manuel Entrecanales earns 7.5% more

Acciona’s chairman, José Manuel Entrecanales, earned a total remuneration of 5.28 million in 2022, 7.5% more than in 2021, according to the annual remuneration report submitted to the CNMV.

Entrecanales received 1.38 million in salary, plus 3.84 million in variable remuneration and 37,000 euros for other items.

The executive vice-chairman, Juan Ignacio Entrecanales, earned 1.24 million euros, 24.7% more. Of this amount, the salary was 738,000 euros, the variable remuneration was 462,000 euros and for other items he pocketed 37,000 euros.