The company achieves a record portfolio and consolidates its stake in Nordex and Renomar
Acciona has ended 2023 with net earnings of 541 million euros, 22.6% more than in 2022, thanks to the good performance of its infrastructure business and the fulfillment of its objectives in the energy sector. In addition, the company has increased its turnover by 52% to 17,021 million, boosted by its record infrastructure portfolio. This was announced by Acciona, which highlighted that its income statement reflects “the improvement of the infrastructure business, the achievement of the objectives communicated by Acciona Energía and the effect of the consolidation through the global integration of Nordex and Renomar” , in which the group acquired majorities the previous year.
In this way, total revenues during the year rose to 17,021 million, 52% more, and the Infrastructure business entered 7,723 million, 28.4% more, reaching a new historical record for the division of business On the other hand, Nordex, the producer of wind turbines in which Acciona has a 47.08% stake as of April 1, 2023, contributed 5,272 million, corresponding to the nine months of consolidation, “in a year that represents a significant turning point for the subsidiary, achieving a positive gross operating result (EBITDA)”, the company highlighted.
Acciona Energía normalizes its income due to the recovery of electricity prices in Spain
In this scenario, Acciona Energía invoiced 3,547 million, “a figure that shows the normalization of electricity prices in Spain”, the company has indicated. The rest of the activities (Real Estate, Bestinver, Urban Electric Mobility, Airport Handling, Services and Acciona Cultura) generated a total of 1,216 million, an increase of 2.8%.
The thrust of construction
Acciona’s EBITDA was 1,981 million (-4.2%), while Acciona Energía obtained an EBITDA of 1,285 million, within the forecasts communicated by the company to the market. The Infrastructure division closed a very strong year with a gross operating result of 551 million (+49.3%), “driven by higher production and by an increase in profitability in the construction activity”, has remarked
As Acciona has explained, during 2023 it maintained a growth strategy “combined with rigorous risk management, profitability and balance sheet, which results in a net investment flow of 3,327 million (+66%)”. Of this amount, Acciona Energía invested 2,321 million; Nordex, 376 million; Infrastructure, 267 million; and Real Estate, 205 million. The company ended the year with a net financial debt of 6,551 million, which means a net debt/Ebitda ratio of 3.31 times – within the range of 4 times set by the company as a target – despite the pace high investment
Remuneration of the management
The president of Acciona, José Manuel Entrecanales, received a total remuneration of 3.75 million euros in 2023, which represents a drop of 28.9% compared to the almost 5.3 million he received last year , due to the lower short-term variable remuneration. Thus, Entrecanales’ remuneration is made up of a salary of 1.37 million euros and a variable remuneration of 2.3 million, to which is added another 74,000 euros for other concepts, as shown in the National Securities Market Commission (CNMV).
For his part, Acciona’s vice president, Juan Ignacio Entrecanales, received 946,000 euros in total last year, 23.5% less, divided into 738,000 euros of salary, 167,000 euros of short-term variable remuneration and 41,000 euros in other concepts. As a whole, Acciona’s board of directors received a total remuneration of almost 7 million euros in 2023, 22.9% less, as a result, mainly, of the drop in the remuneration of the two executives .