In accordance with current legislation, you can consult the full text of the resolution of the Board of Directors regarding the modification of the corporate website by clicking on this link. link.


  • A total cash dividend per share of EUR 0.35 was approved
  • Net profit stood at EUR 85.9 million and revenues reached EUR 3,122 million
  • The Elecnor Group has brought its net recourse debt down by 8.1% 
  • Appointment of Francisca Ortega Hernández-Agero as a new board member at the level of independent director

The Elecnor Group’s General Meeting of Shareholders, held on 18 May, approved the financial statements for the year 2021 by a large majority, as well as all the points proposed on the agenda.

The following board members were re-elected to their positions: Jaime Real de Asúa (Nominee Director); Ignacio María Prado Rey-Baltar (Nominee Director); Miguel María Cervera Earle (Nominee Director); Juan Ignacio Landecho Sarabia (Nominee Director); Miguel Morenés Giles (Nominee Director); Rafael Prado Aranguren (Nominee Director); and Irene Hernández Álvarez (Independent Director). Furthermore, the appointment of Francisca Ortega Hernández–Agero as Independent Director was approved.

In his speech to the shareholders, Group Chairman Jaime Real de Asúa explained that, “since 2017 we have increased the dividend by 23%. The company’s growth and financial strength are reflected in the shareholder retribution. The dividend yield was 3.1% in 2021, the same as in the previous year”.

According to Jaime Real de Asúa, “despite the uncertain macro-scenario in which we find ourselves, the dividend proposal at the Shareholders’ Meeting means an increase of 6.5% compared to the dividend against the 2020 financial year and a pay-out of 36% against the 2021 earnings, in line with previous years and the Elecnor Group’s policy of shareholder management”. 

After the shareholders had voted, the application of a total dividend per share amounting to EUR 0.35345352 was approved, of which EUR 0.0596 per share was already distributed as an interim dividend in December 2021. On 1 June the remaining EUR 0.29383573 will be paid as an extra payment.

Additionally, the shareholders have authorised the Board of Directors to issue 5-year fixed-income securities, as well as to acquire treasury stock in the Company or its Subsidiaries, also for a period of 5 years. 

2021: Growth in all the business areas

The Elecnor Group achieved a profit of EUR 85.9 million in 2021, 9.7% more than the figure reported in the previous year. Sales also rose, reaching EUR 3,122 million, an improvement of 27.1%. 

These positive figures have been boosted by both the domestic market (accounting for 46% of the total) and the international market (the other 54%), which have recorded positive growth of 14.9% and 39.6% respectively.

The Concessions Business, which the Elecnor Group operates through its subsidiary Enerfín, its partially-owned subsidiary Celeo, and their dependent companies, has maintained its good performance in this period by reaching net attributable profit of EUR 34.9 million, +12.6% higher than that achieved in 2020.  

As for the EBITDA for this year, it reached EUR 271.8 million, a 10.6% increase on the previous year’s figure. The Group’s results this year have absorbed the costs of launching new contracts for telecommunications and electricity services in the United Kingdom and Italy, as well as non-recurring costs such as those related to the spin-off project.

Net Recourse Debt (EUR 119.4 million) has decreased by 8.1% in relation to the end of the last year (EUR 129.9 million). This is mainly due to the positive evolution of the Group’s business activities in terms of cash generation, arising from its operating activities.

The debt ratio at the end of this year, calculated as Net Recourse Debt divided by recourse EBITDA, stands at 0.72 times (0.83 at the end of last year).

  • The launcher is being developed in the United Kingdom with support from Portugal

The first full-scale prototype of the orbital space rocket Prime, developed by Orbex with support from Elecnor Deimos, has been unveiled publicly for the first time on its launch pad in Scotland.

Prime is a 19-metre long, two-stage rocket, powered by seven engines, which will release a payload of small commercial satellites into low earth orbit (LEO). The Prime launchers will be 30% lighter and 20% more efficient that any other type of vehicle in the small launcher category.

Elecnor Deimos is designing the launcher’s flight control subsystem or GNC (Guidance, Navigation and Control) which will manage the rocket’s autonomy and autopilot. In particular, Deimos Space UK is leading the development of the subsystem for the atmospheric/ascent flight phase, autonomous failure management, test benches and post-flight analysis. In turn, Deimos Engenharia, in Portugal, is in charge of the GNC as far as the orbital phase once the launcher leaves the atmosphere.

A sustainable rocket

Orbex Prime is powered by a renewable bio-fuel, bio-propane, which allows it to reduce carbon emissions by 96% compared to other space launch systems using fossil fuels, according to a study by the University of Exeter.

Once the first full integration of Prime on a launch pad is complete, the launcher will enter a period of integrated testing. This will allow for dress rehearsals of launches and the development and optimisation of the launch procedures.

“This is a great achievement for Orbex and we are very proud to be part of this process,” states Ismael López, CEO of Elecnor Deimos. “Once again we would like to thank both the UK Space Agency and the Portuguese Space Agency for their support and efforts in promoting sustainable launch initiatives in Europe”.

Nuno Ávila, Country Manager at Deimos Engenharia in Portugal, adds: “The Guidance, Navigation and Control (GNC) system is one of a launcher’s most important systems, on a level with the propulsion system, and it is certainly the one which deploys the most intelligence. Leading PRIME’s orbital phase is a privilege and a significant milestone for Portuguese engineering”.

The Elecnor Group has ended the first quarter of 2022 with a consolidated net profit of EUR 25.4 million, which represents an improvement of 18% in relation to the EUR 21.5 million in the same period of the previous year. 

As of 31 March 2022, the Group’s consolidated sales stood at EUR 672.6 million, which shows an increase of 27.7% in relation to the first quarter of 2021. Both the domestic market (accounting for 50% of the total) and the international market (the other 50%) have recorded positive growth of 20.3% and 36.3% respectively.

The Group manages its services, projects, renewable energy and infrastructure activities through Elecnor, Enerfín and Celeo.


In the domestic market, the pattern of growth in activity has continued due to the services provided in the energy, telecommunications, water, gas and transport sectors, fields where an essential service is provided to all the utilities. Furthermore, construction work on wind and solar power farms has also made a contribution to both the Group’s sales figures and results, as well as the refurbishment and maintenance projects related to self-consumption and energy efficiency. 

In the international market, this positive tendency is mainly due to the construction of electricity transmission lines in Brazil and Chile, as well as to the US subsidiaries and the major projects underway in Australia in 2022.  

Turnover stood at EUR 613 million, compared to EUR 492.6 million in the first quarter of 2021 (+24,4%), while the net profit it contributed to the Elecnor Group soared to EUR 19.2 million (+19,5%).

The Elecnor’s portfolio of signed contracts still to be executed, and whose execution is planned to happen in the next 12 months, amounts to EUR 2,376 million (compared to EUR 2,291 million at the end of 2021). The international market accounts for 73% of this figure and 27% comes from the domestic market. The domestic market portfolio is made up of contracts for activities in traditional services, as well as wind and solar farms. The international portfolio has increased both in European countries (Italy and the United Kingdom), where activities relating to services are carried out, and in other countries (mainly Australia, Chile and Brazil) where contracts have been awarded for major wind, photovoltaic and power transmission projects.


The company has stakes in 1,355 MW of wind energy both in use and under construction in Spain, Brazil and Canada and will continue with its intense promotional activity to ensure its growth and to increase its pipeline, which currently represents almost 9 GW in wind and photovoltaic energy projects. Furthermore, it will continue to diversify its activity with projects in storage, hybridisation and hydrogen. 

Enerfín has achieved sales of EUR 61.3 million, 72.1% above the figure recorded for the same period in 2021, while the consolidated net profit stands at EUR 13 million, 57.7% more than in the first quarter of the previous year. This positive evolution has been boosted by the start-up of the San Fernando complex in the north-east of Brazil at the beginning of last year and greater production from the national Wind Farms in comparison to the previous year. 


Celeo runs 6,804 km of electricity power transmission lines in Chile and Brazil and has stakes in 345 MW of renewable energy. The combination of assets in operation that the company manages represents about EUR 5,211 million. 

In this first quarter, the Transmission Networks business conducted by Celeo has performed positively, aided by the start-up of the concession awarded in Serra de Ibiapaba in Brazil at the end of 2021, and by the appreciation of the US dollar and the Brazilian real against the euro. As for the thermosolar plants that Celeo manages in Spain, and due to the seasonality of their production during this period of low thermal resources, they have neutralised the positive results achieved by the rest of Celeo’s companies. These are seasonal circumstances which will be balanced out in the coming months of greater thermal resources. 

Forecasts 2022

The Elecnor Group will maintain its leading position in its main activities which will be the driver for growth and where it will focus most of the stimulus packages promoted particularly by the European Union and the United States. In this context, the global tendencies which will drive the Group’s business activities are:
  • Electrification and energy efficiency
  • Renewable energies
  • Digitalisation and connectivity
  • Comprehensive provision of urban services
In this way, the Elecnor Group expects its performance to continue to grow in 2022, as it has been doing year after year over the last decade.