News

• 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”.