ACCIONA Energía posted a net profit of €363 million (+76.6%) in 2021. The results reflect the development of the company’s global Generation business and its improved financial efficiency. The company achieved a steep decrease of the financial expenses (-46.2%) due to the new financial structure resulting from its initial public offering (IPO), its public investment grade ratings and its ESG credentials. The gross operating profit (EBITDA) reached €1.09 billion (+25.1%).
The Board of Directors has proposed a dividend of €0.28 per share, a 25% payout, for the financial year.
Revenues rose to €2.47 billion (+39.8%), with main contributions from the United States (+105.0%), Spain (+49.9%) and Chile (+49.2%).
ACCIONA Energía closed the year with a debt of €1.99 billion (-45.3%) following its recapitalization ahead of the IPO. As a result, the net financial debt/EBITDA ratio stood at 1.83x. The company enjoys a robust financial position with a solid balance sheet to meet the investments needed to accomplish its growth plans and improve its investment grade profile.
In addition, ACCIONA Energía offers a very competitive cost in the market thanks to its profile as a 100% independent renewable utility, its attractive ESG credentials for sustainable investment, and its public investment grade ratings BBB- Long Term and F3 Short Term assigned by Fitch and BBB (high) obtained from DBRS Morningstar respectively. The company’s competitiveness in the market was evident in the success of the two €500 million green bond placements and the issues of promissory notes at negative interest rates.
Net investment was €819 million, of which €500 million corresponded to the construction of new generation assets and €113 million went towards increasing ACCIONA Energia’s stake in ACCIONA Energía Internacional to 75%. The transaction was finalized at the beginning of 2021.
Consolidated renewable energy production surpassed 20TWh for the first time, reaching 20,093GWh (+3.3%), of which 10,532GWh (+9.4) corresponded to international markets and 9,561GWh (-2.6%) to the Spanish market.
Total installed capacity stood at 11.2GW at the end of the year compared to 10.7GW as of December 2020. A total of 557MW were installed during the period, including 140MW of wind power in Australia (Mortlake South), 145MW of wind power in Mexico (San Carlos), a 209MW photovoltaic plant in Chile (Malgarida), and 48MW of wind power in Spain (Celada Fusión). A further 15MW correspond to photovoltaic plants in Lloseta and Petra in Mallorca (Spain) which will supply clean energy to produce green hydrogen in the first commercial hydrogen plant in Spain.
As of December 2021, total capacity under construction was 691MW, mainly in the US and Spain.
Revenues in Spain totaled €1.50 billion (+49.9%), mainly driven by the growth of power purchase agreements with clients. EBITDA rose to €531 million (+48%).
Generation sales in Spain grew to €799 million (+23.8%). Financial hedging and other mechanisms to regulate renewable energy prices placed the average price of ACCIONA Energía’s fleet in Spain at €83.6/MWh.
International revenues increased to €971 million (+26.5%). New operating capacity and competent price management in a complex operative environment in the United States in the first quarter more than offset the lower like-for-like production (-7.2%). EBITDA from the international business increased to €555 million (+9%) and the average international price for energy was €68.1MWh.
SUSTAINABILITY RESULTS
ACCIONA Energía prevented the emission of 13.4 million tonnes of CO2 (+1.5%) in 2021 and reduced its Scope 1 and Scope 2 emissions to 14,300 tonnes of CO2 (-44.1%). In addition, the company contributed positively to reducing emissions by planting 74,947 trees, surpassing the target of 70,000 trees planted in 2021 set in its ESG financing terms.
ACCIONA Energía recycled 97% of its waste in 2021, compared to 93% the year before. Waste to landfills was reduced by half to 1,200 tonnes. Water consumption remained stable at 0.95hm3.
100% of the company’s investments were aligned with the European Union Taxonomy of Sustainable Activities in 2021.
Following its IPO, ACCIONA Energía received the highest ESG score in the global electricity sector by S&P Global Ratings. The company has also topped the ranking of the world’s greenest utilities for seven consecutive years, according to Energy Intelligence.
OUTLOOK
ACCIONA Energía is on track to double installed capacity to 20GW by 2025. The company expects to install 828MW in 2022 and have 1,928MW under construction by the end of this year. This will allow an acceleration of installed capacity in 2023.
ACCIONA Energía has a portfolio of 3.1GW under construction and secured. In addition, it has a highly visible pipeline of 4.6GW, and a further 9.7GW at an advanced development stage. This portfolio of 17.4GW provides ample room to reach 20GW of installed capacity by 2025.
Income Statement Data
| (Million Euro) | FY 2021 | FY 2020 | Chg. (€m) | Chg. (%) |
|---|---|---|---|---|
| Generation Spain | 799 | 646 | 154 | 23.8% |
| Generation International | 718 | 585 | 133 | 22.7% |
| Intragroup adjust., Supply & Other | 956 | 538 | 418 | 77.6% |
| Revenues | 2,472 | 1,769 | 704 | 39.8% |
| Generation Spain | 573 | 385 | 188 | 48.7% |
| Generation International | 542 | 459 | 83 | 18.1% |
| Intragroup adjust., Supply & Other | -29 | 24 | -53 | n.m |
| EBITDA | 1,086 | 868 | 218 | 25.1% |
| Generation Margin (%) | 73.5% | 68.6% | ||
| EBT | 562 | 328 | 234 | 71.3% |
| Generation Margin (%) | 37.1% | 26.7% | ||
| Attributable Net Profit | 363 | 206 | 158 | 76.6% |
Note: 2020 restated
Operating Data
| Magnitude | 31-Dec-21 | 31-Dec-20 | Chg. (%) |
|---|---|---|---|
| Total capacity (MW) | 11,245 | 10,694 | 5.1% |
| Consolidated capacity (MW) | 9,169 | 8,631 | 6.2% |
| Total production (GWh) | 24,541 | 24,075 | 1.9% |
| Consolidated production (GWh) | 20,093 | 19,451 | 3.3% |
| Supply volumes Energy & Portugal (GWh) | 7,254 | 6,263 | 15.8% |
| Average Load Factor (%) | 26.3% | 26.6% | -0.3pp |
| Production contracted (%) | 84.1% | 78.3% | +5.8pp |
| Average residual contracted life (years) (*) | 8 | 8 | n.m. |
| Average age of assets – ex-hydro (years) | 12 | 11 | n.m. |
| Average price (€/MWh) | 75.5 | 63.3 | 19.3% |
| EBITDA Generation margin (%) | 73.5% | 68.6% | +4.9pp |
| Availability (%) | 96.5% | 96.9% | -0.4pp |
*Note: the average residual maturity excludes short term hedges in the Spanish market.
MAGNITUDES
| (En millones de euros) | 31-Dec-21 | 31-Dec-20 | Chg.(%) |
|---|---|---|---|
| Average workforce – FTE | 1,762 | 1,543 | 14.2% |
Note: Average residual contracted life excludes short term hedges in Spanish market.
