Elecnor’s General Shareholders Meeting, held today in Madrid, has approved by a large majority the financial statements corresponding to the 2018 financial year, as well as all of the points proposed on the agenda.

In his presentation, the Group’s Chairman, Jaime Real de Asúa, announced that Elecnor will distribute among its shareholders a dividend charged to the 2018 financial year that is more than 7.1% higher than the dividend for 2017. This dividend represents a pay-out on the consolidated result of 36%, one point above that of recent years. As Real de Asúa stated, this confirms “the continuity of our sustainability policy in terms of pay-outs, with uninterrupted payments, always in cash”.

The total dividend per share amounted to 0.307293 euros, of which 0.05512 euros per share have already been distributed. On 12 June, the remaining 0.252173 euros per share will be paid out as a complementary dividend.

In reference to the profits earned, Real de Asúa pointed out that they have been able to “maintain a stable trading price during the last year, which was particularly hard on large Spanish companies. The year-end trading price last 31 December was 13.20 euros per share, versus 13.29 for the previous year. This result achieved clearly outperformed the Ibex-35, which suffered a significant 15% decline in 2018”.

2018: solidity and growth

In 2018, Elecnor obtained a consolidated net profit of 74.3 million euros, which represented an increase of 4.3% with respect to the 71.2 million in 2017. In terms of normalised EBITDA, the Elecnor Group reached 338.6 million euros, which represented a growth of 3.7% with respect to the normalised EBITDA recorded in 2017.

The sales figure reached by the Group totalled 2,273.1 billion euros. In the breakdown of this figure by geographical area, the international market represents 57% of the total figure, with 43% from domestic sales.

The positive cash flow generation in the businesses that comprise the Elecnor Group have favoured the excellent performance of the Group’s net corporate debt, which has  declined by 38%, from 223 million in 2017 to 138 million in 2018.


In 2018, the group created 707 new jobs in Spain, reaching a global staff of 13,889 people.
Elecnor’s commitment is conveyed through its Equality Plan, which promotes several areas: training, remuneration, communication, selection, reconciliation and improvements in social protection. In addition, the Group has a Compliance Policy and internal controls to guarantee non-discrimination.

Elecnor's Compliance System has recently been certified according to the standard UNE-19601 “Management system for criminal compliance”, the main reference in Spain for designing and coordinating criminal risk prevention systems, entirely inspired by the highest international standards in this subject. This latest recognition is in addition to the Aenor certificate obtained in 2018 for Anti-bribery management systems according to standard UNE-ISO 37001, the premier and most demanding certifiable international standard for coordinating management systems in this field.

Complying with the 2019 objectives

The data from the first quarter in 2019 has led the Elecnor Group to maintain its objectives for 2019.

The portfolio of contracts pending execution, as of 31 March 2019, shows an increase of 4.1%. This amount grew to 2,320 billion euros, compared to 2,229 billion at 31 December 2018). The international market is responsible for 77% of this figure, with the domestic market responsible for 23%.

Agreements from the Shareholders Meeting

The Shareholders Meeting has also approved several proposals with respect to the Board of Directors. Along these lines, it voted to re-elect the members of the Board of Directors: Cristóbal González de Aguilar Alonso-Urquijo as Dominical Director, Isabel Dutilh Carvajal as Independent Director and Emilio Ybarra Aznar as Independent Director. 
Elecnor has been awarded a EUR 47 million contract for the construction of six wind farms in Zaragoza. The wind farms, developed by Forestalia, will have a total installed capacity of 231 MW and will include the construction of three 132/30-kV substations and two 132-kV transmission lines. The six parks are part of the Phoenix project, which involves the participation of ENGIE, Mirova and Forestalia. GE Renewable Energy will provide the technology for the wind farms, with funding from JP Morgan, Santander Corporate & Investment Banking and Banco Sabadell. 

Construction is expected to be completed by November this year. Elecnor's scope of activity includes preliminary studies and works, civil works to develop the wind farms, electrical works and the construction of three substations and two transmission lines. The electrical energy generated by the wind turbines will be transported through a 30-kV underground network to the substations, which will increase the generated power capacity from 30 kV to 132 kV.

The wind farms—named Monlora I, Monlora II, Monlora III, Monlora IV, Monlora V and La Sarda—comprise a total of 61 wind turbines, each with a unit capacity of 3.83 MW, and will be located in the municipalities of Sierra de Luna, Luna, Las Pedrosas and Castejón de Valdejasa, in the region of Cinco Villas, some 60 km northeast of Zaragoza. Over their lifespan of three decades, the six wind farms will generate EUR 35 million, both in municipal taxes and in income for landowners.
Elecnor has reached a strategic agreement with the international engineering and construction company Vinccler that will see it break into the Ecuadorian oil and gas industry. As part of this agreement, Elecnor has acquired a 30% stake in Wayra Energy S.A, the Ecuadorian subsidiary of Vinccler. The objective of the operation is to jointly carry out projects awarded to Wayra Energy by the Ecuadorian government by means of contracts entered into with the Ecuadorian state-owned company Petroamazonas EP. This agreement marks Elecnor's first foray, either domestically or internationally, into the upstream sector.

The Paka Norte field was awarded to Wayra Energy following the "Campos Menores 2017" tender round organised by Petroamazonas EP in the Republic of Ecuador. The "Oil & Gas 2018" tender round was also held in 2018, with Wayra Energy winning two new mature fields: "Oso" and "Yuralpa".

The target is a 30.7-million barrel increase in the oil yield from the fields awarded to Wayra Energy—a company in which Elecnor holds a 30% stake—within the 10-year term of the service contract, to be achieved by drilling or reactivating 52 producing wells. To this end, USD 332 million (approximately EUR 276 million) will be invested for the reconditioning or start-up of these wells. 

Elecnor in Ecuador

Elecnor, a subsidiary of the Elecnor Group, is an Ecuadorian company that has been active since 1975. Since its operations began, it has come to be recognised as an expert in turnkey (EPC) projects in: 230- and 138-kV power transmission lines; 69-kv subtransmission lines; 13.2-kV distribution lines; electrical substations; and street lighting.