The Pontegadea Group, the investment arm of Amancio Ortega, has left behind the earthquake in 2020 and the impact of the pandemic. Its profit has once again soared, after growing more than 140% and reaching 1,606 million euros; and the value of your portfolio returns to pre-COVID levels.
The investment arm of Amancio Ortega earns 666 million in 2020, 62% less, due to the Inditex dividend cut
The firm explains, through a statement, that it closed the 2021 financial year with a turnover of 1,970 million euros, which represents an increase of 53.7% compared to 2020. This volume of income is made up of the dividends that Pontegadea receives from Inditex -of which Ortega controls about 60% of the capital- and from the rest of the investee companies, together with the income generated by the management of the group's real estate portfolio.
Specifically, in 2021 it received 1,294 million euros in dividends from Inditex, to which 29 million have been added from other investee companies and 647 million from the real estate business, it breaks down. It also includes the capital gain from the sale of the tower division of Telxius to American Towerthe telecommunications business that it shares with Telefónica.
However, its profit is one step away from reaching the figures for 2019, since, in that year, the investment arm of the founder of Zara obtained a net result of 1,778 million euros.
Record value of your real estate portfolio
Apart from Inditex, Ortega's investment arm collects his real estate portfolio. This closed the year 2021 with a market valuation of €15,264 million (compared to €14,075 million in 2020). A figure that, according to the firm, is calculated "with the independent appraisals carried out in each of the markets." This valuation of the last year places the value of its properties above what they were worth in 2019, when they stood at 15,163 million euros.
This change in cycle, motivated by the coronavirus and its impact on Inditex's business, also modifies the financial position of the firm. "The group went from a negative net financial position of 220 million euros in 2020 to a positive net financial position of 1,080 million euros in 2021", indicates the company, with a balance in treasury and equivalents of 1,884 million euros compared to a financial debt of 804 million euros, broken down.
In addition, it summarizes that, during the 2021 financial year, Pontegadea made investments in the infrastructure sector, with the acquisition of 5% of the capital of Redeia (formerly Red Eléctrica) and 12% of the manager of the Portuguese electricity network, REN ; and carried out its first operation in renewables with the acquisition of 49% of Repsol's Delta wind farm. These investments are added to the 5% and 30% stakes in Enagás and Telxius, respectively, incorporated into the portfolio in previous years.
Also, he points out, he registered a contribution of 290 million euros as a donation to the Amancio Ortega Gaona Foundation, destined mostly to the Program for the implementation of proton therapy in the National Health System.