Caixa CriteriaThe holding company that brings together the commercial assets of the La Caixa Foundation acquired last year Consolidated net profit of 1,199 million euro. this balance 29% less than the previous year Compared to the positive outstanding results recorded in 2021 after the merger of CaixaBank and Bankia. On the other hand, the recurring consolidated net result of this reference shareholder company of CaixaBank or Naturgy, among others, was 1,599 million, an increase of 35%.
At the end of 2022, CriteriaCaixa’s gross asset value (GAV) reached 24,585 million, an increase of 3.3% from 2021. 83% corresponds to listed stocks and 11% to real estate business. On the other hand, the net asset value (NAV) increased by 8.7% compared to the previous year to 19.663 million. This development is mainly due to the improvement in the price of CaixaBank, which increased by 52% in 2022.
Likewise, the strength of operational ‘cash flow’ stands out. Significant increase in dividends received in exercise. Of the total fees charged for securities received in fiscal 2022 (€834 million compared to 525 million in the prior year), 354 million corresponded to CaixaBank, 311 million to Naturgy and 62 million to The Bank of East Asia, among others.
Dividends for the foundation
In 2022, Criteria Caixa distributed 375 million to its sole shareholder, the La Caixa Foundation (both chaired by Isidro Fainé), which continues to “invest in the most vulnerable groups in society, such as children and the elderly at risk of exclusion.” or patients with advanced diseases,” according to the company. 508 million euro (56.9%) in social programs, culture and science (22.1%), research and health (10.6%), and education and scholarships (10.4%). For the fiscal year 2023, the la Caixa Foundation has recently announced the largest increase in its budget of 538 million euros in its history.
The recurring result attributed to Criteria’s banking portfolio reached €1,109 million in 2022, representing an increase of €213 million (+24%) compared to the end of the previous year. The resulting improvement is mainly Good performance of CaixaBank and Grupo Financiero Inbursa results Contributing €904 million and €107 million respectively to the results of CriteriaCaixa (GFI).
The result for its industry and services portfolio, which included, among others, the result of shares in Naturgy and Saba Infraestructuras, as well as the attribution of dividends from the rest of the portfolio, totaled €549 million for its part. % more than 2021.
Naturgy and Telefonica
Naturgy’s net result attributed to CriteriaCaixa in 2022 amounted to 440 million euros, 41% higher than the previous year. Likewise, CriteriaCaixa received dividends worth 29 million from Telefónica in 2022. Dividend rates are also noteworthy. shares held in the so-called diversification portfolioreaching 89 million euros (73 million euros in 2021).
Criteria Caixa’s strategic portfolio includes CaixaBank (32.24%), Naturgy (26.71%), The Bank of East Asia (18.97%), Grupo Financiero Inbursa (9.10%), Cellnex (4%, 36) and Telefónica (2.17%). %). The market cap in 2022 stood at 18,088 million., with a positive value change of 9.2%. EUR 258 million was invested in this portfolio during the year, of which EUR 202 million was allocated to Telefónica and EUR 56 million to Cellnex.
OECD companies
On the other hand, CriteriaCaixa has a diversified portfolio that includes various minority stakes in listed companies. giving priority to companies belonging to their countries OECD. This portfolio currently includes more than 80 companies from 15 different countries, the vast majority of which are large leading companies in their respective industries.
In 2022, a net investment of 249 million euros was made to expand the diversification portfolio. In the divestment section, it should be noted that following the takeover offer (OPA) initiated by Veolia for 100% of Suez in January 2022 and in 2020, CriteriaCaixa sold 5.8% of its shares in the same company for a total of 737. million.
The market value of this portfolio at the end of the fiscal year was €2,221 million and was distributed across the following sectors: consumption (29%), pharmaceuticals/health (18%), automobiles and components (12%), telecommunications and technology (11%), materials ( 9%), infrastructures (7%), capital goods (5%) and others (9%).
Real estate
On the other hand, Criteria Caixa’s real estate portfolio reaches a value of 2,740 millionMade a new investment of 366 million dollars. It is noteworthy that an office building was purchased for 238.5 million on Paseo de la Castellana 51 in Madrid.
At the end of 2022, Criteria Group’s gross debt amounted to 4,922 million euros, representing a 13.8% reduction compared to 5,713 million euros on 31 December 2021. CriteriaCaixa maintains “comfortable” liquidity levels –about 1,000 million euros– allows to face maturities of 2023, according to the company. The average cost of debt remained at the level of 1.4% compared to the previous year. The rating agencies have certified the credit quality of Criteria Caixa as BBB+ (stable outlook) by Fitch Ratings and Baa2 (stable outlook) by Moody’s throughout 2022.