Caixa Criteria, the holding group that consolidates the commercial assets of the La Caixa Foundation, reported a consolidated net profit of €1,199 million for the year. This figure marks a 29% decline from the prior year, reflecting the different timing and post-merger environment following the CaixaBank and Bankia merger in 2021. The recurring consolidated net result attributed to CriteriaCaixa, sometimes labeled as the reference shareholder in CaixaBank and Naturgy among others, reached €1,599 million, up 35% year over year.
By year-end 2022, CriteriaCaixa’s gross asset value (GAV) stood at €24,585 million, rising 3.3% from 2021. Listed securities accounted for 83% of the portfolio, with real estate making up 11%. Net asset value (NAV) increased by 8.7% to €19,663 million, driven largely by a 52% rise in CaixaBank’s price during 2022.
The portfolio showed robust cash flow generation and a notable uptick in dividend receipts during the period. Total fees collected from securities received in fiscal 2022 amounted to €834 million, up from €525 million in the prior year. CaixaBank contributed €354 million, Naturgy €311 million, and The Bank of East Asia €62 million, among others.
Dividends for the foundation
In 2022, Criteria Caixa distributed €375 million to its sole shareholder, the La Caixa Foundation, chaired by Isidro Fainé. The foundation continues to fund programs aimed at vulnerable groups, including children and the elderly at risk of exclusion, as well as patients with advanced diseases. The cash allocation was distributed across social programs, culture and science, research and health, and education and scholarships, with €508 million (56.9%) invested in those areas. For 2023, the La Caixa Foundation announced a historic increase in its budget to €538 million.
The recurring result from Criteria’s banking portfolio reached €1,109 million in 2022, up €213 million, or 24%, from the previous year. The improvement was chiefly driven by strong performances from CaixaBank and Grupo Financiero Inbursa, which contributed €904 million and €107 million respectively to CriteriaCaixa’s results (GFI).
The performance of the industry and services portfolio, which includes holdings in Naturgy and Saba Infraestructuras along with other portfolio dividends, totaled €549 million for the period, showing a higher contribution than in 2021.
Naturgy and Telefónica
Naturgy’s net result attributed to CriteriaCaixa in 2022 reached €440 million, a rise of 41% from the prior year. CriteriaCaixa also received €29 million in dividends from Telefónica in 2022. Dividend income from the diversification portfolio reached €89 million, up from €73 million 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%), and Telefónica (2.17%). The portfolio’s market capitalization in 2022 was €18,088 million, with a positive value change of 9.2%. During the year, €258 million was invested in the portfolio, with €202 million allocated to Telefónica and €56 million to Cellnex.
OECD companies
CriteriaCaixa maintains a diversified portfolio with minority stakes in numerous listed companies, prioritizing investments in OECD member economies. The portfolio includes more than 80 companies across 15 countries, with many being market leaders in their sectors.
In 2022, a net investment of €249 million supported portfolio diversification. In the divestment area, it is notable that after Veolia’s takeover bid for Suez in 2022, CriteriaCaixa sold 5.8% of its Suez shares for a total of €737 million in an earlier tranche. The year ended with a market value of €2,221 million for this portfolio, allocated across sectors including consumer goods (29%), pharmaceuticals and health (18%), automobiles and components (12%), telecommunications and technology (11%), materials (9%), infrastructure (7%), capital goods (5%), and others (9%).
Real estate
Criteria Caixa’s real estate portfolio carried a value of €2,740 million, alongside a new investment of €366 million. Notably, an office building was acquired for €238.5 million at Paseo de la Castellana 51 in Madrid.
At year-end 2022, CriteriaCaixa reported gross debt of €4,922 million, down 13.8% from €5,713 million at the end of 2021. Liquidity remained comfortable at around €1,000 million, enabling the group to meet 2023 maturities. The cost of debt was steady at approximately 1.4% compared to the prior year. Credit rating agencies maintained a positive view of Criteria Caixa, with BBB+ from Fitch Ratings (stable) and Baa2 from Moody’s (stable) during 2022.