In 2023, the Board of Directors approved the distribution of a dividend against 2022 results in the amount of EUR 2.3 million, equivalent to a pay-out of 30%.
The increase in the number of Board Members was approved with the incorporation of Eladia Pulido.
Mungia (Bizkaia), 5 de mayo de 2023.- Arteche Group held its General Shareholders' Meeting this Friday in Mungia. On the agenda, among other matters, were the approval of the group's annual accounts and the management of the Board of Directors. The Board of Directors has proposed to the Shareholders' Meeting the distribution of a dividend against 2022 results in the amount of €2.3 million, equivalent to a pay-out of 30%, in compliance with the commitment to shareholder remuneration and the line initiated in 2022, which was approved during the meeting.
Before the shareholders, the company's managers presented last year's results, which included sales for EUR 346 million, that is, a growth of 22.5%. Moreover, the company achieved an all-time turnover record in the fourth quarter of the year, reaching over EUR 100 million. The 2022 EBITDA, which showed an improving trend in the second half of the year, reached EUR 30.1 million, an increase of 15.4% over the previous year.
In addition to financial figures, the meeting with the shareholders included a brief review of the most recent and relevant innovation and development milestones, such as the new protection and control system, the 38 kilovolts recloser project (which matches a key moment of recovery in this market) and the consolidated position as a technological leader in the current measurement with optical technology for extremely demanding applications such as HVDC links or the generation of magnetic fields for plasma confinement of nuclear fusion generators.
Likewise, some of the actions accompanying the historic sales record were explained in detail, such as the increase in production capacity in Mexico and the opening of a new plant in Turkey to respond to the growth of the American and Asian markets, respectively. In the case of Australia, another region that has had a prominent role in terms of the large volume of contracts, there has been growth derived from Arteche's increasing weight in the power quality segment, a business that is still gaining prominence in the company's future.
During the meeting, Alex Artetxe, the company’s Chairman and CEO, highlighted that: “In 2022, we have grown in all regions and businesses, and this growth supports the path outlined by the company in the Strategic Plan to 2023, and we have been able to adapt to the external conditions that have impacted the economy globally.” He emphasized that: “The present and the future are about continuing innovating to remain at the forefront of a key sector with challenges such as the energy transition and with great prospects for growth at international level". He also thanked the shareholders for their confidence in Arteche's project.
New board member
In addition to the presentation of last year's results, one of the matters included in the agenda was the announcement of the incorporation of Eladia Pulido Arroyo as new board member.
Eladia, who has over 30 years of experience in multinational industrial companies, holds a PhD in Physics with a specialization in Materials and Electromagnetism from UCM and was trained at the school of directors of the IESE's Escuela de Consejeros. Thanks to having developed her professional career in three different countries (Spain, Germany and the USA), she has extensive knowledge of the international scene. She currently holds the position of Managing Director of the Gewiss Western Europe and LatAm Clusters.
Environmental, social and corporate commitment
Recently, Arteche has shared the data collected in its Sustainability Report (Statement of Non-Financial Information), published on its website.
Compared to last year, in financial terms, Arteche generated 23% more financial value in 2022 (EUR 348.8 million); distributed 22% more financial value (EUR 334.6 million); retained 61% more financial value (EUR 14.2 million); and its tax contribution rose 16% to EUR 33.2 million.
At the environmental level, the company has reduced gas oil C consumption by 104%; reduced water consumption by 10.3%; generated 22% less hazardous waste; and recycled 63% of its waste. In addition, Arteche has received recognition for its sustainable performance from CDP Score Report (a non-profit organization that manages the global disclosure system for investors, companies, cities, states and regions to monitor their environmental impact) and has had no environmental incidents or non-compliance regarding the ISO 14001 standard.
This is not the only external recognition Arteche has received, as it was the first company chosen by IDB Invest and EFactor to operate a reverse factoring line in the USA for USD 20 million under sustainability criteria.
In the social field, Arteche has increased the number of training hours by 17% (up to 57,786). Moreover, 86% of its personnel have permanent contracts, while 25% of women are in management positions and in positions of responsibility throughout the group. Also, 80% of spending has been made with local suppliers, and the company has signed 16 collaboration agreements with training entities.
Finally, regarding corporate governance: 100% of the operations carried out by people belonging to the company have followed strict protocols; 52% of people in the company have received training in compliance; the project to implement the SCIFF (internal control system for financial information) has begun; and the deployment of the risk management system has increased.
About Arteche Group
Founded in 1946, the Arteche Group operates in the electrical sector, from generation to distribution, specializing in the electrical equipment, components, and solutions industry. Within this framework, the Arteche Group is among the TOP 3 world leaders in the instrument transformer market, number 1 in the auxiliary relay market, and maintains a regional leadership position in the rest of the products, especially those aimed at highly demanding and value-added markets, such as renewable generation and the railway sector.
The Arteche Group's business is focused on enabling the transmission and distribution of electric power from any generation plant to the end user with efficiency, quality, and reliability. This is why the company invests recurrently in R&D&I, with the intention of improving the quality and efficiency of its products, innovating in the development of new products, and offering the customer a differential added value. Arteche is currently available in more than 175 countries with commercial distribution capabilities; it has 13 factories in Europe, America, Asia and Oceania, including 6 research centers; and employs more than 2,600 people worldwide.
