Pontegadea Inversiones, main header where Amancio Ortega develop its business activities, achieve a turnover of 28.125 million euros in 2021growth 35% compared to last year, as indicated by the consolidated accounts that have been kept in the Mercantile Registry.

This is the society in which Ortega concentrates most of the income and assets he accumulates with his business activities. Among them, he added the Inditex business, in which the Galician entrepreneur retains 59.29% of the capital. Of that percentage, 50.01% is in Pontegadea Inversiones itself, the majority which allows it to include the textile giant in its consolidated perimeter.

The company also covers real estate activities in Spain, the US and Asia. Not so with its UK properties, which were unified under Pontegadea GB 2020; and which was developed under Partler 2006, where it owns the other 9.29% of Inditex. These last two companies and their respective subsidiaries, together with Pontegadea Inversiones, make up the Ortega business empire. 98.5% of the latter’s turnover corresponds to Inditex’s revenue, which at the end of the 2021 financial year reached 27,716 million, 36% more. The drop in real estate revenue was 409 million, two more than the previous year.

Pontegadea GB had a turnover of 113 million, and Partler 326 million, mostly due to dividends from Inditex. Between the three, they charged around 28,500 million last year, according to their respective financial statements.

Pontegadea Inversiones’ financial report shows, as a major novelty, Ortega’s 49% stake in the company that makes up the Delta wind farm, having reached an agreement with Repsol at the end of last year to become its partner in this energy project. The account puts the investment value at 261 million.

Account also reflects new decline in bank debt. It is located at the end of 2021 in 554 million, That’s 18.4% less, and almost half of the 1.007 million recorded at the end of 2019. Plus, it’s the lowest figure in more than 10 years. From Pontegadea it is clarified that no policy has been established to reduce financial liabilities, but the reduction is purely indirect. Of those 554 million, 150 have a one-year term.

The use of bank financing is usually adjusted to the investments made by Pontegadea. To be precise, 2021 wasn’t a particularly intense year in acquisitions, the opposite of 2022.

The financial statements of Pontegadea Inversiones also reflect the collection of a dividend of 187 million from Pontel Participaciones, a company in which it participates together with Telefónica in Telxius. It sold its tower business to American Tower in early 2021, for around 7,700 million euros.

Pontegadea owns 16.55% of Pontel’s shares, while the remainder is in the hands of Telefónica. At the end of 2021, the company owns 60% of Telxius, but in February this year it bought the 40% that was in the hands of KKR. After the operation, the weight of Pontegadea in Telxius increased to 30%.

Finally, Pontegadea Inversiones’ consolidated net profit amounted to 3,419 million euros, three times that of 2020, thanks to improved Inditex results.