Good morning, ladies and gentlemen. Welcome to the Acciona Group and Acciona Energía 2022 results presentation. Let me first tell you that I will make a short introduction, then I will leave the floor to Rafael Mateo, CEO of Acciona Energía, and Arantza Ezpeleta, CFSO of Acciona Energía. After them, we will continue with the presentation of Acciona Group results with Pepa Chapa, Investor Relations, José Ángel Tejero, CFSO. After the presentations, we will go into the Q&A. We will try to put the Energía questions first, then the rest of the group questions, I'm not sure we will be able to administer the timing of each of the questions in that order.
2022 marked 25 years since 1997, when the Entrecanales group merged with Cubiertas and went public under the Acciona brand. During these 25 years, we have generated more than 300 terawatt-hours of clean energy, which is equivalent to the power of a country like Italy for a year, and avoided carbon dioxide equivalent of planting 180 million trees, or close to 170 million tons of CO2 avoided, which is equivalent to 70% of Spain's annual emissions. During the last 25 years, we have built close to 10 million square meters of houses, industrial or commercial or office buildings, which would be equivalent to the city of Bilbao. 6,000 kilometers of roads, which is Madrid to Warsaw and back.
600 major bridges, 3,000 kilometers of high speed rail, 1,300 kilometers of metro or water infrastructure serving 76 million people. We were one of the first companies in the world to define sustainability as our main strategic guideline, and under this focus, we have developed a unique business, which despite operating in different sectors, our CapEx in 2022 was 98% aligned with the European Taxonomy of Sustainable Activities, which comes to prove that almost any business can be done sustainably. Today, we employ close to 50,000 people in 55 countries, and our robust balance sheet allows us to invest heavily in seizing the enormous opportunities derived from the need to decarbonize the economy, while adapting it to the unavoidable impact of climate change, urbanization, and evolving social needs.
For that, we continue to invest in innovation at an intensity three times higher than that of our peers' average. All these factors, plus a long-term focus and a stable shareholder base, place us in a privileged position to provide the state-of-the-art sustainable solutions of today while exploring what will be the solutions of tomorrow. Green hydrogen, energy storage, urban electric mobility, carbon-free desalination, or positive energy housing are excellent examples of what could be Acciona's unicorns of tomorrow. I will not run you through the financial figures of 2022 as Rafa, Arantza, José Ángel, and Pepa will do it later. Let me make a few comments on this year.
Despite difficulties in the supply chain, raising costs, logistical problems, and interest rate hikes, the growth plans we projected at the IPO of Acciona Energía continue on track, and we are confident that inorganic growth opportunities will arise to recover any delays accumulated over the past 20 months. Bottom line, P&L and leverage-wise, however, we are far better off than predicted at that time. Notwithstanding the important geopolitical and inflation risks, the fundamentals of the industry remain solid. Its three main variables, CapEx, interest rates, and energy prices, have increased significantly over the past months. CapEx by 15%-25%, cost of capital by 200 basis points approximately. But future energy prices by 20% to 60% depending on the market. Our 200+ basis points margin over WACC still holds.
The invasion of Ukraine has proven how imprudent it is to rely on foreign powers for our energy needs, more so when it's authoritarian autocracies. Finally, it is now clear that renewables are not only the solution to emissions, but also to energy independence with its immediate costs. Just to put it into context, between March and September last year, winds and solar generated 24% of the EU's electricity, avoiding 8 billion cubic meters of fossil fuels and saving EUR 11 billion, which also did not go to finance the aggressor. Along these lines, only a 5% increase in new renewable capacity in Europe's REPowerEU plan, saying from 40% to 45%, would mean a 50% reduction in our gas imports by 2030. That is savings of EUR 100 billion a year.
Of course, while reactivating all the related industries and creating close to 2 million new jobs. A no-brainer if you ask me. For this, government reaction must be consistent and avoid contradictory messages. Europe, on the one hand, has raised public commitment to renewables, while on the other, lags on its investment in transmission networks, fails to simplify the permitting processes, or opens a regulatory frenzy that, put mildly, has added new risks to potential investors. Needless to say, investment capital flows to the best risk-return equation available. It is always wise to offer a predictable regulatory environment when willing to attract unprecedented amounts of private capital into a region or a sector. It is paramount when the world's other major players are significantly improving their investment profile, in particular the U.S. with the IRA or the regulatory tailwinds in Australia, as examples.
This is particularly worrying for European wind turbine manufacturers who do not see a clear improvement in demand while operating at a loss caused by price hikes in their supply chain and logistics problems. European OEMs, in the leadership in the world is at risk. It is frankly very frustrating to see how slow, when at all, we are protecting our industrial independence in a sector in which we are a global leader, essential to our energy independence and key to decarbonization. Notwithstanding the regulatory uncertainty, inflation, and financing cost hikes, as the dangers of climate change and energy dependence become more apparent and urgent, investors, customers, and regulators have raised their expectations. The momentum towards a net zero is undeniable.
132 countries, nearly 90% of the emissions, are now targeted for reduction under net zero commitments. A recent study from McKinsey shows a shift of spending from high to low emission assets that could create one of the largest relocations of capital in history. $275 trillion between 2021 and 2050. For this to happen, CapEx needs to rise from about $5.7 trillion today annually to an annual average of $9.2 trillion. That all the way to 2050. This is an annual increase of 61% or $3.5 trillion of additional investment annually. Energy infrastructures are an essential part of this investment, by no means the only one. A wide range of SMART infrastructures.
SMART we use as an acronym for Sustainable, Mitigating, Adaptative, Resilient and Transformative, need to accompany the energy investment. For the first time in decades, I believe demand for SMART infrastructures is picking up at a speed that may shed some light at the end of the tunnel of decarbonization. Only exponential growth in global public awareness, government policies and corporate strategies may bring us back to the track of 1.5 degrees Celsius as a target. For the first time in decades, as I was saying, I see signs that the much-needed exponential growth may be starting to happen. Indeed, it's been our record year in new infrastructure contracts with EUR 30 billion in consolidated backlog, 85% international.
Our renewables pipeline, growth of 8 gigawatts from 30-38 gigawatts, and new transformative technologies where Acciona has significant competitive advantages quickly getting closer to market readiness. 2022 has brought us good example of what we can do. The largest construction contract in Acciona's history, the Western Harbour Tunnel in Sydney, a EUR 2.8 billion alliance contract, one that greatly diminishes our risk for a virtually invisible infrastructure that will reclaim access to, of natural areas and will emit 60% less CO2 in its contribution than the originally designed project. The 1-gigawatt MacIntyre wind farm in Australia, one of the largest renewable energy facilities in the world, of which construction is underway.
Two of the most important property developments we have promoted this year, 1 of them, which will be our new headquarters, which have obtained the highest sustainability ratings ever obtained in the world. The development of the Silence S04, our extractable battery urban EV, which will be in the market hopefully this summer. Starting the project which will solve the secular water supply crisis in 1 of the largest cities in northern Mexico, and 1 of the most water-stressed regions in the world. The recently recurrent floods in Fargo in North Dakota. I could go on with more iconic projects that show why Acciona is the most comprehensive global sustainable infrastructure solutions provider in the market. Although the increase in activity has been remarkable, we have managed to start decoupling our CO2 emissions from growth.
We have reduced our Scope 1 and 2 emissions by 3.3%, and our intensity from 21 to 15 tons of CO2 per million EUR of revenue. We have also employed 10% more full-time workers worldwide and strengthened social conditions, both on communities with very specific action plans and human rights compliance in the supply chain. Finally, in 2022, our social cash flow, the funds we create and distribute, was EUR 12.2 billion, which is 22% more than the previous year. Of that EUR 12.2 billion, EUR 7.4 billion went to suppliers, EUR 1.9 billion went to CapEx, EUR 1.3 billion to employees compensation, which is 18% more than the year before, and EUR 1.5 billion was paid in the different taxes, which is a 14% increase over the previous year.
EUR 225 comparatively went to dividends. Let me underscore that dividends are by far the smallest chapter in our social cash flow, and particularly a seventh of what we contribute in taxes. This year, we will propose a dividend of EUR 4.5 per share, which is a 10% increase. Ladies and gentlemen, if my perception is correct, we may be at a historic moment in the recent history of mankind by starting to turn around the unsustainably destructive path, excuse me, on which humanity had set itself a couple of hundred years ago. Time will tell whether it is unfunded optimist or really the start of something big. True or not, all we can do is continue trying.
At Acciona, we will remain committed to that purpose, to continue creating economic value while providing society with sustainable infrastructures and decarbonize the economy. Thank you very much. Rafa, thank you.
Okay. Thank you, José Manuel, good morning to everyone. I want us to start with a review of the key highlights of the year. 2022 has been a very good year from a financial perspective. The strong results responds to the high energy price environment in which we have operated during 2022 in the majority of our markets, and also in adequate commercial policy and energy risk management in this volatile situation. In Spain, in particular, it positioned us to capture the high prices through our spot sales and the gradual rollover of our hedge position. We took the advantage of the circumstances to recontract energy maturing from the regulated system, turning it into 10-year PPAs.
These very good results put us on a strong position to address the accelerating investment needed to enable the energy transition. To reduce the Europe's dependence on imported gas and other energy commodities. In fact, we have closed the year 2022 with flat net debt as the operating cash flow generated was sufficient to cover a growing CapEx bill and the payment of the dividend. Our credit ratios are even lower than the year before. We believe we have one of the strongest credit profiles in the sector and a very distinct financial policy centered on corporate debt and access to the debt capital markets. We live in a world of higher interest rate and tougher financial markets. Renewable development energy management are getting more complex, requiring flexibility, and our balance sheet and funding model represent, in our view, in a strong competitive advantage.
Our liquidity is high. We have pre-arranged the bulk of our financing needs for 2023. In terms of capacity additions, we have added more than 700 megawatts in the year, and we have 2.2 gigawatts under construction. These are real projects that are in progress and should take us closer to the 2 gigawatts capacity additions in 2023, which is a mere step change in our rate of capacity growth towards the at least 2 gigawatts per year cruise speed that we are targeting. The supply chain is normalizing gradually, and we have resecure our equipment needs for 2023. Our focus for the successful delivery of our 2023 targets is on the PV module deliveries and the pace of civil works, foundations, towers, and turbine erection at the McIntyre Wind Farm.
We are not only working on 2023 but also beyond to maintain high growth rates in profitable new project additions. We have an excellent visibility and optionality for 2024, as I will show you in a moment. With respect to 2025 target, it's obvious that the world has become more complex. We are somewhat behind the schedule due to the difficulties in 2022. Having said that, this target remains a key goal driving the entire organization. It is not just for the market, it is for us. I will elaborate in a minute. The company does not need to tell you that we don't grow capacity just to grow or to meet the targets given to the market, but to add value. We are strongly committed to preserve our balance sheet strength and optionality and our investment-grade credit ratings.
Before I turn to the next slide, I also wanted to talk briefly about our commercial policy. We believe our commercial policy is SMART, is flexible, is prudent. We are at the top of the list of the green PPAs in 2022 with 2.5 terawatt-hours newly signed during the year, with major contracts signed with the Spanish industry that gives them the stability, the affordability, and the green energy access that they need. We signed another large asset to a key client in the U.S. market. In Spain, we believe we are managing well the faster than expected regulated to merchant transition resulting from the higher power price environment. We were prepared for this, we have already recontracted 2.5 terawatt-hours under mostly 10 years contract so far, increasing the contracted duration of these volumes out of the regulation.
I want to mention also that we have renegotiated prices in certain existing PPAs to better reflect the new cost environment. Turning into slide number nine, we provide you an update of the capacity we added in 2021 and 2022 in the pipeline. Since the IPO, our total pipeline has increased by around 8 gigawatts. That is after having installed 1 gigawatt in the meantime. The more traditional wind and PV pipeline has grown by 2.5 gigawatts approximately. The pipeline related to new technologies, such as batteries, offshore, and green hydrogen, has increased by around 5.5 gigawatts. I would reiterate, nevertheless, that the goal is not to have a massive pipeline, but actually to have sufficient pipeline as maintaining a pipeline is expensive.
Our goal is to have a level of pipeline that is efficient in cost, effective in giving us the headroom to achieve our goals, and flexible to adapt to the changing markets situations. In the slide number 10, I want to elaborate a bit more about our 2025 capacity target. As I said before, we are approximately less than 1 year behind our initial plans. It's a fact that the environment for making investment decisions is more volatile today. Higher and volatile CapEx and financial cost, higher uncertainties on permitting speeds and grid access or residual supply chain fears. Our 2025 target is more challenging today. At the same time, the policy trends that we are seeing, for example, in Europe or in the U.S., are very supportive. Our pipeline is growing significantly in size and in scope.
While CapEx costs have increased around 15%-25% in the last couple of years and WACC are up by around 200 basis points, energy prices in some of our key markets have increased between 30% and 60% in the period, whether we are looking at PPA prices or average long-term wholesale prices. I like to say again that our capacity target is not just a target for the investment community, it's a critical driver for internal performance and achievement across the entire organization. We are confident in crystallizing a major increase in the rate of capacity additions during 2023, around 1.8 gigawatts, and our focus is on being able to maintain an increase, if possible, a growth speed of at least 2 gigawatts per year. The main markets that will contribute to this role are Australia, the U.S., Spain, and Brazil.
Brazil in particular could be in the future a significant swing factor. Again, financial discipline is extremely important, and we will grow as long as return are attractive and the balance sheet strength is protected. We are maintaining our investment policy, and we currently see reasonable good prospects in terms of returns across some of the key markets where we operate. We are confident that we can generate significant volumes or good projects in markets like Spain, Europe, the US, and Australia. In other parts of the world, we will be ready for the PPA price investment cost equation to be better aligned of our policy to turn around. This is why it's important for us to have a long-term strategy and a very good geographical diversification in terms of operations and in terms of pipelines that allows us to shift from one region to another.
In the slide 11, I want to refer to the details of the 2023 construction plan and the good visibility that we are building for 2024 and beyond. 2023, our plan is to add 1.8 gigawatts of new capacity with 650 megawatts of McIntyre, with around 830 megawatts of our U.S. PV assets currently under construction, as well as new capacity in Spain and in Peru. Here, the critical points are the PV module delivery, which we are confident it will be according with the schedule, as well as the pace of installation at McIntyre. Respect to 2024, we have 1.2 gigawatts already identified that are including the tail end McIntyre in Australia and the completion of Red-Tailed Hawk in the U.S.
Roughly 250 megawatts in Australia that are part of the new PV project called Aldoga, with a total capacity of 445, plus 72 megawatts in Croatia, plus new assets in Spain, which we recently re-receive awarded environmental approval. We expect to close around 300 megawatts added in 2024 in Spain, including a 50 megawatts biomass plant. Additionally, we have mature pipeline and a lot of development optionality to support additional growth in 2024 and 2025. I will highlight that we are in advanced talks in several processes to acquire US PV pipeline in very advanced states of the development, amounting to more than 2 gigawatts in aggregate.
I would also like to mention that the Spanish hybridization pipeline with 2.3 gigawatts of project in total, out of which around 50% has already filed for environmental approval, and which we think will provide a steady source of new megawatts for us in the next few years. We need to be watchful of the evolution of volumes and prices. In Brazil, we continue developing our 1.1 gigawatts of pipeline, and the focus today is in getting these projects ready to build and be ready for the alignment of the power price with CapEx and financial costs. We are confident in this country in the future as a significant source of growth for the company.
All in all, you can see that we have 3.5 gigawatts of secure and under construction projects, as well as many opportunities in which we are making progress in order to maintain an excellent growth speed of profitable megawatt additions. We have included in the annex a good level of details of all the projects under construction, with the S-curves and the progress of the key projects that we are building today. To conclude this section, we have included an overview of that we are doing with respect with the new businesses and new technologies. I'm particular pleased with the acquisition of what is now our first operating utility scale battery project in the US.
990 megawatts, 380 megawatt-hours, 2 hours of storage, plus a large pipeline of additional projects, all in ERCOT, Texas, U.S., which is one of the most advanced market for batteries and storage in the world. This is to jump from our R&D demonstration projects that we were operating for a decade to owning, operating, and dispatching the largest battery in Texas grid. This is a great milestone for us in a new business line. We are also very excited with the entry into the Southeast Asian market, partnering with our partner, the pioneer developer, The Blue Circle. Asia is one of the most populated and energy-hungry regions in the world, in a developing market for green energy, and we want to play an important role there.
On green hydrogen, I like to mention the progress that we are making in the development of a 25 MW electrolyzer project that is being developed under our joint venture with Plug Power, and that will be constructed on the site of our biomass plant in Navarra. In offshore, we continue to work on the development of floating solutions, pursuing opportunities in several markets. Now let me hand over to our Chief Financial and Sustainability Officer, Arantza Ezpeleta, for the review of the key financial and sustainability aspects of the results. Arantza? Thank you.
Thank you, Rafael. Good morning. Let me start with a quick overview of the key financial and operating headlines. Revenues have increased to EUR 4,351 million, thanks to the higher volume and prices in the supply chain activity in Spain and higher regeneration revenues. EBITDA is up to EUR 1,653 million, with generation volumes slightly down, but with average achieved prices growing strongly. Attributable net profit has increased to EUR 759 million. I would note the impact of the reversal of the regulatory funding mechanism in the P&L, with EUR 94 million net contribution to pre-tax profit and the impact of the mark to market of certain energy supply contracts of EUR 64 million.
Net investment cash flow grew from EUR 819 million of net investment in 2021 to close to EUR 1.3 billion in 2022. Net debt is basically flat at EUR 2 billion and the credit ratios improved with net debt to EBITDA falling from 1.83 to 1.22 times. In terms of operating data, shown in the right-hand table, let me mention some of the key data. Total capacity grew by 5% and consolidated capacity by 8% at 11.8 gigawatt and 9.9 gigawatt respectively. Consolidated output is down 2% to 19.7 terawatt-hours. Our supply volumes in Spain and Portugal exceeded 9 terawatt-hours, growing by 26%. Our load factors were weaker than expected, as Rafael mentioned, at 27%.
The average achieved price has increased to EUR 114 per megawatt-hour. Moving to slide 15 on our ESG performance. On the social side, we have increased the percentage of women in managerial positions to 26%. We have also increased significantly the number of projects with social impact management deployment. Its scope increased to encompass the project development phase as well. We have improved further our accident frequency index to 0.39, which is something we are very proud of, as safety is one of our top priorities at Acciona Energía. With respect to the environmental indicators, we have almost 100% alignment of CapEx with the European Union Taxonomy. We have reduced our Scope 1 and 2 emissions by almost 40% by increasing further the procurement on green energy for our own operations.
We have also rolled out initiatives such as electrifying our own fleet for the O&M vehicles, and our emissions are well below the SBTi target for Scope 1 and 2. We have also reduced significantly the waste to landfill volumes and increased recovered waste to 98%. In slide 16, you can find details on investment during the year. Gross CapEx amounted to over EUR 1.6 billion, with net CapEx deferral at EUR 362 million. As a result, the total cash outflow from investment reached almost EUR 1.3 billion. The investment is mainly concentrated in new capacity in the US, Australia, and Spain. In this slide, we show the evolution of the net debt in the year and the key cash flow items.
I would highlight that operating cash flow was very strong at EUR 1.3 billion and compares against net debt before IFRS 16 of EUR 1.6 billion at the start of the year. This cash flow generation almost fully covered next investment of EUR 1.3 billion and the payment of the dividend. In slide E-18, you can find details on the makeup and the key metrics of our debt. Our gross debt stood at the end of December at EUR 2.4 billion, with close to EUR 1.9 billion of corporate debt, representing 77% of gross debt and EUR 551 million of project debt. Cash and cash equivalents at year-end amounted to more than EUR 800 million, and the IFRS 16 liability at just over EUR 400 million.
Our average cost of debt during the year was 3.26%, with the cost of corporate debt at 1.6%. The cost of debt has been increasing gradually as the year progressed due to the steep increase in the base rates. As of year-end, fixed debt represented 64% of the total gross debt. The average maturity of our debt is more than 5 years, increasing significantly relatively to 2021, primarily due to the issue of long-term bonds. We have included as usual some statistics on the Spanish power market. I would highlight the 50% increase in the average power price to EUR 168 per megawatt-hour, and how monthly averages were below 2021 levels for most of the second half of 2022, mostly due to the Spanish gas exception intervention.
Demand fell by almost 3% with the underlying demand falling by close to 4%, with a steep fall in the industrial demand in the context of the very high power prices. In absolute terms, it is the lowest electricity demand since 2 years and 3. CCGT production was the first technology in Spain in the year, followed by wind, and emissions increased. Hydro production fell by 43%, although at year-end, reserves had recovered significantly and stood broadly in line with 5-year averages, and at 43%. Here in slide 20, you can see the key drivers for the Spanish generation revenues. Consolidated outputs fell by 3% to 9.3 TWh. Regulated output represented 35% of production and hedged energy another 52%, so that total contracted stood at 87%.
Average achieved prices in Spain increased by 100% to EUR 168 per megawatt-hour. Hedged volumes through financial derivatives and contracts achieved a price of close to EUR 134 per megawatt-hour, while the merchant volumes captured a net price of EUR 168 per megawatt-hour. The regulated volumes achieved a price of EUR 219 per megawatt-hour. Given the high power prices in the market, the regulatory income received and the impact of the reversal of the regulatory vas-bending mechanism, accounting in line with the criteria of the securities authority, CNMV, as most of our regulated assets are unlikely to obtain any regulatory income in the future and will consume the regulatory capital ahead of the end of their regulated useful life. All in all, generation revenues increased to EUR 1,555 million.
Total Spanish revenues in slide 21 reached EUR 3.2 billion, with strong supply and generation revenues. Generation EBITDA reached EUR 1,272 million, and the total EBITDA was EUR 1,255 million, which is a very good result. Let me jump directly to slide 23. In this slide, you can find the key drivers for the international generation revenues. Production was slightly down with consolidated output at 10.4 terawatt-hours and achieved prices fell to EUR 66 megawatt-hour. Prices increased in most markets, except for Chile and the U.S., where we captured exceptionally high prices in 2021 due to the Texas storm. Revenues fell to EUR 685 million, with lower revenues in Chile and the U.S., and higher in the rest of the markets.
EBITDA in the international business fell to EUR 398 million, with lower contribution in Chile and the U.S. generation fleet, and negative contribution from the equity accounted assets due to the impairment in our Portuguese PV plant because of the end of the feed-in tariff period. To conclude the presentation, I would like to share with you our outlook for 2023. Starting with EBITDA, we expect another excellent year in 2023. We expect EBITDA in a range of EUR 1.5 billion-EUR 1.6 billion, and of course, depending on the evolution of the power prices, which will be a key driver for this. As we have said in many occasions, we now live in a world where power price expectations for the year move by tens of EUR per megawatt-hour.
In terms of net investment, we expect it to increase relatively to 2022 within the range of EUR 1.8 billion-EUR 1.9 billion. Net debt to EBITDA should close the year at 2 times or below, a very low year-end ratio. In terms of dividends, the board has proposed the distribution on a dividend per share of EUR 0.8, which implies a payout of 30%. Thank you for your attention.
Very good. Now we will carry on to the presentation on the rest of the group, and then we will continue with the Q&A. José Ángel Tejero. Thank you.
Thank you, José Manuel. The management team of Acciona Energía has just presented its financial figures, therefore, I will present those of the rest of the group. Let me start with the key financial highlights of Acciona in 2022. As you can see, revenues grew by 38%, just over EUR 11 billion, with international markets accounting for 56% of the total. EBITDA grew by 39% to EUR 2,068 million, mostly driven by energy despite the poor year in terms of output, and by infrastructure despite inflationary pressures. Profit before taxes amounted to EUR 869 million, a 51% increase compared to the previous year. The attributable net profit reached EUR 441 million, 31% more than the year before, but still negatively impacted by the contribution of our stake in Nordex.
We have invested EUR 2 billion in 2022 versus EUR 1.5 billion the previous year. Despite the increased investment therefore, and even after taking into consideration the net inflow for the group of the IPO proceeds in 2021, our net debt-to-EBITDA ratio at December 2022 has fallen to 2.54 times, well below the 2.93 ratio reported a year ago. We review the financial targets we set out at the beginning of the year and how we have met them or exceeded them. In terms of our EBITDA, our initial target was to reach a solid double-digit growth, and we have achieved a 39% increase. This has been possible thanks to the optimization in the way we manage our energy generation business and to the improved performance of our construction business.
As for investment, our initial target was to invest EUR 1.7 billion-1.9 billion, and we have invested slightly more than EUR 2 billion, mostly because our contribution to Nordex capital increase in 2022. Regarding leverage, our last year guidance was to maintain a solid credit profile and to keep our net-to-EBITDA ratio at similar levels than past year, around 3 times. But we have beaten our guidance, reducing it to 2.54 times. And finally, with respect to 2022 dividend, the initial guidance was to deliver a prudent and sustainable growth in our dividend figure. Our board of director has approved to present to the shareholders' meeting approval a 2022 dividend of EUR 4.5 per share, euros per share, which it will imply a 10% increase versus last year.
Here you can find our ESG highlights and key environmental and social performance metrics. In 2022, Acciona has been included in the S&P Dow Jones Sustainability World Index, having obtained a score of 88 points out of 100. Due to the result of this assessment, Acciona has also been recognized in the S&P Sustainability Yearbook 2023. We change to distinguish those companies that, within their sectors, stand out for the strength and consistency of their corporate sustainability strategy. In the social aspect, there has been an increase in the percentage of executive and manager women to 22.2%, an increase in project with social impact management, and an accident frequency rate 9.5% lower than that registered in 2021.
Regarding environmental indicators, CO2 emissions, Scope 1 and 2, have decreased by 3.3%, and CapEx aligned with low carbon taxonomy increased to 98% in line with the commitments acquired by the group. In this slide, we provide details on the investment we have made in the different businesses. We have reached a total amount of just over EUR 2 billion. Acciona Energía invested almost EUR 1.3 billion, as has been explained a few minutes ago in detail by the Acciona Energía team. In infrastructure, we have invested more than EUR 244 million, including EUR 112 million equity investment in our concessions portfolio, mainly Line 6 Metro in São Paulo, Brazil, which is our main concession asset.
Other activities with total investment of EUR 421 includes EUR 243 million invested in the two capital increases carried out by Nordex in June and July 2022. As a result of these capital increases, Acciona stakes in Nordex has gone up to almost 41% as of December 2022. We have also invested a net EUR 61 million in property development in 2022. That includes a gross investment in land acquisition for EUR 180 million. Sorry. In this slide, we show the main cash flow items that explain the evolution of the net debt during the year 2022. The most important moving part is the EUR 2 billion net investments already mentioned.
Working capital was positive in EUR 196 million, with a strong cash flow generation in the second half of the year, both in energy and the rest of activities. Financial results amounting to EUR 169 million have been 7% higher than in 2021, while other operating cash flow includes mainly tax ticks, minority interest, and operating income from the associated companies. The dividend paid in 2022 amounted to EUR 225 million. As a result, we have finished the year 2022 with EUR 5,253 million of net debt, which is EUR 909 million increase versus the previous year. EUR 2 billion of that figure corresponds to work in progress projects that will be generating revenues in the coming years.
Moving to the performance of our different activities, in the two next coming slides, we present the main operating and financial data of Acciona Energía and its pipeline update. I will not elaborate on Acciona Energía results given that Rafael and Arantza have presented them a few minutes ago. Going to the infrastructure division. This division continued with the growth path of recent years and set a new historical record in terms of revenue, reaching just over EUR 6 billion, which is 24% more than in 2021. This strong revenue performance was driven by our construction and water businesses, which have increased revenues 26% and 21% respectively versus the previous year.
The geographical distribution of revenues shows that the international market, which grew 30% versus the previous year, represents 81% of the total, being mostly based on OECD countries with solid risk profile. Australia and Southeast Asia is the largest geographical region, accounting for 30% of total revenues, while the domestic market accounts for 19%, which is similar to the last year level. EBITDA also increased by 40% compared to 2021, reaching EUR 369 million. This growth is supported by the increase in production and margins for international construction projects, which offset some adjustment of margins in some water projects. The infrastructure division's project backlog is also at a record level at the end of 2022, reaching more than EUR 22 billion. This represents an increase of 22% compared to the end of 2021.
If we include the projects that are accounted through the equity method, the figure rises to more than EUR 30 billion. In line with revenues, the order book also shows a very balanced geographical diversification. Australia and Southeast Asia are the largest regions, accounting for 29% of the total, followed by Latin with 27%, and Spain, which accounts for 18%. In terms of awards, we obtained over EUR 9 billion of new orders in 2022, a new record high. Particularly noteworthy was the volume of awards in Australia, where the construction divisions won the largest contract in its history, the Western Harbour Tunnel Stage 2. Winning major contracts confirms our ability to manage the largest and most complex projects on a global scale. Based on our high technological specialization, our self-performing capabilities, and integration of all our activities. Going into construction.
Construction is the largest business, including the infrastructure division, performed well in 2022, both in terms of revenue and EBITDA, exceeding the results of 2021 and increasing the profitability of the projects, which reaching 5% margin, EBITDA margin in 2022 versus 4.5 in 2021. Australia remains the main geography, followed by Brazil, with the São Paulo Metro Line 6 as an iconic project. During 2022, some of the most important projects of recent years, such as Follo Line in Norway and the Cebu Bridge in the Philippines, were successfully completed and commissioned. The completion of these projects had no impact on the order book as the growing trend of contract awards have continued, adding important projects to our portfolio for the coming years.
In this context, I would like to highlight the important wins in Australia, a new package for the Southern Program Alliance for almost EUR 200 million, and the aforementioned largest Western Harbour Tunnel, the largest contract in the company history. New contracts were also won in Latin, where we leverage our integration between businesses, with Chile leading the way with La Serena Hospital in collaboration with concessions and the Collahuasi Desalination Plant in collaboration with Water. It is also important to note the award of the first contract in Finland, which consolidates our presence and commitment to the Nordic countries. This award bring our construction backlog to a record for the business. In the concession business, the growth rates compared to 2021 are somehow distorted by the asset sales made last year, in line with our strategy of rotating mature assets.
From an operational point of view, 2022 was a year of activation of the major projects awarded in 2021. With equity investments of EUR 112 million, and this includes the Fargo Diversion Channel project in the United States, La Serena Hospital in Chile, and of course, Line Six of the São Paulo Metro in Brazil, which represents an important milestone, not only for Acciona, but also for the entire infrastructure market in Latin America, being the first contract of this kind and the largest concession project in the region. Further awards are expected in 2023, having been pre-qualified in various projects with a total CapEx of EUR 11.5 billion. The opportunities are diverse, both geographically.
We see U.S., Chile, Peru, Colombia, Brazil, Spain, Poland, U.K., of course, Australia, in terms of type of projects, roads, rail, transmission lines, social, and renewable. With the Central West Orana PPP Transmission Line mega project in New South Wales standing out with an important estimated investment for which we are competing against other final bidders for a decision in the first half of 2023. Beyond 2023, we have identified a significant pipeline of projects worth EUR 83 billion, making concessions an increasingly important part of Acciona's strategy in infrastructure. The water business increases revenue by 21% compared to 2021, reaching more than EUR 1.2 billion. This growth was shared by the two types of activities developed within these units: EPC contracts, which grew by 19%, and integrated water cycle management and O&M services contracts, which grew by 26%.
This revenue is driven by the Middle East market, which represents 51% of the total as a result of the strong brand positioning achieved by Acciona in the region. This growth in revenue was not matched by an increase in profitability, which was affected by the increase in energy costs and the adjustment of some of margins in certain projects. The project portfolio is as a similar level as that presented to the end of 2021, with LatAm as the main geography, thanks to the recent contracts awarded in the recent and the recent addition of the Collahuasi Desalination Plant in Chile.
LatAm is considered a region with great potential for the development of water projects, where we can apply all the knowledge and experience we have acquired over the year on some of the most complex and important projects as a global level. The breakdown of the order book, however, has changed compared to the one presented a year ago, with a greater emphasis on integrated water cycle management and O&M services contracts with long-term recurrent flows, thanks to contracts won in 2022. In the near future, we intend to continue this trend of balancing EPC and O&M contracts to reduce revenue volatility risk. This year, for the first time, we are devoting a separate section to urban and environmental services businesses, which is growing as a result of the strategic shift away from the energy efficiency projects.
Now the, it is within Acciona Energía towards a focus to cleaning and waste collection. It is precisely because of this change that the growth rates for to 2021 are not representative. Like for like, urban environmental services revenues have grown 22% compared to 2021. At the same time, the order book has grown 111%, implying 5 years of revenues. The award of the major waste collection contracts in Torrevieja, Madrid was notable in this aspect. Moving to other activities, in this unit we include businesses such as property development, Bestinver, mobility, and facility management. I will talk in a minute in more detail about property development and Bestinver, but I would like to give you some highlights about the other activities.
Silence, our manufacturer of electric vehicles, have sold almost 13,000 units in 2022, a 43% increase versus the year before. 2023, we expect to keep this pace, including the initial sale of some units of the Nanocar, which is being launched this year. Lastly, in facility services, we have increased our revenues by 9% to EUR 426 million, driven by new contracts awarded in Spain and Portugal. Taking in more detail about property development, starting with our key figures, we have achieved total revenues of EUR 247 million, which represents an increase of 30.5% compared to 2021, due to the larger number of units delivered, 617 houses in 2022 versus 443 in 2021.
The main development delivered this year has been Valdebebas, a build-to-rent project of 395 units that we have delivered in November. The fall in EBITDA is due to the sale in 2021 of a logistic project in Barcelona. Excluding this impact, the underlying profitability of the housing development business remains stable. In terms of commercial activity, we have finished 2022 with a pre-sales backlog of 1,473 units, which is in line with December 2021 figure. These units, which will be delivered over the next 3 years, will generate more than EUR 460 million of revenues. Around 31% of these sales are related to build-to-rent projects.
In terms of valuation, the gross asset value of our property portfolio at December 2022 reached EUR 1,541 million, which represents an increase versus December 2021 of 13%. The weighting of rental properties increased to 31% of the total from 27 last year, due to the higher valuation of our rental properties. Lastly, Bestinver had a negative evolution in 2022 with average assets under management falling by 16%, revenues by 21%, and EBITDA by 30%. At December 2022, assets under management reached EUR 5.1 billion versus EUR 7 billion a year before. To conclude the presentation, I would like to share with you our outlook for 2023. Starting on EBITDA, we expect a better year in 2023.
We expect a EBITDA range of EUR 1.5 billion-EUR 1.6 billion in Acciona Energía and a solid double-digit in the rest of the activities, mainly increased by increased contribution of construction based on the quality of our order book. In terms of CapEx, we expect to invest around EUR 2.6 billion, of which EUR 1.8 billion-EUR 1.9 billion will be invested from the energy business and the remaining by the rest of the group. This includes the shareholder loan provided to Nordex and subject to approval by the shareholder meeting at the end of March will be converted into equity of Nordex. We expect profit before taxes to grow at a strong double-digit growth rate, assuming a better contribution from Nordex.
Lastly, in terms of dividend, as I said before, the board of directors has proposed the distribution of a dividend of 4.5 EUR, which implies a 10% increase versus the previous year and a payout of 56%. Thank you for your attention, and let me hand the floor again to the Chairman, José Manuel.