Sacyr turns into profits supported by the strength of its infrastructure concessions business. The company led by Manuel Manrique closed 2022 with an Ebitda of 1,502 million, 63% more than the previous year, caused by the entry into operation of several sections of highways and the growth in income derived from inflation. This allows you to recover the profits, which amounted to 111 million at the end of the year. The figures also resulted in an improvement in its profitability: the gross operating margin reached a record of 25.7%, six points more than in 2021 (19.7%).
Sacyr’s commitment to concession assets and the divestments made have resulted in a return to black numbers, after it put six new concessions into another service in 2022. Taking advantage of the fact that at the end of 2022 it has achieved its 2025, the company has announced a plan to drastically reduce your net debt.
The infrastructure manager closed the year with a turnover of 5,852 million euros, 25% more than the previous year. The growth in revenue from concession assets contributed 88% of the gross operating result (Ebitda), five points more than the previous year. With the results obtained in 2022, Sacyr exceeds the goals set in its 21-25 Strategic Plan, by improving the 5,500 million set for turnover, the 1,200 Ebitda, profitability (26% real compared to 22% established) and the percentage of Ebitda derived from concessions (at 88% compared to the 85% proposed).
Sale of Valoriza and other subsidiaries to reduce debt
For all these reasons, they have established 2023 as the year of divestments. After starting its plan to disappear from different assets in October, the company has revealed its route to reduce losing net debt with recourse. In 2022, this reduction was 135 million, leaving a final year of 546 million pending. The withdrawal of Repsol’s share capital in the first half of the year resulted in a positive cash flow of 58 million, as well as a reduction in the associated debt of 650 million.
To this is added the recent announcement of the search for an investment partner for 49% of Sacyr Agua, the sale of Sacyr Facilities and the divestment of 49% of Valoriza Servicios Medioambientales, which together with the rotation of non-strategic assets, seem necessary to continue your path of debt reduction.
Regarding the main milestones for 2022, Sacyr highlights the entry into operation of the AVO I, Route 78 and El Tepual airport infrastructures in Chile; Mar-1 and Rumichaca-Pasto in Colombia, as well as the A3 motorway in Italy. Added to this are the three concession projects awarded in Wales (Velindre Hospital) and Colombia (Buenaventura-Buga highway and Canal del Dique).
Among the most significant awards of the period are also the construction of a transport interchange in Belfast (United Kingdom); a section of the US 62 highway and the Vanderbilt Beach highway (USA) and a pediatric center in Ontario (Canada). To this we must add the collection and transport of waste in Madrid or the street cleaning and waste collection services in Cádiz and Toledo.
Increases its business portfolio by 19%
The group’s total portfolio grew by 19%, to 54,755 million euros, where the concessions business continues to have most of the weight (80%) compared to the engineering and infrastructure division (14%) or services (6% ). Sacyr Concesiones’ business grew 40% to 2,072 million, ending with an Ebitda of 879 million and keeping its portfolio of future income up, which will rise to 43,885 million.
The Engineering and Infrastructure division, for its part, improved its turnover by 19% to 3,162 million, with a rise of more than three points in its Ebitda margin. Excluding the effect of the activity on the Italian A3 and Pedemontana-Veneta highways, profitability stands at 3.7%.
For its part, the construction portfolio has open projects in Chile, Colombia, Spain, the US, Peru, Uruguay and Canada, guaranteeing 28 months of activity. Its value reaches 7,354 million euros, 17% more than at the end of 2021, where more than half correspond to concession projects. Regarding the services division, its turnover grew by 8% to 1,094 million, resulting in an Ebitda of 110 million (+9%). The value of its portfolio rises to 3,516 million.