The first transportation concession in the US is one of the milestones reached by Sacyr in 2023

Results for the first half of 2023

The first transportation concession in the US (I-10 highway in Louisiana) and the divestment of Valoriza and Facilities consolidate Sacyr as a global concession company.

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Sacyr In the first half of 2023, it advanced its transformation strategy into a profitable infrastructure concessionaire company with continuous value creation.

Within this concession strategy, Sacyr announced in June the sale of Valorize Environmental Services and in July it agreed to divest Sacyr Facilities. Given these operations, the company has restated the results for the first half of 2022 and 2023 to account for Valoriza and Facilities as a discontinued activity.

In the first half of 2023, the company's EBITDA reached 645 million euros, which represents an increase of 28% compared to the same period in 2022 after the aforementioned restatement of the accounts.

Operating cash flow increased almost 40%, reaching 360 million euros.

These strong growth are due to the launch of new sections of highways and the positive evolution of concession assets, which already contribute 90% of Sacyr's EBITDA and provide a predictable and stable business model.

The continuous creation of value means that the company's asset portfolio now exceeds a value of 3.000 million euros.

Record profitability

The company's profitability (EBITDA margin) stood at a record 29,8% in June, 6,6 percentage points more than in the first half of 2022.

For its part, The turnover closed June at 2.164 million euros, of which 78% is international.

Net profit for the half-year reached 64 million euros, 52% more.

Large infrastructure contract in the US

Among the milestones of 2023, the selection of a consortium in which Sacyr participates to carry out the design, construction and concession for a period of 50 years from its start-up of a section of the I-10 highway in Louisiana (USA).

The project, with an investment of 2.100 billion dollars (around 1.900 billion euros), includes the construction of a new bridge over the Calcasieu River that will have four lanes in each direction. This contract, one of the largest in the group's portfolio, advances the strategic objective of increasing the weight of the company's activities in English-speaking countries.

Apart from this project, the portfolio of Sacyr grew 8% in the first half, up to 55.859 million euros. Of this figure, 90% is international and 86% corresponds to concessionary businesses.  

Among the contracts of the semester, the regeneration of the degraded ecosystems of the Canal del Dique (Colombia) for 560 million euros, the construction of a section of FGC line 8 in Barcelona for 300 million euros (total value of the project), several housing developments in Spain that exceed 225 million euros and the engineering of a new LNG terminal in Germany for 29 million.

 

Evolution by business areas

Concessions.- Sacyr Concesiones obtained a turnover of 911 million euros (+5%) and an EBITDA of 425 million (+45%), thanks to the good operational performance of the assets, the contribution of the Ruta 78 and Los Vilos, in Chile, and the increase in traffic in Spain.

Sacyr continues to demonstrate its ability to put new concession assets into service and during 2023 another four will do so completely: Pedemontana-Veneta Highway (Italy), Central Railway (Uruguay), Eastern Routes (Paraguay) and Pamplona-Cúcuta (Colombia).

Furthermore, within the strategy of rotating mature non-strategic assets, the company sold 49% of the Eresma Highway (Spain).

Sacyr Concesiones is the fourth largest developer of concessioned transportation infrastructure and has 69 assets around the world, of which 58 are in operation.

Engineering and Infrastructure.– The turnover of this division reached 1.327 million euros, slightly below the figure for June 2022, due to the strategy of prioritizing profitability over volume.

On the other hand, EBITDA grew by 2%, to 198 million euros, and the EBITDA margin reached 15%, compared to 13% in the same period of 2022. If the effect of the activity on the Italian toll roads Pedemontana- Veneta and A3, profitability stands at 4,3%, compared to 3,7% in 2022.

The division's portfolio closed at 7.342 million euros, a figure similar to that of December 2022. 55% of that figure corresponds to Sacyr Concesiones projects and represents 33 months of activity.