03. The Sacyr Vallehermoso Group

The group in figures: summary of the main financial indicators


Testa’s income statement for the year ended 31 December 2011 reflects the stability of the Sacyr Vallehermoso Group’s Rental Property division and its robustness in the face of the general market downturn. Testa reported revenue of 251 million of euros in 2011. Of which, 245 million of euros related largely to rental income on investment properties in operation and 6 million of euros to property management services.

Revenue in 2011 was broadly in line with 2010, owing to the renewal of some rental contracts with rent decreases in exchange for a lengthening of the lease terms. Revenue growth fed through to an increase in Ebitda of around 2%, to 200 million of euros, leaving an Ebitda margin of 80%. The strong operating performance, coupled with positive trends in the net financial result, drove a 19% increase in Testa’s net profit in 2011.

Details of revenue by product are provided below. Leasable area at 31 December 2011 stood at 1,532 thousand m². In 2011, the Pazo de Congressos in Vigo was added to the company’s investment properties and began to contribute revenue in the second quarter of the year. The occupancy rate was close to 100% at year end, after a rental agreement for the office space in the SyV Tower was signed in December 2010.

No rental properties were sold in 2011.



Vallehermoso reported revenue of 180 million of euros in 2011, a very positive figure given that deeds were exchanged on 577 houses, in line with the planned schedule, in a year which continued to pose challenges for the development business.

Revenue was lower than the figure of 783 million of euros posted in 2010 owing mainly to two factors:

Extraordinary land and housing sales for 299 million of euros in 2010.

• The sharp decline in the stock of unsold houses in the absence of housing starts.

• Revenue, nearly all of which was generated from housing sales, stood at 171.5 million of euros. Revenue from land sales amounted to 1.3 million of euros and services revenue stood at 6.7 million of euros.

• The Ebitda margin on housing developments was a negative 17.2%, while Ebitda improved from a negative 54 million of euros in 2010 to a negative 53 million of euros in 2011.

• At 31 December 2011, Vallehermoso had a stock of 1,153 unsold homes and pre-sales of 59 million of euros.

Sacyr Concesiones

Sacyr Concesiones continues to grow at a strong pace, owing to several factors:

The change in the scope of consolidation as a result of the sale last year of 49% of Aunor, Turia and the Moncloa and Plaza Elíptica transport hubs, which did not contribute revenue from January to June 2010 because they were being held for sale.

Second, the start-up of new concessions: the M-50 ring road in Dublin, Ireland, in September 2010, the contribution to revenue of the Arlanzón motorway, and the contribution of the three concessions that entered into service in 2011:

- The “Vallenar-Caldera” motorway (Chile), which was opened in November so the full impact on revenue was not included in 2011 (although the first section was opened in the first half of the year). With a total length of 221 km, investment in this motorway amounted to over 250 million of euros. The 35-year concession is 60% owned by Sacyr Concesiones and 40% by Fondo de Inversión Las Américas.

- The new Hospital Universitario in Braga, Portugal. The 150,000 m2 facility, entailing an investment of 140 million of euros, has a capacity for 800 beds and will be operated by Sacyr Concesiones for 30 years.

- The AP-46 Málaga-Las Pedrizas motorway, which began operating in October for an investment of 360 million of euros. Sacyr Concesiones has a 40% stake in the 37-year concession (extendible to 41 years). This asset did not contribute revenue in 2011.

Evolución de Ingresos y Tráficos

In 2011, Sacyr Vallehermoso won three major infrastructure concessions in Chile, bolstering its presence in a country where the Group has extensive experience and currently operates the Vallenar-Caldera motorway:

• The Concepción-Cabrero motorway, for a period of 35 years, with an estimated revenue backlog of €400 million. This 103 km motorway is located in the Bío Bío region and will link the cities of Concepción and Cabrero by dual carriageway. In addition, a single-lane stretch will be built from Cabrero to Cholguán.

• The link road into Iquique, for an investment of €88 million, with an estimated revenue backlog of €500 million. This motorway is located in Chile’s Region 1 (Tarapacá) and is 78.4 km long. It comprises two stretches of motorway in the vicinity of Iquique: Ruta 1 (31.4 km) and Ruta 16 (47 km), running from the junction with Ruta 5 to Iquique.

• The La Serena – Vallenar motorway, with an investment of €220 million. The motorway is 187 kilometres long and the concession is for 35 years.

Sacyr Concesiones had a portfolio of 34 concessions in six countries at 31 December 2011. Of these, 22 are toll motorway concessions, 16 in the EU (Spain, 11; Portugal, 2; Ireland, 2, Italy 1) and 6 in South America 6 (Chile: 4; Costa Rica, 2). It also holds 12 concessions for other assets, namely: three hospitals in Madrid, three hospitals in Portugal, two transport hubs in Madrid, two underground lines (one in Seville and one in Tenerife), one airport in Murcia, and one motorway service area company.

Recurring revenue from this activity amounted to €29,233 million at 31 December 2011. Of this amount, 74% is from outside of Spain.

Puede ampliar la información sobre los resultados económico – financieros del Grupo SyV a través del Informe Anual en www.gruposyv.com