Sacyr obtained a €924 million EBITDA from January to September 2022, a 47% increase compared to the same period in 2021. The EBITDA as of September 2022 already surpassed that of the entire year 2021.
This significant growth came with an improvement in the profitability rate (EBITDA margin), which stood at a record 22.6%, 360 basis points more than in September 2021.
The improvement in results over the first nine months of 2022 demonstrate the strength of Sacyr’s business model, which is predictable, recurring and stable, thanks to its focus on the concession business. P3 assets comprise 85% of the company’s EBITDA, which is now 300 basis points higher than in 2021.
Sacyr continues to demonstrate its ability to bring assets into operation with the commissioning of several important infrastructure: AVO I and Ruta 78 (Chile), Mar 1 and Rumichaca-Pasto (Colombia), and the A3 (Italy).
Revenues grew by 24%, up to € 4,092 million, due to the fact that the revenues from P3 assets are directly linked to inflation. Net profits soared to €68 million (+13%).
From January to September, the operating cash flow grew to €427 million, 6% higher than in 2021.
The company gave a boost to its 2021-2025 Strategic Plan with the announcement that it is actively exploring several corporate actions to achieve its recourse net debt reduction goals two years in advance.
These actions include the search for an investment partner for 49% of Sacyr Water, a divestment of 49% of Sacyr Services and continuing the company’s rotation policy of non-strategic P3 assets.
In the first half of 2022, Sacyr sold its stake in Repsol, which brought a €58 million positive cash result and an associated debt reduction by €563 million. Thus, Sacyr achieved one of the goals in its 2021-2025 Strategic Plan.
Backlog increases by 16%
Sacyr ended September with a €53.1 billion backlog, 16% higher than in the same period of the previous year, after securing significant contracts. 81% of the backlog corresponds to the Concessions division, 13% to Sacyr Engineering and Infrastructures, and the remaining 6% to Sacyr Services.
The most relevant contracts in this period include several P3 projects, such as the Ruta 78 (Chile); the Buga-Buenaventura highway (Colombia); the construction and management of the Velindre Cancer Center, and the construction of a transport hub in Belfast (Northern Ireland); a section of the US 62 highway and the Vanderbilt Beach road (USA); and a pediatric center in Ontario (Canada). The Services division has been awarded with multiple contracts in this period, including the Barcelona street cleaning service and the cleaning services of Santiago de Chile Metro.
Net debt evolution
Recourse net debt went from €767 million in June 2022, to €689 million at the end of September 2022. As previously mentioned, Sacyr has boosted its Strategic Plan with the aim of achieving its goal of drastically reducing the recourse net debt in 2023.
Shareholder remuneration is one of the foundations of the 2021-2025 Strategic Plan. In 2022, Sacyr has paid two scrip dividends for € 0.115 per share, which represent a 4.8% dividend yield, fulfilling the company’s goals and market commitments.