Sacyr (SCYR) H2 2023 earnings summary

Executive summary

• FY 2023 EBITDA rose 7% to €1,523M and operating cash flow increased 20% to €848M; attributable net profit reached €153M, up 39%.

• Concessions generated 93% of EBITDA; 70 assets had an average remaining life of 26 years and a portfolio value of €3,254M.

• Recourse net debt fell to €269M; the pro forma recourse debt ratio was 0.6x after including €75M of working capital received in January 2024.

Financial highlights

• Revenue was €4,609M, down 7% YoY; EBITDA was €1,523M, up 7%, with a 33.0% margin versus 28.7% in restated 2022.

• Attributable net profit was €153M, up 39% YoY; operating cash flow was €848M, up 20%.

• Net operating profit was €1,251M; profit before tax was €469M and the consolidated result was €350M.

• Distributions from concession assets increased to €220M in 2023 from €201M in 2022; reported CAGR for 2019–2023 was 43%.

Outlook and guidance

• The €1.9B I-10 Calcasieu River Bridge concession in Louisiana has seven years of construction and 50 years of operation; construction investment is planned at €1.9B.

• More than €600M of equity was committed over the next four years for recently signed contracts and concession projects.

• Planned asset rotations continued: potential buyers in Chile were expected to receive documentation and submit non-binding offers in March 2024; Colombia documentation was planned for delivery in March.

• Construction backlog was €7,456M, up 1% YoY, representing 33 months of activity; more than 51% was for the concessions division.