Slides
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April 30, 2025 Results Presentation Q1-2025
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Highlights Operating & financial performance Performance by business area Annexes Table of contents I75 – USA
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Milestones Q1-2025 Shareholder remuneration Corporate Governance Sustainability & environment Main Figures Q1-2025 Highlights Valles del desierto - Chile
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4 Milestones Q1-2025 Increasing cash generation and boosting the concession business 1,920€M EBITDA from concessions 92% Net invested Equity 27€M +5% vs Q1-24 +180bp vs Q1-24 Revenues 1,059 €M +7% vs Q1-24 Operating Cash Flow 240€M +8% vs Q1-24 +135€M vs Dec.24 Net profit
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5 Milestones Q1-2025 New Contract: Rutas del Este Sacyr Concesiones has signed a new contract linked to the Rutas del Este concession to improve connectivity between the capital, Asunción, and inland cities. The project involves an investment of €163 million. Post-closing. Project Commissioning - In January, Sacyr Concesiones began operating Atacama Airport (Chile). - On 1 April, after the closing, the Ruta del Itata concession (Chile) was commissioned. Divestment of assets in Colombia Binding offers received. Estimated closing process in the next few weeks. Annual General Meeting 2025 Sacyr's AGM will take place on June 12, 2025. ▪ 2 dividends (Cash Dividend + Scrip Dividend) ▪ Fulfillment of corporate governance commitments Signing of contracts Ruta del Itata (Chile). Concession contract for the 96.1km route, which includes upgrading existing works and will increase safety and comfort standards. Turin Hospital (Italy). Design, construction, financing, management and maintenance. Post - closing.
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6 1x40 shares 0.078 € per right 87% chose shares Scrip dividend January 2025 July 2025 First dividend payment in cash 0.045€ gross per share will be proposed at the 2025 Annual General Meeting, thus fulfilling the commitment made in the Strategic Plan 24 -27 Shareholder remuneration
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7 Commitments accomplished We are making progress ✓ New Board skill matrix ✓ New Board composition post General Shareholders Meeting 2025: Corporate Governance Reach at least 40% in gender diversity on the Board Separation of functions Chairman – Chief Executive Officer Independence 50% Diversity 43%
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8 Sustainalytics Standard & Poor’s MSCI CDP Percentile 87 Top 1% Platinum We reduce risk Low 18.3 We improve our score 74 We improve rating A We improve rating A Through our initiatives we seek to achieve the goals established by the Sustainable Development Goals (SDGs). Sustainability and environment Canal del Dique - Colombia
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REVENUES 1,059 994 +6.5% EBITDA 301 339 -11.4% % EBITDA from concessions 92.2% 90.4% +180bp NET PROFIT 27 25 +5.2% 9 Operating Cash - Flow / EBITDA 80% vs 65% Q1 -24 Operating Cash Flow 240€M +8% vs Q1 -24 Q1-25 Q1-24 Chg.Million euros Main Figures Q1-25 Ruta 78 - Chile
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Operating & financial performance Net debt evolution Equity Concessions Via del Mare - Italy Growth opportunities
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11 Equity Concessions Equity invested in concession projects Q1-25 135€M Total equity* invested in concession projects 1,920€M *Total equity invested after deducting divestments . Boosting growth Increased investment due to successful contract awards in 2024 1,920 €M 1,798 €M 1,623 €M 2023 2024 Q1-2025 135 €M 34€M37€M Q1-2023 Q1-2024 Q1-2025
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12 6,891 -301 -150 211 157 204 6,926 DEC 2024 EBITDA WORKING CAPITAL OTHER ADJ + TAXES FINANCIAL RESULT NET INVESTMENT FINANCING FLOW, FOREX AND OTHER MAR 2025 6,891 Funds from operations (FFO) -240 157 204 -86 6,926 Net debt Evolution Q1 -25 -86
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13 146 -23 3 -35 140 DEC 2024 EBITDA WORKING CAPITAL TAXES DSTRIBUTIONS FROM CONCESSIONS FINANCIAL EXPENSES INVESTMENT (*) BARBANZA DIVESTMENT SCRIP DIVIDEND FINANCING FLOW, FOREX & OTHER MAR 2025 Recourse net debt Evolution Q1 -25 We accomplished the recourse net debt ratio** < 1x * 135€M corresponds to equity in concessions. ** Ratio = Recourse net debt / (Recourse EBITDA LTM + distributions LTM) Increased investment for growth during the quarter 276 -20 146 Funds from operations (FFO) 15 13 143 -20 8 -29 276 70 13 8 -26
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USA CANADA CHILE AUSTRALIA • I-285 East Express Lanes (Georgia) • I-285 West Express Lanes (Georgia) • I-24 Southeast Choice Lanes (Tennessee) • I-77 South Express Lanes (North Carolina) • I-495 Southside Express Lanes (Virginia) • Universities • Ruta 5 (Caldera - Antofagasta) • Coquimbo desalination plant • 2 reuse plants • Several desalination plants • Wastewater treatment plants • “Northern Water Supply” desalination plant (Adelaide) • “Wyaralong” water treatment plant (Brisbaine) • Reuse plant (Melbourne) • 2 treatment plants (Sydney) ITALY • Novara Hospital • Sections of A4 Highway • A22 Highway • Windsor Hospital • Ontario science museum • Trans-Canada highway Growth opportunities 14
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Performance by business area Ruta de la Fruta - Chile
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16 REVENUES 376 378 0% Operating income 271 322 -16% Construction income 105 56 +88% EBITDA 172 217 -21% EBITDA Margin 63.5% 67.4% Q1-25 Q1-24 Chg. Equity invested Q1 -25 Infra concessions *Total invested equity Infra concessions Distributions from concessions Q1-25 135 €M 1,799 €M 35 €M Leaders in the development of greenfield projects ▪ Operating income and EBITDA decreased by 16% and 21%, respectively, during the quarter, mainly due to the accounting impact of the evolution of the financial assets in operation . ▪ Construction revenues increased by a significant 88% due to the start of the construction of the Velindre Hospital (United Kingdom) and the Buga-Buenaventura highway (Colombia) . ▪ Equity investment in the first quarter of 135€M. ▪ Concessional Milestones : > Signing of the Ruta del Itata and Turin Hospital contracts (post-closing) . > Starting the operation and management of Atacama Airport (Chile) . > Shortlisted on I-285 East Express Lanes (Georgia) . > I-24 Southeast Choice Lanes (Tennessee). Shortlisted is expected to be released soon. Million euros Ferrocarril Central, Uruguay * Total invested equity after deduction of the divestiture of Autovía de Barbanza.
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17 Q1-25 Q1-24 Chg. Consolidated experience in projects of high technical and technological capacity ▪ Revenue(+24%) and EBITDA (+17%) increased thanks to the start-up of the Italian concession asset A-21, which did not contribute in the comparable period. In addition, other projects such as Hospital de Velindre and various projects in Chile also contributed positively . ▪ Maintenance of a stable EBITDA margin of 4.9%. ▪ Construction Milestones : > The Andalusian Association of Civil Engineers of Andalusia has awarded the high-speed railway works in Almeria as the Best Andalusian Public Works. > New milestone in the Sâo Paulo (Brazil) subway construction work with the Cora Coralina tunnel boring machine at the Orfanato station, completing another stage in the construction of the tunnels for the expansion of Line 2- Green of the city's subway. Total Backlog Eng. & Infra. Backlog for Concessions 10,972 €M 71% Million euros SR 417 – USA REVENUES 691 559 +24% Italian concessional assets 164 94 n.a. Pure Construction 527 465 +13% EBITDA 118 101 +17% Italian concessional assets 92 78 n.a. Pure Construction 26 23 +13% CONSTRUCTION EBITDA Margin 4.9% 4.9% BACKLOG (vs Dec.24) 10,972 10,606 +3.5%
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REVENUES 63 57 +11% EBITDA 13 12 +13% EBITDA Margin 20.6% 20.4% 18 Q1-25 Q1-24 Chg. Backlog Q125 Total Invested Equity 4,849 M€ 121 €M 1st company in desalination capacity in operation in Spain +16 million inhabitants supplied worldwide Sacyr Agua as an engine for the development ▪ Double digit growth in revenues (+11%) and EBITDA (+13%) due to the new contracts awarded in 2024, mainly in Levante and the Canary Islands, and the good performance of the international business, especially in Australia . ▪ New Contracts: > Integrated water supply cycle in the province of Badajoz > First contract in Catalonia: Drainage and wastewater treatment in Tordera > Renovation of the Vitoria sewer system ▪ LodoVerde project. Sacyr Agua is developing a study in Chile to use the sludge generated in wastewater treatment plants, promoting environmental sustainability and circular economy. Million euros Lampa Water, Chile
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Increased operating cash flow (+8%) Boosting concessional growth with higher investment in the quarter Continuing with the sale process of the Colombian assets Accomplished our commitment to the recourse net debt ratio < 1x 19 Conclusions
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Annexes A3 Highway - Italy
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Roads 35 Transport Hubs 2 Hospitals 10 Parking 4 Airports 5 Railways 1 Water 16 Other 3 Brownfield 55 Yellowfield 14 Greenfield 7 Total assets 76 Pedemontana -Veneta (49%) A3 (49%) A21 (49%) Via del Mare (49%) Turin Hospital (44%) Sohar desalination plant (51%) Honaine (26%) Skikda (17%) Perth desalination plant (100%) Corredor Vial 21 & 24 (51%) Ferrocarril Central (40%) Anillo Vial Periférico (33%) Vial Sierra Norte (67%) Idaho Univ. (50%) I-10 highway (30%) Rutas del Este (60%) RSC-287(100 %) Braga Hosp. (1%) Hacor Hosp. (1%) Vilafranca Hosp. (1%) Brisal (5%) Viaexpresso (11%) Velindre Cancer Centre (31%) Aunor (51%) Palma – Manacor (40%) Viastur (70%) Turia (56%) Eresma (51%) Arlanzón (55%) Parla Hospital (51%) Noroeste Hospital (51%) Plaza Elíptica Transport hub (51%) Moncloa Transport hub (51%) Daoíz y Velarde (100%) Juan Esplandiú (100%) Plaza del Milenio (100%) Virgen del Romero (100%) Plaza Encarnación (100%) Valles del Guadiaro (100%) Emmasa (95%) Guadalajara treatment plant (100%) Aguas de Soria (15%) Formentera desalination plant (100%) Alcudia desalination plant (100%) Águilas desalination plant (50%) Puerta de Hierro (100%) Mar 1 (38%) Rumichaca – Pasto (60%) Pamplona - Cúcuta (100%) Buenaventura – Buga (100%) Canal del Dique (100%) Valle del Desierto (31%) Rutas del Desierto (26%) Valles del Bío -Bío (26%) Ruta del Algarrobo (26%) Ruta del Limarí (26%) Américo Vespucio Oriente (50%) Ruta 78 (100%) Ruta 68 (100%) Los Vilos – La Serena (100%) Camino de la Fruta (100%) Ruta del Itata (100%) Antofagasta Hospital (26%) Buin Paine Hospital (90%) El Tepual Airport (32%) Chacalluta Airport (58%) El Loa Airport (80%) Antofagasta Airport (70%) Atacama Airport (70%) 5 integrated water -cycles (51%) Pirámides (51%) Tláhuac Hosp. (51%) 21 Map Concessional assets
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22 Valuation Evolution Increased value since ID21 which shows the robustness of our platform 443 €2,811M 269 (83) (298) 310 (302) (40) 2024 ID24 €3,551M + €740M 440 311 Rolling Forward and Derisking Inflation FX rate Interest rates and other Increase Discount rates New projects awarded in the last 3 years Incr. Future Growth Value extracted from assets (Refinancing) We have been able to increase the value of our portfolio in €740M, even after extracting €300m of value through dividend financing and asset rotations and in a complex macroeconomic situation , supported by the resilience and the growth capacity of our concession's platform 2021 ID21
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Distributions from current portfolio Increased distributions of + €1,000M thanks to 4 new projects post-Investor Day 24 Sacyr will receive distributions amounting to €17,000M (+6.5x the company’s market cap) 23 Total distributions €17 billion 2025 2033 2043 2053 2054-81 Distributions 2025 - 2033 €3,500M €392M Average distributions 2025-2033 €443M Average distributions 2034-2043 €412M Average distributions 2044-2053 € M € 100 M € 200 M € 300 M € 400 M € 500 M € 600 M € 700 M € 800 M Average annual distributions amount to 17% of market capitalisation* *Market capitalisation as of 31 Dec. 2024: €2,482M
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Equity and distributions Committed Equity and Distributions including new contracts post -ID24 24 +830 €M (2025-2027) +2,700 €M (2028-2033) -550 €M (2028-2033)-660 €M (2025-2027) 2025 2026 2027 2028 2029 2030 2031 2032 2033 +2,140 €M (2028-2033)+170 €M (2025-2027) Concessional distributions Committed equity 4 new concessions post Investor Day 24 Distributions to Sacyr Committed equity Available cash flow
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Income Statement Q1-2025 25 Consolidat ed Income St at ement Thousand euros REVENUE 1,059,027 994,430 6.5% Other income 72,541 55,077 31 .7% Total operating income 1,131,568 1,049,507 7.8% External and Operating Expenses -831 ,021 -71 0,21 8 1 7.0% EBITDA 300,547 339,289 -11.4% Depreciation and amortisation expense -56,276 -44,469 26.6% Change in Provisions -2,026 -4,51 9 -55.2% NET OPERATING PROFIT 242,245 290,301 -16.6% Financial results -1 56,528 -1 75,993 -1 1 .1 % Forex results -1 9,21 6 -9,677 n.a. Results from equity accounted subsidiaries 7,392 -8,023 n.a. Provisions for financial investments 22,000 -1 5,491 n.a. Results from financial instruments 1 ,754 1 9,057 -90.8% Results from sales of non current assets -1 48 3,027 n.a. PROFIT BEFORE TAX 97,499 103,201 -5.5% Corporate Tax -37,568 -51 ,567 -27.1 % RESULT FROM CONTINUING OPERATIONS 59,931 51,634 16.1% CONSOLIDATED RESULT 59,931 51,634 16.1% Minorities -33,1 56 -26,1 89 26.6% NET ATTRIBUTABLE PROFIT 26,775 25,445 5.2% Q1 20 25 Q1 20 24 Chg. % 25/ 24
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Consolidated balance sheet March 2025 26 A ssets Thousand euros NON CURRENT ASSETS 11,163,111 11,146,258 16,853 Intangible Assets 80,1 60 81 ,778 -1 ,61 8 Real estate investments 1 96 0 1 96 Concessions Investments 1 ,666,971 1 ,651 ,448 1 5,523 Fixed Assets 351 ,804 363,626 -1 1 ,822 Right of use over leased assets 99,892 1 05,844 -5,952 Financial Assets 1 ,1 64,636 1 ,1 37,533 27,1 03 Receivables from concession assets 7,71 6,684 7,721 ,889 -5,205 Other non Current Assets 75,062 76,236 -1 ,1 74 Goodwill 7,706 7,904 -1 98 CURRENT ASSETS 7,0 0 2,278 6,822,163 180 ,115 Non current assets held for sale 1 ,457,327 1 ,446,857 1 0,470 Inventories 1 78,742 1 75,971 2,771 Receivables from concession assets 1 ,004,703 1 ,039,077 -34,374 Accounts Receivable 2,781 ,498 2,426,446 355,052 Financial Instruments at fair value 1 2,676 1 4,588 -1 ,91 2 Financial Assets 1 03,431 98,465 4,966 Cash 1 ,463,901 1 ,620,759 -1 56,858 TOTAL ASSETS 18,165,389 17,968,421 196,968 Chg. 25/ 24 Dec. 20 24 Mar. 20 25 Equity & Liabilities Thousand euros EQUITY 2,0 86,560 2,0 62,644 23,916 Shareholder's Equity 999,909 1 ,006,793 -6,884 Minority Interests 1 ,086,651 1 ,055,851 30,800 NON CURRENT LIABILITIES 9,491,40 0 9,90 7,356 -415,956 Financial Debt 6,927,576 7,387,399 -459,823 Financial Instruments at fair value 1 9,782 21 ,223 -1 ,441 Lease Obligations 74,968 85,595 -1 0,627 Provisions 1 35,352 1 37,1 1 2 -1 ,760 Other non current Liabilities 2,333,722 2,276,027 57,695 Other hedged debt 0 0 0 CURRENT LIABILITIES 6,587,429 5,998,421 589,0 0 8 Liabilities associated with the non current assets held for sale 1 ,264,555 1 ,257,077 7,478 Financial Debt 1 ,565,608 1 ,222,773 342,835 Financial Instruments at fair value 9,045 7,793 1 ,252 Lease Obligations 35,652 39,286 -3,634 Trade Accounts Payable 2,51 6,61 2 2,342,547 1 74,065 Operating Provisions 236,225 254,055 -1 7,830 Other current liabilities 959,732 874,890 84,842 TOTAL EQUITY & LIABILITIES 18,165,389 17,968,421 196,968 Chg. 25/ 24 Dec. 20 24 Mar. 20 25
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Income Statement by Business Area Q1 -2025 27 Consolidated Income Statement Q1 2025 Thousand euros REVENUE 376,458 690 ,724 63,343 -71,498 1,0 59,0 27 Other income 3,352 72,899 2,256 -5,966 72,541 Total operating income 379,810 763,623 65,599 -77,464 1,131,568 External and Operating Expenses -207,566 -646,035 -52,548 75,1 28 -831 ,021 EBITDA 172,244 117,588 13,0 51 -2,336 30 0 ,547 Depreciation and amortisation expense -1 5,622 -32,1 64 -6,295 -2,1 95 -56,276 Change in Provisions -6,906 5,733 -891 38 -2,026 NET OPERATING PROFIT 149,716 91,157 5,865 -4,493 242,245 Financial results -93,221 -46,742 -3,633 -1 2,932 -1 56,528 Forex results 5,789 -702 -622 -23,681 -1 9,21 6 Results from equity accounted subsidiaries 9,397 -3,246 1 ,946 -705 7,392 Provisions for financial investments -307 -32 0 22,339 22,000 Results from financial instruments -24 -1 1 85 1 ,594 1 ,754 Results from sales of non current assets -1 302 12 -461 -1 48 PROFIT BEFORE TAX 71,349 40 ,736 3,753 -18,339 97,499 Corporate Tax -1 9,746 -1 5,747 -1 ,1 85 -890 -37,568 RESULT FROM CONTINUING OPERATIONS 51,60 3 24,989 2,568 -19,229 59,931 CONSOLIDATED RESULT 51,60 3 24,989 2,568 -19,229 59,931 Minorities -1 8,41 1 -1 5,090 -343 688 -33,1 56 NET ATTRIBUTABLE PROFIT 33,192 9,899 2,225 -18,541 26,775 Sacyr Concesiones Sacyr Ing & Infra. Sacyr Water Holding & Adjustments Total
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Income Statement by Business Area Q1 -2024 28 Consolidated Income Statement Q1 2024 Thousand euros REVENUE 378,231 558,914 56,846 439 994,430 Other income 5,505 44,073 2,1 62 3,337 55,077 Total operating income 383,736 60 2,987 59,0 0 8 3,776 1,0 49,50 7 External and Operating Expenses -1 66,493 -502,279 -47,423 5,977 -71 0,21 8 EBITDA 217,243 10 0 ,70 8 11,585 9,753 339,289 Depreciation and amortisation expense -1 5,993 -1 8,71 5 -6,326 -3,435 -44,469 Change in Provisions -4,01 3 1 ,474 -1 ,046 -934 -4,51 9 NET OPERATING PROFIT 197,237 83,467 4,213 5,384 290 ,30 1 Financial results -1 04,052 -56,1 52 -4,270 -1 1 ,51 9 -1 75,993 Forex results -34,538 4,984 -736 20,61 3 -9,677 Results from equity accounted subsidiaries -2,644 -6,648 1 ,652 -383 -8,023 Provisions for financial investments -502 -1 243 -1 5,231 -1 5,491 Results from financial instruments 1 1 ,290 0 325 7,442 1 9,057 Results from sales of non current assets 6 1 ,781 0 1 ,240 3,027 PROFIT BEFORE TAX 66,797 27,431 1,427 7,546 10 3,20 1 Corporate Tax -24,875 -1 5,532 -473 -1 0,687 -51 ,567 RESULT FROM CONTINUING OPERATIONS 41,922 11,899 954 -3,141 51,634 CONSOLIDATED RESULT 41,922 11,899 954 -3,141 51,634 Minorities -1 6,91 9 -9,426 1 23 33 -26,1 89 NET ATTRIBUTABLE PROFIT 25,0 0 3 2,473 1,0 77 -3,10 8 25,445 Sacyr Concesiones Sacyr Ing & Infra. Sacyr Water Holding & Adjustments Total
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Net debt 29 Million euros Mar 25 Dec. 24 Chg. Project finance 6,650 6,745 -95 Ex-project finance (recourse net debt) 276 146 130 Total net debt 6,926 6,891 35 Ex-Project finance 276€M 4% Project finance 6,650€M 96% Fixed -rate 77% Floating -rate 9% Floating -rate mitigated by inflation 14% By interest rate Debt type
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Traffic Concessions 30 A ccumulat ed A DT SHA DOW TOLL HIGHW A Y SPA IN AUTOV.TURIA CV-35 42,774 41 ,032 4.2% PALMA MANACOR MA-1 5 24,975 24,660 1 .3% VIASTUR AS-II 25,393 25,244 0.6% AUTOV. ARLANZÓN 1 9,691 1 9,752 -0.3% AUTOV. NOROESTE C.A.R.M. 1 3,891 1 3,548 2.5% AUTOV. ERESMA 8,568 8,1 32 5.4% TOLL HIGHW A Y OTHER COUNTRIES PEDEMONTANA - VENETA 1 8,647 1 3,628 36.8% A3 SALERNO - NAPOLES 89,1 07 88,060 1 .2% A21 33,305 - n.a RSC-287 8,91 4 8,780 1 .5% VALLES DEL DESIERTO 6,850 6,725 1 .9% RUTAS DEL DESIERTO 9,1 27 8,921 2.3% RUTAS DEL ALGARROBO 5,91 8 5,772 2.5% VALLES DEL BIO BIO 1 1 ,995 1 1 ,865 1 .1 % RUTA 43 - LIMARI 6,61 9 6,51 0 1 .7% LOS VILOS - LA SERENA 9,980 9,781 2.0% RUTA 78 55,920 54,807 2.0% AMÉRICO VESPUCIO AVO I 32,721 32,070 2.0% PUERTA DE HIERRO 6,954 7,020 -0.9% RUMICHACA PASTO 1 6,71 7 1 7,1 59 -2.6% MAR I 1 0,368 1 0,1 31 2.3% PAMPLONA-CÚCUTA 1 2,286 1 2,239 0.4% BUENAVENTURA-BUGA 87,336 85,499 2.1 % RUTAS DEL ESTE 1 8,539 1 7,546 5.7% VIA EXPRESSO 7,1 68 6,737 6.4% A CCUMULA TED A DT (km weighted) 24,066 23,39 5 2.9 % 1 T 2025 1 T 2024 Chg. % 25/24
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Pedemontana -Veneta, A3 and A21 Impact 31 Pedemontana VenetaMillion euros A3 A21 Eng & Infra ex Pedemontana A3 & A21 Revenues 65 23 76 527 EBITDA 46 8 38 26 EBITDA margin - - - 4.9%
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32 Construction Railway Alameda Melipilla Northern airport network Construction link I-75 in Florida Residential construction for various developers Construction of Joan XXIII Hospital in Tarragona, phase 1 Construction of Universidad Europea de Andalucía Construction Avda. Libertade building, in Lisbon Construction intermodal station in Castellón, phase 1 271€M 199€M 24€M 118 €M 76€M 29€M 38€M 15€M Main contract awards Q1 -25 Sacyr Ingeniería e Infraestructuras
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Alternative Performance Measures 33 The Sacyr Group presents its earnings in accordance with International Financial Reporting Standards (IFRS). The Group also p rovide certain additional financial measurements, known as Alternative Performance Measures (APMs) used by management in decision -making and evaluation of the Group's financial performance, cash flows and financial position. In order to comply with the Guidelines on Alternative Performance Measures (2015/1415en) published by the European Securities and Markets Authority (ESMA), the disclosures required for each APM are set out below, including its definition, reconciliation, explanation of its use, comparatives and consistency. Sacyr Group considers that this additional information will improve the comparability, reliability and comprehensibility of i ts financial information as it is common terminology used in the financial sector and among investors. ALTERNATIVE PERFORMANCE MEASURES EBITDA: This indicator shows operating profit or loss prior to depreciation and amortisation and any change in provisions. EBITDA Margin: It is calculated by dividing EBITDA by Revenues. EV/EBITDA: It is a company’s enterprise value (total value of its assets) divided by its EBITDA. EBIT: Calculated as the difference between Operating income (Revenue, Own work capitalized, Other operating income, Governmen t grants released to the income statement) and Operating expenses (Staff costs, Depreciation and amortization expense, Changes in provisions and Other). GROSS DEBT: Comprises Non -current financial debt and Current financial debt as shown on the liabilities side of the consolidated statement of financial position, which include bank borrowings and issues in capital markets (bonds). NET DEBT: Calculated as Gross debt less the consolidated balance sheet items of (i) Other current financial assets, and (ii) Cash and cash equivalents. PROJECT FINANCE DEBT (GROSS OR NET): The financial debt (gross or net) from project companies. In this type of debt, the guar antee received by the lender is limited to the project cash flow and its asset value, with limited recourse to shareholders. EX-PROJECT FINANCE DEBT: Debt not considered as Project Finance Debt is considered Ex -Project Finance Debt. OPERATING CASH FLOW: Cash flow generated by the company's operating activities. EBITDA TO CASH CONVERSION: The result of dividing operating cash flow by EBITDA. FINANCIAL RESULT: The difference between Total finance income and Total finance costs. BACKLOG: Value of awarded and closed work contracts pending completion. These contracts are included in the backlog once they are formalized. The backlog is shown as the percentage attributable to the Group, as per the corresponding consolidation method. Once a contract has been included in the backlog, the value of production pending completion on the contract remains in the b acklog, until it is completed or cancelled. Nevertheless, valuation adjustments are made to reflect any changes in prices and time periods agreed with the client. Due to a number of factors, all or part of the backlog linked to a contrac t may not actually become income. The Group's backlog is subject to adjustments and cancellation of projects and cannot be taken as an exact indicator of future earnings. Given that no comparable financial measure is foreseen under IFRS, a reconciliation with the financial statements is not poss ible. Management considers that the backlog is a useful indicator of the Group's future revenues and a customary indicator used by companies in the sector in which Sacyr operates. The concessions backlog represents estimated future revenues on concessions, over the concession period, based on the financi al plan for each concession, and includes projected fluctuations in the exchange rate between the euro and other currencies, as well as changes in inflation, prices, tolls and traffic volumes. MARKET CAP: Number of shares at the end of the accounting period, multiplied by the share price at the end of the accounting period . LIKE-FOR-LIKE BASIS: On occasions, certain figures are corrected to permit a comparison between accounting periods, for example, by eliminating non -recurring impairment, significant changes in the consolidation scope that could distort the year -on-year comparison of indicators such as sales, the effect of exchange rates, etc. In each case, details are provided i n the notes to the corresponding item . ADT: Defined as the total number of users of a concession during a day. ADT is normally calculated as the total number of veh icles travelling on the motorway each day.
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Note The financial information contained in this document is prepared according to the International Financial Reporting Standards. This information has not been audited and therefore may be modified in the future. This document does not constitute an offer, invitation or recommendation to buy, sell or exchange shares or make any kind of investment. Sacyr does not assume any type of damage or loss arising from any use of this document or its content. In addition, the Group uses Alternative Performance Measures to provide with additional information which enhances the comparability and comprehension of its financial information and facilitate the decision -making and the evaluation of the group´s performance . To comply with the Directives (2015/1415es) of European Securities and Markets Authority (ESMA) on Alternative Performance Measures, the most relevant APMs used in the preparation of this document are included in an annex to this document .