Sacyr reached €153 million (+39%) in net profit and Ebitda of €1.5 billion (+7%) in 202329/02/2024
2023 was the year when Sacyr completed its strategic shift towards infrastructure P3 management with the incorporation of new assets into its portfolio and the sale of its two main services units: Valoriza Servicios Medioambientales and Sacyr Facilities.
The 2023 balance sheet is reflective of the company’s continual value creation strategy thanks to said focus on P3 assets, currently making up 93% of the group’s EBITDA.
The EBITDA increased 7% in 2023 to €1.5 billion, while profitability (measured as EBITDA margin), grew in 430 basis points to a record 33%.
Operating cash flow skyrocketed by 20% and stood at €848 million.
Net profit reached €153 million, 39% higher than the €111 million obtained in 2022. Turnover was €4.6 million.
P3 asset valuation: €3.3 billion
The sustained value creation strategy in Sacyr’s business model is reflected on Sacyr Concesiones’ asset valuation. This figure was €3.3 billion at 2023 year-close, €443 million higher than in the valuation performed for the 2021 Investor Day.
The road born from a volcano14/02/2024
After the volcano erupted, the lava devastated several towns in the southwest of the island, destroying roads and isolating the the Aridane Valley residents. One of the affected roads was the San Simón-Tajuya connection, part of the LP-2, a 33 km route that we first built in the south of the island. In the eruption, a 3-km section of this road was buried with a flow of up to 50 meters.
At the request of the Government of the Canary Islands, we got to work to reconnect the affected towns as soon as possible by building an emergency road that detoured from the main route affected by the lava.
The new road is 2.2 km long with one lane in each direction and is built adjacent to the lava flow while the volcano was erupting.
Javier Donado, from the project production team, tells us more details about this key project for the island.
Sacyr will develop an integrated management system for Hospital Infraestructure07/02/2024
The objective of the Cognitive Hospital project is to develop a smart platform based on innovative technologies such as AI, advanced algorithms, BIM, Big Data, etc. Development and implementation of this project will optimize design, build and operation and maintenance processes, improve energy efficiency and air quality in our hospital assets, as well as reduce the environmental footprint linked to our infrastructures in both the construction and operation stages.
Sacyr Concesiones leads this project along with eight other companies and the participation of Sacyr Engineering and Infrastructures and corporate services.
Organizations involved are Sener Mobility, Fracttal, 4Digital, Open Ingenius, Áptica, Tecnalia’s tech centers, UPM and CSIC.
This is an ambitious project with a €6.1 million budget and €2.9 million in aid funds from the Community of Madrid. This funding is part of the 2023 call to promote public-private cooperation in R&D&I with PPP projects with a traction effect. They are co-financed by the European Regional Development Fund within the ERDF operational program of the Community of Madrid for the 2021-2027 period.
Implementation at the Hospital del Henares
Its implementation will take place at the Hospital del Henares, managed by Sacyr Concesiones, with a three-year execution deadline (2024-2027).
Antonio Ramírez, Innovation Manager at Sacyr Concesiones said: "Through the application of innovative technologies, we can achieve more efficient hospital management."
All of this will bring significant benefits to all stakeholders involved in the management and operation of the hospital, as well as for patients and clients.
Ana Esteban, Innovation Manager at Sacyr Ingeniería e Infraestructuras, highlights that the Cognitive Hospital will "introduce innovation in the center's operation and maintenance environments and improve the patient's experience."
This project represents a new milestone in public-private partnerships, a cornerstone of Sacyr's business model, maximizing the value offered to our client beyond contractual requirements and bringing together the best internal and external talent.
Sacyr recognized with double "A" score for transparency on climate change and water security06/02/2024
Sacyr has been recognized for leadership in corporate transparency and performance on climate change and water security by global environmental non-profit CDP, securing a place on its annual ‘A List’.
Based on data reported through CDP’s 2023 Climate Change and Water Security questionnaires, Sacyr is one of a small number of companies that achieved a double
‘A’, out of over 21,000 companies scored. Fully TCFD aligned, CDP holds the largest environmental database in the world, and CDP scores are widely used to drive investment and procurement decisions towards a zero carbon, sustainable and resilient economy.
In 2023, over 740 financial institutions with over US$136 trillion in assets requested companies to disclose data on environmental impacts, risks and opportunities through CDP’s platform. A record-breaking 23,000 companies responded.
A detailed and independent methodology is used by CDP to assess these companies,
allocating a score of A to D- based on the comprehensiveness of disclosure, awareness and management of environmental risks and demonstration of best practices associated with environmental leadership, such as setting ambitious and meaningful targets. Those that don’t disclose or provide insufficient information are scored an F.
Fernando Lozano, Corporate General Manager at Sacyr said "being included in CDP’s A List for the second year in a row is a result of our team’s commitment to fulfill our goals to reduce our CO2 emissions, consuming renewable energy and applying good practices throughout the entire value chain. This year, we obtained a double A score for the first time thanks to our meticulous and responsible water resource management”.
Sacyr is committed to a continuous improvement strategy in water resource management and has a strategic goal to reduce its own water consumption in all activities by at least 10% before 2025, both in high and low water-stressed areas. In addition, in 2023, Sacyr renewed its water footprint verification certificate covering all its global activities. Thanks to water treatment and production activities, Sacyr has a highly positive impact, improving water quality and providing freshwater in areas with very high water stress.
In the fight against climate change, Sacyr works on decarbonization and adaptation as fundamental pillars of its Climate Change Strategy. It is committed to reducing its Scope 1 and 2 greenhouse gas (GHG) emissions by 42%, and Scope 3 emissions by 25% by 2030, aiming for carbon neutrality before 2050. These objectives are validated through the SBTi and are aligned with limiting the increase in global temperature to 1.5°C.
Sherry Madera, CEO of CDP, said: “Congratulations to all the companies on CDP’s A List, and those companies that started or accelerated their journey towards environmental transparency in 2023 – we saw a 24% increase of disclosures last year and that trajectory is to be applauded. It is only by laying the groundwork of disclosure that companies can show they are serious about the vital part they play in securing a net-zero, nature-positive future.
Earning a place on the A List is about more than the score. It’s an indication of high quality, complete data that equips companies with a holistic view of their environmental impact, serves as a baseline for transition plans and – crucially – enables them to follow through on their ambitions. As we move deeper into the Decade of Action, and as CDP continually raises the bar for what represents environmental leadership, the work of A List companies is never complete. We look forward to seeing all companies turn their commitments into further and more meaningful and effective action.”
The full list of companies that made this year’s CDP A List is available here:
On the final stretch on the Almudévar reservoir build30/01/2024
We are in the final stretch of the construction of the Almudévar reservoir (Huesca, Spain), which will contribute flow to the irrigation system of Alto Aragón.
Currently, the professionals at Sacyr Engineering and Infrastructure are working on the automation of the monitoring system, electrical connections, plantations, archaeological excavations, construction of a hermitage, urbanization, and roadworks. After the completion of the project, the commissioning phase will begin, involving the filling of the reservoir.
More than 120 people have worked daily in the joint venture led by Sacyr Engineering and Infrastructure, along with Lantania, Vías y Construcciones, and Sogeosa. The project's budget is 113 million euros.
Disassembly of a medieval wall
The operation has already started disassembling the medieval wall of the old hermitage of Santo Domingo, under the supervision of Cultural Heritage. The wall will be relocated to a hill to be reassembled in a new hermitage that will be built safe from flooding. Meanwhile, archaeological excavations are underway at the Morrón del Villar site.
The site consists of a core of defensive structures around a tower of Islamic origin, a Romanesque church built from the 12th century onwards, and, around this complex, a series of medieval Christian houses that were likely abandoned due to demographic crises in the 14th century.
Capacity of 169 cubic hectometers
The Almudévar reservoir will have a capacity of 169.7 cubic hectometers and will receive the surpluses from the Gállego and Cinca rivers. The reservoir is closed with two dams, for which more than 7.5 million cubic meters of materials, mostly argillites, have been used. In total, it will flood more than 1,152 hectares.
The conveyance channel has a length of 1,300 meters, transporting water to a reversible station equipped with six pumps, plus a seventh in reserve. The station's design flow is 24 m³/s, conveyed to the reservoir through two parallel pipes of 2,500 mm in diameter. Additionally, the station will have two 5MW turbines to generate electrical energy from the released water.
Sacyr obtains "Calculo-Reduzco-Compenso" badge for the third year in a row29/01/2024
The Spanish Ministry for the Ecological Transition and Demographic Challenge has awarded Sacyr with the ‘Calculo-Reduzco-Compenso’ triple badge for the third year in a row. Companies can obtain this badge for calculating and tracking their carbon footprint for a four year-period minimum, having a carbon emission reduction plan in place, effectuating their carbon emission reduction goals and participating in a CO2 absorbtion project.
The Spanish Office for Climate Change manages the carbon footprint registration forms and companies can subscribe it voluntarily.
Sacyr has reduced its average emission intensity in the 2020-2022 period by 74% compared to the 2019-2021 period for Scope 1 and 2 emissions. This reduction is compliant with the company’s firm commitment to carbon footprint goals in the Sacyr Sustainable Action Plan 2021-2025. This plan defines Sacyr’s goals referring to climate change fighting, environmental and social protection in its influence area.
Sacyr has compensated part of its 2022 carbon emissions through a CO2 absorption project consisting of reforesting an area in Villanueva de Abajo (Palencia), which will allow to regenerate degraded or natural spaces which have lost their forest cover. This project also contributes to reducing erosion, conserving biodiversity and job creation in the area.
The scope of the ‘Calculo-Reduzco-Compenso’ badge encompasses all the activities of Sacyr and its subsidiary companies in Spain. Sacyr continues to work to meet its most ambitious climate commitment goal: being carbon neutral by 2050.
Climate change strategy
Sacyr’s Climate Change strategy includes the commitment to have reduced its absolute greenhouse gas (GHG) Scope 1 and 2 emissions by 42% and Scope 3 emissions by 25% by 2030.
These goals are aligned with the goal of limiting global warming to 1.5 ºC above pre-industrial levels. The Decarbonization plan guides Sacyr’s actions with over 300 initiatives within its business units’ activities in all locations.
Major project milestones at Belfast Transport Hub12/01/2024
Since 2021, JV Farrans Sacyr, has been developing the construction works of the Belfast Grand Central Station, set to replace the existing Europa Buscentre and the Great Victoria Street train station.
This infrastructure is expected to cater for around 20 million passenger journeys a year.
Following the completion of the structure in July, the Farrans-Sacyr JV team has achieved notable progress:
- All eight tracks are installed, with platform fit-out well underway.
- The station terrazzo flooring is 75% complete, and the ceiling support system is 90% in place.
- Glass installation is at 85% complete, incorporating two advanced rain protection systems, with final panels currently being fitted in select areas.
- Work is currently underway to facilitate the final connections of public services.
Looking ahead to Q1 2024, planned enhancements include the installation of the final fins of the roof, the five lifts that the building will benefit from, and the internal fit final finishes, including doors, toilet fit outs and floor finishes.
Works are currently underway to allow the final utility connections to take place, and once complete the site wide external finishes will commence, including the development of footpaths and the road network.
Social Value and Community benefits
Commissioned by Translink, Northern Ireland's public transport service operator, this project encompasses a range of social and collaborative initiatives. Our commitment to social value is a key driver in this contract, we aim to generate enduring social value for the community.
Commmunity benefits initiatives include:
- 29 individuals from under-represented groups have benefited from the project.
- Engaged with 13 local Social Enterprises on the project.
- 58 education attainment events for 2,500 people.
- 65 Environmental Awareness initiatives on the project.
- 26 health and well-being initiatives looking after our staff and workforce.
- The project has raised over £20,000 for charity, through various events, from coffee mornings to mountain hikes.
These initiatives have contributed to the project receiving the highest score in the Considerate Constructors Scheme award last October, reflecting our excellence in community relations management, environmental care, and employee care.
For more information about Belfast Grand Central Station, visit the project page.