Sacyr increases turnover by 7% and Ebitda by 17% to 194 million Euros06/05/2021
Sacyr increased its EBITDA by 17% in the first quarter of 2021, reaching 194 million euros, due to the positive evolution of its businesses and the soundness of its business model, firmly based on its concessions. In effect, concession assets, with a limited demand risk, contributed 81% of this EBITDA, four percentage points more than in the same quarter of 2020.
This growth has been achieved in the challenging environment created by the COVID-19 crisis. During the quarter Sacyr has continued to implement preventive measures to confront the pandemic at all workplaces, with the safety of its employees, collaborators and clients as a priority in the development of its activities.
In the first quarter of the year turnover grew 7%, to 1.057 billion euros, and profitability (margin-to-EBITDA) climbed to 18.3%, significantly higher than the level achieved in the first quarter of last year (16.8%). Operating cash flow was up 31%, reaching 117 million euros.
Net profit reached 26 million euros, 20.6% less than in the January-March 2020 period, because last year extraordinary income was recorded from the sale of the Guadalmedina highway.
The future revenue backlog ended the quarter at 40.189 billion euros, 3% more than at the end of 2020 as a consequence of the incorporation of new construction and concession projects.
Sacyr signs two new contracts for LNG terminals in Europe30/03/2021
Sacyr Fluor, a subsidiary of Sacyr Engineering and Infrastructures, has started the execution of new contracts for Elengy in France and for Fluxys in Belgium.
New project in France
Elengy, Engie’s subsidiary operating three LNG Regasification Terminals in France, has recently awarded Sacyr Fluor the detailed engineering, procurement management and construction management of the priority works to adapt the jetty of the Fos-Tonkin LNG Terminal for bunkering activities. This project will be executed jointly with the detailed engineering, procurement management and construction management contract already in execution to renovate the terminal and extend its activity for an additional 10 years. Both contracts result from the successful execution of the basic engineering last year and are expected to finalize by June 2022.
New project in Belgium
Furthermore, Sacyr Fluor has recently be awarded by Fluxys with a new project in Belgium to expand the regasification capacity of the Zeebrugge LNG Plant and reduce CO2 emissions, as well as increase and automate the number of LNG truck stalls.
Both contracts confirm the role of utmost importance that the Liquefied Natural Gas industry has been playing in Europe, together with the introduction of renewables sources, so as to achieve the objectives of denuclearization and decarbonization of the current energy sector.
Sacyr Fluor has been positioning itself over the past decades as one of the world leaders in design and construction of LNG regasification plants, whether small scale or large scale, and is proud to leverage its long trajectory and longstanding experience in order to support our client’s investment needs.
Sacyr awarded its first projects in Canada25/03/2021
Sacyr Engineering and Infrastructure has been awarded its first two projects in Canada, expanding the platform for the future fourth track of the Lakeshore East-West (LSEW) rail corridor in Toronto. The amount of the two contracts is 50.5 million euros.
In a consortium with its local partner, Ledcor, Sacyr will deliver two “packages” of the platform expansion project, six kilometers in total, an undertaking awarded by the local entity, Metrolinx:
- The first contract (package B) will involve extending the platform by 3.54 km, section of the rail corridor, an undertaking commissioned by the local entity, Metrolinx. The project will entail the construction of six retaining walls (1.8 km), the expansion of three existing railway bridges, embankments, a final sub-ballast layer, and drainage works.
- The second contract (package C) will entail a 2.74-km expansion, with the construction of five retaining walls (822 meters), the channeling of a stream beneath the track, embankments, clearings, a final sub-ballast layer, and drainage works.
Sacyr launches its 2021-2025 Strategic Plan, wich promotes sustainability and focuses on the concession business25/03/2021
Today, Sacyr announced the governing principles of its 2021-2025 Strategic Program, which underscores its focus on the concession business and promotes sustainability as key drivers of growth over the next five years.
With this new strategic cycle, Sacyr completes the redefinition of the company’s profile, undertaken as part of the successful 2015-2020 Plan.
The multinational prioritizes the concession business model present throughout the entire infrastructure value chain: from bidding, design and finance, to construction, operation and maintenance of the asset. Two robust divisions contribute to this strategy: Construction and Services.
Through this approach, Sacyr reinforces its strength and stability with the development of long-term projects in countries where it has an established track record. These are projects with low demand risk that generate recurring revenue streams to finance the associated debt.
Sacyr Somague and Sacyr Neopul awarded the contract to modernize the Sines-Southern line connection (Portugal)11/03/2021
Sacyr Somague and Sacyr Neopul have been awarded the contract to modernize the 37.4-km railway connection between Sines and the Southern Line (Portugal), for 28.5 million euros.
With an execution period of 720 days, the contract includes modernizing the existing superstructure of the Sines Line, focusing mainly on the application of multi-purpose concrete railroad ties to facilitate the future transition from Iberian track width to European track width, in addition to the upgrade and stabilization of the platform to ensure maximum load capacity on the Sines Line and improve the future availability of the infrastructure.
“This contract is one more example of the capacity of Sacyr Somague and Sacyr Neopul within the railway sector and their unique experience in Portugal. As we have stated before, we are prepared to help modernize and develop the national railway plan,” says Eduardo Campos, CEO of the Sacyr Somague Group.
Sacyr raises Ebitda by 6,5% to 724 Million Euros26/02/2021
Sacyr increased its EBITDA by 6.5%, to 724 million euros, in an extremely challenging environment complicated by the global COVID-19 crisis.
Turnover grew 9.1%, to 4.548 billion euros, and profitability (margin-to-EBITDA) stood at 15.9%, slightly below 2019 levels (-0.4 pp).
This growth represents the strength of the multinational’s business model, which focuses on concession activity with low demand risk. In fact, 78% of the EBITDA generated in 2020 originated from the concession activity. Thanks to this approach, the company has managed to successfully weather the effects of the pandemic.
The group’s attributable net profit reached 36 million euros, compared to losses in 2019 due to the to the accounting impact caused by the holding in Repsol.
The multinational has anti-COVID protocols in place at all of its work centers and has helped alleviate the effects of the pandemic among vulnerable populations.
With regard to business evolution, net profit reached 181 million euros, relative to 120 million in 2019.
The future revenue backlog closed 2020 at 39.185 billion euros, a 9.1% decline relative to 2019 on divestments in 2020 and a slowdown in tenders worldwide due to COVID-19.