In 2004, Sacyr Vallehermoso´s net income increased 12.6% to â¬376.3 million; EBITDA surges 29.5% to â¬747.3 million; turnover grows 11.1% to â¬3,703.3 million.
Sacyr Vallehermoso (SyV) group earned consolidated net income of â¬376.3 million in 2004, up 12.6% on 2003. EBITDA (earnings before interest, taxes, depreciation and amortization) surged 29.5% to â¬747.3 million.
The group´s cash flow improved 16.2% with respect to 2003, reaching â¬536.4 million, while net operating income surged 28.5% to â¬579.6 million.
Turnover rose 11.1% to â¬3,703.3 million, broken down as follows:
- Sacyr: 31%
- Vallehermoso 29%
- Somague 24%
- Itinere 9%
- Testa 5%
- Valoriza 2%
Thanks to these figures, SyV group enhanced its core profitability ratios, consolidating itself as the leading Spanish construction and services company in this aspect:
- Gross margin (gross operating profit/turnover): 15.7% in 2004 and 13.5% in 2003
- Net margin (net operating profi/turnover): 10.2% in 2004 and 10.0% in 2003
- Ebitda/turnover: 20.2%in 2004 and 17.3% in 2003
- Cash flow/turnover: 14.5% in 2004 and 13.8% in 2003
- EPS: 1.41 in 2004 and 1.33 in 2003
With respect to the balance sheet, SyV group ended 2004 with total assets of some â¬13,717.1 million. Equity grew 51% in 2004 to â¬1,980.4 million.
The construction and services portfolio reached â¬59,708 million, up 57% on the previous fiscal year, broken down as follows:
- Sacyr (Order Book): â¬2,858 million, 8.4% ebitda (margin as of end of 2003) and â¬240 million order book Ebitda
- Somague (Order Book, concessions, services and h. development): â¬3,288 million, 4.5% ebitda (margin as of end of 2003) and â¬147 million order book ebitda
- Itinere (Concessional Income): â¬49,370 million, 76.8% ebitda (margin as of end of 2003) and â¬37,900 million order book ebitda
- Testa (Lease contracts to maturity): â¬2,413 million, 76.1% ebitda (margin as of end of 2003) and â¬1,837 million order book ebitda
- Vallehermoso (Pre-sales Book): â¬773 million, 19.8% ebitda (margin as of end of 2003) and â¬153 million order book ebitda
- Valoriza (Income Order): â¬1,007 million, 3.3% ebitda(margin as of end of 2003) and â¬34 million order book ebitda
Construction (Sacyr + Somague)
SyV´s construction business posted a turnover of â¬2,179.1 million, up 9.7% on 2003. 60% of this turnover is attributed to Sacyr, and the remainder to Somague. In 2004, Sacyr´s turnover grew 17.6% on 2003, and operating income in Spain improved 6.4%. In Portugal, turnover held stable.
Net profit reached â¬71.8 million. Excluding the effect of non-application of negative goodwill which took place in 2003 in the amount of â¬13.1 million and extraordinary income (which in 2003 amounted to â¬8.1 million, as opposed to â¬5.3 million in fiscal year 2004), net ordinary revenue would have grown 12.1%. The effect of the adjustments indicated triggers a decrease of 10.8% in net income.
Property Development (Vallehermoso)
In 2004, the residential development division saw its turnover grow 10.3% to â¬1,069.3 million. Operating income improved 8.1% and net profit reached â¬116.8 million, up 4.7% on 2003. The gross margin was just short of 20%. The number of housing units sold (contracts executed) was 4,368 in 2004 and the housing units given were 4,222 units. At the end of 2004, the land reserve was 4.03 million m², equivalent to 24,000 homes and 5.4 years of product sales.
Infrastructure Concessions (Itinere)
The concessions business saw its turnover surge more than two-fold in 2004 to â¬322.9 million, as opposed to â¬158.9 million the previous year. Operating income surged 123.3% and the gross return was 76.8%. Net income fell from â¬42.4 million to â¬13 million, as a consequence of a lesser positive effect of the exchange rate and a greater participation of minority interests. Traffic recorded at Itinere concessions grew 3.8%.
Rental Property (Testa)
Turnover reached â¬1
