|DEC-22||EXINFRASTRUCTURE PROJECTS CASH FLOW||INFRASTRUCTURE PROJECTS CASH FLOW||ADJUSTMENTS||TOTAL CASH FLOW|
|EBITDA including IFRS16||156||655||0||811|
|Working capital variation (account receivables, account payables and others)||20||-35||0||-15|
|Operating flow (before taxes)||584||620||-191||1,012|
|Operating Cash Flow||493||629||-191||930|
|Investment cash flow||-427||-784||414||-797|
|Activity cash flow||66||-155||223||133|
|Capital flow from Minorities||56||708||-414||350|
|Ferrovial shareholder remuneration||-578||0||0||-578|
|Treasury share repurchase||-446||0||0||-446|
|Other shareholder remuneration for subsidiary minorities||-67||-285||191||-161|
|Other movements in shareholder’s funds||9||-77||0||-69|
|Changes in the consolidated perimeter||-106||-91||0||-197|
|Other debt movements (non cash)||-13||-58||0||-71|
|Financing cash flow||-809||-431||-223||-1,463|
|Net debt variation||-743||-586||0||-1,329|
|Net debt initial position||2,182||-6,633||0||-4,451|
|Net debt final position||1,439||-7,219||0||-5,781|
|DEC-21||EXINFRASTRUCTURE PROJECTS CASH FLOW||INFRASTRUCTURE PROJECTS CASH FLOW||ADJUSTMENTS||TOTAL CASH FLOW|
|EBITDA including IFRS16||311||499||0||811|
|Working capital variation (account receivables, account payables and others)||-339||5||0||-334|
|Operating flow (before taxes)||607||503||-276||834|
|Operating Cash Flow||486||469||-276||679|
|Investment cash flow||509||-239||65||336|
|Activity cash flow||995||230||-210||1,015|
|Capital flow from Minorities||12||111||-65||57|
|Ferrovial shareholder remuneration||-463||0||0||-463|
|Treasury share repurchase||-432||0||0||-432|
|Other shareholder remuneration for subsidiary minorities||-88||-458||276||-270|
|Other movements in shareholder’s funds||-5||5||0||0|
|Changes in the consolidated perimeter||-256||-1,482||0||-1,738|
|Other debt movements (non cash)||-13||-4||0||-17|
|Financing cash flow||-804||-2,332||210||-2,926|
|Net debt variation||191||-2,102||0||-1,911|
|Net debt initial position||1,991||-4,532||0||-2,541|
|Net debt final position||2,182||-6,633||0||-4,451|
*Before Corporate Income Tax. Operating cash flow in Toll Roads and Airports refers to dividends.
Operations cash flow
At December 31st, 2022, cash flow from ex-infrastructure project operations totaled EUR584mn (before tax), slightly below EUR607mn in 2021, impacted by lower dividends from Toll Roads and lower contribution from Services on the back of the reduction of the business following the divestment process, partially offset by higher contribution from Construction division and Airports dividends vs 2021.
* Others include the operating cash flow from Corporate Business, Airports & Toll Roads headquarters, along with the Energy Infrastructure and Mobility business.
Breakdown of cash flow from Construction and Services:
|EBITDA from projects||6||11|
|EBITDA Ex projects||170||234|
|EBITDA including IFRS16||106||171|
|Working capital variation (account receivables,
account payables and others)
|Changes in factoring||0||0|
|Operating Cash Flow before Taxes||144||44|
Dividends received from projects and capital reimbursements reached EUR475mn in 2022 (EUR550mn in 2021).
Energy Infrastructure and Mobility reached EUR60mn of dividends, including the extraordinary dividend from Transchile (EUR51mn) upon the closing of its refinancing.
Dividends from Toll Roads amounted to EUR388mn in 2022 (EUR469mn in 2021).
|Dividends and Capital reimbursements||DEC-22||DEC-21|
|Irish toll roads||3||1|
|Portuguese toll roads||2||4|
|Australian toll roads||4||1|
|Spanish toll roads||12||75|
The net investment cash flow in 2022 (-EUR427mn) includes:
Financing cash flow
Financing cash flow includes:
Operations cash flow
As regards cash flows for companies that own infrastructure project concessions, these primarily include revenues from those companies that are currently in operation, though they also include VAT refunds and payments corresponding to projects currently in the construction phase.
The following table shows a breakdown of cash flow operations for infrastructure projects.
The following table shows a breakdown of the investment cash flows for infrastructure projects, mainly payments made in respect of capital expenditure investments over the year.
|Portuguese toll roads||-1||-1|
|Spanish toll roads||-4||-1|
|Total Toll Roads||-715||-253|
|Total investment cash flow (projects)||-784||-239|
*I-66 was not globally consolidated as of June 2021
Financing cash flow
Financing cash flow includes the payment of dividends and the repayment of equity by concession-holding companies to their shareholders, along with the payments for share capital increases received by these companies. In the case of concession holders which are fully integrated within Ferrovial, these amounts represent 100% of the amounts paid out and received by the concession-holding companies, regardless of the percentage share that the Company holds in such concessions. No dividend or Shareholder Funds’ repayment is included for equity-accounted companies.
The interest cash flow refers to the interest paid by the concessionholding companies, together with other fees and costs closely related to the acquisition of financing. The cash flow for these items relates to interest costs for the period, along with any other item that represents a direct change in the net debt amount for the period.
The financing cash flow also includes the impact that changes in the exchange rate have had on the debt held in foreign currency, which in 2022 was a negative impact of -EUR342mn, primarily as the result of the depreciation of the euro against USD, which has had an impact on the net debt figure for the US toll roads.