|EBIT (ex disposals & impairments)||429||340|
|Disposals & impairments||-6||1,139|
|Financial Result from infrastructure projects||-365||-307|
|Financial Result from ex-infrastructure projects||45||-28|
|Corporate income tax||-30||9|
|NET PROFIT FROM CONTINUING OPERATIONS||238||975|
|NET PROFIT FROM DISCONTINUED OPERATIONS||64||361|
|CONSOLIDATED NET INCOME||302||1,336|
|NET INCOME ATTRIBUTED||186||1,198|
Revenues at EUR7,551mn (+4.2% LfL) on the back of higher Construction revenues (+2.2% LfL) and Toll Roads (+22.4% LfL).
EBITDA reached EUR728mn (+7.7% LfL) supported by a higher contribution from Toll Roads (21.6% LfL), particularly US Toll Roads with an EBITDA of EUR498mn.
Depreciation: +10.7% in 2022 (+6.8% LfL) to -EUR299mn.
Impairments and fixed asset disposals: -EUR6mn in 2022, compared to EUR1,139mn in 2021 that showed the capital gains from the additional stake acquisition in I-66 (EUR1,117mn) along with the capital gains from the sale of URBICSA and Nalanda.
Financial result: lower financial expenses on the back of the financial income from ex-infra projects in 2022 vs 2021.
Equity-accounted result at net profit level, reached EUR165mn after tax (-EUR178mn in 2021). The change vs 2021 is mainly related to airports as the considerable losses posted in 2019 and 2020 in airports reduced the investments in Heathrow & AGS to zero, as prior-years losses exceeded the amount of investment, there being no commitments to inject additional funds (IAS 28). Therefore, there is no equity accounted contribution in 2022.
*EBIT before impairments and disposals of fixed assets
Tax: the corporate tax expense for 2022 was -EUR30mn (vs EUR9mn in 2021). There are several impacts to be considered when calculating the effective tax rate; among which the material and/ or significant ones are:
Excluding the aforementioned adjustments in the tax result, adjusting for the impact from previous years spending (-EUR5mn), and other adjustments, the resulting effective corporate income tax rate is 12%.
Net income from continuing operations stood at EUR238mn in 2022 (EUR975mn in 2021).
Net income from discontinued operations stood at EUR64mn mostly related to the capital gain from Amey’s divestment, compared to EUR361mn in 2021, including the discontinued operations from Services activities (EUR246mn) and Budimex’s Real Estate business (EUR115mn).