|EBIT (ex disposals & impairments)||337||173|
|Disposals & impairments||1,139||16|
|Financial Result from infrastructure projects||-307||-207|
|Financial Result from ex-infrastructure projects||-27||-36|
|Corporate income tax||10||34|
|NET PROFIT FROM CONTINUING OPERATIONS||974||-393|
|NET PROFIT FROM DISCONTINUED OPERATIONS||361||20|
|CONSOLIDATED NET INCOME||1,335||-373|
|NET INCOME ATTRIBUTED||1,197||-424|
Revenues at EUR6,778mn (+5.4% LfL) on the back of higher Construction revenues (+3.1% LfL) and Toll Roads (+36.8% LfL).
EBITDA: EUR596mn (EUR406mn in 2020 which was impacted by
-EUR22mn provision related to the corporate restructuring plan).
Depreciation: +11.5% in 2021 (+15.9% LfL) to -EUR259mn.
Impairments and fixed asset disposals: EUR1,139mn in 2021 (EUR16mn in 2020) showing 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: higher financial expenses in 2021 vs 2020.
Equity-accounted result at net profit level, equity-accounted companies contributed -EUR178mn after tax (-EUR373mn in 2020)
*EBIT before impairments and disposals of fixed assets
Tax: the corporate income tax for 2021 was EUR10mn (vs EUR34mn in 2020). 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, and adjusting for the impact from previous years spending and other adjustments (-EUR17mn), the resulting effective corporate income tax rate is 31%.
Net income from continuing operations stood at EUR974mn in 2021 (-EUR393mn in 2020). This result includes a series of impacts, notable among which were:
Net income from discontinued operations stood at EUR361mn including the discontinued operations from Services activities (EUR246mn) and Budimex’s Real Estate business (EUR115mn).