CASH FLOW COMPONENTS (including discontinued operations)
(*) In 2021, ex-infrastructure debt includes the issuance of an ECP (Euro Commercial Paper), which at 31 December 2020 had a carrying amount of EUR1,091mn, with an average rate of -0.15%.
Net cash position (NCP) excluding infra projects: stood at EUR1,991mn in December 2020 vs EUR1,631mn in December 2019. The main drivers of this change were:
- Project dividends: EUR458mn vs. EUR729mn in 2019 (-37%), impacted by lower dividends in all main assets. Toll Roads dividends reached EUR340mn (EUR494mn in 2019) as 407 ETR only distributed dividends in 1Q and 3Q for a total amount of EUR160mn (EUR309mn in 2019), while LBJ distributed its first dividend (EUR109mn) and NTE also distributed dividend (EUR25mn). The dividends from Airports contributed EUR29mn (EUR183mn in 2019) from Heathrow’s 1Q 2020 dividend. Services added EUR89mn of dividends, including EUR54mn dividend from EMESA after its refinancing, (EUR47mn Services dividends in 2019).
- EBITDA: EUR203mn (vs -EUR167mn in 2019, negatively affected by –EUR345mn provision registered in Construction in 1Q 2019) which includes EUR117mn from Services.
- Working capital evolution stood at EUR179mn in 2020 (EUR249mn in 2019), mainly impacted by the –EUR98mn application (cash out), as of December 2020, of the non-cash Construction Provision registered in 1Q 2019. This negative impact was partially offset by the improved working capital in Services of EUR251mn (–EUR88mn in 2019) on the back of higher collections (DSO below previous years & VAT and social security deferred payment in UK and USA).
- Net Investment reached EUR215mn in 2020 vs EUR189mn in 2019. Divestments reached EUR501mn in 2020, most noteworthy of which was the EUR300mn for the sale of Broadspectrum, the EUR100mn received from the sale of the stakes int he Portuguese toll roads (pending EUR72mn) and the EUR57mn from Budimex 5% stake sale. Investments reached -EUR286mn, below -EUR295mn in 2019. Investments included -EUR68mn related to the I-77 stake increase (15%).
- Shareholder Remuneration: -EUR377mn in 2020 below -EUR520mn in 2019, including -EUR122mn from the scrip dividend and -EUR255mn from the treasury share repurchase program in 2020.
- Other financing cash flows: Includes other cash flow movements, such as forex impact (-EUR95mn) mainly from USD from advanced payments in construction to pay for expenses in such currency and the net cash position held by Broadspectrum (EUR78mn).
The net cash position at the end of December (EUR1,991mn) includes the net cash from Services (EUR216mn).