IP’s net result in 2023 was negative at 18.8 million euros, with the increase in tax expenditure being the main responsible for the reversal of the net result into negative territory. Last year was strong in investments.
Infraestruturas de Portugal recorded, in 2023, an operating result of 206 million euros and a negative net result of 18.8 million. Compared to the same period last year, there was a reduction in net profit of around 66.6 million, which the public company explains by the “negative evolution of the operating result (-29 million), partially offset by the improvement in the financial result (9 million) , but, mainly, due to the increase of 47 million euros in income tax”.
Regarding the financial result, the nine million improvement recorded “was due to the reduction in the interest component allocated to sub-concessions, due to the decrease in associated liabilities”.
As regards income tax for the period, it stood at 43 million “evidence a deterioration of around 47 million euros compared to the level presented in the previous year”.
“The emphasis must be given to the combined effect of two changes to tax legislation introduced by the State Budget Law of 2023 (Law no. 24-D/2022, of December 30), related to the Incentive mechanism for Capitalization of Companies and with the tax loss deduction regime”, says IP.
“These changes, which in 2023 had a strongly negative impact on the net result, will have a positive effect in 2024 and beyond, potentially reducing the company’s financing needs”, he adds.
All this to say that IP’s net result in 2023 was negative at 18.8 million euros, with the increase in tax expenditure being the main responsible for the reversal of the net result into negative territory.
IP highlights that in 2023 the trajectory of reducing IP’s financial debt stock was maintained, with a reduction of 159 million euros, with this aggregate remaining at the end of December 2023 at 3,857 million euros.
The amortizations carried out related to the repayments of loans taken out from the EIB, including an early repayment of 110 million euros.
“Finally, we highlight the maintenance of the financing policy pursued by the shareholder based on the capitalization of the company through capital increase operations which, in 2023, amounted to 1,434.5 million”, highlights IP.
The investments that were made in 2023
The year 2023 was a year of investment for the company that is responsible for managing road infrastructure, under the terms of the General Concession Contract for the national road network signed with the State, and provides a public service for the management of infrastructure that is part of the National Railway Network (RFN), under a regime of delegation of powers from the Portuguese State, through the execution of a Program Contract for the railway sector.
“The ain 2023 was marked by the strong growth in investment in railway networks and road, which amounted to 621 millionrepresenting a 31% increase compared to the period the same year as 2022 and the highest value realized since 2010″, says the company.
The investment destined for the requalification and modernization of the National Railway Network amounted to 550 million, of which 466 million under the Railway Investment Program 2020 and 36 million in the Mondego Mobility System project.
These investments were the subject of European financing under the 2014-2020 multiannual financial framework, with IP receiving around 208 million euros in 2023, 57.5 million more than in 2022, reveals the company.
Yet at the scope of the investments railway workers, were executed fence in 20 million in investments integrated into the National Investment Plan 2030 (PNI 2030) and 26 million other investments in the network.
In the road sector, there was a total investment worth 61 million, representing a growth in 186% face to the period counterpart, justified essentially by the investments included in the PRR, which amounted to 49 million.
Operating income reached 1,356 million that is, 43 million euros above the amount verified in 2022. However, the main income with a direct impact on results recorded a reduction, namely, the Road Service Consignment (-24 million) and the Railway Infrastructure Use Fee (-2 million), partially offset by the increase in tolls on roads operated directly by IP (+6 million).
Per your turn, you spending operational they fixed themselves in 1,150 millions of euros, representing one growth of 7% when compared to the previous year, with emphasis on the increase in the level of interventions in the road and rail infrastructure under IP management.
O spent with to the activities in conservation It is maintenance of networks bus station It is railway amounted to 220 millionthat is, 10% more than recorded in 2022, “emphasizing the increase in spending on current road maintenance by around 17 million, a value that also reflects the restoration of safety and circulation conditions after the bad weather that occurred in the winter of 2022/23, and whose financial coverage was ensured by a specific subsidy granted by the State” .
