Morning. I'm Manuel Manrique, Chairman and CEO of Sacyr. Joining me today, as usual, is Carlos Mijangos, the company's CFO. Thank you very much, dear analysts, media representatives, and investors for attending this financial results presentation of Sacyr for the first half of 2022. In a context of macroeconomic uncertainty like the one we're wading through, Sacyr's operating results are highly positive, showing the soundness of our business model and a very high profitability. This is a resilient model focused on the concessional business that provides us with both recurrence and stability from results, and therefore recurrence and stability in terms of return. Today, we are in a high inflation environment that has a direct impact on our concession revenue while managing cost increases.
Both our revenue and EBITDA have grown steadily 20% and 32% respectively over the six-month period of 2021 year-on-year, and the margin over EBITDA exceeds 20%, an all-time high, both in our history and in the sector. Through the two scrip dividend payments made during this period, shareholders remuneration is nearly 5%, and this is the commitment we have undertaken. During this first half of the year, we have made steady progress in commissioning some of our most important concession assets, which lie at the foundation of the high valuation of such an asset, thanks to the cash flows they are starting to generate. We are referring to Américo Vespucio Oriente in Santiago de Chile. This project was commissioned in the country on July 23rd. The ceremony was attended by the country's president. Another project was Pedemontana-Veneta.
We finalized the excavation of the Malo Tunnel, and we have commissioned an additional 14 km. Therefore, 80% is already up and running, with all secondary lines already completed and commissioned. Mar 1 in Colombia is another project. This project is also fully commissioned. Rumichaca-Pasto in the south of Colombia, that will come into operation before year-end. I would also like to highlight the award to a consortium led by Sacyr of the Velindre Cancer Centre in Cardiff, Wales, which represents a major step forward in fulfilling our strategic plan, since this is the very first concession that we will operate in the United Kingdom. This contract shows Sacyr's consolidation in the English-speaking markets as a key player and will enable us to address even more ambitious objectives.
This new cancer treatment hospital will consist of a top-notch building that will be fitted with energy efficiency and will be sustainable. In addition to the progress performed in these works and new awards, we have also arranged several refinancings for these assets, such as the one we obtained about Pedemontana-Veneta with the GIP fund in the amount of EUR 450 million for an eight-year term, which shows the high value of our assets and how appealing they are to the market. Some of our corporate milestones, as you very well know, include the fact that we are once again relisted on the IBEX 35 stock index as a result of the companies moving towards a concession-focused model. We also reported the fact that we were going to sell our stake in Repsol.
Recently, we announced the fact that we were going to reinforce our capital structure by refinancing our corporate debt, by lengthening maturity terms, and by getting prepared to face a high interest rate scenario. With regard to the recourse debt, you know that reducing this debt is one of the main targets under our strategic plan for 2021-2025. Therefore, we maintain our commitment whereby by year-end, we should stand below EUR 500 million. As we said, we shall do so thanks to our cash flows, as well as by receiving payments that are already committed, not yet paid. This will be done through dividends coming from the businesses in the second half and the rotation of some mature assets. We continue to make progress with regard to sustainability.
Just a few weeks ago, we were considered to be one of the best companies in Spain in this regard, and we were ranked fourth in the world by Sustainalytics, which is one of the leading ESG ratings agencies in the world. In summary, we can say that revenue went up by 20%, reaching nearly EUR 2.6 billion. EBITDA, as we said before, grew by 32%, totaling EUR 530 million. EBIT, 20.5% against 18.6% the year before, therefore going, growing by more than 150 basis points. Also, EBITDA from concession assets accounts for 85% against 82% in 2021. EBIT accounts for a 34% climb, totaling almost EUR 430 million. Profit after tax, EUR 42 million against EUR 40 million year-on-year.
Operating cash flows stood at EUR 284, slightly above fiscal year 2021. Because there was an increase in raw material prices, therefore, in many cases, we incurred costs to comply with our contracts. Even though this income or revenue was already recognized, it has not yet come into our treasury. We normally keep this trend throughout our actions. Finally, our backlog went up by 8%, nearing EUR 50 billion. Such positive figures from our business, with 85% of EBITDA coming from concession assets, ratify very clearly the full concession focus Sacyr has. Therefore, we no longer depend on construction cycles in order to increase our profitability. That is, and let me insist, our reliance on the construction cycle is already very, very, very limited.
Finally, I would like to underscore once again that the success of these economic results we're reporting and our successful sustainable balance sheet is due thanks to the work performed by all of our team. All of our people, through their efforts and commitment, enable us to be better every day. Now Carlos Mijangos will provide you with the key financials of our company and of each of the business divisions of the group and the holding.
Thank you very much, Mr. Chairman. Okay, as for the global figures, we see a stable and predictable growth. Therefore, we can say that concessions reached EUR 294.407 million, therefore growing by 57.7%. As for engineering infrastructure, EBITDA reached EUR 193 million, EBIT EUR 175 million, with an EBITDA margin increase of 13.3%.
As for services, we totaled EUR 46 million in EBITDA, EUR 20 million in EBIT, with the margin standing at 9%. Let us now take a look at the contribution broken down by activity. In this case, revenue is particularly important in engineering and infrastructure, 55% in the case of services. As for the distribution of EBITDA, 55% comes from concessions, 36% comes from engineering, and 9% comes from services. However, if we group all concession assets together under all three divisions, we reach EUR 448 million in EBITDA, which accounts for 85% of the total group. As the chairman said before, this clearly shows the concession-oriented focus of the group. As for the backlog, almost EUR 50 billion, 80% coming from concessions, 13% from engineering, and 7% coming from services.
Let us now take a look at the distribution of this backlog. EUR 40 billion corresponds to concessions, EUR 6.5 billion engineering infrastructure, and the remaining to services. These are the main awards that were obtained in Europe, in Sweden, in Portugal, and also in the U.K., also in Chile, in South America, and in the English-speaking market, where we are expanding our activity. We have several projects that were awarded in Canada and in the United States. Let us take a look at net debt evolution. It increased by EUR 100 million, up to nearly EUR 6 billion. Here you can see the evolution of debt, and you can see how it contributes to operating results, EUR 184 million. Net financial results, including margins or interest from project finance.
We have invested over EUR 1 billion over this half, first half of the year. This EUR 1.5 million corresponds to A3. This is an investment, a single, a unique investment in this asset because we had to pay the administration, and then we have ordinary investments in other projects. Finally, we have a special effect in this period. You know that we sold our stake in Repsol, and we had a variation in Forex. Therefore, at the end, we reached EUR 7.137 billion. Therefore, with faster recourse net debt evolution, we went down from 798 to 767. With a EUR 23 million increase, we had to take into account the effect of working capital. This is going to continue to go down as we begin to collect compensation of prices, especially from engineering infrastructure.
Finance costs in the amount of EUR 21 million. We have invested EUR 52 million in assets this period. Dividend paid to the shareholders amounted to EUR 10 million, and we have EUR 58 million coming from Repsol. We have the transaction in Italy. EUR 83 million came from that transaction into our cash flow. Out of this amount, 205 was used in order to pay a local debt, and therefore EUR 170 million was allocated to our shareholders. Therefore, we still have 75 outstanding by year, and that will also enable us to reduce this recourse debt. Regarding business areas, in the case of Concesiones operate here, margins went by 39%. Therefore, we see a significant and solid growth, mainly due to the commission of different highway concessions.
The Route 78 road that we also put into operation as of March also improved traffic volumes and the fact that this activity is tied to the inflation rate. The water business also grew by 21% in terms of revenue, 22% in terms of EBITDA, therefore contributing with a significant contribution from Australian and Chilean assets. All in all, the margins account for 60% and 19% respectively. EUR 40 billion is the total backlog with a 9% increase. We should also mention that we have invested an additional EUR 1.4 billion. These are capital contributions, EUR 1.3 billion from Concessions, and then we have another significant amount in water. As for the milestones of this division, in January, we closed a bond issue in the amount of EUR 518 million.
This amount has already been used to pay some settlements. We also refinanced the Rumichaca-Pasto project. There is one portion that corresponds to a social bond. We have financing and dividend on the Pedemontana-Veneta highway in the amount of EUR 450 million. We also started the construction and commission of the Santiago-San Antonio highways, or the Route 78 in Chile and A3 from Naples and Salerno in Italy. After the financial closing, we also commissioned the Américo Vespucio Highway in Chile and Mar 1 in Colombia respectively. Let us now take a look at our main assets. You can see in this slide, in light blue those assets which are already operational. All in all, they are fine. We also have those under construction which are quite completed. In Colombia, there are two assets that have already been commissioned.
Puerta de Hierro is one of Mar 1, this is a road goes from Medellín to Antioquia, going through the Aburrá Valley. We have the Vespucio Oriente highway. This is a complex infrastructure in the amount of EUR 1 billion that consists of many tunnels. There's a park above. It's a very complex construction work that was quite successful all the same. We have the A3 highway in southern Italy that was also a successful project. It's going to be fully commissioned as of April 1st. There are other roads that are also well advanced. Rumichaca-Pasto in Colombia, it has been completed by 98%. The Pamplona-Cúcuta project, that is 77% completed. It's in the inner part of the country. It's going to be commissioned as of 2023. In Uruguay, we have the central railway system.
30% of all the railway trenches have already been executed. It's 78% completed. We have the Rutas del Este running from west to east. 77% has been completed. Pedemontana, as we mentioned before, the tunnel has already been completed and is going to be put into operation in the forthcoming months. Let's now take a look at the main weights of the concessions activity. This table is missing Italy due to some accounting reasons. This information is posted under the engineering division's accounting records. The first country is Colombia, followed by Chile, Spain, Uruguay, and the remaining countries, ranging 294 all in all. Regarding Italy specifically, it contributes EUR 226 million and EUR 148 million in terms of EBITDA. Let's now take a look at engineering and infrastructure.
We have EUR 1.4555 billion, with a 36% increase and 23% in terms of EBITDA, due to the execution of some large projects that we have in our backlog, particularly in Colombia, Chile, Peru, Paraguay, the U.K., etc. This is also due to our Italian concession assets. Such assets contribute EUR 226 million, as I mentioned before, and EUR 148 million on account of EBITDA. If we now take a look at the concession assets effect, margins stood at 3.7%. It was, however, impaired due to the current commodities pricing situation. The backlog is EUR 6.5 billion, 50% corresponds to the concessions division. The milestones include the following.
We started the works at the Hospital Dr. Sótero del Río in Chile, which has surface areas in excess of 200,000 sq m that will benefit 1.5 million inhabitants. We also opened a new building at the Tenerife South Airport. We have the Route 78 road for EUR 456 million. We also have the Biobío River in Chile project. This is a total investment of EUR 174 million. Another project is Santiago de Chile, with the supply and maintenance of catenary sections for line 7. In the U.K., we are going to have new infrastructure for transport in Belfast. We have in the Canary Islands, another project in the amount of EUR 46 million to retrofit some of the roadways.
We have the Grandview Children's Centre in Ontario and other projects in the amount of EUR 9 billion. We have just been awarded another road for EUR 150 million in the United States. As for the services division, it has also evolved quite favorably. Revenue went up by 5%, EBITDA by 4%. Here we should take into account that in the first months of activity, different contracts have been awarded. In terms of facilities, there was a decrease of the impact of the pandemic, therefore activity picked up after the pandemic and hence these figures. With regard to waste collection and management, we were awarded some important projects in Torrejón, as well as section two for cleaning services in Madrid and landscaping services. We were also given an extension of the waste collection contract in Malaysia.
With regard to the main awards, we have home assistance in Madrid for EUR 108 million. Then some cleaning and security services contract for the Metro de Santiago in the amount of EUR 38 million. The extension for the two-year period for the street cleaning services in Malaysia, different cleaning and monitoring services in the amount of EUR 60 million and other home assistance contracts. That's all with regard to the operating results.
Thank you very much, Carlos. Now we are at the disposal of all analysts to answer any questions you may have.
Ladies and gentlemen, we shall start the Q&A session. Please press star one if you wish to ask a question.
Well, it's impossible to tell. We believe that 75% or 70%-75% actually this is ongoing. This is due to increased raw material prices. This is a recognized revision mechanism. Customers recognize that. We believe that they will be ready by year-end. It's impossible to give you any further details. However, the remaining 25% that has not yet been recognized has an associated claim, and we actively continue to work in order to reach the total target. With regard to the sale of assets, Carlos will answer.
We have already shown and we explained on several occasions that we have the capacity to both do asset rotation and do financial restructuring in order to harness the assets value we have in order to increase the flows into our holding while reducing net debt. We have always used both drivers, in fact.
The next question is the following. Could you please provide me with a breakdown of your investments? Taking into account your recourse debt, could you please explain what you have included by way of allocation and breakdowns? We have EUR 4 million in the last column that refers to financing loans. Could you please provide me with some details about what you have included in that figure? That's question number one. Question number two is the following: In order to understand this going forward, how are you going to report on the A3 highway project? I understand that this is a highway that to date is already up and running. Therefore, will such results be reported under the umbrella of the construction division or what should we expect?
In answering question number one, net investment in the amount of EUR 52 million corresponds to capital contribution accounting for 96% over the first half of the year, because this is the quarterly evolution, and the net was allocated to services and machinery. As for Forex variation and financing and debt adjustment, we have some effects from the last Valoriza Medioambiente tranche that we arranged last year. That is a positive impact in order to reduce debt. We have the downside, and that is listed in the case of construction and services and Forex variations and some changes in scope. Those are basically the ones that you see there. As for the A3 highway, it's true that SIS is the responsible company. From a business perspective, we have to include that under the consolidation of construction.
We had to make a distinction between the concession assets and construction assets. We have no choice. Pursuant to Italian law, we have to include that under the scope of consolidation of the Italian business.
I have another question, if you would allow me. I understand that according to the new structure, where GIP, the Pedemontana-Veneta concession will begin to be reported by the concessions division. I know that this is a detail, but it's something that will add a lot of complexity to the overall analysis.
Let me also double-check whether the VSCMX transaction accounted for EUR 40 million. Yes, EUR 40 million, in fact. With regard to the GIP transaction, we are under exactly the same circumstances. Pursuant to Italian law, for good or for worse, we cannot actually change things. Until this is fully operational, we will have to report it under the scope of SIS. Afterwards, we will be able to post it under concessions. Thank you.
Thank you very much, João, for your questions. The next question is by Fernando Lafuente from Alantra. Please go ahead.
Good morning. I have two questions. The first question is concerned with dividends coming from concessions that you expect this year. Since you have increased such dividends, I believe that this is because of foreign exchange variations. I would like to confirm that. In this backdrop, which is the potential impact that Forex could have on your dividend estimates, for concessions this year or next year and also in 2024?
The next question is the following: With regard to the asset sales and potential investments, I would like to know what you think about the investment environment of the concessions division. What do you think your peers' position is? Which is the investment outlook of other peers in the next two or three years? Do you envisage any changes from country to country, in North America, for instance? That's my question. Thank you.
Fernando, as for foreign exchange, volatility is extreme at this point in time. Even if there's a lot of activity, we normally tie our foreign exchange rate to the US dollar and other Latin American currencies. As the euro is reappreciated, there will be some movements. If we transfer that volatility over to dividends, we would say that well, it's going to be low.
We expect to receive about 180, 170 or 190. We're not talking about a 50%-70% impact at all. Potential devaluations that will have to be adjusted according to the US dollar, that those are scenarios that we can manage. With regard to the concessions pipeline. As part of our strategic plan, and today we have announced that we have achieved the first concession in an English-speaking country. Our goal by the end of 2025 is to have 1/3 in Europe, 1/3 in Latin America, and another 1/3 in English-speaking countries, and here we include Australia. We are normally awarded two or three concessions per year, and that remains to be our expectation. Thank you.
Thank you, Fernando, for your question. We have finalized all questions over the phone. Now we are going to receive questions via webcast. We have one question from Filipe Leite from CaixaBank BPI. He's asking us about the impact that inflation, rates have had, how that affects engineering infrastructure revenue by year-end, and what margins do we expect by the closing of this financial year? The second question has already been addressed, and this is a contribution of Pedemontana to engineering and infrastructure, and when it's going to be transferred over to concessions. The third question is whether we expect any awards from the 5G program in Colombia. As to the impact of infrastructure and engineering by year-end, the answer to this question can be found in the information we have presented. We're talking about a 3.7%. Two years ago, it was about 5%.
We are talking about a 1.2%-1.3% impact on the EBITDA margin. If we extrapolate that over the period, we are talking about EUR 14 million-EUR 15 million. If we multiply that by two, the impact will be about EUR 30 million-EUR 32 million, so it's quite manageable. We already announced that in the prior quarter. Let me insist once again that our target is to bring this down further, because every day and across the projects whose impact has not yet been recognized, we are in close contact with customers, and we hope that claims will be kept to a minimum. We don't want to go into any litigation procedures. Therefore, the impact is manageable, let's say. Then you asked about the 5G project. The 5G project has already been or is starting to be awarded.
We keep an accounting prudence approach. We trust that we will be successful in some of our projects concerning this 5G project, as it was the case with the 4G project. Remember that we were one of the first concession awardees with four projects being awarded to us. We hope that this year is going to be the same, but you never know. There are no additional questions through the webcast, so now let me give the floor back to the chairman. If there are no further questions, please keep safe. Thank you very much for attending this presentation of results, and we look forward to meeting you again at the next presentation of results. Have a great summer break. After all the efforts we have made over the past days, we all deserve a break. So enjoy and have a nice day.