Good morning, ladies and gentlemen. On behalf of Sacyr's team, welcome and thank you very much to all those who are attending in person and those people connected online, more than 300 people. I'm Alberto Gárgoles, Director of Investor Relations at Sacyr. Before we kick off, I would like to point out that all the documentation related to this Investor Day, both the presentation and the Excel file with the details of the valuation models of our assets, are already available on our website and have been yearly reported to the CNMV. Today is an important day for us. In 2019 and 2021, we held two Investor Days with a clear goal: to provide greater visibility and future outlook for the company. Today, we will be presenting to you the new growth phase that Sacyr is embarking on.
In the next hour and 20 minutes, you will be able to see how exciting this new phase is. Next, let me walk you through today's agenda. First off, Manuel Manrique, Chairman and CEO of Sacyr, will speak about Sacyr's strategic vision. Secondly, Carlos Mijangos, CFO of Sacyr, will explain the key financials of the 2024-2027 strategic plan. Thirdly, Marta Gil de la Hoz, Chief ESG Strategy and Innovation Officer, will talk about sustainability at Sacyr under this new plan 2024-2027. After this first session, the company's three business lines will be discussed in detail: that is, Sacyr Concesiones, Sacyr Agua, and Sacyr Ingeniería e Infraestructuras. They will be discussed by their top managers, Pedro Sigüenza, Managing Director of Sacyr Concesiones; Eduardo Campos, Managing Director of Sacyr Agua; and Rafael Gómez del Río, Managing Director of Ingeniería e Infraestructuras.
After the presentation of each business line, María Muñoz, Head of M&As, will explain the valuation of the Infrastructure Concession Assets portfolio and the Water Division portfolio. And finally, Manuel Manrique, the CEO, will close off highlighting the most important conclusions. As usual, we will have a Q&A session. First, we will take questions from the floor, so please raise your hand and a microphone will be brought up to you. And next, we will read out all the questions posted online through the webcast. Without any further ado, now let me give the floor to Mr. Manuel Manrique, Chairman and CEO of Sacyr.
Buenos días.
Good morning. Once again, welcome. Thank you very much for attending Sacyr's Investor Day 2024. This Investor Day is as important as the previous ones that the company has already held. Although it has a special feature, today we are going to present the 2024-2027 strategic plan, which is the first necessary step to become the leading developer of greenfield transportation, social, and water projects by 2033. With this strategic vision 2033 as our long-term objective, the 2024-2027 strategic plan will lay the necessary foundations to achieve that objective, starting right now. Before explaining what our objectives are, how we are going to achieve them, and the figures supporting them, it is important to point out where we are starting from.
Sacyr is a company that, thanks to the effort and hard work of each one of its members, including our shareholders, has successfully met, even ahead of schedule, the targets set under the 2021-2025 strategic plan in terms of concessions, EBITDA, reduction of corporate debt, and profitability, among others. Today, Sacyr is the third-largest transport infrastructure developer in the world, according to Public Works Financing (PWF), with an investment under management of EUR 22 billion, with more than 70 assets of different typologies, most of which are characterized by low demand risk and high and growing cash flow generation. The average life of our portfolio is 28 years, with presence in our reference markets, the ones that we have chosen.
In order to face this new phase of growth, after divesting of Sacyr Servicios and now that we are fully focused on our concessions business, we have carried out an organizational restructuring that seeks to achieve greater efficiency. We have shifted from a holding structure with three independent companies to a single company with a shared service center and three lines of activity totally focused on operations. We estimate that thanks to this restructuring, we will achieve savings of EUR 40 million over the 2024-2027 period. Now, we are in a much better position to address a new and much more ambitious strategic plan. To this end, Sacyr has four unique strengths to achieve our objectives. First, a vertically integrated business model that allows us to build projects with high added value and commission and maintain them in an effective, efficient, and safe manner.
We have great capacity to develop greenfield projects and put them into operation. Sacyr Concesiones is our Transportation and Social Infrastructure Project Development Division, with a successful track record that you are all familiar with. Sacyr Agua is our independent and specialized division for the water sector, which we are going to strengthen and promote to consolidate it as a state-of-the-art infrastructure operator and concessionaire, with a clear commitment to high growth. Sacyr Ingeniería e Infraestructuras, in turn, carries out and will continue to do so the most efficient project designs and construction work for the other two divisions, in addition to other contracts for third-party clients, yet with very, very limited risks. This kind of business integration that I have just described makes us unique in our industry. And why are we unique?
We are unique because at Sacyr we act as one, putting the objectives and interests of the group before all else, with a sense of unity, and all three divisions sharing and working together, and the results are there for all to see. Second, we have developed a platform that is capable of detecting, articulating, designing, and winning projects with an increasingly higher success rate, which to date has enabled us to win between three and four projects every year. Third, we have a highly committed and qualified human and professional team, which has repeatedly demonstrated its ability to meet their goals, significantly increasing the profitability of the projects throughout their life. Fourth, we have a sustainable management approach that meets all national and international requirements and that allows us to generate great confidence among all our stakeholders.
These four strengths will allow us, in the medium term, to raise the value of equity invested in Sacyr's concession assets to EUR 4.5 billion by 2033, from the current EUR 1.6 billion. This will imply managing an investment of more than EUR 60 billion and reaching a valuation of concession assets in the order of EUR 10 billion. We will start this transformation by managing a new lever for generating value and accelerating growth for this company. We shall group our main brownfield assets already in operation into a new company to which our more mature assets will be allocated. This company will be a long-term, low-risk asset management company in order to accelerate our growth, obtain more resources to multiply our capacity to take on new projects, target larger assets, and co-invest in Brownfield, Yellowfield, and occasionally Greenfield Projects, which shall bring on board a long-term, stable partner with a minority stake.
This partnership that we are announcing today will be, as I have said, a growth accelerator whereby we expect to at least triple the value of these companies' assets by 2033, and which will break ground to other patterned growth paths. This new external resource will be coupled with our own financial capacity, nourished by dividends from our concession assets and construction activity. We are fully committed to seizing all growth opportunities in our core markets. Growth will be achieved under strict financial discipline, as has been demonstrated in recent years. We expect to obtain an investment-grade credit rating in the next 2024-2027 cycle. This growth will be accompanied by changes in our shareholder remuneration policy, which will entail allocating at least EUR 225 million of cash to this end over the 2024-2027 period.
By 2027, we intend to achieve the following main objectives: EUR 1.35 billion in operating cash flow, that is more than 60% higher than in 2023, about EUR 2.6 billion in invested equity by the end of the cycle, that is 62% more than in 2023, and around EUR 30 billion of investment under management, that is 50% more approximately than in 2023. We are going to do it striking the geographic balance we are aiming for, which is having a third of our business in Europe, approximately a third in Latin America, and a third in Anglo-Saxon countries. Technological innovation, and in particular artificial intelligence, will continue to play an increasingly more important role in our projects, as they help us provide a better service to our customers, increase the safety of our people, and be more efficient.
This growth will be achieved by following the best corporate governance practices together with a strategic sustainability plan. In terms of corporate governance, we are currently a company that observes and complies with the highest practices and recommendations of good corporate governance. Today, our board of directors is comprised of 14 members, 50% of whom are independent directors. The board's structure integrates all the competencies required to deliver on our purpose, as well as our company object and interests: engineering, of course, but also in terms of finance, innovation, sustainability, law, etc. Through compliance and improved corporate governance, we will be able, in the short term, to take further steps towards compliance with gender diversity requirements, as I stated at last year's annual general meeting. In the future, we shall continue our efforts to remain at the forefront of our industry in terms of sustainability, as we shall explain later.
As a result of all these actions, over the next 10 years, we shall fully transform ourselves into a leading developer of greenfield transportation, social, and water projects in our core markets. I now give the floor to Carlos Mijangos, Chief Financial Officer, who will explain the figures supporting our 2024-2027 strategic plan.
Good morning. Sacyr is today a company whose assets have a high cash generation capacity, as we will see during the presentation. Before analyzing the main financial figures of the 2024-2027 business plan, I would like to briefly review the main objectives and commitments that underpin the 2021-2025 plan. There were five of them. First was to focus on concession, and by the end of 2023, 93% of the company's EBITDA already came from our concession assets, and we had received over EUR 550 million in the past three years.
The second objective we set for ourselves was to reduce recourse debt. We've been able to reduce it by almost EUR 500 million, which accounts for 72% compared to the beginning of the plan. The third pillar was to provide, sustain, and shareholder remuneration, and that has actually been quite stable, accounting to around 4.8%. Then, while the balance sheet has been simplified, we've exited Repsol's shareholding, and we have sold the services division. Last pillar to be committed with sustainability and corporate governance, we have improved our ratings in the main sustainability and corporate governance indexes. If we now try to check the main magnitudes of this plan, by the end of 2027, the company would have generated an EBITDA of over EUR 1.6 billion. Operating cash flow would have grown up to EUR 1.35 billion.
Net profit would be at EUR 265 million, and we would have invested over EUR 1 billion in our concessions to get to EUR 2.6 billion by the end of 2027. All within our cash remuneration threshold, there's of at least EUR 225 million. As we can see here, annual growth is quite robust, double-digit growth, except in EBITDA, which is more moderate. This is due to a very relevant picture of the assets accounting that I would like to explain so we can better understand the financial magnitudes of the company. As we can see here, international accounting rules set two different kinds of assets. Those assets in which users pay for the use of the infrastructure, those are called intangible assets, and those assets in which it is actually the client, the one who pays on behalf of the users.
Those assets are called financial assets, given that you have a right to receive the payment from those clients. In any case, well, in the first case, EBITDA and operating cash flow are the same. So in the beginning, there's no EBITDA, and there's no cash. And when the asset is in operation, you start generating both. So we have the same figures. But it's not exactly the same with financial assets because in those cases, well, cash flow is exactly the same. There's no cash flow in the building phase, and income starts to accrue the moment it's in operations, but you generate EBITDA in the construction phase. So you normally have a financial income that accrues during the operation, and it's maximum when everything's in operation. And then EBITDA reduces until in the last day of that tender, well, at its minimum.
Meanwhile, it's going to be operational cash flow. That's important because many of our assets are financial assets. If we take a look at the figures in the company, we can see that between 2021 and 2023, when most of our assets were in construction phase, EBITDA went from EUR 900 million to EUR 1.5 billion. There was high growth. However, the focus in this cycle is to end at EUR 1.3 billion, which is a moderate growth of 6%, but cash flow is not the same. We were, well, last year, we finished with almost EUR 850 million. We were at EUR 600 million, and we'll be above EUR 1.35 billion in 2027. And why? Well, because income, our revenues are linked to inflation. Second, because anytime we open a new tranche or a new project, they add to our cash flow.
And third, because we do an active management of our assets and our portfolio. So it's very important to understand EBITDA will grow by 6%, but cash flow will grow by 60% in this period. So EBITDA metrics are not the right ones to understand the results of the company. Great. And if we now check which are the main pillars that underpin our growth, well, we have three main pillars. The first one is to keep on growing in concessions. As the president explained, we will create a company in which we are going to include all our brownfield assets, and we will have a new minority owner, a new minority partner. And we have several ideas. The first of them is to have new cash to invest in new projects. Second, of course, we will have the advantage of having new valuation of our markets.
Then, of course, we will be able to invest more in Brownfield pPojects in our targeted markets. So we will make the most of all the opportunities. We will invest EUR 1 billion in this period, and that way, we will be able to ensure the growth of our platform. Second pillar, financial discipline. We have worked hard in the past few years to be able to reduce, notably, recourse debt, as I explained previously. And we are going to have an additional commitment because the ratio that measures recourse debt, the ratio between recourse debt, EBITDA with recourse, and concession distributions should be maximum at 1x. And as the third pillar, we have shareholder remuneration, and we're changing our policy, and we'll go, and we now devote cash, EUR 125 million in cash for this remuneration in this period. Great.
Let's talk about the first pillar, investments made in concessions. How much are we going to invest? As we can see here, we had EUR 1.6 billion by the end of last year. That's 2023, and we expect to invest EUR 1 billion. Out of them, EUR 700 million is committed equity already, which means this is equity that we will have to include in the projects that we are building or that we've been awarded recently. And we believe we'll be able to devote another EUR 300 million to new tenders that we win in this period. That way, we'll get to EUR 2.6 billion by the end of 2027. But if we go beyond that and we start to look at 2033, the objective of the company is to be able to invest another EUR 3.5 billion to get to EUR 4.5 billion or EUR 5 billion by the end of this year, which is 2033.
If we try to zoom into the next four years, we can see in dark blue, which are the distributions that we're going to get from our assets. If you add them all up, we get over EUR 1 billion in these four years. And as I just mentioned, we are going to invest EUR 700 million in our assets. The difference, well, there's an excess of cash flow, but that's something temporary. And the way to tackle this factor will be explained later. In terms of the valuation of these assets, in 2019, we had a value of EUR 1.8 billion. In 2024, we'll get to EUR 3.6 billion, which means that we've been able to double the value of our assets in just five years. But our objective is more ambitious. We will want to get to EUR 10 billion by the end of 2033.
So at least we can see that the multiplying effect of investment and valuation is at least a few times. So here, I would like to check capital allocation. The capital allocation of this company will generate between EUR 1.4 billion and EUR 1.6 billion in these four years. How? Through asset rotation and through the distribution of our concessions. So we'll get to EUR 1.4-EUR 1.6 billion. And excluding concessions, we'll contribute with another EUR 200 million net. And that way, we'll get to EUR 1.6 billion-EUR 1.8 billion. Of course, we have to take into account recourse debt, interest, and taxes. Well, the interest will drop as years go by, and taxes will increase given that the company is more and more profitable. That way, we'll gain to EUR 1.4 billion-EUR 1.5 billion pre-investment capital. If we reduce those EUR 700 million that are already committed, the company will have EUR 700-EUR 800 million.
So where's that capital going to be allocated to? First of all, we'll remunerate our shareholders, at least EUR 225 million. Second, future growth. We are sure that we will win enough projects in the next three and a half years to be able to add EUR 300 additional million. And last, we need financial flexibility to be able to manage those temporary deviations in cash between the distribution from the concessions and the cash of the company. And that way, we'll, of course, go to both equity and debt markets, as well as possible additional asset rotation. But we will always have a very active management anticipating the capital needs for our projects and future projects. If we check the second pillar now, which is discipline, we had almost EUR 850 million in 2019.
With this ratio, I just explained, of debt to recourse EBITDA plus concession distribution was above 4 times. We've made a very important effort to be able to reduce that value. Last year, we were clearly below EUR 300 million and b elow 1x in that ratio. So this allows us to say that we can work on the rating of our company and get an investment-grade rating. Of course, we will keep on working to make sure that this recourse net debt will get us to a net cash position, but we are flexible to be able to manage this ratio up to 1x so we can tackle any opportunity that might arise in the next coming years.
If we try to assess how the debt of the group looks in terms of two very important factors, interest rates and currency risk, well, in our activity, 82% of the debts of our projects are at fixed rates, or we out there hedge through derivatives, long-term derivatives. If we check the debt of the group, well, corporate debt is very small, but 78% is hedged. It's fixed rate, or it's been hedged with derivatives. So the impact on the company of the increased interest rates has been limited. And second, in the markets in which we operate, we always have one premise, which is to finance in the same currency in which we get our pay. So that's the first natural hedging. But we can go beyond that because almost 73% of our debt is in dollars or euros.
Well, that's because many of our projects in Latin America, the ones in Uruguay, Paraguay, or in Colombia, because they partially pay in dollars as well, we get all our revenues in dollars. This is very relevant because almost 73% of the company are working in the two strongest currencies. In terms of the third pillar, which is shareholder remuneration, in the past few years, we have been doing it through a scrip dividend. This way, we've given the shareholders the opportunity to choose if they wanted shares or if they wanted cash. And on average, 90% of shareholders have chosen shares, which shows the trust of our shareholders in the profitability and growth opportunities of the company.
If we were to, well, to check the price, we went from 0.08 EUR in 2020 to over 0.13 EUR last year, which is an annual return of 18% with an average return of 4.8%, almost 5%. And of course, this has allowed us to devote over EUR 700 million to what we really add value, which is, well, providing equity to new projects. But we are going to change this policy. And as the president just explained, we will start providing or giving a payout to then keep on increasing this cash payout. So at the end of this period, we would have devoted at least EUR 225 million. And in summary, the main magnitudes of the company in the next four years are going to be the following. First, we would have invested EUR 2.6 billion in our assets.
Second, we would have received over EUR 1 billion in distributions from those assets, having achieved a rating of investment grade, having distributed EUR 225 million at least to our shareholders, and with an asset valuation of over EUR 5 billion. Now, I would like to give the floor to Marta Gil de la Hoz. She is Chief ESG Strategy and Innovation Officer.
Good morning, ladies and gentlemen. As I said, sustainability generates real value through its impact on our main stakeholders. Back in 2021, we redefined our company purpose to build a sustainable future through the management of infrastructures capable of generating a social, environmental, and economic impact on all our stakeholders. As a result of this purpose, we have placed sustainability at the center of our strategy, conditioning the company's most relevant decisions to it with a plan that we have called Sacyr Sustainable.
Throughout these three years, we have been able to tender, design, finance, build, and operate the best infrastructures, such as transportation infrastructures, to unite territories and contribute to the new mobility paradigm, social infrastructures such as hospitals and universities to improve the quality of life of those communities where we operate, and all types of plants and facilities to ensure the availability and quality of such a valuable and scarce resource as water. Thanks to our joint efforts throughout this period, we are very proud of the results at hand, namely a positive impact on the environment through environmental investment, emission reduction, or water management efficiency, a positive social impact by reducing the injury rates in our projects significantly, as well as promoting female leadership, and a positive impact on governance.
As stated by the chairman, we have now access to new financing for environmental and social projects and, of course, by deploying innovative projects. The value to which I referred at the beginning translates into new investors who factor in impact criteria in their decision-making, new sources of financing linked to environmental or social projects, new infrastructure awards that are more and more customary, where our customers are integrating sustainability criteria and, of course, attracting and retaining the best talent. Thanks to the excellence and commitment of all Sacyr employees, year after year, our efforts have been endorsed by prestigious external parties. You can see some examples. Sustainalytics, for example, has positioned us for the third consecutive year as the best company, or the most sustainable company in the sector.
Standard & Poor's ranks us fifth worldwide, and this year, we have been recognized as an industry mover for the most notable improvement in the sector, and MSCI, that has awarded us an 8 rating for the first year. Others are equally important, such as CDP, EcoVadis, FTSE, or Bloomberg. Now, taking into account the impact contributed to Sacyr in the previous cycle, sustainability cannot be missing in the new period going forward. In parallel to the business plan that we are disclosing today, we have designed our new strategic sustainability plan to accompany Sacyr's growth in this new phase, our Sacyr Sustainable route that is structured into four areas. We want to continue being leaders with a positive impact on our business as well as on our stakeholders.
So these four areas are planet, people, prosperity, and governance, covering all the material areas for Sacyr, that is, climate change, circular economy, health and safety, talent, natural capital, among others. All these will be supported by three levers that will act as drivers of transformation, that is, culture, innovation, and sustainable finance. This plan includes 19 strategic programs with 51 objectives and more than 83 lines of work that we are beginning to deploy. As I mentioned at the beginning, sustainability at Sacyr generates real value, and this value will accompany Sacyr's growth all along. Thank you very much for your attention. Now, I pass the floor to Pedro Sigüenza, Managing Director of Sacyr Concesiones.
Thank you, Marta. Good morning. Sacyr Concesiones is a unique platform in terms of growth and value creation. The management of the concessions division sits on around four pillars. First, cash generation. Second, we have to be unique in creating and putting in operation greenfield projects, then to generate value of our assets through their lifecycle. And fourth, to be able to grow and have bigger projects and more profitable projects. First pillar, to be able to generate growing dividends thanks to our 57 assets in 12 different countries. It's also diversified by its typology, mainly transport infrastructures. We have a portfolio of over $48 billion with low demand risk and 28 years of remaining life. On average, it's a portfolio that has generated $200 million in distributions in 2023 and that will distribute $1 billion between 2024 and 2027. So those are incomes that are predictable and growing.
Second pillar, to be unique in winning and commissioning greenfield projects. We normally win 2-3 projects a year, and we are commissioning 3-5 projects a year. In 2022 and 2023, we have won 7 projects, 5 Greenfield Projects, and 2 Yellowfield Projects. We'd like to highlight the fact that we were able to enter in transportation infrastructure concession sector in the United States by being awarded the I-10 motorway in Louisiana. Then, our first concession in the UK with Velindre Hospital in Cardiff, a new concession in Italy. This is the fourth one.
We were able to sign the contract for Via del Mare that gives access to an area in the province of Venice, two new ones in Colombia, the Buenaventura-Buga corridor and the Canal del Dique, and two Yellowfield Projects in Chile, Route 78 between Santiago and San Antonio and the El Loa International Airport in Calama. In 2024 already, we have been awarded with a big project, a big greenfield project, which is the road in Lima. It's a project of over EUR 3.1 billion euros project. In the past two years, we have commissioned nine projects. No other concession company in the world, and I'll say it once again, no other company or concession company in the world has commissioned so many projects in these two years.
I'd like to remind you that these projects have been carried out through the pandemic with very strict security and safety protocols that allowed us to keep on working. I'd like to highlight the commissioning of our main project, the Pedemontana-Veneta motorway in Italy, the A3 motorway as well in Italy, two assets in Colombia, the Rumichaca-Pasto motorway at the border with Ecuador, and the Mar 1 project out of Medellín. Then, in Paraguay, also. And also for assets in Chile, we should highlight the Américo Vespucio Oriente motorway. And in 2024, we have already commissioned two big projects, the Central Railway in Uruguay, which has been the biggest investment made in that country. And last week, we also opened the motorway Pamplona-Cúcuta in Colombia.
Third pillar, vertical integration of our group that increases the value of our assets in the different phases throughout their lifecycle, from the initial IRR, which is 10%-12%, till the exit IRR, which is around 18%-20%. This means there's an increase of 800 basis points in profitability. We select the projects in a risk commission where we have all the different parts of the company involved. We normally present our bids that are very competitive and very technical things to the engineering department and the construction department. Once the project's been signed, we optimize the design, and the works are carried out in terms of quality and price. Our finance division carries out a tailor-made financing for each asset that is optimized as the construction risks are reduced.
Once the asset is commissioned, we increase the profitability even further with proper management of the costs and the clients till we get to the asset rotation. In this chart, we can show that our asset rotation has more than doubled the capital invested in those projects. Fourth pillar, to grow more in greenfield projects, in bigger projects or complex projects with less competition, and so more profitable projects by prioritizing risk mitigation processes and focusing around sustainability. We are assessing projects with an associated investment of $750 million. 50% of these opportunities are in English-speaking countries, 38% in Latin America, especially Brazil, Colombia, and Chile, and 12% in Europe. Out of all these projects that have been assessed, 60% will be disregarded in that commission, or they may not even be a tender.
So we expect to be able to present bids to projects linked to an investment of $30 billion. Given our record of winning tenders, that's 30%, we will probably be awarded till 2030 assets with associated investments of $10 billion. In this slide, we'd like to show you a map of main opportunities we are assessing within the 60 assets we are following in 12 different countries. Please allow me to finish my presentation once again saying that Sacyr Concesiones is a unique platform for growth and added value. Thank you very much, and I would like to give the floor to Eduardo Campos, Managing Director of Sacyr Agua.
Thank you, Pedro. Good morning. According to the United Nations, by 2030, about 50% of the world population will live under water stress conditions. Water stress is a more and more recurrent problem globally. At Sacyr Agua, we know and we're pioneers at solving water scarcity issues, and we have been doing so for more than 30 years by managing water resources in a smart manner through advanced technologies in order to reutilize water and through desalination, where we are pioneers globally. In addition, we do this making a profit. We have a proven track record of profitability carrying out water-related projects and managing water-related projects. Right now, we have a very sound, young, and reliable backlog in those areas in the world that are under the greatest water stress situation. As for our project typologies, they can be classified into three groups.
On the one hand, integrated water cycles. In this case, we take care of water overall process, including distribution, management, billing, supply, wastewater treatment, and our client is the citizen himself. Next, we carry out O&M contracts. In this case, we manage water facilities that we may have built ourselves or that may have been built by a third party, and we operate those facilities for a certain term. Usually, public administrations are our end clients in this case. And as for the third contract model, we find our own plants under concession, specifically desalination plants. Now, let me share with you some of our key figures at the company. In fiscal year 2023, our revenue amounted to virtually EUR 2 billion. EBITDA at EUR 447 million. We produced 2.4 million cubic meters of water per day. We provide water to 9.5 million inhabitants in the world.
And we also provide water to cover 100,000 hectares of irrigation area, which is a very high figure because we are by far the leaders in water production for irrigation purposes globally. No other company produces so much irrigation water as Sacyr Agua. This slide shows our track record over the past years, and I would like to call your attention to our profitability figures. We have always been focused on profitability. And this profitability has been growing over time, as you can see. According to our prospects, which are very positive for the coming years, by 2027, we expect to almost twofold 2023 revenue, aiming at EUR 350 million in revenue, reaching an EBITDA in the region of EUR 90 million approximately.
Right now, our revenue can be found 50% in Spain and 50% in those areas under water stress, as I mentioned before and that I will describe in a minute. In Spain, I would like to highlight that we are by far the leaders in desalination. That is not a minor piece of information because in Spain, we are the most important leader. At an international level, we are present in Algeria, where we have been working for quite some time, North Africa, which is an area which is severely affected by water stress now and in the future. We are also present in the Persian Gulf in Oman, which is an area that is expected to grow in the future for wastewater treatment and desalination. We also have another facility in Australia.
We built the first desalination plant in Perth, and there we also hold very ambitious plans. We also operate in Chile, especially Northern Chile. Northern Chile is also a region that is expected to grow significantly in the coming years. At the beginning of my presentation, I spoke about our backlog. I said that it's both robust and young, and these are the fundamentals behind that. Since 2017 to date, we have more than tripled our backlog. Right now, we are reaching nearly EUR 5 billion in backlog. Please, you should remember that we're talking about a profitable backlog all along. I spoke about where we are heading to. Mainly, we are aiming at those areas where we are already present and that are expected to go through more water stress in the coming years.
In Spain, we're all aware of the current situation in Catalonia in terms of water supply or in Andalusia. These areas, historically speaking, never had a scarcity issue, but over the past years, they have been going deep water stress situations that will have to be tackled in the rest of the world. We will keep a close eye on North Africa, in the Mediterranean area, in the Persian Gulf, in Australia, where we are seeking several projects. We will also focus on Chile, where we already have a leading position, and we will continue to bet on that country. In other countries where we operate as a group, we will also try to seize any emerging opportunities. Now, let me talk about innovation quickly. Water is a sector that requires plenty of cutting-edge technology. Digitalization is increasingly more important when we talk about water.
Energy efficiency is also very important, and this is one of the factors why we are competitive. I can give you several examples. For instance, we are now developing a process whereby we extract electricity power from brine. You know that brine is one of the outputs of desalination. We are extracting electricity from brine, which, by the way, translates into enhanced energy efficiency, which makes the desalination plant also more efficient. In closing, even though I would love to speak about water all day long because it's an exciting world, I would like to say that we have the positioning and know-how that it takes to solve water stress in the world. We have a track record that shows that we can do so through profitable growth. Believe me, we will seize all the opportunities that the future may bring along.
Now, let me pass on the floor to Miguel Ángel del Ríos, the Managing Director, Rafael Gómez del Río, Managing Director of Sacyr Ingeniería e Infraestructuras.
Good morning. At Sacyr Ingeniería e Infraestructuras, Engineering and Infrastructures, we are profitable, we are reliable, and we are predictable. We are profitable because we believe profitability is more important than volume, and we are reliable because our contracts are always made both in term and quality. In 2022 and 2023, we have commissioned 18 projects for our concession company. And that's thanks to our great human capabilities, technical, engineering, and production skills. And we are predictable because we mainly work for our concession area, and that's what we'll keep on doing. In 2021, it accounted for 47% of our work. Today, we are at 62, and our objective in 2027 is to go all the way up to 70%.
That's why we are in the area of the group in charge of greenfield complex projects, and we are present from the initial phases and the design until all the way to the construction. We go hand in hand with our concession company and our water company in all the projects, and we are a cross-cutting department. That's why we are very successful. In 2023, we finished with EUR 2.13 billion in revenues, EUR 99 million in EBITDA that account for or represent 4.6% EBITDA margin. On the other hand, our backlog is greater than EUR 9 billion, so we have activity guaranteed for more than five years, which allows us to choose which are the projects we want to be involved in and which are the margins we want to get. So we'll go and tackle those projects that have technical factors as the more relevant aspects.
We'll be working in Spain, Italy, Canada, the United States, Australia, the U.K., and also in Latin America, both in Colombia and in Chile. We have many great comments and references and ability to keep on growing in our concession business. We have built over 6,000 kilometers of roads, over 1,000 kilometers of high-speed railways, 10,000 beds, or 2.5 million square meters in hospitals, over 300 water projects, and so on. And if we now talk about margin, in this chart, you'll be able to see why we prefer margin instead of volume. In 2021, we were over EUR 2.2 billion in revenue, and our EBITDA margin was 4.1%, which was EUR 92 million. In 2023, we already mentioned where we got 4.6% and the objective we have set for ourselves.
In 2027, it's to get to $2.2 billion with a margin of 5% that will account for $110 million in EBITDA. As you can probably see, we have reduced our activity, which means we are taking less risks. We are basically working for our concession company, and that's the key to our success. On the other hand, we also believe that we are one of the leaders because we have quite a specific model. We have mentioned it throughout the day, but I just want to mention that we work in a cross-cutting manner. We look for what's best for the group, and we also do that locally. In doing so, we are very close to our supply chain and our suppliers, which allows us to be more competitive. But of course, we never forget about the risk, and we carry out a very exhaustive risk analysis.
We make decisions to greenlight or not greenlighting projects according to the characteristics of the projects. And today, already, 60% of our work is done with our own company. But for the rest of the projects, we have risk mitigation mechanisms. In 90% of our backlog, we have progressive contracts. We have open book contracts, or we have cost plus fee projects, and those are our favorite ones. And last, our ability to commission projects. We're borrowing, I know. We always see what we are going to do and when it's going to be ready. And always meet prices, qualities, and terms. And now talking about our backlog, since 2021, our backlog has increased by almost 30% with our work mainly linked to concessions that accounts for 62%.
In terms of our geographies, our distribution is 50% in Europe, 13% in English-speaking countries, and 37% in Latin America. The objective in 2027 is to get to 25% in English-speaking countries. In 2030, have a distribution of one-third in English-speaking countries, one-third in Europe, and one-third in Latin America. In this slide, you can see the main projects we are following. Many of them are the same as the ones shown by the water division and the concession division. So that means we have enough projects to be able to work in the next few years. I just like to remind you that in Sacyr Infrastructures, we are profitable, we are reliable, and we are going to work basically for our concession department. I would now like to give the floor to María Muñoz. Thank you.
Good morning. The valuation of Sacyr's portfolio stands at EUR 3.6 billion in 2024. And as shown by the light blue bars, will climb to EUR 5.1 billion in 2027. This valuation is a reflection of all the information previously shared with you, and it's supported by the resilience of the assets and the growth capacity of our platform, as well as the fact that we are entering a phase of accelerated growth for which we have set as the target of investing the equity represented in the dark blue bars for each time horizon. As shown in the horizontal lines, we have been systematically surpassing our estimates that the current valuation of EUR 3.6 billion exceeds our estimates for this year that we presented at Investor Day 2021, which were already higher than the estimates presented at Investor Day 2019.
As usual, this valuation has been carried out by the sum of parts, mainly using the discount distribution method, except for certain projects of the water division that have been measured by multiples, as we shall see next. The discount rates used were specific to each country and to each project according to their characteristics, and they post an average value of 11%. This valuation is comprised of the current infrastructure and water portfolio represented in the dark blue area at the bottom and future growth represented in the light blue area right on top. The graph shows the increasing evolution of the portfolio's valuation over time, with an initial value of EUR 3.6 billion in 2024, of which EUR 5.7 million corresponds to future growth, as we'll explain. Refinancings have been taken into account in certain assets such as Pedemontana, AVO, and Camino de la Fruta.
However, the potential for portfolio re-leveraging has not been captured in the value, and possible asset rotations have not been taken into account either, so there would be some room for additional improvement. Now, let me deep dive into the water division. The valuation of the water division is EUR 395 million, as shown in the dark blue bar on the right. This valuation has been obtained by the sum of parts and using a specific methodology depending on the project typologies, which have been classified into two categories. On the one hand, we have the integrated water cycles and operational maintenance contracts that have been measured at EBITDA multiples, applying a multiple of recent market transactions of 12.5x, as you can see on the graph on the left-hand side.
On the other hand, long-term plan contracts that have been measured by discounting distributions using country-specific discount rates and project-specific discount rates. The current valuation of EUR 3.6 billion is EUR 740 million higher than that presented at Investor Day 2021. Next, we will go into detail as to how we have reached the current valuation, that is, the right bar, starting from Investor Day 2021 valuation on the left bar. So effects with a negative impact are shown in gray and with a positive impact in light blue. The effects that reduce the valuations are, on the one hand, the three effects which stem from the current macroeconomic context, which are exchange rates and higher interest rates, both with quite a limited impact, and then the increase in discount rates compared to those used at Investor Day 2021 with a relevant impact.
The fourth negative effect corresponds to the EUR 310 million in value from the Pedemontana refinancing we announced back in 2022, as well as from the sale of the Eresma and N6 assets. The effects with a positive impact on valuation are rolling forward and risking as the projects develop. On the other hand, we have higher inflation than expected in 2021, especially over the past three years. The two effects on the right-hand side derive from growth. The first of EUR 444 million corresponds to the value of projects awarded since 2021 only, that is to say, over the past three years, which shows the great capacity the platform has to generate value thanks to the growing success of our tenders, and then the higher future growth in line with our accelerated plan that I will explain next.
Before I talk about the last effect, I would like to underscore that despite the fact that we have anticipated dividends from the Pedemontana refinancing and the rotation of two assets, and despite the high interest rate environment, value has been increased by EUR 740 million thanks to the company's growth capacity and its portfolio's resiliency. The final conclusion that we can draw from this analysis is that the positive effect of high inflation somehow offsets the negative effect arising from interest rate hikes. Therefore, inflation accounts for a natural hedging. But in addition, there is a significant difference, and that is that the effect of inflation has already been consolidated in the portfolio because tariffs are calculated based on those of the prior years.
However, the negative effect of the macro context, in our opinion, is temporary, so it could be reversed in the medium term with resulting automatic improvement of the valuation. Now, talking about the last impact on growth, as I said, future growth will be EUR 5.7 million, that is to say, EUR 311 million in excess of our estimate announced during Investor Day 2021, taking into account a greater rate of winning projects and the goals that we have set ourselves. Now, talking about the current portfolio, and if we talk about the distribution of Sacyr that is represented with the light blue bars, you can see the great capacity of cash flow generation over time reaching EUR 16.1 billion and growing by more than EUR 90 million per year with respect to the 2021 portfolio.
On the other hand, total distributions until 2033 reached EUR 3.5 billion, and the average distribution profile is increasing over time. Finally, in connection with the current portfolio, the debt-service coverage ratio is increasing over time, starting from 1.4 times, which shows that the operating cash flow broadly covers the debt service represented by the dark blue bars, which would make it possible to re-leverage the portfolio and bring distributions forward with a resulting valuation improvement. In closing, I would like to highlight that Sacyr will receive EUR 16.1 billion in distributions from the current portfolio, which represents the main lever for our company's growth and shareholder remuneration and constitutes the key pillar of asset value, which currently amounts to EUR 3.6 billion and will reach EUR 5.1 billion by 2027, and which is expected to exceed EUR 9 billion in 2033. Thank you very much for your attention.
Kicks off a new cycle. With a balanced asset distribution, we maintain a strategic portfolio rotation as a key to our constant and dynamic evolution. Our efficient and sustainable performance has pushed us to fulfill the 2021-2025 strategic plan ahead of schedule, becoming the world's third-largest transportation infrastructure developer. Europe, the United Kingdom, and Italy have become key markets for us thanks to the significant projects we design, build, and manage social and transportation infrastructure. We won the I-10, our first road P3 contract award in the United States, one of the largest P3 contracts in North America in 2023. We continue to deliver huge P3 contracts like Buenaventura-Buga in Colombia or the Anillo Vial Periférico in Lima, Peru. After more than two decades of activity in Chile, at Sacyr, we continue to develop key infrastructures like El Loa International Airport or the strategic Ruta 78 road corridor.
We consolidate our leadership position with a resilient, predictable, and stable model, guaranteeing excellence and meeting deadlines in every project. We reinforce the value of our assets with the commissioning of large infrastructures. Sacyr, global leader in infrastructure development and management, continues to grow with a committed team focused on profitability and sustainable future. Let's make it possible for all.
I hope that during our presentation on Sacyr's 2033 vision, and more specifically on the 2024-2027 strategic plan, you have found all the basic elements and data necessary to get an insight into what we are and what we want to be. To conclude, let me underscore the five reasons why we consider that Sacyr is a good investment opportunity. First. Because of our capacity to commit to projects under construction and their commissioning, we are one of the best platforms for the development of transport, social, and water infrastructures under concession, or PPPs, and we want to be the first. We achieve very high profitability margins with low demand risk, as proven, for example, during the pandemic. We are now targeting demand risk assets in strong segments in English-speaking countries where higher returns can be obtained. In addition, the market values the mature assets in which we divest.
This enables us to continue investing in our future portfolio with high success rates and increasingly larger assets due to our unique model of integrating the different phases of the business. Second, because we shall maintain the financial discipline that has brought us this far, which will eventually enable us to obtain an investment grade rating, yet growth will not be at the expense of corporate debt, which will remain at a very low level, only to the extent that it gives us the necessary flexibility not to miss any good opportunities. Third, because shareholder remuneration will continue to evolve and improve, we expect to allocate at least EUR 225 million of cash to shareholder remuneration through partial cash dividends or share buyback programs.
This new cash distribution will begin in 2025, thus fulfilling the commitment we assumed back in 2021 and will become more relevant in 2026 and 2027 so that it is always compatible with the company's growth. Fourth, because of our vertically integrated business model, which allows us to build our concessions in an effective, efficient, and safe manner, securing our delivery on deadlines and quality. We have an extraordinary management team, and we have a clear strategic vision for 2033 that will guide our efforts and that will turn us into a top global sustainable project developer.
And fifth, because we are committing ourselves to the future by presenting an ambitious and achievable strategic plan 2024-27 encompassed within a strategic vision to 2033 that will lead us to manage investments of approximately more than EUR 60 billion with an invested equity in the amount of EUR 5 billion and a value of our concession assets of around EUR 10 billion. Now, let me share with you the cornerstone of this vision, the identity of the new Brownfield company through which we are laying today the first stone of the great Sacyr that we have presented to you, Voreantis. Thank you very much.
Muchas gracias a todos. Thank you very much. Please, if you're kind enough to give us 2 minutes so we can get the stage organized, and that way we'll answer all the questions that we can hear in the room and then the ones we also got via the internet. Thank you.
Good morning. I hope you enjoyed the presentation. As we mentioned earlier, we'll now open the floor to a Q&A session. First, the ones here on the floor, if you can please raise your hand and introduce yourself and ask your question. Once we're done with the questions here, we'll answer the questions that we received from the internet. Thank you. Good afternoon, Luis Prieto.
Three, a short question. The first on Voreantis. If you can please shed a bit more light on the type of partner that you would be looking for, if it could be more than one partner, which is the kind of stake that you're thinking about depending on the partners, and if you can probably share with us your timing ideas.
Second, would you please be able to update the Chairman and CEO functions being divided, as you mentioned, and when can we expect any news about this topic? And the third one is more linked to valuation. Can you explain what's beyond the higher discount rates that you showed in the box? You had EUR 302 million of impact in valuation, and I understand it's given a risk-free rate or beta. I like to understand because I understand there's nothing like it in interest rates. It's probably more closely linked to the debt, right? Great.
First of all, the type of partner would be a long-term partner we started. So please realize that for about 6-10 months, well, we need to take these assets into this new vehicle. That could be one or two.
That could be, in terms of timing, well, I hope we'll be able to close in the first quarter 2026, last quarter 2025, not before that because we'll have to do. There's work to be done before that. Just like when we saw the service division, you need six to seven months of work to be able to carry these operations out, and that's what we just started. And the second one, in terms of the CEO, of course, we will comply with what we mentioned in the general shareholders' meeting last year. We said that was going to happen in 2025, and that will be the case. And in the case of the discount rate, well, what you just asked, we have increased our discount rates by 215 basis points, so average rate will be 11% given the present macroeconomic situation.
But I would like to mention, and María mentioned it before, that given that the consumer price index is something that's fixed, when interest rates drop, the other rates will drop as well. So there's a valuation of the assets just given the situation of the markets and the context. Thank you.
Yes, good morning. José Tamayo. And yes, to try to understand the partner more than the timing. Carlos one, you mentioned, well, you gave it a value. What's the value you were thinking about? What's your valuation of the company? But I just want to understand, $1 billion in equity to invest in three years. I understand that you're excluding the equity coming from this new partner because this partner will either buy the shares or add capital. So what are you thinking about or ideas around it?
Yes, of course.
Yes, that's not taking the new partner into account. But there's something else that's more global, and it's important to understand. These figures are all not taking into account new partners. So if there's no partner, these are our expectations. And if we have a new partner, we believe these figures could be much higher. Well, there's still a long way to walk. That's why we have not included that forecast. And if that partner bought and co-invested, but bought shares from this new vehicle that's being created, you will have revenues to the mother company. Could that be added to the EUR 225 million for the shareholder payout? Well, of course, the payout is decided by the board of directors. I mean, it would make sense, but we want to do structured growth.
So maybe instead of doing it in 2033, we could do it in 2032 or 2031 or 2030. I guess we could have a blended approach. But of course, from those distributions, out of the EUR 1.8 billion or about EUR 300 million would come from distributions.
Good morning. This is Faro from Banco Santander. And two questions. First, talking about this new partnership, I'd like to understand what's the scope. What's your idea about the scope of this vehicle, which are the assets that are going to be included? And what and you were planning to sell Chile and Colombia. So what's the impact it's going to have on those plans? That's the first question. Second question. Can you help us understand what's included in your valuation, especially if we take a look at the model? I'd like to understand if the valuation is including I-10 and Peru.
And then also a linked question. I was comparing the growth.
Well, we had, in terms of growth, in November 2023, your figure was EUR 165 million from the awarded projects, and now it's EUR 440 million. So I just wanted to try to understand what the difference is, which are the projects that have been included and which are the projects that you have included now. On the first question, the scope of the assets including this vehicle, we'll be talking about mature assets, and we will define them and share those assets as we go ahead with the project. But we're not including Chile and Colombia. In terms of valuation, yes, you're right. We have all the details by country. And then there's a last one where we include others. And those are the latest awards, like the I-10 or the ring road.
In terms of the scope, well, that change in the figures that we have been awarded for being projects in the past four months, that's the difference between the evaluation we had in November. We started working on it in September and the latest one that we just closed.
Yes, Filipe Martins Leite from BPI CaixaBank.
I have two questions. First, on the concession contracts and if there's some sort of contract with some clauses to be able to repurchase the assets, including I-10, and if that's the case, which are the valuation parameters of the prices? And second, on the FX risk because I've covered the risks. Because I understand what you just explained, that you have a natural hedging in these operations, but it's not the same with the dividends or the revenues you're expecting to get at the end of the life of these concessions.
Are you going to be able to hedge that risk, or is it a risk that you're going to have till the end or until the maturity of those concessions?
First of all, concessions, most of them have a termination value, so public administrations are actually able to recover them. But in contracts, that's done at fair value. And in most cases, you have to choose an independent third party, so there's no term or amount. It's just a contractual matter. And in terms of forex, well, the debt as I just mentioned is always in the same currency as the one in which we get our revenues. But closing, hedging, derivative is extremely expensive. And in those countries, what could be done, we'll be talking about weaker currencies. There isn't enough market depth. So it doesn't really make sense because local CPI is always higher than the euro CPI.
And so there's that correlation that mitigates that currency risk.
Good morning. Miguel González from JB Capital. Two questions. I'll go back to Voreantis. And I'd like to know, you did not mention the valuation, but in your Excel spreadsheet, I've seen that you have EUR 2.6 billion. Excluding EUR 68 million, you were mentioning that coming from new projects. Would that be approximate valuation? Because I understand that these are all the assets in operation. So would that be a possible valuation of this vehicle? Do you explain the changes in valuation from 2021 till 2023? I'd like to know what has changed between the valuation you provided in the last quarter and 2023 and this valuation?
Well, the valuation of the vehicle, well, we estimate, and as I mentioned, we are still in a defining phase, EUR 1.6 billion-EUR 2 billion, EUR 1.7 billion-EUR 2 billion globally.
And in terms of the second one, I think, well, yes, Miguel. The difference in valuation, well, you have the impact of having one more year. That's just the rolling forward effect. And then the contracts that come into operation, we have had several in 2023 and now the new railway and other projects, well, you have less. The construction risk is over. And then the macro context and inflation-focused from that are the ones we have actually used for our focus. Well, I-10 is included, not all the latest projects that we have won this year.
Fernando Lafuente from Alantra, thank you very much for your presentation. I have four questions. Two of them are follow-ups. One, Manuel.
But what you just said about the vehicle valuation, if EUR 2 billion, we could think that probably the equity, EUR 1 billion is the equity that's going to be part of this vehicle, 1 to 1.6, or is the criteria completely different? It has nothing to do with it. And second, on equity and the EUR 300 million additional million that you'll be investing besides the EUR 700 million I have already been committed, I understand that in your expectations, you're including those in probably more in 2026, 2027. Just try to confirm it. Or if you can please explain how you think you're going to be investing those EUR 300 million. And third one, on the dividend, EUR 225 million. I understand that given the slides, you have shown we're talking about 2025 to 2027, and that's going to be increasing. And you're including both things, so possible cash dividend and also share buyback.
And if that's the case, have you got any sort of idea of how that's going to be divided? And last one, sorry for the number of questions, is about the concession competitive environment. Is there something you've been able to show in the past few years that you are able to win new projects? And you're probably one of the main I mean, the question is, what sets you apart? What are your competitive advantages to be able to be this successful in taking into account the competitive environment for new concessions? Thank you.
Well, I'll try to remember all the questions. And first was, oh, the value of the minority owner of the new brownfield vehicle. I mean, well, it depends on how much we sell. I mean, if we sell half of it, it's going to be half of it, so EUR 800- EUR 900.
Yeah, the vehicle itself would be EUR 1.7-1.8 billion to EUR 2 billion. It depends on the share they get. I always say minority stake.
But depending on what that stake is, the value would but I mean, that's the price at which you're selling, right?
Yes, that's right. Second, those EUR 300 million, well, right now, we have several ongoing contracts and offers, like in Portugal, one of the tranches for the high-speed rail. It's a EUR 2 billion project or a very short-term project for roads in Chile. Well, it depends on how successful we are. If we are very successful, we will have to invest this capital already in 2025. But of course, the concession projects have well, you never give that capital that you sign. You just committed as the project goes forward.
But yes, the idea is to use it more in 2026 and 2027 unless we keep on having the success we've been having lately. That's actually been outstanding. And in terms of the dividend, yes, we're including both formulas. And it'll be the board deciding what the percentage is going to be, but it's adding both things. And in terms of the competitive environment, we've been here for 45 minutes telling you why we're unique, right? But I'll say it again. We've got the best platform, the best human team, and our vertical integration. Those three pillars set us apart. And that's why we are much more competitive. So vertical integration, I mean, we all work together. We all work hand in hand. We have the best platform.
We are able to get a project with an 8%-10% profitability and take it to 18%-19% profitability. And we've got the best people. What can we do about it?
Hello. Good morning, Víctor from Bestinver. Two questions. First, there's a slide you showed, Carlos, on dividend distribution of concessions. In the last year, I believe there's an important difference. You're almost doubling it. I just want to know the reason for it. And then in those slides, there's a gray box with a negative value. I think it was minus EUR 90 million, negative 90. So can you explain that as well? And then on the vehicle, well, the vehicle's only going to be used for roads. And if that's the case, would it be possible to create a similar vehicle for water as well?
Well, I'll answer the first question.
The distribution and capital allocation that we've included in these four years are the ones that we have committed already. I mean, understanding that distribution could change slightly or awards can be different. I mean, that difference is because we need to understand how distributions work. Our distributions are based on pay-for availability. So it's not just like a demand risk project. They're allocating according to the contracts. But in this valuation, we only included three cases of refinancing. But the jump in 2027 is because we are already including important refinancing. In terms of the vehicle initially, water projects, no, are not going to be involved. And in the future, we'll see. Probably, but has not been defined yet. Sorry, we couldn't hear the question. Well, that gray box is a deficit in 2025 because we have a greater capital allocation, capital commitment.
And that's what I said that needs to be covered by just going to the capital, well, equity debt markets or with additional asset rotation. But always anticipating which are the contributions that need to be done, so.
Is Luis Prieto again? Sorry. I had a question because I just saw two slides here. Project pipeline, you talk about complex greenfield. And then in market intelligence, you talk about 285. So I'd like to understand because given that you are low, almost none, demand risk, this is an important change in the projects we are interested in. So I'd like to know which is the strategy, one, tackling this new category of projects that have a higher risk. They're bigger projects. And that's different to what you've been doing.
Well, we explained it, but I'll try to explain it again.
We are not going to go far from our idea of being prudent. But in English-speaking countries that are going to become one-third of our portfolio, we have players with a very long track record. They are very predictable. And the risk is very low because they've been having that traffic for 20 years. We've got those records. And the potential profitability are higher. So we are going to explore that new market, but partially and within corridors that are very solid.
Yeah, my question was also because when I take a look at the IRR of railway or Ferrovial, I mean, those IRRs are very high. You're talking about 18%-20% of equity. And that's very different from what you mentioned in your slide. So I understand that this will only be minority players in a consortium, things like that. I'm sorry, I did not understand.
Well, it depends on the size of their project. Well, we assess each project individually. This possible alliance allows you to need less consortiums. In the I-10 or in Puerto Rico, we had a financial partner. In this case, or for the I-10, for example. The trend would be to go towards less consortiums or with less players or less parties.
Hi, Marco Linde from Arcris. I've got a few questions. The first one, I mean, your business model in the past was based on secure rotating asset by asset. Now, I guess with creating this vehicle, you are sort of rotating more asset altogether, basically. My question is, once you create the vehicle and you move all your asset into this vehicle, you basically are kind of done with asset rotation, or you're going to do asset rotation within the vehicle?
That's the first question. Second question is about your EUR 250 million cash distribution. If you can just give a bit more detail how you came up with that number in terms of, I don't know, shall we think about a percentage of your dividend paid in cash versus if that's the right way to think about it? Third question, if I've done the math right, if I do the sum between 24 and 27 in terms of cash distribution, you get overall EUR 1 billion aggregated. But in your slide, you show EUR 1.4 billion-EUR 1.6 billion including asset rotation, which means EUR 400 million-EUR 600 million asset rotation. Does that include Chile and Colombia? And basically, how shall we think about it, under EUR 50 million per annum more or less? And if you have got already, let's say, targets in mind for that asset rotation. Yeah, that's it. Thank you.
Respecto a tu pregunta. Okay, regarding your question, this Voreantis vehicle is intended to carry asset rotation. We have been doing this as our policy over the past years. This is focused on a big transaction that will provide us with enough resources to keep on investing in new projects. As for the second question, in terms of dividend, in 2025, it's going to be the lowest. However, there will be a double-digit growth as of 2026 and then in 2027. However, every year, the board of directors will have to decide on it. But that is our fundamental concept. We want to start out in 2025. Then in 2027, of course, we're going to reach the highest level and so on and so forth.
As for question number 3 on capital allocation, we are going to obtain resources from our concessions between EUR 1.4 billion and EUR 1.6 billion, including asset rotation and distribution. If asset rotation generates more money, then we will reduce distributions accordingly because that will go to bias. But the combination of both will provide us great stability. And that's why we're talking about EUR 1.4 billion and EUR 1.6 billion. And as the chairman has said, this is not tied to the success or not of the Voreantis transaction, which will just be a growth accelerator. But in Chile, Colombia, and with the Chile, Colombia and distributions, we will be able to reach that capitalization target.
Good afternoon. Just 2 questions. First was mentioned a few times. You've mentioned the rating several times for the matrix. So I just wanted to know how far along the conversations are.
And if the fact that you are going from a scrip dividend to a cash dividend and the fact that you're losing control in some sense on concessions, given that you're going to have a minority owner in Voreantis, could that have an impact on your rating process? And the second one, so 25, 26, 27, are we saying that the dividend of 2025 that's going to be paid in 2026 or the dividend from 2024 is going to already be paid in cash in 2025?
Regarding the question on the rating and in terms of timing, for the company to obtain an investment-grade rating, we require all operational assets to be under operation for an entire year to show that those dividends are recurrent and stable according to our conversations with credit rating agencies.
As for the scrip and whether it's going to affect the rating or not, it depends on the approach. Actually, it depends on the formula we apply. If we have the capacity to pay for that cash flow. But most companies with an investment rating distribute money into their cash flow. So it's a matter of resources, not a matter of type of dividend. Regarding 2025, that's a decision to be made by the board. We will, of course, keep our commitment. Since there is an event that will be overlapping, we are going to start from that point. We are talking about a six-month difference only. So we will decide on that when the time comes.
And as for the last question concerning the entry of a minority shareholder or partner into Voreantis, well, we will keep a control position because we will remain the industrial operator.
Well, if there are no more questions in the room, next, we are going to read the questions that we received from the webcast. I'd like to inform you that we got many questions about the brownfield vehicle. And all of them have been answered. There have been questions about the valuation, timing, potential investor. I believe all those questions, I mean, the type of asset that's going to be included in the vehicle. One of them has not, which is, are you still looking for a co-investor in Sacyr Agua?
Well, this is right now on hold.
When we got out our divestment in Sacyr Servicios, we said that we were going to put that decision on hold in order to embark upon a growth pathway in the water sector. That's our current situation.
Well, there are no more questions that have not been answered. I'd now like to give the floor to the president, Mr. Manuel Manrique.
Thank you, Alberto. Thank you, Alberto. Well, with us coming to an end of our Sacyr Investor Day 2024, I would like to thank you all on behalf of the entire company and myself for your attendance, attention, and participation. We hope that you found the information we have presented both interesting and exciting, just as we are convinced that you will. We are totally convinced about this plan.
From this moment onwards, we shall be at your disposal to continue addressing any doubts and concerns that you may have. You can contact us either directly or through the Investor Relations Department. Thank you very much. Have a very nice afternoon.