EBITDA reached 85 million euros in 2022, with a growth of 16,5% compared to 2021 and operating cash flow experienced a growth of 229,9%. Both increases driven by organic growth, the efficient integration of its acquisitions and an improvement in the profitability of its concession businesses.

• Revenues reached 299 million euros, which represents a growth of 27,6% with respect to the previous year, derived from the expansion of its businesses, mainly in Spain, Brazil and the Middle East.
• The Business Portfolio exceeds 8.141 million euros, guaranteeing a solid and recurring cash flow for the Group in the medium and long term.
• The Group has exceeded the targets set for the year as a whole thanks to its concession business model, which has shown itself to be strengthened despite the uncertain global economic environment.
• GS Inima It plans to continue in 2023 with the same level of commercial activity and boost the photovoltaic energy business line.

The Group GS Inima, a world benchmark in the water sector, closed the 2022 financial year exceeding the forecasts established at the beginning of the year. Despite the general increase in prices that has taken place after the invasion of Ukraine and the energy crisis that the main economies of the world have faced, as well as the increase in interest rates that is marking the world economy, the Group reached results that show the degree of resilience and strength of its businesses around the world.

Thus, the Net Amount of the Business Figure that the Group has obtained in 2022 has been 299 million euros in the whole year, about to break the barrier of 300 million euros for the first time in its history. The increase compared to 2021 has been 27,6%. 89,1% of this figure comes from the concession businesses that the Group owns, which gives it the character of a stable business model with recurring income.
EBITDA increased by 16,5% compared to the same period of the previous year, reaching 85 million euros. The result before taxes exceeded the figure of 47 million euros, which represents an increase of 30,6% with respect to the previous year.

Cash flows from operating activities increased by 229,9% to reach the figure of 82 million euros, being favored by an improvement in the financial profitability of its assets. The growth rate of the Group's Cash has been 33,4% compared to 2021, which shows great strength in its liquidity and solvency levels. The Group's Working Capital reached 112 million euros and the indebtedness remains at moderate levels at the end of 2022. The Group's Net Equity has grown by 16,2% compared to 2021, standing at 496 million euros, and representing 47,0% of consolidated assets.

Regarding the business portfolio of GS Inima, which amounts to 8.141 million euros, has increased by more than 6%, reinforcing its presence in those countries in which it operates, and giving way to new geographical areas of action. An example in this sense has been the beginning of its activities in the Asian markets of Vietnam and Korea.

Marta Verde, CEO of GS Inima highlights that


“The effort and commitment of our great work team together with the trust of our clients and partners have ensured that GS Inima close a 2022 marked by growth. We strengthen our position as a benchmark, we enter new markets, generating more activity and employment and we continue to grow solidly in the countries in which we already have a presence. It should be noted that the solvency of the business managed by GS Inima, based on a long-term portfolio, suggests sustained growth in 2023 above the figures for 2022”.

Marta Verde

CEO, GS Inima


Water and Energy, the main business lines of GS Inima
2022 has been the year of consolidation of the Group's 2030 Vision, to be a sustainable company in renewable energy and water with an international presence providing technological innovations to the sector. In its commitment to accelerate the energy transition and reduce greenhouse gas emissions from energy consumption, GS Inima has developed a new business line dedicated to renewable energy. This diversification of the business will provide the company with a greater scope of action and new opportunities. In addition, the company has worked to increase the use of renewable energy in its projects and promote energy efficiency in its facilities, reaching an installed capacity of more than 1,9MW with the use of photovoltaic panels for self-consumption in its water treatment plants. .

“At the beginning of 2022, the company presented the strategic plan with a defined roadmap for business growth, based on financial stability and the development of sustainability. Therefore, I want to highlight once again the great performance of GS Inima in ESG matters, increasing our treatment capacity by 18%”.

Outlook 2023
Expectations for 2023 are for growing macroeconomic recovery worldwide, which will help boost the profitability levels achieved by the Group in 2022. At the end of the aforementioned year, GS Inima continued to open up market opportunities in Asia, becoming a shareholder in Phu My Vinh Construction & Investment (PMV) in Vietnam and participating in the development of a seawater desalination plant with a treatment capacity of 100.000 m3/day in Daesan, Korea from the south.
For this year, the consolidation of the Group's businesses is expected in the markets in which it operates and the promotion of the photovoltaic energy business line. With the objective that it represents a differentiated business segment and with increasing volumes of activity and profitability that are relevant to the Group.
In the medium term, the Group's strategy contemplates continuing the national and international growth developed in recent years thanks to the participation in new tenders and the acquisition of new companies. In turn, it will continue to strengthen the presence that the Group already has in countries such as Spain, Brazil, the United States, Mexico, Chile, Oman, Vietnam, South Korea and Morocco.