{"id":1578,"date":"2020-04-22T09:41:12","date_gmt":"2020-04-22T08:41:12","guid":{"rendered":"http:\/\/localhost\/talgo\/a-year-of-progress\/"},"modified":"2023-06-27T17:38:37","modified_gmt":"2023-06-27T16:38:37","slug":"about-talgo","status":"publish","type":"page","link":"https:\/\/talgo2022.quumproyectos.com\/en\/about-talgo\/","title":{"rendered":"About Talgo"},"content":{"rendered":"<section class=\"l-section wpb_row height_auto width_full\"><div class=\"l-section-h i-cf\"><div class=\"g-cols vc_row type_boxes valign_top reversed\"><div class=\"vc_col-sm-6 vc_hidden-sm vc_hidden-xs wpb_column vc_column_container has-fill hero\"><div class=\"vc_column-inner us_custom_28ceae29\"><div class=\"wpb_wrapper\"><\/div><\/div><\/div><div class=\"vc_col-sm-6 wpb_column vc_column_container\"><div class=\"vc_column-inner us_custom_90afce55\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column us_custom_45fafaad has_text_color\" ><div class=\"wpb_wrapper\"><h4>Chapter 1<\/h4>\n<\/div><\/div><div class=\"w-separator us_custom_45fafaad size_small has_text_color\"><\/div><div class=\"wpb_text_column us_custom_aeb12263\" ><div class=\"wpb_wrapper\"><h1>About<br \/>\nTalgo<\/h1>\n<\/div><\/div><div class=\"w-separator us_custom_45fafaad size_small has_text_color\"><\/div><div class=\"w-menu us_custom_6e0151f1 layout_ver style_links us_menu_1\"><ul id=\"menu-chapter-1\" class=\"menu\"><li id=\"menu-item-1320\" class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-1320\"><a href=\"#carta_del_presidente\">1. Letter from the chairman<\/a><\/li><li id=\"menu-item-1321\" class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-1321\"><a href=\"#hechos_relevantes_del_ejercicio\">2. Significant events of the year<\/a><\/li><li id=\"menu-item-1322\" class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-1322\"><a href=\"#principales_resultados_financieros\">3. Main financial results<\/a><\/li><\/ul><style>.us_menu_1 .menu>li{margin-bottom:1.5rem}.us_menu_1 .menu>li>a{color:#333333}.us_menu_1 .menu>.menu-item:not(.current-menu-item)>a:hover{color:var(--color-header-middle-text-hover)}.us_menu_1 .menu>.current-menu-item>a{color:var(--color-header-middle-text-hover)}@media ( max-width:600px ){.us_menu_1 .menu{display:block!important}.us_menu_1 .menu>li{margin:0 0 1.5rem}}<\/style><\/div><div class=\"w-separator us_custom_45fafaad size_medium has_text_color with_line width_default thick_1 style_solid color_secondary align_center\"><div class=\"w-separator-h\"><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"l-section wpb_row us_custom_1401dfac height_custom with_overlay\" id=\"carta_del_presidente\"><div class=\"l-section-overlay\" style=\"background: #f5f5f5\"><\/div><div class=\"l-section-h i-cf\"><div class=\"g-cols vc_row type_default valign_top\"><div class=\"vc_col-sm-12 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column\" ><div class=\"wpb_wrapper\"><h2 class=\"w-iconbox-title\"><span style=\"color: #ab1320;\">1.<\/span> Letter from the chairman<\/h2>\n<\/div><\/div><div class=\"w-separator us_custom_45fafaad size_custom has_text_color\" style=\"height:20px\"><\/div><div class=\"g-cols wpb_row  us_custom_8d5aa4e2 type_default valign_top vc_inner\"><div class=\"vc_col-sm-12 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column\" ><div class=\"wpb_wrapper\"><p>Dear shareholders<\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div><div class=\"g-cols wpb_row  type_default valign_top vc_inner\"><div class=\"vc_col-sm-6 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column\" ><div class=\"wpb_wrapper\"><p>The year 2022 was very special: not only because it marks the 80th anniversary of the founding of Talgo, but also because of the circumstances in which the company carried on its work in recent months. For eight decades, Talgo has been guided by the highest standards of social and corporate responsibility, while working to become the company it is today: a global technological benchmark, recognised for its capacity for innovation, its unique, distinctive technology and reliability with a range of sustainable high-speed, long and medium distance trains that are designed and manufactured entirely in Spain. Throughout these years, the company&#8217;s vision and development have been marked by ambitious but sustainable growth. This has been accompanied by social responsibility actions that have contributed to improving the environment in which the company operates.<\/p>\n<p>Talgo&#8217;s resilience has been tested in the past year, as it has faced a challenging environment marked by volatility in the cost of raw materials, disruptions in global supply chains and inflation. These three factors were responsible for a tighter result for the year than in the past, but also a challenge that the Group faced with determination. Already, in the second half of the year, a recovery began that will be felt in 2023.<\/p>\n<p>The swift response of the management team, which devised an efficient and effective action plan, successfully brought costs under control and stabilised margins. Price volatility and supply chain and logistical problems were challenges that Talgo had to adapt to. But at the same time, the geopolitical situation exploded with the conflict in Ukraine in March and led to the cancellation of services in Russia.<\/p>\n<p>Despite all this, Talgo managed to turn the situation around and return to the path of growth, with great prospects for 2023. Talgo posted adjusted EBITDA of 52.5 million euros in 2022 and net profit of 1.4 million euros, figures that are undoubtedly lower than 2021, but which also show that even in the most adverse situations, our business model is solid, sustainable and resilient in a key industrial sector for the economy.<\/p>\n<p>If 2022 was a year for overcoming economic challenges, it was also a year of progress and consolidation of the company&#8217;s corporate sustainability. The approval of the 2022-2024 strategic plan for sustainability and responsibility kicked off key organisation-wide projects aimed at building sustainable and responsible management; strengthening governance and preventive business management; systematically increasing the organisation&#8217;s capabilities; developing people and generating a positive employment footprint; advancing environmental sustainability and sustainable mobility; supporting the development and strengthening of society; analysing, disseminating and improving sustainable and responsible management. I invite you to learn more in the full 2022 Sustainability Report, which is now available. Find out about the depth of the changes that Talgo has undertaken, which, once again, has managed to adapt to a marketing setting in which non-economic criteria are increasingly key for railway operators. These include energy efficiency (hydrogen and electricity), the use of recyclable materials in manufacturing and sustainable maintenance management.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"vc_col-sm-6 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column\" ><div class=\"wpb_wrapper\"><p>The change, furthermore, is not only at the business level. The plan is having an impact across the entire organisation, starting with the Board of Directors, which has been reduced to 10 members with the aim of placing Talgo on an equal footing with other listed companies of similar size, in line with best practices of good governance.<\/p>\n<p>At the same time, Talgo believes that human capital is essential to the company&#8217;s success. It has focused on diversity, promoting talent and enhancing employment stability as a means of enriching the internal culture to optimise productivity and as an essential mechanism for maximising our staff\u2019s levels of motivation and satisfaction. The launch of more than 200 job vacancies reflects the company&#8217;s interest remaining one of the driving social and economic forces where it operates, but also being a place where its employees can develop their professional and personal careers, reflected in a 91% permanent hiring rate by 2022. I would also like to thank all of them for the work and professionalism they show on a daily basis. They are a crucial ingredient in attaining company&#8217;s results and ensuring the prestige of its unique technology in the world.<\/p>\n<p>Since 1942, Talgo has been a benchmark for innovation and a leader in the passenger transport sector. And I have no doubt that the changes undertaken in 2022, combined with our outstanding management and staff team and solid and resilient business model, supported by our shareholder \u2013 who I have to thank for their support for Talgo, even in the most difficult times \u2013 the company&#8217;s now 80-year history is only the beginning. Talgo will continue to be a global technological benchmark that is recognised for its capability for innovation, unique and distinctive technology and reliability, providing customised and benchmark solutions for sustainable mobility, efficiency, safety, innovation and responsible business.<\/p>\n<p>Sincerely,<\/p>\n<p><strong>Mr Carlos Palacio Oriol,<\/strong> Chairman of the Board of Directors<\/p>\n<\/div><\/div><div class=\"w-image us_custom_be22740b align_none\"><div class=\"w-image-h\"><img width=\"616\" height=\"378\" src=\"https:\/\/talgo2022.quumproyectos.com\/wp-content\/uploads\/2023\/06\/mensaje_presi.jpg\" class=\"attachment-large size-large\" alt=\"\" decoding=\"async\" loading=\"lazy\" srcset=\"https:\/\/talgo2022.quumproyectos.com\/wp-content\/uploads\/2023\/06\/mensaje_presi.jpg 616w, https:\/\/talgo2022.quumproyectos.com\/wp-content\/uploads\/2023\/06\/mensaje_presi-300x184.jpg 300w, https:\/\/talgo2022.quumproyectos.com\/wp-content\/uploads\/2023\/06\/mensaje_presi-600x368.jpg 600w\" sizes=\"(max-width: 616px) 100vw, 616px\" \/><\/div><\/div><\/div><\/div><\/div><\/div><div class=\"w-separator size_medium\"><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"l-section wpb_row us_custom_6972d9f4 height_custom resultados\" id=\"hechos_relevantes_del_ejercicio\"><div class=\"l-section-h i-cf\"><div class=\"g-cols vc_row type_default valign_top\"><div class=\"vc_col-sm-12 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column\" ><div class=\"wpb_wrapper\"><h2 class=\"w-iconbox-title\"><span style=\"color: #ab1320;\">2.<\/span> Significant events of the year<\/h2>\n<\/div><\/div><div class=\"w-separator us_custom_45fafaad size_medium has_text_color\"><\/div><div class=\"g-cols wpb_row  us_custom_4de3ce74 type_default valign_top vc_inner timeline first five-columns\"><div class=\"vc_col-sm-2 wpb_column vc_column_container first\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\">[vc_custom_heading text=&#8221;January&#8221; el_class=&#8221;black strong&#8221;]<div class=\"wpb_text_column\" ><div class=\"wpb_wrapper\"><ul>\n<li>SHYNE: the emergence of Spain&#8217;s largest consortium to promote renewable hydrogen. <a title=\"Read news\" href=\"https:\/\/www.talgo.com\/en\/communication\/-\/asset_publisher\/95vFdDCyj04I\/content\/shyne-the-largest-consortium-to-promote-renewable-hydrogen-in-spain-is-born?_com_liferay_asset_publisher_web_portlet_AssetPublisherPortlet_INSTANCE_95vFdDCyj04I_assetEntryId=1095664&amp;_com_liferay_asset_publisher_web_portlet_AssetPublisherPortlet_INSTANCE_95vFdDCyj04I_redirect=https%3A%2F%2Fwww.talgo.com%3A443%2Fen%2Fcommunication%3Fp_p_id%3Dcom_liferay_asset_publisher_web_portlet_AssetPublisherPortlet_INSTANCE_95vFdDCyj04I%26p_p_lifecycle%3D0%26p_p_state%3Dnormal%26p_p_mode%3Dview%26_com_liferay_asset_publisher_web_portlet_AssetPublisherPortlet_INSTANCE_95vFdDCyj04I_cur%3D4%26_com_liferay_asset_publisher_web_portlet_AssetPublisherPortlet_INSTANCE_95vFdDCyj04I_delta%3D10%26p_r_p_resetCur%3Dfalse%26_com_liferay_asset_publisher_web_portlet_AssetPublisherPortlet_INSTANCE_95vFdDCyj04I_assetEntryId%3D1095664\" target=\"_blank\" rel=\"noopener\">&gt;<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div class=\"vc_col-sm-2 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\">[vc_custom_heading text=&#8221;February&#8221; el_class=&#8221;black strong&#8221;]<div class=\"wpb_text_column\" ><div class=\"wpb_wrapper\"><ul>\n<li>EIB and Talgo sign 35 million euro green loan to finance their innovation strategy. <a title=\"Read news\" href=\"https:\/\/www.talgo.com\/en\/-\/eib-and-talgo-sign-%E2%82%AC35-million-green-loan-to-finance-innovation-strategy\" target=\"_blank\" rel=\"noopener\">&gt;<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div class=\"vc_col-sm-2 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\">[vc_custom_heading text=&#8221;March&#8221; el_class=&#8221;black strong&#8221;]<div class=\"wpb_text_column\" ><div class=\"wpb_wrapper\"><ul>\n<li>Talgo and the Fundaci\u00f3n de los Ferrocarriles (Spanish Railway Foundation) renew their partnership. <a title=\"Read news\" href=\"https:\/\/www.talgo.com\/es\/-\/talgo-y-la-fundaci%C3%B3n-de-los-ferrocarriles-renuevan-su-colaboraci%C3%B3n-1\" target=\"_blank\" rel=\"noopener\">&gt;<\/a><\/li>\n<li>Talgo approves dividend of 10 million euros through a Flexible Dividend Programme. <a title=\"Read news\" href=\"https:\/\/www.talgo.com\/en\/-\/talgo-launches-a-share-buyback-program-and-increases-earnings-per-share-for-shareholders\" target=\"_blank\" rel=\"noopener\">&gt;<\/a><\/li>\n<li>Indra and Talgo join forces in Europe&#8217;s Rail, the largest railway innovation programme in Europe, aimed at pursuing sector digitalisation and sustainability. <a title=\"Read news\" href=\"https:\/\/www.talgo.com\/en\/-\/indra-y-talgo-se-unen-en-europe-s-rail-el-mayor-programa-de-innovaci%C3%93n-ferroviaria-de-europa-que-impulsa-la-digitalizaci%C3%93n-y-sostenibilidad-del-sector\" target=\"_blank\" rel=\"noopener\">&gt;<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div class=\"vc_col-sm-2 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\">[vc_custom_heading text=&#8221;April&#8221; el_class=&#8221;black strong&#8221;]<div class=\"wpb_text_column\" ><div class=\"wpb_wrapper\"><ul>\n<li>Talgo develops new tracks for very high speed trains and reduces their weight by 50%. <a title=\"Read news\" href=\"https:\/\/www.talgo.com\/en\/-\/talgo-desarrolla-nuevas-rodaduras-para-trenes-de-muy-alta-velocidad-y-reduce-su-peso-en-un-50-\" target=\"_blank\" rel=\"noopener\">&gt;<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div class=\"vc_col-sm-2 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\">[vc_custom_heading text=&#8221;May&#8221; el_class=&#8221;black strong&#8221;]<div class=\"wpb_text_column\" ><div class=\"wpb_wrapper\"><ul>\n<li>Talgo launches Share Buyback Programme and increases shareholder earnings per share. <a title=\"Read more\" href=\"https:\/\/www.talgo.com\/en\/-\/talgo-launches-a-share-buyback-program-and-increases-earnings-per-share-for-shareholders\" target=\"_blank\" rel=\"noopener\">&gt;<\/a><\/li>\n<li>Talgo supports national talent and engineering at UPMDay22. <a title=\"Read more\" href=\"https:\/\/www.talgo.com\/en\/-\/talgo-apuesta-por-el-talento-y-la-ingenier%C3%ADa-nacional-en-el-upmday22\" target=\"_blank\" rel=\"noopener\">&gt;<\/a><\/li>\n<li>Talgo begins dynamic testing of Spain&#8217;s first dual hydrogen train. <a title=\"Read more\" href=\"https:\/\/www.talgo.com\/en\/-\/talgo-comienza-las-pruebas-din%C3%A1micas-del-primer-tren-dual-de-hidr%C3%B3geno-de-espa%C3%B1a\" target=\"_blank\" rel=\"noopener\">&gt;<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div class=\"vc_col-sm-2 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\">[vc_custom_heading text=&#8221;August&#8221; el_class=&#8221;black strong&#8221;]<div class=\"wpb_text_column\" ><div class=\"wpb_wrapper\"><ul>\n<li>Talgo wins new 280 million euro contract in Egypt. <a title=\"Read news\" href=\"https:\/\/www.talgo.com\/en\/-\/talgo-gains-new-contract-in-egypt-for-%E2%82%AC280-million\" target=\"_blank\" rel=\"noopener\">&gt;<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><\/div><div class=\"w-separator size_medium\"><\/div><div class=\"g-cols wpb_row  type_default valign_top vc_inner timeline second five-columns\"><div class=\"vc_col-sm-2 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\">[vc_custom_heading text=&#8221;September&#8221; el_class=&#8221;black strong&#8221;]<div class=\"wpb_text_column\" ><div class=\"wpb_wrapper\"><ul>\n<li>Talgo beats record in Galicia and reaches 360 km\/h between Ourense and Santiago. <a title=\"Read news\" href=\"https:\/\/www.talgo.com\/en\/-\/talgo-bate-r%c3%a9cord-en-galicia-y-alcanza-los-360-km\/h-entre-ourense-y-santiago\" target=\"_blank\" rel=\"noopener\">&gt;<\/a><\/li>\n<li>Completion of the Buyback Programme and Execution of the Capital Reduction Programme. <a title=\"Read news\" href=\"https:\/\/www.talgo.com\/en\/-\/finalizaci%C3%B3n-programa-de-recompra-y-ejecuci%C3%B3n-reducci%C3%B3n-de-capital\" target=\"_blank\" rel=\"noopener\">&gt;<\/a><\/li>\n<li>Deutsche Bahn chooses Talgo to design the German train of the future. <a title=\"Read news\" href=\"https:\/\/www.talgo.com\/en\/-\/deutsche-bahn-elige-a-talgo-para-dise%C3%B1ar-el-tren-alem%C3%A1n-del-futuro\" target=\"_blank\" rel=\"noopener\">&gt;<\/a><\/li>\n<li>Talgo presents in Berlin its Intercity train platform and new rail solutions to decarbonise transport. <a title=\"Read news\" href=\"https:\/\/www.talgo.com\/en\/-\/talgo-presenta-en-berl%C3%ADn-su-plataforma-de-trenes-intercity-y-nuevas-soluciones-ferroviarias-para-descarbonizar-el-transporte\" target=\"_blank\" rel=\"noopener\">&gt;<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div class=\"vc_col-sm-2 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\">[vc_custom_heading text=&#8221;October&#8221; el_class=&#8221;black strong&#8221;]<div class=\"wpb_text_column\" ><div class=\"wpb_wrapper\"><ul>\n<li>Talgo launches a historic job offer: it is seeking to recruit more than 200 new technical staff for its plants throughout Spain. <a title=\"Read news\" href=\"https:\/\/www.talgo.com\/en\/-\/talgo-busca-contratar-a-m%C3%A1s-de-200-nuevos-perfiles-t%C3%A9cnicos-para-sus-plantas-de-toda-espa%C3%B1a\" target=\"_blank\" rel=\"noopener\">&gt;<\/a><\/li>\n<li>Talgo and its unique technology celebrate their 80th anniversary. <a title=\"Read news\" href=\"https:\/\/www.talgo.com\/en\/-\/talgo-y-su-tecnologia-unica-en-el-mundo-cumplen-80-a%C3%B1os\" target=\"_blank\" rel=\"noopener\">&gt;<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div class=\"vc_col-sm-2 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\">[vc_custom_heading text=&#8221;November&#8221; el_class=&#8221;black strong&#8221;]<div class=\"wpb_text_column\" ><div class=\"wpb_wrapper\"><ul>\n<li>Talgo announces the winners of the 2022 Women in Engineering Excellence and Technological Innovation Awards. <a title=\"Read news\" href=\"https:\/\/www.talgo.com\/en\/-\/talgo-revela-los-ganadores-de-los-premios-a-la-excelencia-de-la-mujer-en-la-ingenier%C3%ADa-y-a-la-innovaci%C3%B3n-tecnol%C3%B3gica-2022\" target=\"_blank\" rel=\"noopener\">&gt;<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div class=\"vc_col-sm-2 wpb_column vc_column_container last\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\">[vc_custom_heading text=&#8221;December&#8221; el_class=&#8221;black strong&#8221;]<div class=\"wpb_text_column\" ><div class=\"wpb_wrapper\"><ul>\n<li>Talgo signs the Diversity Charter. <a title=\"Read news\" href=\"https:\/\/www.talgo.com\/en\/-\/talgo-firma-la-carta-de-la-diversidad%C2%A0\" target=\"_blank\" rel=\"noopener\">&gt;<\/a><\/li>\n<li>Talgo commences operation of its Intercity trains in Egypt. <a title=\"Read news\" href=\"https:\/\/www.talgo.com\/en\/-\/talgo-starts-operating-its-intercity-trains-in-egypt\" target=\"_blank\" rel=\"noopener\">&gt;<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div class=\"vc_col-sm-4 wpb_column vc_column_container\" id=\"posteriores\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\">[vc_custom_heading text=&#8221;Subsequent events&#8221; el_class=&#8221;black strong&#8221;]<div class=\"wpb_text_column\" ><div class=\"wpb_wrapper\"><ul>\n<li>LE TRAIN signs an agreement with Talgo for the development of a fleet of high-speed trains. <a title=\"Read news\" href=\"https:\/\/www.talgo.com\/en\/-\/le-train-signs-an-agreement-with-talgo-for-the-development-of-a-fleet-of-high-speed-trains\" target=\"_blank\" rel=\"noopener\">&gt;<\/a><\/li>\n<li>Denmark confirms its confidence in Talgo&#8217;s intercity trains to decarbonise the transport system. <a title=\"Read news\" href=\"https:\/\/www.talgo.com\/en\/-\/dinamarca-confirma-confianza-trenes-talgo-pedido-adicional\" target=\"_blank\" rel=\"noopener\">&gt;<\/a><\/li>\n<li>Deutsche Bahn confirms Talgo&#8217;s largest ever order: 56 new Talgo 230 trains worth some 1.4 billion euros. <a title=\"Read news\" href=\"https:\/\/www.talgo.com\/en\/-\/db-confirma-talgo-mayor-pedido-historia\" target=\"_blank\" rel=\"noopener\">&gt;<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"l-section wpb_row us_custom_6972d9f4 height_custom\" id=\"principales_resultados_financieros\"><div class=\"l-section-h i-cf\"><div class=\"g-cols vc_row type_default valign_top\"><div class=\"vc_col-sm-12 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column\" ><div class=\"wpb_wrapper\"><h2 class=\"w-iconbox-title\"><span style=\"color: #ab1320;\">3.<\/span> Main financial results<\/h2>\n<\/div><\/div><div class=\"w-separator us_custom_45fafaad size_medium has_text_color\"><\/div><div class=\"g-cols wpb_row  us_custom_1aee9c24 type_default valign_top vc_inner resultados\" id=\"resultados\"><div class=\"vc_col-sm-4 vc_col-xs-6 wpb_column vc_column_container first_col with_overlay\"><div class=\"vc_column-inner us_custom_42827c34\"><div class=\"vc_column-overlay\" style=\"background:#e5e5e5\"><\/div><div class=\"wpb_wrapper\">[vc_custom_heading text=&#8221;Revenue&#8221;]<div class=\"w-counter us_custom_adf8ae6e color_custom align_left has_text_color\" data-duration=\"2000\"><div class=\"w-counter-value\" style=\"color:#ab1320;\"><span class=\"w-counter-value-part type_text\" data-final=\"\"><\/span><span class=\"w-counter-value-part type_number\" data-final=\"555,4\">1<\/span><span class=\"w-counter-value-part type_text\" data-final=\"\"><\/span><\/div><h3 class=\"w-counter-title\">2021<\/h3><\/div><div class=\"w-counter us_custom_adf8ae6e color_custom align_left has_text_color\" data-duration=\"2000\"><div class=\"w-counter-value\" style=\"color:#ab1320;\"><span class=\"w-counter-value-part type_text\" data-final=\"\"><\/span><span class=\"w-counter-value-part type_number\" data-final=\"469,1\">1<\/span><span class=\"w-counter-value-part type_text\" data-final=\"\"><\/span><\/div><h3 class=\"w-counter-title\">2022<\/h3><\/div><div class=\"w-counter us_custom_adf8ae6e color_custom align_left has_text_color last_value turn_to_minus\" data-duration=\"2000\"><div class=\"w-counter-value\" style=\"color:#ab1320;\"><span class=\"w-counter-value-part type_text\" data-final=\"\"><\/span><span class=\"w-counter-value-part type_number\" data-final=\"-15,5\">0<\/span><span class=\"w-counter-value-part type_text\" data-final=\"%\"><\/span><\/div><h3 class=\"w-counter-title\">Var. 2021-2022<\/h3><\/div><\/div><\/div><\/div><div class=\"vc_col-sm-4 vc_col-xs-6 wpb_column vc_column_container col_2 col\"><div class=\"vc_column-inner us_custom_b6a72ce1\"><div class=\"wpb_wrapper\"><div class=\"w-image align_none\"><div class=\"w-image-h\"><img width=\"442\" height=\"528\" src=\"https:\/\/talgo2022.quumproyectos.com\/wp-content\/uploads\/2023\/06\/talgo_frontal.jpg\" class=\"attachment-full size-full\" alt=\"\" decoding=\"async\" loading=\"lazy\" srcset=\"https:\/\/talgo2022.quumproyectos.com\/wp-content\/uploads\/2023\/06\/talgo_frontal.jpg 442w, https:\/\/talgo2022.quumproyectos.com\/wp-content\/uploads\/2023\/06\/talgo_frontal-251x300.jpg 251w, https:\/\/talgo2022.quumproyectos.com\/wp-content\/uploads\/2023\/06\/talgo_frontal-335x400.jpg 335w\" sizes=\"(max-width: 442px) 100vw, 442px\" \/><\/div><\/div><\/div><\/div><\/div><div class=\"vc_col-sm-4 wpb_column vc_column_container\"><div class=\"vc_column-inner us_custom_f131eb18\"><div class=\"wpb_wrapper\">[vc_raw_html]JTVCdGFibGUlMjBpZCUzRDI3JTIwJTJGJTVEJTBBJTNDc21hbGwlM0UlMkElMjBORkQlMjAlM0QlMjBOb24tY3VycmVudCUyMGZpbmFuY2lhbCUyMGRlYnQlMjAlMkIlMjBDdXJyZW50JTIwZmluYW5jaWFsJTIwZGVidCUyMC0lMjBDYXNoJTIwYW5kJTIwY2FzaCUyMGVxdWl2YWxlbnRzJTNDJTJGc21hbGwlM0U=[\/vc_raw_html]<\/div><\/div><\/div><\/div><div class=\"g-cols wpb_row  type_default valign_top vc_inner\"><div class=\"vc_col-sm-12 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"w-separator us_custom_45fafaad size_medium has_text_color with_line width_default thick_1 style_solid color_secondary align_center\"><div class=\"w-separator-h\"><\/div><\/div><\/div><\/div><\/div><\/div><div class=\"g-cols wpb_row  us_custom_af6a9b6a type_default valign_top vc_inner\"><div class=\"vc_col-sm-8 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column\" ><div class=\"wpb_wrapper\"><p>Overall, the Group achieved revenue of 469.1 million euros in 2022, down 15.5% compared to the previous year (555.4 million euros) due to the slower pace of execution of manufacturing projects caused by delays in the supply chain.<\/p>\n<p>Talgo posted adjusted EBITDA of 52.5 million euros in 2022, down 20.7% from the 66.2 million euros of the previous year, due to economic factors such as inflation (higher than budgeted costs) and delays caused by the supply chain (longer working hours), which mainly affected manufacturing projects and led to a reduction in expected margins for the year. The mitigation action plan implemented is already visible, with margins stabilised and recovering. In addition, maintenance contracts include indexation clauses to adjust prices annually and protect the Group against similar scenarios going forward.<\/p>\n<p>Net profit amounted to 1.4 million euros in 2022, impacted by one-off items such as the closure of Russia and the reversal of tax losses at the US subsidiary, as well as higher financial expenses due to the impact on the cost of debt of central bank rate hikes.<\/p>\n<p>Operating cash requirements at year-end 2022 amounted to 217.3 million euros due to temporary natural figures in the cash requirements of the projects, although these requirements decreased in the second half of the year, as expected, reflecting the volatility of cash flow during the execution period of the projects.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"vc_col-sm-4 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"w-image align_none\"><div class=\"w-image-h\"><img width=\"391\" height=\"476\" src=\"https:\/\/talgo2022.quumproyectos.com\/wp-content\/uploads\/2023\/06\/financiera-1b.jpg\" class=\"attachment-full size-full\" alt=\"\" decoding=\"async\" loading=\"lazy\" srcset=\"https:\/\/talgo2022.quumproyectos.com\/wp-content\/uploads\/2023\/06\/financiera-1b.jpg 391w, https:\/\/talgo2022.quumproyectos.com\/wp-content\/uploads\/2023\/06\/financiera-1b-246x300.jpg 246w, https:\/\/talgo2022.quumproyectos.com\/wp-content\/uploads\/2023\/06\/financiera-1b-329x400.jpg 329w\" sizes=\"(max-width: 391px) 100vw, 391px\" \/><\/div><\/div><\/div><\/div><\/div><\/div><div class=\"g-cols wpb_row  us_custom_af6a9b6a type_default valign_top vc_inner\"><div class=\"vc_col-sm-4 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"w-image align_none\"><div class=\"w-image-h\"><img width=\"393\" height=\"524\" src=\"https:\/\/talgo2022.quumproyectos.com\/wp-content\/uploads\/2023\/06\/financiera-2.jpg\" class=\"attachment-full size-full\" alt=\"\" decoding=\"async\" loading=\"lazy\" srcset=\"https:\/\/talgo2022.quumproyectos.com\/wp-content\/uploads\/2023\/06\/financiera-2.jpg 393w, https:\/\/talgo2022.quumproyectos.com\/wp-content\/uploads\/2023\/06\/financiera-2-225x300.jpg 225w, https:\/\/talgo2022.quumproyectos.com\/wp-content\/uploads\/2023\/06\/financiera-2-300x400.jpg 300w\" sizes=\"(max-width: 393px) 100vw, 393px\" \/><\/div><\/div><\/div><\/div><\/div><div class=\"vc_col-sm-8 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column\" ><div class=\"wpb_wrapper\"><p>The current manufacturing cycle, together with the delays caused by the supply chains in the period, resulted in higher investments in operating cash requirements, thus offsetting the adjusted EBITDA generated in the period. The volume of operating cash requirements at year-end 2022 mainly reflects the degree of progress of projects and outstanding receivables, the risk profile of which is considered low (low technical and collection risk). In 2022, the rescheduling of projects led to a lower degree of progress resulting in delays in collection milestones and consequently higher inventory levels. The very high-speed project in Spain, whose fleet is now fully completed and pending certification, was the main driver of working capital in the year, pending test approvals that will trigger deliveries and consequent cash inflows.<\/p>\n<p>Capex amounted to 21 million euros in the period, in line with what was planned at the beginning of the year, of which 74% corresponds to R&amp;D activities and 12% to capacity additions.<\/p>\n<p>With regard to financial debt, 2022 was a turning point in the funding market, driven by a tough monetary policy implemented by central banks with the primary objective of mitigating inflation. Talgo, for its part, issued excess debt during 2021 and early 2022 in anticipation of this scenario. As a result, leverage at year-end stood at 1.9 times adjusted EBITDA (97.4 million euros of net debt). It is still noteworthy that, of the Group&#8217;s total long-term financial debt, 64% is at a fixed rate, with an average cost of 1.7% and an average maturity of 2.5 years. However, the recent rate hikes will impact the financial outcome of future new debt issuance and the structure of project financing.<\/p>\n<p>At the same time, Talgo\u2019s high financing capacity at year-end should be noted, with more than 400 million euros of liquidity (cash, credit lines and project-based financing lines) that allow the company to reliably finance current and future projects.<\/p>\n<\/div><\/div><div class=\"w-separator us_custom_45fafaad size_medium has_text_color with_line width_default thick_1 style_solid color_secondary align_center\"><div class=\"w-separator-h\"><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"l-section wpb_row height_custom\"><div class=\"l-section-h i-cf\"><div class=\"g-cols vc_row type_default valign_top\"><div class=\"vc_col-sm-12 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"g-cols wpb_row  type_default valign_top vc_inner\"><div class=\"vc_col-sm-12 wpb_column vc_column_container\"><div class=\"vc_column-inner us_custom_eb849559\"><div class=\"wpb_wrapper\"><div class=\"w-btn-wrapper width_auto align_left\"><a class=\"w-btn us-btn-style_5 icon_atleft\" title=\"Home\" href=\"https:\/\/talgo2022.quumproyectos.com\/en\/\"><i class=\"far fa-home\"><\/i><span class=\"w-btn-label\">Home<\/span><\/a><\/div><div class=\"w-btn-wrapper width_auto align_left\"><a class=\"w-btn us-btn-style_5 icon_atright\" title=\"Talgo\u2019s business\" href=\"https:\/\/talgo2022.quumproyectos.com\/en\/talgos-business\/\"><span class=\"w-btn-label\">Siguiente<\/span><i class=\"far fa-arrow-right\"><\/i><\/a><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>\n","protected":false},"excerpt":{"rendered":"Chapter 1 About Talgo 1. Letter from the chairman2. Significant events of the year3. Main financial results1. Letter from the chairman Dear shareholders The year 2022 was very special: not only because it marks the 80th anniversary of the founding of Talgo, but also because of the circumstances in which the company carried on its...","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"acf":[],"_links":{"self":[{"href":"https:\/\/talgo2022.quumproyectos.com\/en\/wp-json\/wp\/v2\/pages\/1578"}],"collection":[{"href":"https:\/\/talgo2022.quumproyectos.com\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/talgo2022.quumproyectos.com\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/talgo2022.quumproyectos.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/talgo2022.quumproyectos.com\/en\/wp-json\/wp\/v2\/comments?post=1578"}],"version-history":[{"count":36,"href":"https:\/\/talgo2022.quumproyectos.com\/en\/wp-json\/wp\/v2\/pages\/1578\/revisions"}],"predecessor-version":[{"id":2608,"href":"https:\/\/talgo2022.quumproyectos.com\/en\/wp-json\/wp\/v2\/pages\/1578\/revisions\/2608"}],"wp:attachment":[{"href":"https:\/\/talgo2022.quumproyectos.com\/en\/wp-json\/wp\/v2\/media?parent=1578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}