In a heavy saucepan over medium heat, cook sugar with water, stirring, until melted and light brown. Pour into a flan pan or cake mold, tilting to coat the bottom of the pan. Set aside.
In a bowl, gently whisk together evaporated milk, condensed milk, egg yolks and almond extract, being careful not to incorporate any air into the mixture. Pour into prepared pan, and tap on the counter to remove any bubbles.
Line a roasting pan with a damp kitchen towel. Place baking dish on towel, inside roasting pan, and place roasting pan on oven rack. Fill roasting pan with water to reach halfway up the sides of the baking dish.
Bake in preheated oven 45 to 50 minutes, until set. Let cool completely.
To unmold, run a knife around the edges of the pan and invert the flan onto a rimmed serving platter. Refrigerate 8 hours or overnight before serving.
Amount Per Serving Calories: 197 | Total Fat: 4.9g | Cholesterol: 160mg