Sacyr

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Sacyr SA

logo
legal form SA
ISIN ES0182870214
founding April 3, 2003
Seat Madrid , Spain
management Manuel Manrique Cecilia ( CEO )
Number of employees 21,823 (2014)
sales EUR 2.90 billion (2014)
Branch Construction company
Website www.sacyr.com/es_en/

Sacyr SA (until 2013: Sacyr Vallehermoso SA ) is a listed Spanish holding company that holds shares in companies in the fields of construction, real estate development , rental, contract concessions ( road and infrastructure construction ) and other real estate services. In addition, the conglomerate holds an 8.2% stake in the oil and natural gas company Repsol .

Sacyr Vallehermoso is one of the largest Spanish companies and is u. a. traded on the Madrid Stock Exchange and Euronext .

The figures from 2016 show a turnover of 2.86 billion euros. The order backlog at the end of 2016 was almost EUR 26 billion. Of this, 52% came from abroad, especially Latin America, Portugal, France and Italy. From 2012 to 2017, Sacyr was the general contractor for the expansion of the Panama Canal.

Company history

The origins of the group lie in a construction company founded in Madrid in 1921. In 1953 the company became active as a property developer and developed the 68,000 m² Vallehermoso site on which there was a former tram depot. Numerous apartments and a shopping center were built. The name of this site became the company name and the company was first listed on the stock exchange.

Vallehermoso has shaped the cityscape of Madrid since the 1960s. a. with the construction of the Galerias Preciados and El Corte Inglés department stores , the BCH (Banco Central Hispano) high-rise or the Mapfre building.

former logo

In 2002 the Sacyr Group acquired 24.5% of the Vallehermoso shares. In 2003, Vallehermoso and Sacyr decided to merge . Since April 3, 2003, the group has been operating under its new name. At the end of 2006, the company had its highest value to date with a market capitalization of EUR 12,809 million.

Since the spring of 2007, Sacyr had been planning to take over the French Eiffage, which was almost twice as large, and wanted to become the fourth largest construction company in Europe. The new group will also be one of the largest operators of highways in Europe and Latin America, announced at the time Sacyr boss Luis Del Rivero in Paris. The new joint venture would then have 3,400 kilometers of asphalt runway. On April 19, 2007, Grupo SyV made a takeover offer for Eiffage and offered 12 of its own for five Eiffage shares. Overall, Sacyr was able to acquire 33.32% of the Eiffage shares but not the majority. In April 2008, Sacyr announced that the takeover had failed and sold its Eiffage stake to French financial investors for EUR 1.92 billion. The background was that Sacyr could not provide the financing to take over the competitor.

At the beginning of December 2008, Sacyr announced that it would sell its subsidiary Itínere, which operates motorways in Spain, Portugal, Brazil and Chile, to a Citigroup fund for EUR 2.8 billion . They also want to part with a 20% stake in Repsol. The background to these transactions was a debt reduction program.

Sacyr headquarters ( Madrid ).

In 2009, the highest turnover to date was reported at EUR 5,825 million. The Spanish real estate crisis then had a negative impact on business development. At the end of 2010 and the beginning of 2011, a capital increase was carried out with total proceeds of EUR 497 million. In summer 2011 the capital was increased again. As a result, the number of shares issued rose from 305 million to 423 million. In summer 2012, a further 21 million shares were issued.

In 2013, Sacyr Vallehermoso was renamed Sacyr. Lately, construction activities have increasingly focused on the construction of hospitals, high-voltage power lines, waste incineration and sewage treatment plants.

Participation in Repsol YPF

From October to December 2006, Sacyr acquired a 20.01% stake in Repsol YPF for an average of EUR 26.71 per share or a total of EUR 6,525.5 million as part of a diversification and growth strategy. The purchase was financed by a six-year bullet loan of EUR 5,175 million.

The loan should also be funded through higher dividend payouts from Repsol YPF. But this could not be enforced.

In 2011, half of the original acquisition loan for the Repsol YPF shares was extended to January 31, 2015 at a higher interest rate. The other half was redeemed through the sale of 122 million Repsol YPF shares at a price of EUR 21.066 per share to the issuer. This resulted in a book loss of 940 million euros. Repsol YPF's share price fell due to nationalization by the Argentine government. Therefore, in the summer of 2012, the remaining loan of EUR 2,354 million was only offset by a share value of EUR 1,500 million.

Tax debts

The tax debt of Sacyr to the Spanish Treasury is now 116.1 million euros (2016). The entire Spanish construction industry owes the Spanish state taxes of over 6 billion. This is 40% of the total tax debt in Spain.

See also

Web links

Individual evidence

  1. ↑ a b Sacyr Informe Anual 2014 , at www.informesanuales.sacyr.com , accessed on November 27, 2015
  2. ↑ Cifras Básicas. Retrieved October 13, 2017 (Spanish).
  3. ↑ Finanznachrichten.de of April 9, 2008, accessed on May 6, 2008
  4. ↑ Handelsblatt of December 2, 2008, p. 11.
  5. ↑ Annual Report 2010, p. 11
  6. ↑ Annual Report 2011, p. 70
  7. ↑ Sacyr inscribe en el Registro su nueva denominación social sin Vallehermoso , at www.economia.elpais.com , accessed on November 27, 2015
  8. ↑ Proyectos Destacados. Retrieved October 13, 2017 (Spanish).
  9. ↑ 2006 Annual Report, p. 78, p. 151
  10. ↑ 2006 Annual Report, p. 105
  11. ↑ Major shareholder cornering the CEO . In: The world . August 31, 2011.
  12. ↑ Annual Report 2011, p. 80
  13. ↑ "El 'ladrillo' más moroso". In: El Mundo, July 1, 2016, accessed July 2, 2016