The construction company Sacyr has ended its participation in Repsol after 16 years present in the capital. The company chaired by Manuel Manrique has sold the 2.9% of the oil company that it still owned and has liquidated the derivatives of put options (PUT) contracted with a financial entity that acted as coverage for said participation. After the sale, Sacyr has amortized the debt associated with the participation for an amount of 563 million. In a statement to the National Securities Market Commission (CNMV), Sacyr explains that “as a result, net funds of 58 million euros have been obtained, which will be used to reduce the company’s recourse debt.” In the same way, the construction company increases its assets by 40 million euros, given that the accounting operation is recorded as a financial participation at market value.
The company has taken advantage of the rise of the oil company on the stock market, which in the first year of the pandemic marked a minimum of just over five euros per title and that today is trading above 15 euros per share.
The operation, which was contemplated in its strategic plan, is the last step of a decision taken long ago: at the end of last year Manuel Manrique had already announced that he would drop his package from 8% to 3% before the end of the year for the maturity of the financial derivatives that the company contracted between 2016 and 2017 to deal with fluctuations in the price of the oil company on its balance sheet. As a result of this operation, the 2021 accounts pointed to 93 million euros less, which weighed on their profit.
Sacyr wants to strengthen its presence in concessions, which now contribute 83% of EBITDA, reduce debt and increase shareholder remuneration. The company obtained 4,675 million euros in income in its last financial year and has a growing portfolio of future income of 46,000 million.
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