of the group as a whole,
|CONSOLIDATED INCOME STATEMENT
(Thousands of euros)
|2019||2020||% Chg. 20/19|
|Total operating income||4,536,659||4,852,244||7.0%|
|External and operating expenses||-3,856,901||-4,128,639||7.0%|
|Depreciation and amortisation||-254,126||-178,152||-29.9%|
|Provisions and other non-recurring expenses||15,350||-78,327||n.a.|
|Gains/losses on exchange differences||5,798||-56,813||n.a.|
|Share of profit from equity-method companies||-259,841||-337,358||29.8%|
|Provisions for financial investments||11,317||-38,479||n.a.|
|Change in value of financial instruments at fair value through profit or loss||-112,682||380,813||n.a.|
|Gain/(loss) on disposal of non-current assets||46,486||95,847||n.a.|
|Profit/(loss) before tax||-183,860||236,248||n.a.|
|PROFIT/(LOSS) FROM CONTINUING OPERATIONS||-273,187||110,887||n.a.|
|PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS||0||0||n.a.|
|CONSOLIDATED PROFIT/(LOSS) FOR THE YEAR||-273,187||110,887||n.a.|
|Attributable to non-controlling interests||-24,546||-75,190||n.a.|
|NET ATTRIBUTABLE PROFIT||-297,733||35,697||n.a.|
|CONSOLIDATED BALANCE SHEET
(Thousands of euros)
|DEC. 2019||DEC. 2020||Chg. 19/20|
|Property, plant and equipment||334,174||318,071||-16,103|
|Rights of use on leased assets||135,052||127,712||-7,340|
|Receivables from concession assets||4,576,454||5,590,902||1,014,448|
|Other non-current assets||94,967||34,689||-60,278|
|Non-current assets held for sale||347,254||0||-347,254|
|Receivables from concession assets||328,912||523,701||194,789|
|Financial instruments at fair value||209,410||210,993||1,583|
|Other non-current liabilities||976,775||1,939,040||962,265|
|Other hedged debt||1,617,442||649,796||-967,646|
|Liabilities associated with assets classified as held for sale||227,543||0||-227,543|
|Financial instruments at fair value||20,555||18,558||-1,997|
|Other current liabilities||649,773||943,426||293,653|
|Other hedged debt||0||967,646||967,646|
2020 SIGNIFICANT EVENTS
Some of the most significant events that took place during the year, are as follows
In January 2020, Sacyr implemented the Flexible Dividend (“Scrip Dividend”) program approved at the 2019 Annual General Shareholders’ Meeting. Shareholders were able to choose between receiving one new share for every 46 shares outstanding or selling their pre-emptive subscription rights to Sacyr at a guaranteed fixed price of €0.056 gross per right.
More than 94% of Sacyr’s shareholders elected to receive the Flexible Dividend in shares, for which a total of 11,980,391 new shares were issued. These shares began trading on February 19, 2020.
More than 92% of shareholders elected to receive the Flexible Dividend in shares, for which a total of 11,878,992 new shares were issued, giving Sacyr’s new share capital a total of 616,451,031 shares.
The new shares began trading on the Spanish stock exchanges on February 10, 2021.
DIVESTMENT AND ASSET TURNOVER
In June 2020, having fulfilled the conditions precedent of the sale agreement, Sacyr announced the divestment of 95% of the mature asset “Guadalmedina Highway” for a total amount of 455 million euros, including the associated debt. This transaction has been divided into two parts:
- A first, corresponding to 47.5% of the assets, and whose purchase and sale agreement was announced in October 2019, with the sale materializing during the first quarter of 2020.
- A second part, corresponding to the remaining 47.5% of the assets, was signed at the beginning of the year and formalized in June, once the suspensive conditions of the agreement had been fulfilled.
Following this transaction, Sacyr retains 5% of the concession assets, which it will continue to operate and manage in the future.
This organizational simplification will lead to significant synergies between the three areas mentioned above, and will also allow for a more effective vertical integration of the business for customers and, therefore, greater efficiency.
It is also perfectly aligned with Sacyr’s strategic program to become, increasingly, a group with a markedly concessionary profile.
As a result of this, Sacyr Concessions (P3) has decided that the management and development of the Water segment (integral cycle) will be led by Sacyr Concessions (P3), so that most of the concession business is grouped under the same division.
During 2020, Sacyr continued to be a core shareholder of Repsol through a 7.83% stake in the oil company (7.93% after deducting treasury stock). This year, as a result of Repsol’s “Flexible Dividend” program, Sacyr, through its investees: Sacyr Securities S.A., Sacyr Investments S.A.U. and Sacyr Investments II S.A.U., received a total dividend of 112.4 million euros (52 million euros at the beginning of January, on account of the 2019 results, and 60.4 million euros at the beginning of July, complementary to the 2019 results). Sacyr has actively managed its stake in the oil company in order to maximize its investment, which is protected in its entirety through three derivative structures financial derivatives.
DERIVATIVE ON TREASURY STOCK
On July 10, Sacyr signed a derivative contract with a credit institution for a total of 10,000,000 Sacyr shares, divided in two tranches:
- A tranche of 5,000,000 shares consisting of a buy option (call) in favour of Sacyr and a sales option (put) in favour of the credit institution, both with an initial exercise price of approximately €1.80 and an average maturity of one year.
- Another tranche of 5,000,000 shares consisting of a buy option (call) in favour of Sacyr and a sales option (put) in favour of the credit institution, both with an initial exercise price of approximately €1.80 and an average maturity of two years.
During the month of September, the International Chamber of Commerce (ICC) has ruled the award on the basalt and concrete formula claims, laboratories and geological faults presented by the consortium Grupos Unidos Por el Canal (GUPC). This award determines that the consortium has to return part of the claims collected, around 240 million dollars, to the Panama Canal Authority (ACP). On the other hand, approximately $25 million was recognized in favor of GUPC for additional laboratory expenses and for the existence of undetected faults in the field.
EXIT OF NON-STRATEGIC MARKETS
During the month of October, Sacyr signed a sale and purchase agreement with the Angolan group Griner for the sale of three subsidiaries: Sacyr Somague Angola, Sacyr Somague Mozambique and CVC Sacyr Somague in Cape Verde. The amount of this transaction amounts to 33 million euros.
CONSOLIDATION IN STRATEGIC MARKETS
The Sacyr Group has been awarded its first concession in the US market, meeting one of the strategic milestones set. The project consists of the operation, maintenance and improvement of the power, water and steam generation and distribution systems on the University of Idaho campus.
At the end of the 2020 financial year, twelve research firms were actively monitoring Sacyr shares. Of this group, 92% of the recommendations are buy recommendations and one is a sell recommendation, equivalent to 8% of the total.
TTC BY BUSINESS GRAPHIC
The Group’s main value creator
Leaders in infrastructure development...
millions of travelers
millions of passengers
km of train
million of global
...with a highly diversified backlog
Spain, Italy, Ireland, Portugal, Chile, Brazil, Colombia, Mexico, Peru, Uruguay, Paraguay, Oman, Argelia, Australia, and United States
Leader in all types of civil works, industrial and building projects
We make infrastructures that improve people’s lives
THE MAIN MILESTONES IN 2020 WERE (Millions of €):
- Building of offices and various promotions 347
- Construction of photovoltaic plant in Badajoz 59
- Electrical installations for Adif 51
- Building of the Spanish high-speed railway line (AVE) linking Vitoria-Bilbao-San Sebastián. Elorrio tranche 40
- Work on Granadilla port in Tenerife 11
- Rehabilitation and improvement of the “Mollepata-Santiago de Chuco” road in the region of La Libertad 84
- Construction of a detour for the US59 road in Texas 128
- Extension Nogales-Puchuncavi road 94
- Construction of Wind Farm 24
- Modernisation and improvement Beira Alta Railway 58
- Construction school in Azores 13
- Tranche 3 of the railway line in Brazil, which is added to tranches 1 and 2 under way 24
Australia, Brazil, Canada, Qatar, Chile, Colombia, Spain, United States, Italy, Ireland, Mexico, Peru, Portugal, United Kingdom, Paraguay and Uruguay
Always focused on an end-to-end customer service
We conduct a wide range of businesses
Australia, Chile, Colombia, Italy, Mexico, Paraguay, Peru, Spain, and Uruguay