Sacyr expects to obtain close to 17,000 million in dividends from its concession assets, which it will group under the Voreantis brand, whose process of creation and subsequent sale of a minority stake will take place in 2025, according to its president and CEO, Manuel Manrique, in a conference with analysts to explain his latest financial results.
Sacyr currently has more than 70 concession assets, from which it expects to obtain dividends of 16,000 million throughout all the years that its concession contracts cover. “This amount is six times higher than our market capitalization,” the manager noted.
However, the company has added three new awards in recent months that will bring it more than 550 million euros, so the total dividends will be close to 17,000 million euros.
Manrique has announced that the company is already working with its financial, legal and tax advisors to prepare the necessary documentation to bring Voreantis (the company that will group its concessions) to the market in the first quarter of 2025. “We hope to go on the market in the first quarter of 2025, following the planned route and detecting great interest from potential investors,” he added regarding the company’s plans to incorporate a partner into Voreantis, which would keep up to 49% of its capital.
Regarding the process of selling its assets in Chile and Colombia, it has clarified that it is still active and that different alternatives are being evaluated, given that the macroeconomic situation “has improved with the decrease in interest rates and, therefore, discount rates.” “.
Results until September
Sacyr obtained an attributable net profit of 74 million in the first nine months of this year, which represents an increase of 1.3% compared to the same period in 2023, according to The company reported this Wednesday. Between January and September, the firm reduced its gross operating result (Ebitda) by 1.7%, to 947.8 million euros, while the turnover reached 3,261.8 million euros, 0. 5% more.
In addition, net recourse debt stood at 215 million euros at the end of the third quarter, while net investment reached 577 million euros in 2024.
Sacyr obtained an operating cash flow of 805 million euros between January and September, 65% more than in the same period in 2023. Specifically, until the ninth month of the year, 85% of Ebitda was converted into cash flow , compared to 50% in the same period last year.
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