Sacyr Investment 2009-2012

Sacyr Vallehermoso, S.A. is a construction company located in Spain, based in Madrid. The firm was founded in 1986 as Sociedad Anónima Caminos y Regadíos, and in 1991 was renamed as Sacyr. In 2003 Sacyr merged with Vallehermoso and created Sacyr Vallehermoso, name that lasts until today.

Now, it will be described the most important facts in the activity of the company within the years 2004 to 2012.

2004

First of all, we would like to inform that from September 30th 2004, 266.153.343 Sacyr Vallehermoso SA shares were quoted in the Official Portuguese stock market at a price of 12.06 euros per share at the end of December.

In 2004, the Board of Sacyr agreed two big sales. On the one hand, the sale of land in Meco (Madrid) by 36.1 million euros and the sale of a property placed in C/Boix y Morer, by 802,000 euros. Both operations generated a total profit of around 30 million euros.

Talking about liabilities, in the balance sheet it is reflected the big increase of long term debt by 62,564,529 thousands of euros, perhaps because it carried out the acquisition of 0.47% of BBVA group, generating an increase of the long term portfolio. The group also agreed the acquisition of 64.28% of Somague SA society. As a consequence of all the acquisitions accomplished during that year, we see an increase in goodwill by almost 23,111 thousands of euros.

Concerning equity, it went up a lot by approximately 50% from 2003 to 2004 due, among other reasons, to several capital increases done. First one was of 6,491,544 euros and it was approved in June. As a consequence of this operation, a number of 16,345 shares correspond to the parent company. At the end of the year, its price was 12.15 euros per share. In order to apply the accounting rules, there was a provision of 20,735 euros. An additional capital increase of 13,851 euros through the issuance of shares was also needed in order to acquire 64.28% of Somague SA society about whom we have talked two paragraphs before. This...