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Next Issue Monday
13 September 2010
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27-29 September 2010
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17-18-19 November 2010
Cannes, France
Spain's Sacyr restates 2008, revises losses up by 45%
Spanish builder Sacyr Vallehermoso has restated 2008 accounts to the stock market regulator, raising losses by some 45% to e256m and reducing EBITDA to e609m due in large part to a deterioration in real estate investment and development. Development arm Vallehermoso lost e79m in 2008, some e58m more than originally calculated. The reasons are increased provisions for bad debts now stated at e37.2m, reclassification of e985m debt from long term to less than 12 months, and other provisions. The company has also made provisions of e20.2m for deterioration in value corresponding to options to purchase two companies.