reports
Sacyr : Annual results and thoughts about the liquidity position
Sacyr published a good set of annual results in our view, except at the bottom line and on the cash flow side (due notably to the costs of the derivatives on Repsol shares). - Note yet that the massive cash position (slightly more than EUR 2bn) at the end of 2017 should not be misunderstood. This comes from the completion of the financing of a mega-project in Italy which is about EUR 1.6bn (out of a global investment of EUR 2.6bn) in the form of two project bonds (non-recourse vis-Ã -vis the hol...
Sacyr : Annual results and thoughts about the liquidity position
Sacyr published a good set of annual results in our view, except at the bottom line and on the cash flow side (due notably to the costs of the derivatives on Repsol shares). - Note yet that the massive cash position (slightly more than EURÂ 2bn) at the end of 2017 should not be misunderstood. This comes from the completion of the financing of a mega-project in Italy which is about EUR 1.6bn (out of a global investment of EUR 2.6bn) in the form of two project bonds (non-recourse vis-Ã -vis the ho...
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