2005 - 2006 - Pinsent Masons Water Yearbook 2012

SPAIN PART 3 (ii): COMPANY ANALYSIS: LOCAL/REGIONAL PLAYERS
Sacyr Vallehermoso
Sacyr is involved in construction, real estate, contracting and asset operating activities. Sociedad
Anonima de Caminos y Readios was formed in 1986, changing its name to Sacyr in 1991 and
acquired Vallehermoso in 2002. In Portugal, the company operates under Somague.
Sacyr, profit & loss account
Y/E 31/12 (€ million) 2002 2003 2004
Revenues 2,064.2 3,333.7 3,703.3
Operating profits N/A 451.2 579.6
Pre-tax profits 406.6 468.7 507.7
Net profits 331.1 334.3 376.3
Valoriza, Sacyr’s services division specialises in water contracts, renewable energy generation and
multi service contracts. Valoriza’s revenues increased from €48 million in 2003 to €90 million in 2004.
Sacyr, populations served
Country Water Sewerage Total
Spain 70,000 0 70,000
Portugal 1,400,500 1,400.500 1,400,500
Brazil 256,000 158,000 256,000
Grand Total 1,726,500 1,558,000 1,726,500
Spain – Aguas de Toledo
1996 Toledo Concession 70,000 water
Sacyr holds 50% Aguas de Toledo, the rest being held by RWE’s Ondagua. This contract is seen as
a means of seeking further business in Spain.
Portugal and Brazil - AGS
AGS controls 40% of the private sector’s share of the Portuguese water market, serving 1.35 million
people and generating revenues of €21.6 million in 2004. These activities were acquired through
AGS’s Somague Ambiente. The earlier concessions were acquired from the state, having been
originally awarded to Aguas de Barcelona’s Lusagua before Agbar sold this company to the
government.
1997 Setubal 25 years, concession 114,000 water & wastewater
Somague holds 40% of Aguas de Sado. Revenues in 2003 were €12.4 million with 58,000 customers
and a total population of 113,934 people, 97% of whom have water and 90% have wastewater
services. Total capital spending of €90.8 million is foreseen for the concession.
1998 Vale do Ave 25 years, concession 390,000 water & wastewater
Somague holds 40% of TRATAVE (Tratamento de Águas Residuais do Ave, S.A.), the concession
company for the Vale do Ave (Municipalities of Guimarães, Santo Tirso and Vila Nova de Famalicão).
2003 revenues were €6.7 million, with a contract capital spending of €17.5 million. This is a
management concession.
1999 Figueira da Foz 25 years, concession 64,000 water & wastewater
Somague holds 40% of Aguas da Figueria. Revenues in 2003 were €6.2 million, with capital spending
of €15.2 million foreseen for the concession.
328 Pinsent Masons Water Yearbook 2005 – 2006