According to a statement from Ferrovial to the CNMV, after the conversion of the preferred shares held by Kredyt Bank in Budimex into ordinary shares, Ferrovial's voting rights over the Polish company have increased from 49,99% to 58,72%, which, according to the legislation in force in the area, has caused Ferrovial to be obliged to acquire 100% of the company.
According to this legislation, Ferrovial should offer as a purchase price, at least, the average share price of the last six months, which would mean paying 6,70 euros per share (this price being 20% below the last quoted price) and entailing a cost for the Spanish construction company of 70 million euros.
The average premium paid for recent acquisitions in the European construction sector is 30% above the final price, which in the worst case would mean a payment of 109 million euros for Ferrovial.
In either case, the payment would be made from treasury funds, which amount to approximately 500 million euros generated from the sale of 40% of Cintra to MIG.
The changes that this acquisition will bring about at a strategic level will not be significant for Ferrovial, since until now it was the majority shareholder and had 49,99% of the voting rights, which had allowed it to carry out a complete restructuring of the company, incorporating the management and IT systems that Ferrovial manages.
As for the Polish company, Budimex recently presented its results, showing that the company had performed very well in both revenue and profit, registering sales of 691 million euros (+6%) in a year in which the construction sector in Poland has fallen by 10% (the difference in favor of Budimex lies in its specialization in civil works at a time when the rehabilitation of the area is taking place), although its EBIT was affected by restructuring costs and certain provisions that were higher than expected.
On the other hand, the estimates being considered for the coming years point to a net profit of 15 million euros in 2002, compared to losses of 4 million euros in the previous year, and 25 million euros in 2003. To this must be added the possible entry of Poland into the European Union and, given the scarcity of infrastructure in the country, the foreseeable arrival of the Cohesion Funds and the volume of works that this will generate, benefiting Budimex because it specializes in civil engineering.
According to Ricardo Gil, Investment Director at Renta 4, "we remain positive on Ferrovial and are keeping it in the Blue Chips portfolio and the Modelo portfolio, awaiting specific data and dates regarding the purchase of the 41% of Budimex that it does not yet own."
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