MADRID, 8 (EUROPE PRESS)
The board of directors of Abenewco 1, a subsidiary where Abengoa maintains its most valuable assets, has unanimously approved the financial projections that support the company’s viability plan, where it foresees new contracts worth 968 million euros for this year and sales of up to 783 million, as notified this Wednesday to the National Securities Market Commission (CNMV).
The viability plan considers the redemption of 249 million euros granted by the State Industrial Participation Company (SEPI), the 200 million granted by Terramar and 300 million lines of Super Senior New Bonding guarantees, together with the renovation of the two lines New Bonding existing in revolving capacity.
The projections are divided between the market of Uruguay and Argentina (Ring-Fence) and the rest of the countries where the group operates. Abengoa has excluded Mexico and Peru from these forecasts as they are not part of the viability plan, since the former market is in the process of liquidation and the latter is not part of the consolidated group as it has converted debt into shares.
As far as sales are concerned, the company expects to reach 783 million by the end of this year to increase turnover to 2,703 million in 2030 The bulk of sales during the period would come from the group’s main markets, while In the Ring-Fence area, income would range between 104 million in the first year and 177 million in the last.
On his side, hiring would increase from 968 million to 2,874 million in 2030.
For its part, turnover in the Engineering and Construction business would reach 675 million uros this year, to go to 962 million in 2023 and close 2023 with a level of 2,616 million.
The group also estimates a gross operating result (Ebitda) of 110 million for this year, a figure that would be reduced to 99 million in 2023 and would begin to gradually expand to 266 million in 2030.
The company’s operating cash flow would close with a negative balance of 219.6 million this year, but it would enter a positive balance as of 2023 and would continue to grow until 209.5 million in 2030.
The general expenses to sales ratio will gradually decrease with the objective of 3%. The company continues to implement measures to further reduce overheads.
The plan is focused on turnkey projects (EPC) for third parties, with an average gross margin of 9%.
Financial projections include contributions from three operating concessions. Likewise, the plan does not contemplate the inflow of cash from the sale of the concession assets. The company estimates that it has sufficient capacity in guarantee lines to be able to meet the needs of this plan.