Sacyr confirms its growth plan and strategic focus following the ICC’s decision on the Panama Canal
• Sacyr has a solid financial position that will enable it to fulfil the arbitration award without compromising its current projects or future growth plan.
Sacyr’s business strategy remains unchanged following the decision of the International Chamber of Commerce regarding the claim made by GUPC on the composition of basalt and concrete formula for the Panama Canal.
The consortium GUPC must return approximately $240 million to the Panama Canal Authority, which forms part of the sum it received under the prior decision made by the Dispute Arbitration Board to award $265 million to the consortium. The ICC award on basalt and concrete formula does recognize around €25 million to GUPC for additional laboratory costs and the existence of undetected failures in the field. The claim represents just 8.8% of all claims filed by GUPC and its partners.
Sacyr holds a 41.6% stake in GUPC, meaning that its share to pay back will be approximately €84 million. Sacyr’s solid financial position allows it to fulfil the award with its own cash funds, without affecting any ongoing project or derailing its growth plan.
This year sees the conclusion of Sacyr’s Strategic Plan 2015-2020. In the coming months it will unveil its new Plan for 2021-2025, which will focus on concession businesses, which already contribute around 80% of the company’s EBITDA, as well as a commitment for the company’s sustainability.