Ferrovial summoned investors this Thursday to explain its business strategy after announcing a few days ago the transfer of its registered office from Spain to the Netherlands, a decision that has provoked criticism from the Government. As informed by the company to the National Securities Market Commission (CNMV) this Wednesday, the press conference will take place at 10 am electronically and questions will not be allowed at the end of the presentation.
In the documentation sent to the CNMV, the company presided over by Rafael del Pino -the third richest person in Spain- details its financial results for 2022 and the prospects for the future, although does not provide new information on its corporate reorganization process. What the company explains is that, looking to the future, it hopes to find attractive investment opportunities in the United States – where it plans to start trading – and to advance its decarbonization strategy.
The meeting with fixed-income investors takes place just over a week after the company’s announcement to move its headquarters to the Netherlands to improve its financing conditions, without affecting employment, investments and the activity they generate in Spain.
Ferrovial’s decision was criticized by the Government, which classified it as an “error”, considering that the company “owes everything to Spain” and the transfer “represents a lack of commitment to the country”, in addition to considering “Ridiculous” the argument that the change seeks more legal certainty. Faced with the rejection generated, the company defended the legal system and the stability that Spain offers as one of the best in the world, in addition to remembering that the fiscal impact of the transfer of headquarters is “neutral”.
Continuity in Spain
According to the company, Ferrovial’s move to the Netherlands will not jeopardize its continuity in Spain, where guarantees you will maintain employment, activity and investments, in addition to continuing to contribute fiscally. In this sense, the company announced on Tuesday the purchase of two solar photovoltaic projects in Andalusia in which it will invest 75 million euros during their construction, as well as interest in another five offshore wind projects in different points of the Spanish coast.
The change of location will bring with it listing on the amsterdam stock exchange as a step before debuting with its parent company -and not with subsidiaries- in a US stock exchange index, something that no Spanish company has done so far and which could happen before the end of the year. In addition, the transfer will mean the arrival of around 20 leaders and directors of Ferrovial to Holland, where around 12 people are already there. It will be there where, if the general meeting so decides within a period of six months, Ferrovial will hold the next meetings and where its board of directors will meet.
The company estimates that the operation will have a spending of 20 millionmainly in advisors, and that will mean not paying some 8 million for withholding dividends paid out. According to Ferrovial, having its headquarters in the Netherlands will bring less volatility in its financing costs, as the country has a better risk premium, more access to financing and greater notoriety for a brand that concentrates most of its revenue in North America. North.