railway It will be possible to save up to 40 million euros per year. taxes If it finally moves its headquarters to the Netherlands, thanks to more favorable tax conditions compared to Spain, that would be a limited impact on stock valuationAccording to an analysis by Sabadell.
However, with this change in the corporate organization, the main purpose of the company headed by Rafael del Pino is not tax savings, but larger international projection, because being based in the Netherlands will give you much more opportunities in your main market, the United States. In fact, according to Sabadell’s analysis, the cost of the procedures required just to move his registered office to the Netherlands and also start listing in that country in parallel with Spain would be around 20 million euros.
Likewise, the effect of tax savings of 40 million Euros is limited for a multinational company that achieved a turnover of 7,551 million Euros and an operating result of 728 million Euros last year.
The reason Ferrovial can save between 35 and 40 million euros per year is because it is in the Netherlands. dividends from subsidiaries are tax exemptIn Spain, the bonus is limited to 95%.
Until the shareholders’ meeting approves this operation, the Spanish company for now controls 25% of London’s Heathrow Airport, the world’s most important airport; 43% of Canadian highway 407-ETR, which is also considered the largest in the world; or more than 50% in Budimex, Poland’s largest construction company.
While these companies pay dividends to their shareholders, Ferrovial the portion proportional to its participation in the shareholding. He received 475 million euros for this concept last year, although he normally receives 750 million euros.
Shareholders
In any case, the aim of the company is to increase the awareness of its brand in the United States, where 93% of its international investors reside and improve their access to capital resources.
Ferrovial’s main shareholder is chairman Rafael del Pino, who controls 20.4% of the capital, followed by MarÃa del Pino with 8.2%; The British TCI fund (6.4%), founded by British billionaire Christopher Hohn, ranked 273 on the Forbes list of the world’s greatest wealth; Leopoldo del Pino (4.1%) and BlackRock (3.18%) and Lazard (3%) funds, according to the National Securities Market Commission (CNMV). In any case, ‘free roaming’ or Free float rate is 67%which means that this percentage of the company’s capital is held by minorities and is freely traded on the stock exchange.
For now, the stockholder response has been positive, its shares since this Wednesday. It rose 1.3% to €26.61 per share..
Source: Informacion
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