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Abertis studies challenging the Supreme Court ruling and estimates its impact on 2023 profits at 29 million

MADRID, 30 Ene.

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Abertis studies challenging the Supreme Court ruling and estimates its impact on 2023 profits at 29 million

MADRID, 30 Ene. (EUROPA PRESS) -

Abertis has assured this Tuesday in a communication sent to the National Securities Market Commission (CNMV) that it does not share the interpretation of the 2006 agreement for the AP-7 toll highway made by the Supreme Court (TS) and studies, "in defense of their legitimate interests, the possible means of challenge".

The Supreme Court has rejected Abertis' claim to the State for 4,000 million euros in relation to the lane widening works carried out on the AP-7 toll highway in 2006, estimating only the concession of 33 million euros for the investments that were recognized by the Administration.

The company has become aware of this ruling, derived from the dispute that its subsidiary Acesa has had with the Public Administration in relation to the calculation of the compensation balance resulting from the modification of the contract in 2006 of the AP-7 toll highway agreement. .

Abertis has highlighted that the TS does not consider the company's main claim based on its right to be compensated for the differential margin between actual and expected traffic, by not considering that said agreement established a redistribution of traffic risk between the granting Administration and dealership.

The company estimates that the ruling on traffic compensation represents an accounting loss net of provisions of around 250 million euros.

Likewise, it calculates that the Supreme Court's ruling represents a net cash income of about 65 million euros, as the Supreme Court recognizes Abertis' right to be compensated for certain complementary investments.

However, taking into account other reversals of provisions and extraordinary income, the net impact of the ruling on Abertis' results in 2023 "will be only about 29 million euros."

In any case, the company has assured that it continues to focus on the execution of its global growth strategy, with the support of its shareholders ACS and Mundys.

After the concession period expired on August 31, 2021, the Council of Ministers adopted an agreement in February 2022 to compensate 1,070 million euros for the works carried out, something that was challenged by Acesa, Abertis' concessionaire.

The shares of ACS, a shareholder of Abertis, plummeted this Monday by nearly 10% on the stock market after learning of the Supreme Court's ruling.