Innovating in the financial sector is possible too
Innovation is also present in Sacyr’s financial department. Proof of this is the Repsol operation which won it the ‘Natural Innovators’ award offered by Sacyr, thanks to its development and use of financial structures.
Innovation can arise in any field since inspiration, motivation and the desire to improve are not bound by sectors. The goal of the ‘Natural Innovators’ awards given by Sacyr is to discover and recognise in each division of the company the innovative work performed by its employees. One of the award winners from this edition was Joaquín Camacho Calderón, Director of Structured Financing and Management Control of the Sacyr Group, thanks to the significant financial operation undertaken with Repsol.
To help us to understand better what this project involved, Joaquín explained that the result is a new source of financing on 50 million Repsol shares, achieved by setting a minimum value for the share price for Repsol, based on which Sacyr has ensured a minimum value for its stake while enjoying the prospect of long-term returns when Repsol’s share price increases.
Sacyr’s financial team planned this operation after experiencing a fall in value on the stock market early last year. In view of that situation, they came up with the idea of restructuring Sacyr’s stake in Repsol based on derivatives to mitigate risks and create a company in better financial health.
This innovative operation, planned and designed by Joaquín, substantially reduces the debt and the associated costs, eliminates downturns for the value of Sacyr and provides flexibility for financing the stake in Repsol. This is therefore an original, complex operation that has turned out to be very efficient for Sacyr, by managing to eliminate the intermediaries in the value chain of a standard banking product.
Like the rest of the winning teams, Sacyr’s financial department will not cease to strive to continue innovating in its field. The idea, in the words of Joaquín Camacho, is “to make the financial structures based on derivatives that we carried out on Repsol increasingly sophisticated”. He also mentioned that they are considering operations that will prove to be highly innovative, and that they feel fully supported by the company and appreciate and value the acknowledgement Sacyr gives its employees.