3 D Sys Corp Dl 001 (TG:SYV)
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Highly indebted Spanish construction company Sacyr-Vallehermoso SA (SYV.MC) on Monday restated its 2008 results, posting wider losses on accounting adjustments and higher provisions.

Madrid-based Sacyr said its net loss for 2008 widened to EUR256 million, compared with a previously stated loss of EUR176.8 million. The company reported a net profit of EUR946.4 million in 2007.

A Sacyr press official said the changes were conducted to follow "a more prudent accounting criteria."

Sacyr, which embarked on ambitious, leveraged acquisitions when liquidity was abundant, has been recently forced to sell assets as financing costs jumped and Spain's real estate market imploded.

Sacyr said in a filing with regulators that restatements include a provision of EUR37.2 million for uncollected loans. It also reclassified EUR35 million in accounts-receivable as expenses.

At its real estate and property operations, Sacyr took charges of about EUR44.2 million after failing to complete some sales. It also booked EUR60.6 million as provisions due to accounting adjustments.

Restated earnings before interest, taxes, depreciation and amortization, or Ebitda, for 2008 narrowed to EUR609.3 million, compared with a previously reported Ebitda of EUR644.2 million for the same period. In 2007, Sacyr reported Ebitda of EUR862.8 million.

Sacyr 2007 results consolidated profits from France's Eiffage SA (13045.FR), in which it owned a stake of about 33%. Sacyr pulled out from a hostile takeover bid for Eiffage and sold the stake at a loss.

According to the company, the failed incursion into France was behind losses for 2008, since Sacyr had to undo an earlier consolidation of profits from Eiffage in its 2006 and 2007 earnings.

Sacyr recently agreed to sell highway operator Itinere Infraestructuras SA (ITI.MC) to a Citigroup Inc. (C) infrastructure fund for EUR7.89 billion, including EUR5.01 billion in debt.

Sacyr said it sees its 20% stake in oil company Repsol YPF SA (REP) as a stable, long-term investment that won't be sold at current market prices.

Sacyr paid some EUR6.53 billion, or EUR26.71 per Repsol share, for its Repsol stake. As of the end of 2008, the stock-price value of Sacyr's stake fell to EUR3.69 billion, or EUR15.5 apiece. Repsol shares closed at EUR13.87 Monday.

Sacyr said the drop in Repsol's share price didn't affect its 2008 results due to its valuation criteria.

Company Web site: www.gruposyv.com

-By Santiago Perez, Dow Jones Newswires; 34 91 395 8127; santiago.perez@dowjones.com

(Pablo Dominguez contributed to this article.)