3 D Sys Corp Dl 001 (TG:SYV)
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Spanish construction company Sacyr-Vallehermoso SA (SYV.MC) said Monday 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.

In a restated earnings report for fiscal year 2008, Sacyr said it hasn't considered selling its Repsol stake below the oil company's "value in use."

Sacyr didn't disclose its estimate for Repsol's value in use, which subtracts free cash flow and net debt from the value of total assets. A Sacyr official declined to provide further comments.

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, which were restated Monday to reflect wider losses from charges and accounting adjustments.

Madrid-based Sacyr said it restated its net loss for 2008, which 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.

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.)