In 2013, Its First Year Out of Stock Market, Metrovacesa Lost €23 Mn

9/06/2014 – Cinco Dias

In 2013, the first year of not being listed on the Stock Exchange Market since 1941, Metrovacesa has significantly cut in its indebtness. The real estate company lost €22.6 million last year, compared to the €186 million loss registered in 2012.

According to the Mercantile Registry checking books of Metrovacesa instead of the CMNV (Spain´s Stock Exchange Market Commission) since last year, the firm earned €223.7 million in 2013, juxtaposed with the €224.3 million in 2012. Its operating income showed profits of €169.5 million (€60.1 million in 2012). The result means a stagggering 182.1% improvement.

The company also highlights the apartment sales inside the Torre Madrid, a building situated on the Plaza España square, jointly bringing it €10.9 million income and gross benefit of €7.6 million.

Practically, Metrovacesa´s indebtness has not changed if compared to 2012 loss and post €5.49 billion. Sources close to the company believe the recent sale of 26.7% of the firm´s French arm Gecina will help it to reduce the debt.

Metrovacesa sold its nearly 27% stake in the French real estate at €92 a share (total of 1.546.48 million) to Norges Bank (9%), Crédit Agricole Assurances (4.68%), Blackstone and Canadian fund Ivanhoé (6.92%) and a company allied with the two latter (1.46%).

Blackstone and Ivanhoe have already held a 23% stake in Gecina through their joint venture Eliseo. Now, with the additional 6.92% and 1.46%, perhaps Blackstone will be obliged to submit a takeover bid.

Original article: Cinco Días (by Alberto Ortín Ramón)
Tanslation: AURA REE

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Translation/Summary: aura