Sareb´s business plan, drafted by KMPG in March 2013, augured net losses oscilating around €47 million, while the huge gains were expected for 2016, said to represent €762 million. Last year, gross operating profit (EBIDTA) reached alomost €1.2 billion, while real estate and financial asset management and divestment generated total gains of €3.8 billion. The amount allowed it to pay-off its €2 billion debt and to redeem another €1.2 billion of interests.
In 2014, Sareb wants to advance in debt repayment and redeem 50% more in respect to 2013 (about €3 billion). Moreover, the business plan prepared for this year includes adding to asset value by €7 billion before the bad bank´s ceasing in 2027.
Out of the €3.8 billion earned in 2013, 41% originated from divestment (21% from property and 20% from credit sales). Assets for rent added 2% to the total revenues. The remaining 57% derived from loan interests, repayments and collection. In total, Sareb sold 9.000 properties, 2.500 hectares of land in retail sales and 12 large portfolios consisting of both properties (20%) and loans (80%).
In the retail channel, the bad bank appeared among the top 10 sales agents with sales rate of 25 units per day. In 2014, Sareb aspires for entering among the top 5 and increase the rate to 30 properties a day that would be by 15% more than in 2013. Moreover, it targets the largest property markets (Madrid, Barcelona, Alicante, Valencia and Malaga).
Throughout 2013, the Spanish bad bank kept in contact with 600 international investors. (…).