28 February 2018 – Expansión
Aedas, the property developer controlled by Castlelake, which debuted on the stock market in October, closed last year with net losses of €40 million, due primarily to non-recurring expenses relating to its IPO process, which resulted in a negative impact of €31.55 million.
That result also includes a cost of €26.2 million associated with the director incentive plan, which was paid for in full by Castlelake, and which is reflected in personnel expenses.
The property developer highlights that, excluding extraordinary operations and expenses, its losses for the year as a whole amounted to €8.55 million. Of that amount, €8.27 million corresponded to the first half of the year, “an amount that was already reported and discounted by investors from the price of the stock market debut”, says the company. By contrast, the firm closed the second half of the year with losses of €280,000 and an EBITDA of €3.3 million.
Aedas, which was created in July 2016 and which started to market its first homes in March 2017, reported revenues of €38.6 million in 2017. The gross value of its assets (GAV) amounted to €1.475 billion, which represents an increase of 7.2% with respect to its IPO valuation.
The property developer indicated that from 2018 onwards, it will start to register its first “significant” revenues through the delivery of its first large batch of homes and said that the 915 commercial sales that it has closed represent gross revenues of €310 million.
Original story: Expansión (by R. Arroyo and J. Díaz)
Translation: Carmel Drake