Duro Puts its HQ on the Market Whilst the Tax Authorities Seize Several of its Properties to Pay Off a €123M Debt

2 March 2020 – Brainsre.news

The engineering company generated a profit of €10.9 million in 2019, well below the €99.4 million recorded in 2018 albeit thanks to the debt refinancing carried out in that year. If we exclude that extraordinary injection of liquidity, the net attributable result in 2018 was a loss of €119 million. Meanwhile, the operating profit (EBITDA) amounted to €20.1 million in 2019, compared with losses of €124.4 million in the previous year, and the EBITDA margin rose to 5.1%.

The company has not managed to convince the banks to grant it any new guarantees this year, nor has it found an industrial partner to inject capital. Given the situation, it proposes selling its headquarters, located in Gijón, and is considering cutting the workforce, as the CEO of Duro Felguera, José María Orihuela, acknowledged at the presentation of company’s results. The firm plans to stay in the Science and Technology Park on a rental basis.

Original Story: Brainsre.news

Translation/Summary: Carmel Drake

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