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Martinsa Revises Books & Reports €652 Mn Loss

9/05/2014 – Expansion

Martinsa Fadesa checked its books once again and raised the annual debt volume amassed in 2013 to €652.3 million. Compared to 2012, the figure is by 12% larger.

On February 28th, the company announced a €568.2 million loss registered throughout 2013, that was 2.5% less than a year before.

The group´s Ebitda showed negative €46.6 million, doubling the figures of 2012. Gains proceeding from real estate reached €109.88 million, by 27.8 % less though. The income was generated mostly in France (39%), Spain (33%), Poland (21%) and the rest in Hungary.

Impairment provisions consumed €368 million, out of which €308 million corresponded to non-financial assets and the remaining €60 million were financial. The depreciation was provoked mainly by real estate assets value loss (by 3.7% more acute than in 2012).

On the other hand, Martinsa´s financial expenses climbed to €163 million, out of which around €147 million ought to be assigned to its bankruptcy debt.

With all the figures, the real estate firm led by Fernando Martín submitted “the Aurora Project” to its lenders with hope of swapping the debt for liquidated assets.

According to sources close to negotiations, Martinsa Fadesa considers itself unable to pay-off the 12% of the entire insolvency debt this year, the deadline set by its lenders.

 

Original article: Expansión (after EFE)

Translation: AURA REE