Neinor Recorded Losses of €8.2M In Q1

28 April 2017 – Fianzas

The real estate company Neinor Homes recorded losses of €8.2 million during the first quarter of the year, according to a statement filed with Spain’s National Securities and Exchange Commission (CNMV).

Neinor, which debuted on the stock market on 29 March 2017, is the former real estate arm of the Basque bank Kutxabank, which was acquired by Lone Star; that fund that is still the entity’s main shareholders with 39.5% of its share capital.

The real estate company recorded revenues of €72 million during the first quarter and a gross margin of €10.8 million.

The firm’s debt amounted to €314 million, the same as last year, although the company highlighted the strong generation of cash flow – €106 million – which reduced its net debt balance to €208 million, i.e. 28% lower than the figure last year (€291 million).

That left the ratio between net debt and net equity at 29%, compared with 46% last year. (…).

Original story: Fianzas

Translation: Carmel Drake