27/02/2014 – Expansion
During 2013, Realia lost €51 million, that is 84% less than in 2012. The result reflects debt forgiveness of €17 million, agreed upon during the last refinancing, and €64 million provisions injected to allow the debt repairment. Moreover, the company has not activated an €18 million credit yet.
The real estate firm gained €44 million in profits last year. Realia´s revenues, calling attention of Pontegadea chaired by Amancio Ortega, fell by 6.3% in 2013 to €203.4 million. The gross operating profit (Ebidta) was set at €103.3 million that is by 16.8% less than the previous year.
About 83% of the company´s activity is focused on property and renting buildings included in its portfolio that brought it €166.6 million profits, by 3.7% less compared to 2012. Its French branch SIIC from Paris contributed with €69.6 million.
Development and housing sales brought losses of 3.6% deepening the debt with €24.3 million. In 2013, Realia sold 131 dwellings (148 in 2012). Thus, at the end of the year, it possessed 806 finished units in its stock balance out of which only 37 were being sold.
In terms of Realia´s accounts, at the end of 2013 it had a €2.102 million debt (3% smaller than the amount from 2012). The value of its assets portfolio is estimated at €3.384 million, that means a depreciation of 4.3%, basically due to residential assets (15% of the portfolio) adjustments.
Recently, FCC and Bankia named Goldman Sachs to look for new partners for the company. (…) Realia owns one of the Torres Kio in Madrid.
Original article: Expansión (Europa Press)
Translation: AURA REE