Tag: financial debt

Lar España’s Profits Fell by 4.6% in 2018 to €129.3M

1 March 2019 – Expansión

Lar España recorded a net profit of €129.3 million in 2018, which represented a decrease of 4.6% with respect to the previous year, whilst its revenues grew by 0.3% to €77.8 million.

According to explanations provided by the company, this result includes a charge of €17.9 million in the first quarter, to comply with the Grupo Lar management contract, as it achieved divestments of €100 million.

Without that negative effect, which is only going to be recorded in 2018 (…), the resulted would have amounted to €155.7 million, 7% more than in the previous year. Meanwhile, the EBITDA amounted to €55 million, up by 0.3%.

The firm completed divestments amounting to €272.5 million in 2018 and invested €75.6 million in the renovation of its asset portfolio.

In terms of dividends, the sale of the luxury homes at Lagasca 99 (Madrid) will allow the company to increase its remuneration to shareholders from €0.49 in 2017 to €0.80 in 2018, a rise of 63.2%.

At the end of 2018, the firm’s financial debt amounted to €621.7 million. Last year, its assets appreciated in value by 12.1% (…).

Original story: Expansión

Translation: Carmel Drake

Hispania Earns 31% More & Increases Its Revenues By 19%

15 November 2017 – Expansión

Hispania – the Socimi in which George Soros holds a stake – increased its net profit to September by 31% to reach €179 million, whilst its revenues rose by 19% during the period to €119 million.

By business segment, hotel revenues rose by €98 million or 21%. Hispania explained that the good performance recorded during the first nine months of the year was due to a 10.2% improvement in the average daily price per occupied room (ADR) and a 10.6% rise in the revenue per available room (RevPar) of its hotels in the Canary Islands.

Meanwhile, the turnover of its offices reached €16 million, up by 16.6%. During this period, Hispania increased the occupancy rate of its offices from 82% in December 2016 to 86% with a gross space leased of more than 15,000 m2 during the period.

The company, which had been negotiating the sale of its office portfolio, decided to postpone that operation due to the situation in Cataluña. Hispania expects to resume the sales process during the first quarter of next year.

Finally, revenues from the residential area decreased by 12% to €4.1 million. Hispania is continuing with its plan to sell homes in the retail market, which it began at the end of 2016. During the period, the Socimi sold 47 units in total between Isla del Cielo and Sanchinarro (Madrid), to accumulate a gain on the sale of 38% on the investment made.

Revaluing its portfolio

The value of the company’s real estate assets as at 30 September amounted to €2,347 million, which represents an increase of 17% with respect to the start of the year and a rise of 40% compared to the same period last year.

By segment, the value of Hispania’s hotel assets amounts to €1,516 million, its offices are worth €591 million and its residential assets amount to €239 million.

At the end of the period, Hispania had financial debt amounting to €620 million in total, with an average cost of 2.6%, compared to €631.3 million at the same time last year.

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake

Realia Records Profit Of €0.2M In Q1 2015

13 May 2015 – El Economista

Realia reported a net profit of €200,000 during the first quarter of 2015, compared with losses of €7.6 million a year earlier, according to the company’s report to Spain’s National Securities Market Commission (CNMV).

The firm has attributed this improvement to: a higher margin on its rental activity, a lower negative margin on its residential activity and an improvement in financing costs.

Between January and March, total revenues amounted to €23.3 million, i.e. 33.9% lower than during the same period in 2014, due to a decrease in the sales of property developments and land, at the same time as the gross operating profit (EBITDA) amounted to €10.3 million, i.e. 59% more.

Realia reduced its net financial debt with credit institutions and similar entities by €1,018 million during the first quarter of 2015, with respect to the debt held during the same period in 2014 (48% less) and by €2 million compared with December 2014, reflecting a net generation of cash.

At 31 March 2015, Realia had total gross debt with credit institutions and similar entities of €1,710 million and had cash and cash equivalents amounting to €619 million.

Net financial debt amounted to €1,091 million. 49.6% of the group’s total debt matures in 2016 and 48.1% matures in 2017 or subsequent years.

The net financial result decreased from -€13.9 million during the first quarter of 2014 to -€5.5 million during the same period this year, representing an improvement of 60.5%. The financing cost as at 31 March 2015 amounted to 1.33%.

Original story: El Economista

Translation: Carmel Drake