Consolidated figures

1. INCOME STATEMENT

  • Eloy Gonzalo 10

Over 2018, the Company turnover stood at €124.7m, which is 9.3% up on that of the previous year when it obtained €114.1m euros. EBITDA over the financial year was €72.9m, 11.2% above that of 2017, when it reached €65.6m.

In the property-owning office business, turnover rose by 12.1% and EBITDA increased by 11.7%. These increases principally stem from rental income generated at Manuel Cortina 2 and Castellana 77.

As regards the other activities that complement the property-owning portfolio:

  • The residential business of Las Colinas Golf & Country Club generated total revenues, including real estate development, the golf course, accommodation business and other business of €29.1m, which is slightly down on the previous year’s turnover of €29.6m. As far as EBITDA is concerned, an increase of 4.0% was recorded, growing from €12.1m to €12.6m.
  • IN-PLANIA, the office fit-out business increased its turnover substantially, rising from €395k to €1.287m, with EBITDA growing from €(124)k to €465k.
  • Evolution of revenue and EBITDA by business areas
  • Evolution of revenue and EBITDA by business areas

2. VALUATION OF THE PORTFOLIO

The valuation of the portfolio as at 31 December 2018, carried out by an independent property valuer, amounted to €2,189m. It is worth noting that this is slightly lower than the valuation that appears in the Financial Statements (€2,192m) in other sections of this annual report. This discrepancy is due to the fact that the Barajas 1 was involved in a sales process at a specific price, but without a binding offer, hence the valuer could not take this value as a reference.

The table below shows the breakdown of the valuations by type of asset in 2018 compared to 2017.

  • Evolution 2017-2018 of the GAV: breakdown by type of asset

The valuation of the portfolio as at 31 December 2018, carried out by an independent property valuer, amounted to €2,189m. It is worth noting that this is slightly lower than the valuation that appears in the Financial Statements (€2,192m) in other sections of this annual report. This discrepancy is due to the fact that the Barajas 1 was involved in a sales process at a specific price, but without a binding offer, hence the valuer could not take this value as a reference.

The table below shows the breakdown of the valuations by type of asset in 2018 compared to 2017.

  • Evolution 2017-2018 of the GAV: breakdown by type of asset

The figures for 2017 and 2018 are not fully comparable hence the need to show a like-for-like comparison, which indicates growth of 5.0%, as the following are excluded

  • Manuel Cortina 2 -renovation- and Oxxeo -land development-, as they increase their value due to completion of work on the properties and delivery to tenants.
  • Llano Castellano 51 and Barajas 1, as they were involved in sales processes at the end of the year. Both assets were sold at the beginning of 2019, in January and March respectively.
  • In 2017 the land bank included the value of the plot to build the new development ARQBÓREA. In 2018, the value of the asset is considered as offices, although this increase in value is not taken into account for like-for-like purposes as investments are made -capex-.
  • In addition, the absolute value at Las Colinas Golf &
    Country Club drops as plots of land were sold in 2018, the comparable valuation in €/m²t rose by 5.9%.

The graph below shows a breakdown of the evolution of the valuation.

  • Evolution 2017-2018 of the comparable GAV (€m)

The figures for 2017 and 2018 are not fully comparable hence the need to show a like-for-like comparison, which indicates growth of 5.0%, as the following are excluded

  • Manuel Cortina 2 -renovation- and Oxxeo -land development-, as they increase their value due to completion of work on the properties and delivery to tenants.
  • Llano Castellano 51 and Barajas 1, as they were involved in sales processes at the end of the year. Both assets were sold at the beginning of 2019, in January and March respectively.
  • In 2017 the land bank included the value of the plot to build the new development ARQBÓREA. In 2018, the value of the asset is considered as offices, although this increase in value is not taken into account for like-for-like purposes as investments are made -capex-.
  • In addition, the absolute value at Las Colinas Golf &
    Country Club drops as plots of land were sold in 2018, the comparable valuation in €/m²t rose by 5.9%.

The graph below shows a breakdown of the evolution of the valuation.

  • Evolution 2017-2018 of the comparable GAV (€m)