Sareb recorded losses 824 million euros in the first nine months of the year expand ‘red numbers’ by 15% 715 million euros recorded in the same period last year increase in financing costs.
Especially according to the last six-month activity report, the debt interest item increased in the first half of the year. Impact reaching 350 million euroscompared to 158 million euros the previous year.
However, this financial cost from senior debt would stabilize in the second half and be partially mitigated by more active management of the company’s cash.
“Interest rates have softened and stabilized in the last quarter, which, together with active management of the company’s cash flow, will allow us to record levels in line with our business plan,” the company’s financial director said. José María Arroyo.
In any case, apart from this effect, operational evolution Sareb was positive in the first half of the year, with negative results of 474 million eurosIt improved by -557 million euros compared to the same period last year.
For this reason, Excluding the effect of the adjustment for the cancellation of accrued interest, turnover amounted to positive 39 million euros compared to negative 129 million euros. Compared to the same period of the previous year, in line with the development of the Sareb portfolio, where the weight of financial assets gradually decreases and therefore income is generated.
In addition, Revenue generation in the real estate asset branch increased by 5% As recorded in the first half of fiscal year 2022, from the promotion of real estate development activity carried out by Sareb. Total revenue amounted to 1,164 million euros compared to last year.
In particular, the firm emphasized that intense commercial activity allowed it to increase home sales by 8%, despite the complex environment in which there was a sharp decline in activity in the real estate market due to inflationary pressures and changes in interest rates. Up to 5,309 units thanks to the introduction of Árqura Homes.
Sareb expects to improve these figures by the end of fiscal 2023Given that the exodus of service providers that occurred in the second half of 2022 still affects the marketing of the divested portfolio in the first months of 2023, when this activity finally stabilizes.
Sareb managed to reduce his life debt balance by 3% compared to 2022.It has an asset portfolio of 25,396 million euros, of which 10,277 million are financial and 15,119 are real estate, up to 30,353 million euros.
Land, tertiary and loans
The semi-annual report also reports on land development projects that Sareb manages together with Serviland. They have already reached 355, of which 311 are under active urban management. and 44 are in the process of commercialization.
Regarding land sales, the operational volume reached 1,226 units, a decrease of 8% compared to the same period in 2022. The decline was lower than the market decline, as the number of land transactions fell by 21% in the first six months of the year. 2023.
During, In the tertiary assets segment, 1,438 units valued at €90 million were recorded, 8% less more than a year ago. In the first six months of the year, income from the management and sale of loans reached 317 million euros, a decrease of 8.7% compared to the same period of 2022.