Martinsa-Fadesa’s losses rose 12 per cent in 2013 compared to the previous year, the company’s latest result reveal.
According to the company’s results for 2013, submitted to the Spanish stock market regulator, annual losses rose from €568 million in 2012 to €652 million last year.
Turnover from real estate sales fell 28 per cent to €110 million compared to 2012. EBITDA was negative another year running, in the red to the tune of €47 million last year, compared to €23 million the year before.
Martinsa-Fadesa was one of the first big Spanish developers to go into administration in July 2008, with five billion Euros of debt.
The developer had a sales office in London where it sold projects such as Costa Esuri in the ‘Spanish Algarve’ (Costa de la Luz), Bellarotja (Costa Blanca), La Oliva Casas (Fuerteventura), and Sa Marina in Mallorca. It also tried to sell its Mediterrania-Saïdia development in Morocco to foreign buyers.
Martinsa-Fadesa emerged from court administration in 2011 but has been labouring under unsustainable debts ever since. It is hard to imagine how this company has any viable future with so much debt on its balance sheet.