Sandra Ortega has managed to straighten out her real estate business after years of difficulties, with intermittent red numbers. After two consecutive years of losses and a negative result in 2020 of 128.5 million euros, the eldest daughter of Amancio Ortega, has thus managed to close the last year with a net profit of 54.2 million euros, the highest of all its history.
The company Ferrado Inmuebles, through which it manages its properties both in Europe and in the United States, had a net worth of 583.01 million as of December 31, 2021, which is almost 40 times more than in the previous year. .
injection of funds
Ortega seems determined to give new impetus to the business, which has assets of almost 650 million euros, injecting all the necessary resources to do so. In fact, in the last year it has made contributions to the equity of this subsidiary amounting to 511.8 million euros, thus preventing it from falling into the cause of dissolution due to the heavy accumulated losses.
substantially as a result of the pandemic, something already overcome. After the heavy losses registered in 2020, the managers admitted that “the company and, above all, its investee companies, have been significantly affected by the negative evolution of the real estate market in 2020, mainly due to the strong impact that it has generated the COVID-19 pandemic around the world.
Both Ferrado and its subsidiaries then had to face the renegotiation of some of their leases with third parties, they were forced to grant grace periods to certain tenants, they paralyzed their hotel activities and suffered delays in the evolution of some of the projects that They were in the development phase. And as if all this were not enough, Ortega also filed a lawsuit against José Leyte, who had been his manager for the last twenty years, for misappropriation, document falsification and unfair administration.
profit record
Once these problems have been overcome, the good progress of the real estate business now and the dividends obtained from its 5% stake in Inditex have allowed Rosp Corunna, the company through which Ortega manages all its investments, to generate profits in 2021. record after tax of 241 million euros, compared to losses of 91 million in 2020.
At the end of the year, the group’s net worth amounted to 5,887 million, 10.7% more. The subsidiary Rosp Corunna Participaciones Empresariales, which includes among its assets, in addition to the Inditex package, a 5% stake in Pharma Mar and shares in investment funds and other unlisted companies, has paid dividends to the parent company, specifically, for an amount of 381.9 million in fiscal year 2021.
At this time, Rosp Corunna’s biggest problem is in the non-judicial claims of certain entities for 150 million for alleged guarantees given to the Room Mate hotelier, which Sandra Ortega denies.
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