FADESA achieved a net profit of €121.7 mln, which represents an increase of 36% compared with the same period of last year, when profit was €89.4 mln.
Commercial sales again showed very positive growth, reaching 1,006 million euros, which represents the sale of 5,226 units, 38% more than in 2004. Of these, 22% consisted of social housing. With regard to its portfolio of pre-sold homes, FADESA reached a new peak of €2,028 mln, around 40% more than in the third quarter of 2004.
32% of this stock consists of second homes and the fact that 12,257 units are pending completion will provide guaranteed income over the next two years. Income from residential activity increased by 19% and building progress at its current residential developments means that sales will be completed on a significant number of homes in the final quarter of the year.
Income from the company's hotel activity continued to grow positively, reaching €25.3 mln, compared with 6.6 mln in 2004, as a result of the greater number of hotels now in operation.
The Group's gross trading profit as a percentage of income stood at 42% (250.6 mln), while the consolidated EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) increased 33% to €190.5 mln.
FADESA's net financial debt as at 30th September stood at 1,282 mln. The ratio of net debt as a percentage of the market value of the company's assets as at 31st December 2004 was 18%, the lowest in the sector.
Taking all of the above into account, FADESA Group is forecasting that it will complete the sale of more than 6,000 homes in 2005. This will mean an increase in net profit of more than 55% and an increase in the figure for total pre-sales for the year of close to 30%.
Significant developments in the third quarter
FADESA has reached a preliminary sale agreement with the Property Group INBISA for the second office block in the complex it is building in Gran Vía at L´Hospitalet de Llobregat, in what will be the Plaza de Europa, a stone's throw from Barcelona. The transaction relates to a 25-storey building which is 25.000 m² in size. FADESA will undertake to develop and build the structure and the outside of the building which will then be handed to the Property Group INBISA for them to complete its interior.
FADESA has also strengthened its position in Hungary, where as well as promoting over 270 upmarket homes right in the heart of Budapest, it has been chosen by the Town Council of Csepel Budapest to develop, over an area of 80 hectares, the most important property project in the Hungarian capital. The project will include homes, shopping areas, sports facilities, hotels and public services.