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Debt rising by 47%

Spain: Eroski closes first half of the year with losses

The first half of 2012 has not been good for Eroski. Affected by last year's real estate transactions, the group's debt has increased by 47%, reaching 50 million Euro and has closed this first half of the year with a 3.8% fall in turnover, now down to 3,114 million Euro.

Last year, the sale of real estate assets generated 37 million Euro in revenue. According to the firm, if the extraordinary items from those transactions had not been taken into account, the half-year results, from January to June, would have improved by 21 million Euro.

Eroski blamed these results on the unfavourable economic environment, but their commitment to reducing costs and improving their financial balance is noteworthy. They have managed to reduce operating costs by 31.5 million Euro, which is 3.3% in relative terms.

Similarly, they have reduced their debt to credit institutions by 69 million Euro and have improved financial results by 18.4 million Euro, thanks to a reduction in resources and falling interest rates.

On 31 January 2013, the company will reward investors with the interests generated in 2012, derived from the Eroski Subordinated Financial Contributions (AFSE). This year interests are as high as 4.768%; a 0.153% increase compared to last year.


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