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value adjustment of 1,446,859 euros (negative value adjustment of 2,917,097 euros in 2022). In
addition, it has generated a profit of 985 euros from the sale of listed financial assets.
At 31 December 2023, EBITDA was positive and amounted to 24,498,122 euros (20,333,394 euros at
December 2022), a year-on-year increase of 20%.
Depreciation: Depreciation expense was 6,436,901 euros (5,986,123 euros for the same period the previous
year). The increase of 8% results from the new investments made during 2023 and 2022.
Subsidies: Subsidy income stood at 56,351 euros (56,351 euros in December 2022).
Impairment/Reversal:
- After the valuation of the Company's real estate assets, impairment of 344,990 euros has been
recorded, linked to the Hotels and Commercial segment, in addition to reversals of impairment of
236,381 euros, particularly in the Commercial Segment. The net impact on the income statement
for 2023 was therefore negative in the amount of 108,609 euros (negative 478,996 euros in 2022).
Profit/(loss) on disposal of real estate assets: During 2023, the following divestments were recorded:
- Sale of several properties with their corresponding annexes in Vallecas Comercial I (1 unit),
Sanchinarro VII (1 unit) and Coslada III (1 unit) for a gross cost of 534,383 euros, which were sold
to third parties. These sales transactions gave rise to a combined net gain of 67,715 euros, which
was recognised under “Impairment and gains or losses on disposals of non-current assets” in the
profit and loss account at 31 December 2023.
- On 31 July 2023, the resulting Urban Plot PR-4, belonging to the San Blas district of Madrid,
included in the API 20.12 Julián Camarillo Sur of the General Plan of Madrid -1997-, was sold. A
tertiary commercial building has been built on this plot, located at calle Albalá number 7, which has
been disposed of for a gross book cost of 2,873,300 euros. This divestment gave rise to a net gain
of 2,395,995 euros, which was recognised under "Impairment and gains or losses on disposals of
non-current assets" in the profit and loss account at 31 December 2023.
At 31 December 2023, EBT is positive and amounts to 20,467,557 euros (14,254,857 euros in December
2022), i.e. a 44% increase year-on-year.
Net profit/(loss): At 31 December 2023, net profit of 20,063,539 euros (14,254,857 euros at 31 December
2022), representing a net profit per share of 4.51 euros (3.20 euros at December 2022), i.e. a 41% increase
year-on-year.
2. Valuation of real estate assets
The Company commissioned Jones Lang Lasalle, an independent expert, to conduct a valuation of its assets,
which was issued on 31 January 2024, in order to determine the fair values of all its property investments at
year-end. Such valuations were conducted on the basis of the market lease value (which consists of
capitalising net rents from each property and updating future flows). Acceptable discount rates were used
to calculate fair value for a potential investor, which are in keeping with those used by the market for
properties having similar characteristics and locations. The valuations were made in accordance with the
Appraisal and Valuation Standards published by the Royal Institute of Chartered Surveyors (RICS).
Said valuations generated a net loss in the Company's income statement at 31 December 2023 amounting
to 108,609 euros (478,996 euros in 2022).
Furthermore, based on the valuations performed, the fair value of property investments shows an
unrecognised gain (by comparison between the gross updated market fair value and the net carrying value)
of 247,439,373 euros (241,849,266 at 31 December 2022) considering in both figures the current residual
value of the two buildings under construction in Valdebebas (hotel and hospital).
The gross market value of property investments (considering the H.E.T. or “completed building assumption”
in the case of the two ongoing Valdebebas projects) at 2023 year-end amounted to 795,908,004 euros
(774,460,463 euros at 2022 year-end). The breakdown by business segment is as follows: