VICTOR GILL // Five Days / The year 2015 brought several significant ncrementos i in debt levels of some of the Ibex. Spanish companies rose 5.8% selective liabilities after putting the focus during the crisis years in the deleveraging. And it is that 2015 was a turning point for these firms that have relocated emphasis on growth in the background leaving their determined efforts to reduce debt. Thus, the net financial debt excluding banks and Mapfre of all these companies has risen to 195,000 million at the end of 2015.
In this respect, still they weigh on the overall balance liabilities of Telefónica, Iberdrola Repsol or ArcelorMittal, whose debt levels have continued to rise throughout the year. The company headed by Cesar Alierta has failed for the time being, lowering 49,921 million debt that carries on its balance sheet, because its intention was to allocate to it the 13.500 million that would leave the sale of O2 to the Hutchison group, an operation which has not yet been authorized by the Competition Commission in Brussels.
it also highlights the liability of Repsol, which has increased by nearly 10,000 million euros as a result of the acquisition of Talisman. Thus, the level of indebtedness of the company has gone from 1,935 million at the end of 2014 to the 11,934 million at the end of the year.
Meanwhile, Dia has been one of the big surprises in this 2015, being one of the companies to further increase their debt levels, which have climbed 112% to 1,132 million euros. Purchases of stores Eroski, which involves an investment of 350 million euros, explain this increase, also motivated by the record of openings in emerging countries.
Also, it is relevant to the forecast increase of 40 % of the debt of Indra, which published results next Monday- due to its restructuring plan and Amadeus, which increases its liabilities by 11% as a result of the purchase of Navitaire, a subsidiary of Accenture, amounting to 750 million euros.
the other major role this year has been for the FCC and OHL construction companies, which have carried out capital increases in order to reduce the liabilities on their balance sheets, because according to Albert Enguix, manager SpreadCo of Management, “companies are still in deleveraging, especially construction.” For the former, whose operation was closed in 2016, it is expected to end the year with an increase in its debt at around 10%. Meanwhile, OHL has achieved 29% lower debt levels.
With the construction, selective other Spanish companies such as Abertis (-9%), Aena (-12.4%), ArcelorMittal (-0.6%), ACS (-30%), Endesa (-20.2%), Ferrovial (-27.1%), Natural Gas (-7.6%), Red Electrica (-9.2 %) and Sacyr (-34%), among others, have reduced their liabilities, contributing to the increase in debt in the whole of the Ibex over the past year has been moderate. These declines have been possible because, in most cases, operating cash flow was higher than the amount of investments that have been made and the regular dividend against results for the year 2014.
large companies fail to destroy jobs in 2015 enlarge photo SPAIN: companies increase their debt more and more the reduced
Information Five Dias
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