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The Group Pontegadea, that covers all the portfolio companies owned by Amancio Ortega, its affiliates, real estate and business investments, it closed the year 2019 with a net profit of 1.778 million euros, with an increase of 14.7% with respect to the preceding financial year, after accounting for 104 million euros in donations to the Fundación Amancio Ortega, and raised the market value of your real estate portfolio to 15.163 billion euros.
This figure consolidates its position as the largest operator in the Spanish real estate market and puts you above their european competitors direct.
The arm inverter Amancio Ortega closed the year 2019 with a turnover of 2.261 million euros, representing an increase of 18% compared to 1.916 billion in 2018. Of that amount, 1.640 million correspond to dividend income of investee companies -primarily of the Inditex Group – and 621 million to net income from the real estate business.
In particular, the dividends provided by Inditex to Pontegadea Investment (50,01%) and Partler 2006 (9,28%) rose to 1.626 million euros in 2019.
in Addition to the participation of the 59,29% in Inditex, on that date, the Group held shares of a financial nature in Telxius (9,99%), a subsidiary of telecommunications infrastructures of Telephone, Below, and Enagás (5%).
In the balance sheet of the Group Pontegadea at the end of 2019 is counted, a financial debt of 1.091 million of euros and cash and cash equivalents, worth 907 million (with a net debt position of 184 million euros), as well as commitments of donation to the Fundación Amancio Ortega, for a total amount of 268 million euros.
During the year 2019, the group Pontegadea made real estate investments by value of 2.065 million euros, in line with its goal of investing about 2,000 billion a year. Outside the real estate field was the purchase of a 5% of the capital of technical manager of the gas system.
The main real estate investments to 2019, are carried out in the united States, where it emphasizes the acquisition of complex Troy Block and Arbor Blocks, in Seattle, and the 815 Connecticut Avenue in Washington DC; and in the Uk, with the purchase of The Post Building. The 61% of the portfolio overall real estate is located in Europe.
In connection with the pandemic of Covid-19, the annual accounts of the companies of the Group Pontegadea warn that we have not identified any significant adverse effects, although this factor could potentially affect rental income and dividends.
So, with regard to the dividends from Inditex, the textile giant chaired by Pablo Isla has provided a payment of 0.35 euros per share by 2020, which will represent an income to the Group Pontegadea of 646 million euros, a 60,27% less that the 1.626 million earned in 2019 by this concept.
subsequent to the year end, the Group Pontegadea has conducted a number of operations of the management company to simplify its structure, including the absorption of the society Grilse, which owns real estate assets in Spain, by Pontegadea Spain, and the absorption by Pontegadea Investment of its subsidiary Pontegadea 2015 with their financial holdings (including the participation in Telxius).
in Addition, he has performed the excision of Pontegadea Investment of the new company Pontegadea GB by 2020, which brings together real estate assets located in the british market.