MADRID, 27 Feb. (EUROPA PRESS) -

Metrovacesa registered net losses of 23.5 million euros in 2022, compared to profits of 18.5 million euros recorded a year earlier, but increased its revenue by 1.7%, to 519.2 million euros , as reported by the company on Monday.

The real estate developer has explained that its net losses of 23.5 million euros in 2022 are explained by the negative impact of 54.3 million euros that the decrease in the valuation of tertiary use assets has had on its income statement.

However, excluding this extraordinary item, which has not had an impact on cash generation, Metrovacesa's recurring result, before taxes, reached 43.6 million euros, a figure 16.8% higher than that of 2021.

Metrovacesa placed its developer gross margin at 21.2%, compared to 22.5% in 2021, and its gross operating result (Ebitda) last year amounted to 45.8 million euros, a figure that is equivalent to 9% of revenue and that it is 9.8% lower than that of 2021.

The company has highlighted that it has met the objectives set for the year, both in terms of operations and cash generation, despite the economic slowdown experienced since mid-2022.

Thus, Metrovacesa's cash flow generation stood at 151.8 million euros in 2022, above its target of 150 million euros, thanks to "the monetization of the land derived from the deliveries of homes and the sale of floors". For 2023, the promoter establishes a range of between 100 and 150 million euros, given the forecast of a higher average price per home.

During 2022, the developer's number of pre-sales homes reached 1,837 homes, closing the company's accumulated pre-sales book with 3,171 units.

Until December 31, 2022, Metrovacesa handed over the keys to 1,699 homes, within the target set of between 1,600 and 2,000 units. For this year, it has already pre-sold more than 80% of the deliveries planned for 2023 and 60% for deliveries in 2024. "The company continues to advance steadily towards its medium-term activity objective, of around 2,000 annual units", he underlined.