I am really confused, Is this the same San Jose?
The SANJOSE Group continues its merger process with the takeover of its subsidiary, Parquesol
SANJOSE Group to float in 2008
This will be a key moment for both companies, turning them into one of the leaders in the sector.
*This transaction will result in the name of the listed company being changed to “GRUPO SANJOSE”.
Madrid, 6 March 2008.- The SANJOSE Group marks a new phase in its development with its upcoming flotation plus the expansion of its business activities and the creation of a new division focussed exclusively on energy, SANJOSE Energía, which will be an important business over the coming years.
The merger of the SANJOSE Group with Parquesol is designed to bring together all of the group’s real estate assets, resulting in a more diversified real estate business both geographically and in terms of products, that is more capable of taking on larger scale projects and riding out future cyclical changes in the real estate sector.
Parquesol will add a solid and well developed real estate business to the Group's real estate division, which will henceforth be known as SANJOSE Inmobiliaria.
As a construction, concessions and services group with a national and international presence, the SANJOSE Group has been a pioneer.
FINANCIAL PERFORMANCE OF THE SANJOSE GROUP 2007 FISCAL YEAR
2007 was a milestone in the development of the SANJOSE Group. The taking over of Parquesol strengthened the Group's real estate activities, contributing strategic assets, providing greater geographical presence and diversifying the various business lines through the bringing on board of rental assets.
The SANJOSE Group has increased its assets over the 2006-2007 period by 129%, from ¤1.3689 billion in 2006 to ¤3.1305 billion in 2007. Of particular note is the increased portion of real estate investments and own use real estate assets, which now account for 20% of assets. The Group's real estate investments are mainly comprised of investments in offices, hotels and retail premises, and are almost entirely for the rental sector, with an occupancy rate of 92%. Inventory at year-end amounted to close to ¤1.3 billion, and included land, ongoing developments and completed projects. The land portfolio at year-end demonstrates the business's geographical diversification, covering close to 3 million m2 (scarcely 1% zoned as rural) in Spain, Portugal, Argentina, Peru, the United States and the Dominican Republic.
Net Equity has risen ¤292.2 million to ¤573.2 million reflecting a very strong balance sheet. The Group's gross debt, namely not net of available liquid assets, amounted to ¤1.418 billion in 2007.
Sales rose 19.0% over the 2006-2007 period to ¤1.560 billion, and gross operating profit (EBITDA) rose 83.5% on the previous financial year to ¤156.4 million. The portfolio held by the Group at year-end amounted to 2 billion, 1.56 billion of which related to the construction and technology business and concessions.
SANJOSE is a diversified group, vertically integrated, with a significant international presence, and with a greater capacity for generating recurring income and thus able to securely meet future challenges.
If this is the same group then we now know where all our money has gone!!!!!!!
How can one part of a company be allowed to enter into voluntary admin when the company as a whole is worth this much money?