Santander Free Zone in positive
Zona Franca Santander positive, Own Funds represent 90%.
Today, the Santander Free Zone Consortium has just sent to the BOE its approved accounts for the 2017 financial year, as well as the Audit report of the General State Intervention (IGAE), with the rating of POSITIVE, without exceptions.
In them, the Santander Free Zone shows its muscle, with an increase of 16.70% in turnover, 165% in its net profits, and an EBITDA of 24% on sales.
According to the Special Delegate of the State in the Santander Free Zone, his version of the situation of the Entity is demonstrated. It was questioned last year upon receiving a Denied Audit report, which was “not” Negative. Fernando Cámara, in his day, made it known that there was no problem of irregularities, but that it was only a situation derived from the transition from a private Entity to a 100% public one, from the different accounting application and presentation criteria that this implies, and from a Accounting carried over from 1918 in relation to the valuation of assets.
Today the Delegate explains that in fact, in the current report, and based on the criteria applied, according to the indications of the IGAE, the assets of the ZF have gone from 2.4 million euros to 8 million euros. The equity funds represent 90% of the total, so it is easy to conclue that it is an Entity without indebtedness and with excellent economic and financial solvency.
For accounting purposes, the land he owned was valued at 250,000 euros, when the real value at the appraisal price is 5,500,000 euros.
But the good news does not end here, since according to the Entity, in the words of its President, Modesto Piñeiro, as of May 2018 they already have an increase in turnover of 19% compared to the previous year, and they are running out of to approve in the PGE 2018 a debt authorization of 2,000,000, which will be allocated to new investments or acquisitions.
On the other hand, they report that there are talks to reach agreements for possible extensions of the Free Zone in other areas.