Madrid, Aug 1 (EFE) .- The confinement and the stoppage of the productive activity to contain the covid-19 and the crisis it is unleashing have led the IBEX-35 companies to close the worst quarter in their history, with losses unpublished that exceeded 14,000 million euros, of which practically 80% were from Santander.
Santander’s huge losses in the second quarter of the year (11,129 million) stem from its decision to update the book value of its subsidiaries in the United Kingdom, the USA and Poland.
If these updates had not been undertaken, the red numbers of the companies that make up the main selective index of the Spanish Stock Market would have exceeded 1.8 billion euros.
This would be equivalent to affirming that the largest listed companies lost around 20 million euros per day between April and June.
Thus, after the historic crash of the first three months of the year, when the IBEX-35 companies accumulated losses of close to 1,000 million, the accounts from April to June -with mobility restrictions throughout Spain- have been even worse, for thus chaining, for the first time, two quarters of red numbers.
All in all, the fall in income has not been so abrupt (around 25%, always according to Efe’s calculations), hence the gross operating profit before interest, amortizations and taxes (ebitda) continues to be positive, although with a decrease of around 17% compared to the same period of the previous year.
ONLY FIVE IMPROVE SO FAR THIS YEAR
In the whole of the semester, and in the absence of Inditex and ACS results, of the 35 companies that make up the IBEX, only five, Enagás, Endesa, Iberdrola, MásMóvil and Viscofán, improved their profits compared to 2019.
Overall, so far in 2020 IBEX companies have lost more than 15,000 million, compared to more than 18,000 million that they gained between January and June of the previous year.
Despite the scandalousness of the net losses accumulated so far this year, the truth is that the EBITDA of the members of the IBEX-35 who have already presented their results has barely decreased by around 14%, to reach more than 42,000 millions.
Likewise, companies’ revenues have only fallen by around 15%, to exceed 140,000 million, according to Efe’s calculations.
BANKING AND TOURISM, PROTAGONISTS OF LOSSES
The large provisions made during the first half of the year by the financial sector and the aforementioned accounting review of Santander have sunk the profits of the sector, with red numbers for the two largest entities.
Along with Santander, which concentrates 74% of those registered in the IBEX 35 so far in 2020, BBVA dismissed the semester in red, although in its case they were more moderate (1,157 million).
Bankia saw its profit cut by 64.4% due to provisions of more than 300 million to face the crisis, as did Bankinter, which earned 109 million, 64.7% less. CaixaBank and Banco Sabadell profits fell 67 and 72.7%, respectively, also due to million-dollar provisions.
Along with banking, the big loser has been tourism. Only IAG lost 3,806 million in the first half of the year; AENA, 170 million, and Amadeus, 197. Meliá’s losses exceeded 358 million.
ENERGY, THE OTHER SIDE OF THE CURRENCY
In contrast, the energy companies have shown themselves to be the strongest in the new scenario outlined by the coronavirus. Iberdrola earned 1,845 million (12.2% more) in the first half and Endesa 1,128 million (45.4% more). Enagás also improved its profit (9.4%) to 236.3 million.
Repsol suffered a worse fate, which, due to the collapse of demand and oil and gas prices, lost 2,484 million.
(c) EFE Agency