Economic results

 

The macroeconomic setting of 2015 was characterised by significant GDP growth, with expectations that this growth will continue in 2016. In general, this let us achieve improvements in the service levels provided, jobs and visitors to our facilities, for all businesses managed by B:SM.

The current operating profit was 17.5 million euros (16.8 million euros in 2014). The operating profit finished at 17.0 million euros (16.7 million euros in 2014), by including the impairments and profits/losses from disposals of fixed assets for an amount of 0.5 million euros (0.1 million euros in 2014).

In summary, we achieved an increase in the current operating profit of 0.7 million euros. Despite the fact that operating income dropped by 2.1 million euros, costs were reduced by 2.8 million euros. Bear in mind as well the significant reduction both in revenues and costs entailed by transferring the management of 15 car parks to the new company BAMSA, on 1 November 2014.

The financial year profit was 17.7 million euros (18.0 million euros in the 2014 financial year). A positive corporate tax was registered in 2015 for the amount of 0.3 million euros, due to the adjustment in tax credits due to the lowering of tax rates from 28% to 25% for 2016, and the reversal of the freedom to amortise (in 2014, the positive corporate tax was 1.8 million).

The company’s income is set out in the Profit & Loss Statement under the headings of:

In 2015, there was a year-on-year decrease in total income of 1.7%, and drop of income per businesses of 1.6%.

Income from operating car parks dropped by 24.5%, as a consequence of the revocation of the direct management of 15 car parks, affected by the BAMSA transactions, which entered into force on 1 November 2014. Income from the AREA Municipal Service increased by 2.6% due to the increase in operative spaces in the Green Area and increased revenues from the new Bus Zone rate. The Municipal Towing Service presents a drop of 4.2% due to the decreased number of days and vehicles collected and their composition. In both services the evolution of the tax rate merits pointing out, which had a freezing of taxes in AREA from 2009 to 2015, except for 2012, and for TOW taxes, a freezing in the last six years, with the exception of a decrease in taxes of 2% in the 2012 financial year. Income generated by the Coach Station business increased by 3.6%, due to the increased number of coaches that used the Logistics Platform of Park Guëll and income from assignment of advertising spaces at the Fabra i Puig Station. The individual public transport service via bicycles (Bicing) is owned by the Barcelona City Council and managed by B:SM via a direct management commission.

During the 2015 financial year, income from users of the individual public transport service via bicycles (Bicing) was 5,649 thousand euros (5,162 thousand euros in 2014), where the increase is due to the start-up of Electric-Bicing, with a total of 45 bicycles, 300 stations and total subscribers at year end of 5153. On the other hand, the income from Mechanical-Bicing dropped, mainly due to the decrease in hours of use.

Zoo income dropped by 3.7%. In 2015, 1,049,376 people visited the Zoo, a 4.8% year-on-year decrease, basically because of ongoing works. Despite this, we consider it positive that the number continues to be over one million. The number of Zoo Club members decreased by 3.7%.

Decreases in operating incomes from other services compensated for these drops, which increased by 8.3%. The earning level of the Olympic Ring increased significantly compared to last year, 21.4%, as there was greater activity and more relevant at the two most important facilities: the Olympic Stadium and Palau Sant Jordi. The increase in operating income also merits mention at the restaurants and shops. In the Park business, incomes increased by 6.3% compared to last year, primarily due to the management of the Park Güell monument area, to which a total of 2,611,542 paying visitors entered in 2015, compared to the 2,455,979 in 2014, and the new guided tour service provided for this space, which started in November 2015.

 

GRI References: G4-17,G4-DMA, G4-EC1

 
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