One of the biggest profits ever in the holding company that manages the state’s interests. Parpública recorded 721 million of consolidated results in 2015, which contrasts with losses of 367.2 million euros in the previous year. It is the large profit since at least 2000, ie the last fifteen years.
But even so will result in a generous check to the shareholder, in this case the state and taxpayers. Nor will contribute to reducing the public deficit, as in years past where Parpública, next to the Caixa Geral de Depósitos and Banco de Portugal, was one of the major contributors on dividends . But the high debt and the persistent financial and patrimonial imbalance, resulting from delivery to the State privatization revenues without receiving the corresponding compensation, have prevented the holding of remunerating shareholders.
The management of Parpública proposes the results, which individually amounted to 595.3 million euros without kept in retained earnings, ie, stay in the company.
the annual report released on Friday evening recognizes that “2015 represented, in terms of results, one of the best years ever for the group.”
Parpública highlights the contribution from the sale of a majority stake, 61% of TAP to the Atlantic Gateway consortium. Not because the plug has been relevant, on the contrary, the holding still only received 10 million, but because the carrier is no longer consolidated in the accounts of Parpública, which allowed to release the balance of a provision of 511 million euro that had been made to compensate the accumulated negative equity in TAP.
TAP again recorded losses last year, which amounted to 151.7 million euros in 2015, with that Parpública recorded losses of 143 million euros to the sale of the majority stake in the carrier, completed without December. The holding company has to account for TAP as an associated company, in that it got 39% of the capital, but in the meantime the government reached agreement with the private consortium to recover a portion of the capital sold up to 50%, operation is not implemented yet.
Another factor that contributed positively to the results was the gain potential of 135 million euros associated with the evolution of prices of Galp Energia (which fell on the stock exchange). Shares in Galp are the underlying asset at an issue of convertible capital, which ends in 2017, when investors can exchange these securities for shares of Galp. Another structured product had a positive influence was the swap associated with the syndicated loan of 599.2 million euros.
The positive effect of these factors is mainly due to accounting movements, such as the cancellation of the provision for TAP, and the potential gains influenced by the evolution of market prices, are not the product of operational activity or financial gain ever achieved. This may be a reason to justify the non-distribution of dividends to the shareholder State, despite the significant amount of profits
On the other hand, Parpública, which is losing assets as privatizations are realized.: last year was TAP and Development General Company (EGF) and the state has been slow to financially compensate the company with capital contributions. The company has a high financial liability, the order of 4,023 million euros, still less than the debt of the State to Parpública at the end of 2015 amounted to 4.245 million euros.
the portfolio of state holding of shares are still companies like Águas de Portugal, the company Lezírias, the National Press Mint, and all the real estate business of the state that has been restructured and focused on Estamo company. The current government does not intend to carry out further privatization.
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