Almost three weeks have passed since the new year 2023 began, and it seems a good time to summarize what has happened over the past year, the milestones and highlights of a company that, despite the difficulties, continues to be on the move, proposing and growing. A year of excellent results, new strategic incorporations and significant debt reduction. 365 days for the future.

2022 has not been just any year for NYESA VALORES CORPORACIÓN. It has been a key year, a year for the history of a company that, on its way to 75 years of existence, is looking to tomorrow, tackling the difficulties of the past and facing a present that, despite the turbulent political and economic panorama, offers an attractive range of possibilities.

A promising start and the invasion of Ukraine

• Unfortunately, the year practically began with the invasion of Ukraine, which led to an unprecedented international blockade and the implementation of strong economic sanctions against Russia, causing the ruble to collapse and, as a consequence, a strong economic impact on Spanish companies with interests in the largest country in the world. Logically, this circumstance directly affected NYESA, which had its most important assets in Russia. Today, the panorama has changed considerably.

In any case, the very fact of the invasion, together with the fact that the company was still in an insolvency proceeding - in the exit phase - and that the financial markets, influenced by Covid-19 and the Russian invasion, did not adequately express the real value of its assets, forced the Group to issue a communiqué at the beginning of March, in compliance with its social duty as a listed company, stating the main reasons for the fall in its shares and stressing NYESA's intention to continue working on the reduction of its share price, at the beginning of March and in compliance with its social duty as a listed company, to issue a statement explaining the main reasons for the fall in its share price and underlining NYESA's intention to continue working on debt reduction and consolidating the financial restructuring process, as it did during the rest of the year.

• But the turning point begins weeks earlier. On February 22, the company announced that the CNMV had approved the prospectus for the last two capital increases. The first, agreed in 2019 and corresponding to a non-cash capital increase made up of real estate assets; and a second, approved in June 2021, which involved the offsetting of credits of 51.3 million euros. Transcendental news that allowed to avoid the liquidation solution and opened a new scenario for the continuity of the company with guarantees.

• A few days later, NYESA announced that it closed the year 2021 with a positive financial result of 14.86 million euros and a net profit of 9.81 million euros, while its financial income rose to 19.13 million euros. Encouraging figures that make it possible to consolidate this new strategic scenario, which will be built on diversity, collaboration and shared challenges.

A new website and debt reduction

• The year goes by and another important announcement is made. At the end of March, NYESA VALORES CORPORACIÓN undertook a radical change in its corporate and formal approach: it presented a new logo and launched a new website. New approaches for new times. 

• In April, two crucial decisions were taken for the financial restructuring process and the company's stability. During the first week, the Group reached a definitive agreement with Liberbank (Unicaja Banco) whereby it cancelled all the debt it had contracted with the bank in the amount of 2.85 million euros, which corresponded to the deferred price for the purchase in 2019 of finalist real estate assets. On the other hand, NYESA returned 81 assets that it considered unsuitable and kept 46 free of encumbrances and ready for immediate commercialization.

• On the 28th of that month, the then reference shareholder of NYESA, Mariano Schoendorff, acquired the credit rights that Banco Sabadell had against the company. The decision meant the reduction of the debt by nearly 11 million euros. Schoendorff also states his total commitment to the company and his intention to capitalize this debt.

• Coinciding with this announcement, the company held an important meeting with the media, with the main objective of strengthening ties, boosting the Group's image and updating the company's situation, which, up to that moment, had taken transcendental decisions for its future. The meeting, which was attended by NYESA executives, directors and investors, was attended by 20 journalists from as many media outlets. It was a great success, as was reflected in the subsequent mentions.

At the same meeting, Liberto Campillo, NYESA's Director of Development and Expansion, announced, among other important matters, the company's intention to incorporate new partners in the coming months that will bring in valuable resources. Strategic companies, with high added value and in clear adaptation to the new economic and social interests of the Group.

The transcendental Meeting of June 30

• And so it was. At the relevant General Shareholders' Meeting held on June 30, all the resolutions put to the vote were approved, enabling the Group to embark on a new phase. Among these resolutions were two capital reductions to offset losses from previous years, a proposal to group shares(counter-split) to achieve a reasonable market value and the incorporation, via a non-cash capital increase, of three new assets: a hotel in El Ejido (Almería), a sports center in Alcalá de Henares and an olive oil mill located in the municipality of Priego de Córdoba.

• Precisely, on September 21, the first two assets, the Ejido Hotel and La Garena, were definitively incorporated to NYESA, once days before the Madrid Mercantile Registry proceeded to register the deed of elevation to public deed of the bulk of the corporate resolutions approved by that same Meeting. Meanwhile, the third asset, the Priego de Córdoba oil mill, is pending registration at the Mercantile Registry.

Exceptional results and new additions

• One week later, NYESA presents its results for the first half of the year, with which it outperforms its main figures with respect to 2021. It achieves an operating result amounting to a profit of 276,439 euros, well above the negative result harvested in the same period of 2021, where losses exceeding 539,000 euros were recorded. Along the same lines, the financial result amounted to €6.57 million, far exceeding the negative financial result of the same period of the previous year, which stood at €2.98 million.

• And a penultimate event. At the end of November, NYESA VALORES CORPORACIÓN informed the market that the CNMV ratified the admission to trading of 383,434,766 shares of the Company, with a par value of 0.01 euros each, for a total value of 3.8 million. The total number of shares corresponds to three of the capital increases that were approved at the Ordinary General Shareholders' Meeting of the Company held in Madrid on June 30.

• Finally, on December 22, NYESA announces a new non-cash capital increase and announces that it has reached an agreement with the housing cooperative management company Henara to join the Group. The transaction may involve the contribution of a controlling stake in the management company with an initial valuation of four million euros. Henara expects revenues of 15 million euros for the next three years.

So, a year full of events and, in general, of great news that oblige us to continue along the path of commitment and effort. Always with our sights set on the horizon of stability and recovery.

We are already looking forward to 2023!