OTHER BUSINESSES: DEVELOPMENT OF RESIDENTIAL TOURISM
Las Colinas Golf & Country Club performed very well in the year. For the third year running, this business line generated positive EBITDA, which rose from €4.1m in 2016 to €12.1m in 2017.
Residential real estate is the core business and this includes the sale of land and homes under development. It should be mentioned that the performance described below is regarded from the standpoint of sales and margins following a sale principle, although the income statement by business presented at the beginning of this section follows the accounting principle. Sales revenues grew by 37.5% to reach €19.0m and the sales margin rose by 32.3% to reach €9.5m. Financial year 2017 was exceptionally good, mainly as a result of the increase in the scope of the joint venture which was set up in 2016 with a local developer.
Revenues from operations, i.e. the golf business, hospitality and accommodation, grew by 8.6% to nearly €5.0m. EBITDA rose by 5.6% to €367k.