MedianetNews
October 19, 2022

Cetursa unanimously approves the 22/23 budget with a planned investment of 33 million euros.

  • Investments in the Sierra Nevada ski resort include the new Borreguiles chairlifts, which are currently under construction.

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The Board of Directors of Cetursa Sierra Nevada today unanimously approved the Operating and Capital Budget and the Programme of Actions, Investments and Financing (PEC PAIF) for the 2022/23 season, which foresees 33 million euros in investments, most of which are already underway, with the new Emile Allais and Alhambra chairlifts as the most important actions.

The board of the company that manages the Sierra Nevada ski and mountain resort, chaired by the Andalusian Regional Minister for Development, Territorial Planning and Housing, Marifrán Carazo, has approved the Cetursa Sierra Nevada budget and its inclusion in the Andalusian Regional Government's 2023 Budget Law. This approval has counted with the favourable vote of all those present, including the Granada City Council and the Provincial Council.

Of the 33 million euros of planned investment, 13.5 million euros will be financed by React-EU funds for projects related to energy efficiency. The rest will be financed by funds generated by the company itself.

The Cetursa Sierra Nevada PEC PAIF highlights the recapitalisation of the company thanks, among other internal management factors, to the record turnover of the 21/22 season (44 million euros), which has allowed an increase of 20 million euros in net assets, which will stand at around 80 million euros. The budget document reflects an operating result of 4.4 million euros and an operating profit plus depreciation and amortisation, excluding financial interest and taxes (EBITDA) of 12 million euros.

The lines of action set out in the PEC PAIF, which emanate from Cetursa Sierra Nevada's strategic plan 2020-2030, maintain the company's trend of continuing to improve efficiency in all the resort's business lines.

It also assumes the effects of inflation, higher energy costs and the increase in financial costs without the proportional transfer to the tariffs for the use of the facilities. Neither is the reduction in the number of facilities in operation during the season nor the time of use of the same contemplated in this budget, with the aim of offering a comprehensive and quality service to the resort's customers.

 

 


Responsible for the information published:
Consejería de Fomento, Articulación del Territorio y Vivienda (Regional Ministry of Development, Territorial Planning and Housing).