Iberostar loses 63 million in fiscal year 2021, after a year of transition for the sector

Iberostar Group recorded losses before taxes of 63 million euros during fiscal year 2021, which represents a decrease of 78.5% compared to 2020, while in fiscal year 2019 it obtained 140 million euros of benefits, according to its 2021 Sustainability Report.

Specifically, if the payment of 6.9 million euros in tax obligations is added to the 63 million euros, the total amounts to more than 70 million euros of losses in 2021 for the company.

Specifically, in Spain the group lost 21.4 million euros, a third of the total losses before taxes, a figure well below the -152 million euros for the 2020 financial year. In 2019, the Iberostar Group reached 43.8 million euros of profits in Spain.

There were only two countries with a positive result and they were Brazil, which has three hotels, after profits of 9.9 million, and the Netherlands, which obtained one million euros in gross profit.

In addition, during 2021 the Spanish companies of the Iberostar Group benefited from aid to deal with the economic and social impact of Covid-19.

Thus, exemptions from Social Security payments amounted to 13.92 million euros in 2021, the year in which the Spanish companies of the group took advantage of different aid to face the impact of the coronavirus pandemic.

Last year, direct aid to the self-employed and companies for payment to suppliers rose to 1.8 million euros and subsidies were received to cover the cost of real estate tax amounting to 1.18 million euros.

According to the president of the Iberostar Group, Miguel Fluxá, tourism in 2021 experienced a year of transition. “After a difficult first half of the year, there was an obvious turning point midway through the year: advances in vaccination and easing of mobility restrictions bolstered confidence and revived demand that had been pent up for months,” he noted.

In addition, Fluxá highlighted that the best news “without a doubt” of 2021 for the group was the total reopening of its hotels and the recovery of a good part of the suspended employment.

At the end of last year, the company assumed the payment of 227,000 euros in income tax in Spain, while in total the group paid 6.91 million euros last year for this rate in all the markets in which it operates .

Bet on decarbonization

According to its Sustainability Report, the Iberostar Group created in 2021 a global energy reduction plan and an energy saving program to achieve the efficiency and decarbonisation objectives, while promoting the use of energy from renewable sources.

In addition, the group promoted the responsible use of resources in all its hotels around the world and cut atmospheric emissions derived from its activity, among other environmental measures.

In social matters, the group carried out 328 activities in Brazil, Mexico, the Dominican Republic and Jamaica in which the local community has been involved to promote equality and inclusion.

It also consolidated the program ‘How We Care’, with more than 300 measures implemented in hotels to promote their health, safety and well-being; and the reinforcement of health and occupational risk prevention measures. Also, it provided 180,000 hours of training in 2021 for its 30,000 employees. Last year, 41% of the group’s workforce were women.

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