Spain Companies Made $9.8 Billion Provisions, Expansion Reports

Spanish publicly traded companies provisioned more than 7.5 billion euros ($9.8 billion) last year because of falling asset values, lower growth estimates and costs of cutting workforces, Expansion reported today, without saying where it got the information.

Businesses making such provisions included phone company Telefonica SA (TEF), builder Sacyr Vallehermoso SA (SYV) and wind-farm operator Acciona SA (ANA), , the newspaper reported. Construction companies were the most affected by falling asset values, mainly because of their stakes in real-estate companies, the newspaper said.

To contact the reporter on this story: Manuel Baigorri in Madrid at mbaigorri@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

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