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.
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