Sandra Ortega, the richest woman in Spain, lost 91 million euros last year through her family office Rosp Corunna. This company, head of the group of companies of the eldest daughter of Amancio Ortega, founder of Inditex, saw its accounts impoverished by the Covid-19 pandemic, which weighed down the value of its properties and reduced Inditex’s dividend income.

Rosp Corunna obtained a turnover last year of 159.6 million, 23.8% less than in the previous year, according to the accounts of the holding company presented to the Mercantile Registry. The turnover was sharply cut by the lower dividends from Inditex, of 55.1 million euros, 60% less because the pandemic hit the results of the textile group.

Ortega has an estimated fortune of 6,320 million euros, according to Forbes, and is the second richest person in Spain only behind his father thanks to the fact that he controls 5.05% of Inditex through Rosp Corunna. This company was created in 2000 by her mother Rosalía Mera, who died in 2013, to group her business holdings and real estate investments.

The set of dividends obtained by Rosp Corunna, among which also come from its participation (5%) in the PharmaMar laboratory, reached 73.8 million, 54.4% less than in 2019.

Real estate rental income fell slightly, 0.8%, to 37.2 million. The brick business in terms of income improved due to the sale of two properties in Germany, which generated a capital gain of 35.9 million. The accounts also show the purchase of a building in London, without specifying the amount.

Precisely the real estate business explains to a large extent the losses of the company, since there was an impairment for real estate investments of 38.6 million and another for property, plant and equipment of 29.4 million. “The group has been significantly affected by the negative evolution of the real estate market in the 2020 financial year, mainly due to the strong impact that the Covid-19 pandemic has generated throughout the world,” the company acknowledges in the accounts. Specifically, he continues in the explanations, the holding company has had to deal with the renegotiation of some of its leases to third parties, has granted grace periods to certain tenants, has paralyzed hotel activities (other of Ortega’s important investments) and has suffered delays in the evolution of some projects under development.


Likewise, the company collects impairments for financial instruments of 26.9 million, among which stand out 13.8 million for loss of value experienced in various venture capital funds. In addition, new provisions have been recorded for 32 million, of which 29.3 are to cover “certain risks arising from the usual development” of its activities.

Coinciding with these results, Rosp Corunna has approved a capital reduction of 56 million, leaving the resulting share capital subscribed at 763 million, according to this Monday’s BORME. These capital reductions are usually made to compensate for the red numbers, although it still has a net worth of 1,276 million, yes, 6.6% lower than in 2019.

Despite the losses, Rosp Corunna indicates in its accounts that it believes that once the negative effects of the worst phases of the Covid-19 pandemic have been overcome, the company will return to the path of business income and the recovery of the value of its investments. “This will allow in the coming years to resume the study of new investment opportunities and continue betting on the development of new business and real estate projects, as well as managing the recovery of those that have been negatively affected,” he says.

Likewise, and despite the red numbers, it states that the sole administrator – Ortega – formulates the accounts under the principle of a going concern since there is no doubt about the continuity of the company.

The holding company does not detail the value of its property portfolio at market price, but regarding its real estate investments it quantifies them at 468 million (compared to 576 million the previous year). The office segment (311 million) and hotel (119 million) stand out, but Ortega also has interests in homes, warehouses or commercial areas.

Regarding the remuneration in Rosp Corunna, the accounts include a remuneration of 168,000 euros for Ortega, as sole administrator and for her managerial functions. In the case of salaries paid to senior management, a total of four people, was 771,000 euros, compared to 2.1 million the previous year.

Leyte’s departure

Those four directors were left in three after Rosp Corunna dismissed at the end of last year José Leyte, a person who was most trusted by his mother Rosalía Mera. Ortega has accused this executive of misappropriation, unfair administration and document falsification, according to various information.

The daughter of Amancio Ortega has commissioned a forensic report from KPMG to detect these anomalies, some supposedly related to the agreements in another of the companies in which Rosp Corunna invests, the hotel company Room Mate.

It is precisely in this business that Ortega seeks the exit of one of his main investments in Spain, his 31% in the hotel controlled by businessman Kike Sarasola, for which he has commissioned Deloitte to search for a buyer, as CincoDías advanced in February.

Properties in Spain and the USA

The accounts of Sandra Ortega’s patrimonial society reflect the preferred destinations for investment by the daughter of the founder of Inditex: Spain, the United States and some locations in Europe. The rental contracts as owner stand out in locations such as New York, Miami Beach, Vigo, Barcelona, ​​Madrid, Zaragoza, the German cities of Munich, Cologne and Eschborn and in the Austrian capital.

Of the 159 million euros in revenue, by markets the most relevant is Spain, with 88.9 million, followed by Europe, with 50 million, and the United States, with 20.7 million.

As auditor, Deloitte advises that the accounts of the US subsidiary Hotelcrafters are not consolidated in the group because the financial information has not been adapted to the Rosp Corunna regulatory framework.

The 2020 accounts of its subsidiary Rosp Corunna Participaciones Empresariales, also recently submitted to the Registry, highlight losses of 3.2 million, compared to 102.4 million in net profit the previous year. They include a loss in value of Inditex shares of 851 million and a gain in that value of 26 million in those of PharmaMar. These adjustments are transferred to the parent’s equity, which is reduced to 5,313 million from 6,300 million in 2019.