The institution's management report reveals that in the 2019 accounts a positive balance of 1.8 million will be reached compared to 105.4 million imbalance in 2016
The implementation of the sanitation and stability plan since July 2018 has achieved a substantial improvement in economic indicators
The debt to suppliers is reduced by 93% and the average payment period drops to 21 days; Reindus debt decreases 24%; And financial expenses fall almost 60%, among other indicators
Cádiz, March 3, 2019
The Free Zone of Cádiz has substantially improved its financial economic situation since July 2018. This is reflected Management Report presented today by the State delegate, Victoria Rodríguez, during the celebration of an Executive Committee. The report describes the situation in which the consortium was in July 2018 - in which Victoria Rodríguez took possession - and the measures carried out in the different areas to improve the operability of the institution and redirect the economic situation.
The turnaround given in the financial imbalance that has gone from reaching a historical maximum in 2016 with 105.4 million euros negative to 4.2 million negatives in 2018 and 1.8 million positive planned in 2019, still pending approval.
Another components that have contributed the most to the improvement of the results is the DISMINUTION OF FINANCIAL EXPENSES In 57.8 %, since they have dropped by more than 6 million euros since 2015, from 10.9 million in 2015 to 4.6 million scheduled in 2019. This reduction directly affects the net assets that, after three consecutive years in negative (from 2013 to 2016, when it reached -16.8 million) reaches 60.9 million euros positive 2019.
One of the main negative data inherited from the previous management was the very high level of indebtedness for reindus aid, which amounted to 105.6 million in June 2018. As a result of the measures launched, this figure decreases 24%, falling into more than 25 million in the forecast of the 2019 fiscal year that places it at 80.2 million euros.
Perhaps the financial fact that has had the most reflex in the Gaditano socioeconomic fabric has been the decrease of debt to suppliers in 93% and the period to make said payment; Thus, there has been 5.7 million debt to suppliers in 2016 to 0.6 million in 2018, which fall to 0.4 in the accounts planned for 2019. This decrease has also stopped at the reduction of the average payment period, which drops from 72 days in 2016 to 21 days in 2019, under the maximum set by Law 15/2010 “Measures to fight delinquency” that is 30 days.
This radiography of the financial situation reveals, therefore, that the consortium is redirecting the scenario described by the general intervention of the State Administration (IGAE), -wide of internal control of the state public sector-, that in its definitive report of operational audit for the 2013-2017 period it alerted serious procedural deficiencies and economic-financial weakness.
The start -up since summer of 2018 of a Sanitation and stability plan And a new one PROCEDURE MANUAL With the recommendations described by the IGAE is seeing its fruits in most of the management indicators mentioned. Therefore, currently the consortium is in the path of optimizing its resources to serve the business fabric and to be able to meet its statutory objectives of favoring the socio -economic development of the province, always under the premises that any performance that is undertaken responds to strategic planning, technical viability and economic solvency.