Reaches financial balance with a working capital of 16 million euros after fifteen years in the negative
The refinancing of the Reindus debt obtained a few months ago has allowed financial expenses to be reduced by one million euros
The increase in income and the reduction in expenses have made it possible to cushion the losses in the final accounts, reducing them by more than 50%
The Cádiz Free Zone has increased its turnover by 13% last year, going from 10.98 million in 2019 to 12.38 million achieved in 2020. The increase in turnover is a consequence of the new asset marketing strategy promoted by the recently incorporated director of the Business Promotion and Foreign Trade Area and which has led to rentals growing by 3% and asset sales occurred in a year marked by COVID-19.
This increase in activity, added to the reduction of operating expenses by 11%, has caused the operating result to rise to a positive 1.9 million euros, after three years of negative results.
To this data we must add that the working capital has become 16 million euros, a data that for the first time is positive after 15 years in which in the short term we had to face more payments than collections.
This is important data that shows the solvency and viability of the entity, and, above all, that the Viability Plan designed in this year is being applied correctly and is beginning to bear fruit. And it shows, once again, that the final results in the accounts, which show negative numbers, are due to the burden of the debts contracted in previous years and whose burden ends up taking the results to negative numbers, such is the case of the debt for the purchase of Altadis and the debt that was subjected to a bank restructuring.
However, the work carried out months ago in the restructuring of the debt that was maintained by the Reindus Funds obtained to finance the purchase of Altadis, has had a significant impact on the 2020 financial year since, on the one hand, the financial burden has been reduced by one million euros and overall, losses have been reduced by more than 50%, going from 8.6 million euros in 2019 to 4.1 million in the accounts recently. elaborated.
Ebitda has continued to grow, going from 3.2 million in 2019 to 4.2 million during 2020. Another piece of information that speaks of the institution's solvency is the average payment period to suppliers, which has been reduced by half compared to the previous year, remaining below 10 days on average.