efacec was technically bankrupt at the end of Junewith a consolidated net loss of 55 million euros, reveal the accounts for the first half of 2022 to which Eco had access. This is a jump from the 15 million euros in losses recorded in the same period last year.
Privatization of Efacec “still in process”
According to Eco, Efacec’s sales between January and June of this year were 80 million euros, 53 million less than in the first six months of 2021. The company’s debt now amounts to 220 million euros, to which are added 83 million euros of liabilities related to suppliers.
THE Efacec has been in the process of reprivatization since 2020, when 71.73% of the company was nationalized. On March 25, it was acquired by the construction company DST through a loan of 100 million euros over 20 years and an injection of 60 million euros, both granted by the Banco do Fomento.
Contract of sale of Efacec to DST signed
The deal has not yet been completed because needs the approval of the European Commission. According to the executive management of Efacec, and as stated in the report cited by Eco, this is one of the obstacles that prevented the company from “complying with the Net Financial Debt/EBITDA ratios contained in the financing contracts.”
The impossibility of obtaining support for the activity of the group’s companies, that is, with regard to TradeFinance instruments, has prevented the acquisition of orders and the execution of the delivery of projects”, analyzed the group led by Ângelo Ramalho .
Source: Observadora
