Efacec is in technical bankruptcy. The news is brought forward by Eco newspaper, which indicates that in the first half of 2022, the company recorded a consolidated net loss of 55 million euros. In the same period, the loss was 15 million euros.
According to this newspaper, which had access to the figures, Efacec had a capital of 54 million euros at the end of July, which means that it is technically bankrupt.
In the first six months of this year, the company’s sales recorded only 80 million euros – 53 million less than in the same period of 2021 – and the operating result was negative by 53 million euros. Last year the loss was nine million.
The debt already exceeds 220 million and the liability linked to suppliers is around 83 million euros.
The company has been in the process of reprivatization since July 2020, which is not yet complete as it depends on authorizations from the European Commission, which must still be fulfilled, among other factors.
Efacec’s financial situation is commented on in this semester’s report and accounts by its CEO, Ângelo Ramalho. “The impossibility of obtaining support for the activity of the companies of the group, in particular with regard to the TradeFinance instruments, prevented the obtaining of the orders and the execution of the delivery of the projects”.
Eco contacted the company, which declined to comment on the situation.