Thirty-two companies in the State Business Sector (SEE) were still in “technical bankruptcy” at the end of 2021, one less than in 2020, despite the recovery of most economic and financial indicators compared to 2020, the CFP points out.
According to the 2020-2021 state-owned enterprise sector report published this Thursday by the Public Finance Council (CFP), after the “deterioration of the results of this sector due to the outbreak of the pandemic crisis”, in 2020, the year 2021 is “characterized by a recovery of most economic and financial indicators, reflected in the individual accounts (or consolidated accounts) of the 87 non-financial corporations (or group of companies) of the SEE”.
However, and “Despite this recovery, more than a third of these companies (32) continued to present negative equity in 2021, registering a situation of technical bankruptcy”.
“The economic performance of SEE non-financial companies continues to show a significant economic imbalance with a negative EBITDA of EUR 1,000 million and a negative net result of EUR 3,100 million in 2021,” said the entity headed by Nazaré da Costa Cabral.
“Compared to 2020, this performance reflected an improvement in those indicators of EUR 290 million and EUR 708 million respectively, which, however, is insufficient to correct the sector’s economic imbalances”, adds.
The sum of the net income of the companies TAP SA and TAP SGPS was almost 2,100 million euros negative in 2021, while the total of the other non-financial companies of the SEE reached about – 1,100 million euros.
If the companies in the TAP universe reduced their losses by almost 790 million euros compared to 2020, those of the other non-financial companies increased by 82 million euros.
In total, only 27 of the 87 companies (or groups of companies) achieved a positive net result in 2021, for a total of 207 million euros (the same number of companies in 2020). The other 60 recorded losses of 3,412 million euros (of which 2,081 million euros came from companies from the TAP universe).
After the transport and storage sector, whose companies recorded losses of 1,700 million, the health sector was the second to suffer the most losses in 2021, totaling 1,100 million euros, these two sectors represent 90% of the negative net result of the SEE of that year .
According to the CFP, the negative economic performance of these companies “necessarily translates into the need for capital raising by the public shareholder to prevent the deterioration of their financial and asset position”, and the improvement recorded at this level compared to 2020 precisely reflects the ” shareholder effort”.
“In order to avoid the deterioration of the financial situation and equity of the 87 non-financial entities of the SEE due to the negative net results, the public shareholder carried out a capital increase of EUR 4,000 million, through the increase of the subscribed capital ( 2,800 million euros) and the conversion of loans into equity capital, the latter at TAP SA,” he emphasizes.
As a result, the equity of these companies increased to 5,800 million euros in 2021 (+4,000 million euros compared to 2020), while liabilities decreased by 3,400 million euros to 54,900 million euros and assets increased by 500 million euros to a total of 60,700 euros . million euros.
Compared to 2020, there was a positive evolution of financial autonomy indicators to 9.6% (+6.5 percentage points) and solvency to 10.6% (+7.4 percentage points), which increased capacity debt (+13, 6 percentage points) and the ability to meet their obligations.
In operational terms, the total turnover of SEE non-financial corporations was EUR 10,100 million in 2021, higher than the EUR 9,200 million calculated in 2020, but still below the EUR 12,200 million calculated in 2019 (pre-pandemic year) was realised.
Source: DN
