Expand / The auditing of the company includes an emphasis paragraph in its report that noted that its working capital is negative and warned of a “significant uncertainty” to meet its strategic plan.
Isolux Corsán ended 2015 with losses of 51.8 million euros, 34% more than the previous year, mainly due to its activity in Brazil.
The report of the company noted that the working capital is negative 353 million and credit lines are just a short 91 million for 211 million end of 2014. a serious gap that the auditor does not overlooked, so it stands out in its audit report 2015.
Despite this decline, the company emphasizes in its report that will have the capacity to improve its short-term liquidity with the strategic plan that has started and will mean that creditors take control of the group. However, PwC also warns of a “significant uncertainty” on the implementation of this plan to sell assets and settle short-term liabilities, as “some of the assumptions that are taken into account can not be under the control of the group”.
at the end of last year, Isolux figure at 1,583 million euros its corporate debt. The group says that “the company intends to reduce that debt through certain strategic divestments”.
In April, Isolux reached an agreement with its banks to adapt its financial structure to the current “tough market conditions “. The plan includes the creditor banks inject up to 200 million euros in the group to ensure its viability and avoid the bankruptcy, of which 50 million has welcomed this week.
The turnover of the company It increased 3.2% last year, to 2,203 million euros. On the other hand, the gross operating profit (EBITDA) of Isolux stood at 176 million euros, a figure that includes a “non-recurring negative impact related to the macroeconomic situation in Brazil.”
PwC warns of liquidity problems Isolux
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