Efacec is restricted in its access to the banking sector
Efacec's CEO rejects that the company has had a drop in orders, explaining that "the company only accommodates orders that it has the capacity to deliver".
Efacec’s CEO complains that the company does not have “access to financial instruments that allow it to operate normally” and with adequate competitiveness in the markets. Ângelo Ramalho, in an interview with Jornal de Negócios, says that the road to recovery is being done “in extremely confined conditions”.
The CEO rejects that the company has had a drop in orders, explaining that “the company only accommodates orders that it has the capacity to deliver”. Efacec received €148.5 million in orders in the first half of the year, a year-on-year increase of 16%, but below the €250 million obtained in the previous six months.
Ângelo Ramalho also explains that the increase in net debt is explained by the financing they had under the state guarantee, of €70 million. Net debt reached €162.8 million in June, an increase of 66% compared to the first six months of 2020. And gross debt exceeds €180 million.
