Coltejer no reanudará su producción textil para lo que resta de 2022

Coltejer no reanudará su producción textil para lo que resta de 2022

Thus, when it was thought that 2022 would be one of recovery for the textile company, the company revealed that “the reactivation of production during 2022 is not in sight due to the high costs that this implies. Coltejer has been dreaming, contributing and believing in Colombia for 114 years. Today it is forced to a deep reflection on how to face the future”.

Thus, based on the liquidity position of the productive unit at the date of authorization of the financial statements and in light of the uncertainty surrounding the behavior of covid-19, management stated that it continues to have a reasonable expectation of having the Adequate resources to comply with legal and contractual activities, as well as preventive maintenance of machinery and physical infrastructure, liquidation of liabilities, implementing strategies to mitigate expenses, cost reduction, leasing of some warehouses and promotion for the sale of the lots located in the Itagüí Complex.

On the other hand, efforts were concentrated on the payment of obligations with suppliers with resources obtained via credits and on the restructuring of contracts with strategic suppliers to continue with the maintenance and support of both Industrial Complexes. With this exercise, an ostensible cost reduction was presented.

Likewise, the sale of some obsolete assets was completed, which generated resources of $898 million. Among the activities carried out, strategies were designed and executed for the conservation and custody of some important assets, such as the production machinery of some of the production plants, that of the Power and Steam Plant, among others.

In agreement with the Municipality of Itagüí, material was delivered by way of assignment of assets, more specifically 6,744.53 square meters located in the Itagüí Complex. During the year, 583 employment contracts were terminated by mutual agreement, with 172 contracts remaining at the end of the year.

It should be remembered that the 2021 financial year left negative results, with a net loss of $120,923 million compared to a net loss of $94,631 million in 2020. Similarly, the operating loss for 2021 was $76,835 million, compared to an operating loss of $67,747 million during 2020.

Due to the decrease in sales due to the effects of the pandemic and the production closure, operating revenues decreased by $57,904 million, which represented a decrease of 77%, as well as the decrease in exports and sales to traditional customers.

Also, the gross margin went from -25% in 2020 to -78% in 2021, largely due to the absence of production and the burden of fixed costs. Despite the policies implemented to reduce costs, these increased by more than sales by $13,141 million, which represents a positive variation of 78%.