“To say that there were losses is wrong”: Transcaribe

By , in Companies on .

A controversy was generated after the Territorial Fiscal Feasibility Report 2017, delivered by the Ministry of Finance and Public Credit, and the Office of the Comptroller General of the Nation. This highlights that Transcaribe had the highest deficit performance in 2017, which represents a fiscal risk, since it had losses of 81,095 million pesos. The company clarified that it was not like that.

Transcaribe indicated that last year its loss was actually $ 7,151 million, generated mainly by its role as operator of buses and routes (Transcaribe Operator), which would indicate a margin of error of just over 73 billion pesos.

He also stressed that adding up the losses throughout its history (without compensating the periods that generated profit), it does not exceed 15,000 million pesos.

According to the manager of Transcaribe, Humberto Ripoll, the losses disclosed by Minhacienda do not take into account the amortization of capital, that is, the credits that were made and that are now paying.

“It is a loan that Transcaribe made, 88 billion of Patio Portal and 14 billion pesos of the busetones, this debt is being paid via the tariff. Equal the Patio Portal is part of the Patrimony of the company, then say that there were losses is wrong, “explained the manager.

Among the operational problems presented by the entity, the delay in the incorporation of the new buses into the system’s fleet stands out in 2017, due to the delay in the Government’s process of exempting taxes from new buses for using clean technology. ; the most recent is the wait for the creation of the Tariff Stabilization Fund (FET), so that new buses that are in Patio Portal operate, the number of routes and therefore of users is extended.

“In spite of this, the system advances in the optimization of operational services and especially in the stability of its financial and accounting situation, which is published on its website,” said Transcaribe.

It has growth in patrimony

The Minhacienda report states that Transcaribe has one of the highest debt rates, since its liabilities represent more than 70% of its total assets. But the company refuted that the growth of its initial equity capital went from $ 500 million in July 2003, to $ 15,526 million as of December 31, 2017. The increases are due to the profits obtained in each term.

“According to the financial statements of the company, as of December 31, 2017, the liquid assets indicator is 131.5% (that is, for every one hundred pesos owed, Transcaribe has $ 131.5 to answer for the debt) “, highlighted the company.

Regarding the increases in Transcaribe’s contingencies, which are at $ 214,564 million, the report stated that they could affect the effective provision of services to users.

“The amount recorded as of December 31, 2017, in the Statement of Financial Position of Transcaribe S.A., is informative and control. For this case, the balance represents the total value of the claims against Transcaribe, “the company responded.

According to your data, the estimate of non-exigible expenses, according to the rules of the General Accounting Office of the Nation (CGN), is recognized when there is a greater probability of loss.

As of December 31 of last year, the amount of the provisions of Transcaribe (Contingent Liabilities) is $ 3,901 million.

That is, Transcaribe had lawsuits in 2017, including two complaints from the traditional public transport associations, whose judicial processes are categorized with low probability of loss. The plaintiffs claim compensation for alleged damages, for having removed their routes of operation.