In march of this year, and faced with the uncertainty due to the general lockdown, the closure of the sales rooms and of the works, we put into motion a plan for the adjustment of the sales, title conveyance and expenses’ budget in a new scenario amended due to the COVID-19. This scenario would be the new compass to sail through the pandemic.
For this, Amarilo performed an analysis aimed to quantify the impact of the pandemic on each one of the projects in execution. For these purposes, each schedule was reviewed and the expected sales flow of the projects was reduced according to the projections revealed at that time by Camacol and specialized analysts. With this new schedule, the Company recalculated its expected break-even point of all the stages of all the projects.
The main impact during the pandemic referred to the increases of the work times, which, on their part, meant an increase of the costs on two ways: on the one hand, greater inflation readjustments, derived from the delay of the schedule through time and, on the other, new charges related to site management and other fixed costs (at least two additional months reflecting the time that the same remained closed).
With the aforementioned changes, each feasibility was closed and other variations derived from the new scenario were calculated, for example in the financial expenses. In average, the work times were increased by between two and three months, generating also a delay of the times of delivery of the projects and also of the conveyances of title. The increase of both the time of the construction times and the biosafety protocols implemented meant an increase in the costs of about 1.5 %. GRI 103-1, 103-2, 103-3
With the feasibilities and the project flows adjusted, the projected closing P&L Statement and the company’s cash flow were updated to determine the impact, both on the results and on the cash flow. Based on the foregoing projection, and as it is usual with our allied banks, meetings were held throughout the year to share the information and to monitor the evolution, which allowed us to work in a coordinated manner and to attain the objectives set regarding debt and liquidity levels of the company during the pandemic.
$1.79 billion pesos
Net Sales
$434,956 millions
Debt
$795,142 millions
Capital
$76,342 millions
EBITDA
The following are some of the organizations with which we strengthened our commercial relationships and at the same time appear in the financial statements of the company. GRI 102-45
GRI 201-1, 201-4, 103-3 Amarilo continues applying and strengthening the policies that have guided the financial operation and that have proven to be essential during the pandemic.
| Generated and distributed Direct Economic Value 2020 | |
|---|---|
| Revenues (VEG) | $992,222,220,697 |
| Operational expenses | $882,474,452,153 |
| Salaries and benefits of direct employees | $36,992,833,352 |
| Payment to suppliers of capital | $33,091,339,248 |
| Government take | $7,789,989,736 |
| Voluntary donations | $184,823,000 |
| Aids due to the COVID-19 health emergency | $265,000,000 |
| Economic value withheld | $31,423,783,208 |
Bogota and
surrounding area
Caribbean coast
Llanos
Medellín
Cúcuta and
surrounding area
Ibagué /
Ricaurte
| Approx. amounts of payments made | |
|---|---|
| Bogota and surrounding area | $637,469,684,961 |
| Caribbean Coast | $80,819,986,358 |
| Llanos | $8,779,814,867 |
| Medellín | $23,793,819,250 |
| Cúcuta and surrounding area | $16,513,494,696 |
| Ibagué/ Ricaurte | $2,861,455,254 |
| Approximate No. and % of suppliers of the supply chain |
% of Goods | % of Services | No. of Goods | No. of Services |
| 24 % | 76 % | 512 | 1,612 | |
| No. and % of international suppliers who provide goods and services | 0 | 0.32 % | 0 | 7 |
