The Port Authority of Valencia closed the year 2017 with a debt with long-term credit institutions of 393 million euros, a reduction of 129 million euros compared to the figure registered in 2014, which amounted to 522 million.
The PAV long-term debt stands for the first time in recent years below 400 million euros, thanks to the extraordinary amortizations approved by the Board of Directors in the last two years.
Valencia, January the 9th 2018. – The Port Authority of Valencia (PAV) closed the year 2017 with a debt with long-term credit institutions of 393 million euros, a figure that represents a reduction of 25 percent compared to the 522 million euros that were recorded at the end of year 2014.
Aurelio Martinez, president of the Port Authority of Valencia, stressed that “the effort made to reduce long-term debt will allow us to reduce rates and embark on new investments, essential for the improvement of terrestrial connectivity among the ports of Valencia and Sagunto, as well as performances in our hinterland, all in order to continue improving our competitiveness “.
In particular, the Port Authority of Valencia has reduced its debt by around 130 million euros in the last 3 years: 35.8 million euros in 2015, 58.2 million euros in 2016 and 35.7 million in this past 2017. Unlike in previous years, in the last three years the reduction has been more accelerated due to the extraordinary amortizations approved by the Board of Directors of the Port Authority of Valencia in the last two years, which have amounted to 45 million euros. Thus, in 2015, of the total amortized 35.8 million euros, 27.3 million were ordinary amortizations and 8.5 extraordinary. In 2016, of the 58.2 million euros which were amortized, about 29 million euros were ordinary and 29.3 euros were extraordinary. As regards the past year, of the total amortized, 35.7 million euros, 28.4 corresponded to ordinary payments and 7.2 to extraordinary payments.
In 2011, the maximum level of indebtedness of the Port Authority of Valencia was reached due to the large investments made in the northern dock, which led to exceeding 595 million euros in long-term credits with financial institutions. Since 2012, new debts haven´t been contracted through long-term loans with credit institutions.