The annual turnover of VMZ-Sopot is between BGN 60 mln and BGN 85 mln

VMZ-Sopot forms its revenues from the sale of special products, which, since 1995, have been making an annual turnover of BGN 60 mln and BGN 85 mln. When revenues are at the lower limit, then we lack funds both for payment of salaries and repayment of old debts, VMZ-Sopot's CEO Ivan Stoenchev told BNR on Sunday.

The recovery programme that will allow for the payment of salaries during the next weeks, has already been started, he added. It includes cost reduction, restructuring of the company, transfer of power from one place to another, reduction of power consumption and all supplies that were in excess. Liabilities began in 1996 under the form of the so-called "hollow returns". Suddenly, the dollar rose from 10 units to 100, 90 units of which were profits for the company which, however, were due to the State. In those years, these profits were not gained and accounted appropriately, therefore, VMZ-Sopot has started owing taxes even since. The biggest liabilities are to the State, said Stoenchev.

He explained that VMZ-Sopot's problems started when the number of contracts for sales decreased, like in 2012, and, therefore, sales declined as well. On Monday, January 21, there will be information which units and areas should expect lay-offs.

"Some 900 employees will have to be made redundant, according to the health plan of the factory. Therefore, next week, we will continue our negotiations with trade unions. Even now, there is an interest from individual companies for the privatisation of parts of the plant, but they are only interested in its assets," admitted Ivan Stoenchev.

Previous privatisation deals in the sector also had an impact on the financial condition of the plant. These include deals in which privatising parties bought separate production units without taking any of the factory's liabilities.

Прочети цялата новина

Свързани новини: