A strong loss for Pemex, report by the Superior Audit Office
In its latest report, the Superior Audit Office of the Federation (ASF) indicated that the subsidiary Pemex Fertilizantes lost 21 billion 174 million 48 thousand pesos in 2017, equivalent to 79.7% of its assets, mainly due to the acquisition of Pro Agro and Fertinal.
According to the document delivered to the Chamber of Deputies, of the losses, 4 billion 206 million pesos were due to the loss of idle assets that were not rehabilitated by Pro Agroindustria, and 4 billion 7 million due to the impairment of Fertinal's goodwill.
Another 7 billion 979 million pesos were Fertilizer operation losses, since 2015; 4 billion 713 million 32 thousand pesos for the deterioration of the Pemex Fertilizantes plant, and 269 million 15 thousand for "other effects".
At the end of 2017, the assets of the company were 5 billion 390 million 675 thousand pesos, when in 2015, when starting operations, its capital was 26 billion 564 million 723 thousand. All the losses happened, according to the ASF, "without the Subsidiary Productive Company documenting the reasons for deteriorating assets only four years after its acquisition".
The ASF indicated that Pemex Fertilizantes "destroyed its economic value in operation" and it was not profitable since the return on the total assets of the company was negative in 106%. The Subsidiary Productive Enterprise (EPS) spent 3 billion 1 million 247 thousand pesos in the rehabilitation and maintenance of the Cosoleacaque, Fertinal and Pro Agro plants; without that effort resulting in maximum levels of use of their capacity.
In the case of Cosoleacaque, its plants operated between 11% and 80% of their potential; Fertinal, between 26% and 84%, and in the case of Pro Agro, the start-up of its plants had been rescheduled three times, until the end of 2017. Pemex Fertilizantes reported that of the 3 billion 1 million 247,000 pesos, only 6.2 %, equivalent to 186 million 979 thousand, corresponded to the maintenance and rehabilitation of 11 Cosoleacaque and Fertinal plants, and 93%, 2 billion 814 million 268 thousand, for the reactivation of two Pro Agro plants.
Of the 17 plants that the subsidiary Pemex Fertilizantes acquired, 11 worked.
However, none operated in the full capacity, but between 11% and 84%. The other six were not in operation.
A calculation without a plan
The company calculated investment of 2 billion 406 million 697 thousand pesos, to make the most of all its productive infrastructure, but there was never a plan.
Report of 2017
The Audit informed that, in 2017, the business unit of Fertinal had eight plants that recorded a profit of only between 62% and 84%.
The Productive Subsidiary company accredited, from 2018, a Shock Plan, to take better advantage of the installed capacity. But no business plan was made.