Specifically, since these measures were implemented, the Valencia Ports Authority (PAV) has streamlined the payment of €7.33m euros to a total of 250 supplier companies to provide liquidity to companies that carry out work for the ports of Gandia, Sagunto and Valencia .
PAV anticipates to advance a total of €51m to its suppliers during 2020. The objective of this initiative is to make weekly payments until the end of the Alarm Status in order to minimize the treasury difficulties that the PAV service providers or providers may have. This measure, implemented mid-March 2020, has forced Valenciaport to establish internal mechanisms to process invoices as quickly as possible. Additionally, €2.64m in pending bonuses in 2019, have been forwarded to the port's clients.
PAV has implemented the reduction in rates derived from the Royal Decree-law of April 21, 2020, that will mean a decrease in rates for this financial year for an amount of €6.2m. The effect on the rate of the T-1 ship, the occupancy rate, the adjustment for non-compliance with the minimum limit of the activity rate and the penalties for minimal traffic have been taken into account when calculating the impact on reduction rates.
The undertaken steps should allow the port business network to have a liquidity of €57.2m in 2020.