facebook
linkedin
twitter
About Us
  • BFSI
  • Energy
  • Infocom
  • Mining
  • Venture
  • Industry
  • Travel
  • Civic
  • Food, Health, Ag
  • Real Estate
  • Responsibility
  • Economy
  • Law & Justice
  • Interview
  • Analysis
Photo credit - https://imgur.com/user/josemanueldaes

Tecnoglass Single-Family Residential Revenues Grow 51% In Q4 Of Record-Breaking 2020

Posted On March 2, 2021
By : Loren Moss
Comment: 0
Tag: aluminum, architectural glass, barranquilla, christian daes, colombia, coronavirus, covid-19, daes brothers, Dividend, florida, glass, latin america, miami, nasdaq: tgls, nasdaq:tgls, pandemic, saint gobain, santiago geraldo, Santiago Giraldo, technoglass, technoglass dividend, tecnoglass, tecnoglass dividend, tgls, tracxn, us, yuyo daes

During an earnings call earlier today, Barranquilla, Colombia-based glass and aluminum manufacturer Tecnoglass (NASDAQ: TGLS) announced record-breaking results for both the fourth quarter and the full year of 2020. Co-founders José Manuel and Christian Daes participated in the call along with CFO Santiago Giraldo.

Despite the COVID-19 pandemic, Tecnoglass total revenues for the fourth quarter of 2020 increased 1.0% to $102.4 million, compared to $101.4 million in the prior year Q4. US revenues of $87.8 million, representing 86% of total revenues, grew 4.8% compared to $83.8 million in the prior year quarter, primarily driven by strong growth in residential activity. The contribution of US revenue growth to total revenues was partly offset by lower revenue from Colombia, primarily attributable to delayed activity at many customer jobsites due to COVID-19 related factors. Changes in foreign currency exchange rates had an adverse impact of $0.7 million on Colombia and total revenues in the quarter.

Gross profit for the fourth quarter of 2020 grew 25.8% to $36.9 million, representing a 36.1% gross margin, compared to gross profit of $29.3 million, representing a 28.9% gross margin in the prior year quarter. The 710-basis point improvement in gross margin mainly reflected greater operating efficiencies from prior automation initiatives and a higher mix of revenue from manufacturing versus installation activity. Selling, general and administrative expense was $19.4 million compared to $18.6 million in the prior year quarter, primarily attributable to higher variable expenses related to shipping, as well as COVID-19 related expenses. As a percent of total revenues, SG&A was 18.9% compared to 18.3% in the prior year quarter.

Net income was $18.5 million, or $0.39 per diluted share, in the fourth quarter of 2020 compared to net income of $10.9 million, or $0.23 loss per diluted share, in the prior year quarter, including an after-tax non-cash foreign exchange transaction gain of $13.6 million in the fourth quarter 2020 and a $8.9 million gain in the fourth quarter 2019. As previously disclosed, these gains and losses are related to the accounting re-measurement of US Dollar denominated assets and liabilities against the Colombian Peso as functional currency.

Tecnoglass will attend the Raymond James 42nd Annual Institutional Investors Conference, being held virtually on Wednesday, March 3, 2021.

Adjusted net income was $10.3 million, or $0.22 per diluted share, in the fourth quarter of 2020 compared to an adjusted net income of $7.5 million, or $0.16 per diluted share, in the prior year quarter. Adjusted net income, as reconciled in the table below, excludes the impact of non-cash foreign exchange transaction gains or losses and other non-core items, along with the tax impact of adjustments at statutory rates, to better reflect core financial performance.

Adjusted EBITDA, as reconciled in the table below, increased 19.3% to $25.7 million, or 25.1% of total revenues in the fourth quarter of 2020, compared to $21.5 million, or 21.2% of revenues, in the prior year quarter. The improvement was driven by a stronger gross margin. Adjusted EBITDA in the fourth quarter 2020 included $1.6 million in contribution from Tecnoglass’ joint venture with Saint-Gobain, compared to $1.1 million in the prior year quarter.

“2020 was a milestone year for Tecnoglass. Our exceptional results reflect the resilience and dedication of our team as we capitalized on strong residential macro tailwinds and recovering commercial end market conditions to post our second straight quarter of growth in the US Additionally, we delivered on our goal to produce strong returns on our previously implemented automation and capacity investments, contributing to record full year gross profit and Adjusted EBITDA levels, both on a dollar basis and as a percentage of sales. Just as important, our success is translating into a step-change in cash generation, with our operating cash flow representing over 70% of Adjusted EBITDA in 2020. We were thrilled to exit the year with a much stronger and leaner company, underpinned by a significantly improved capital position to further extend our leadership in the architectural glass industry. We will continue to leverage Tecnoglass’ structural competitive advantages to maintain industry leading margins while capturing additional market share in the US We are well situated to achieve another year of stellar financial performance and returns for our shareholders in 2021,” said CEO José Manuel Daes (above right).

Tecnoglass declared a quarterly cash dividend of $0.0275 per share for the fourth quarter of 2020, which was paid on January 29, 2021 to shareholders of record as of the close of business on December 31, 2020.

Total revenues for the full year 2020 were $374.9 million compared to $430.9 million in the prior year with the decrease mainly related to one month less of invoicing in the second half of March and first half of April because of the previously communicated suspension of plant operations, as well as a slower recovery in Latin American markets since the onset of the COVID-19 pandemic. Excluding the impact of unfavorable foreign currency exchange, total revenues were lower by 12.3% compared to the prior year.

Single-family residential architectural glass represents a fairly new focus for Tecnoglass

Gross profit increased 2.5% year-over-year to a full year record of $139.3 million, representing a 37.1% gross margin, compared to $135.8 million, representing a 31.5% gross margin in the prior year. Operating income was $66.1 million compared to $58.8 million in the prior year. Net income was $24.2 million, or a $0.52 per diluted share, compared to net income of $24.3 million, or $0.55 per diluted share in the prior year. Adjusted net income was $36.8 million, or $0.79 per diluted share, compared to $30.8 million, or $0.69 per diluted share in the prior year. Adjusted EBITDA for the full year 2020 improved to a record $97.8 million, or 26.1% of sales, compared to $92.4 million, or 21.4% of sales, in the prior year.

Christian Daes, Chief Operating Officer of Tecnoglass (above, left), added, “Fourth quarter results were encouraging and marked a return to growth in total revenues to close out an extraordinary year. Single-family residential revenues expanded more than 50% year-over-year in the quarter and represented nearly 20% of our revenues for the full year 2020. Overall quoting and bidding activity continued to strengthen since mid-year 2020, resulting in defensible backlog position of $545 million. Our strong performance in 2020 was augmented by winning new customers, entering new markets, and maintaining our commitment to innovation through the introduction of new best-in-class products, particularly in residential. As we move into 2021, we remain focused on expanding our addressable market in single-family housing in the US Accomplishments to date reflect our dedication to excellence and we are excited to drive further improvement across our business in the coming quarters.”

Tecnoglass ended 2020 with cash and cash equivalents of $66.9 million compared to $47.9 million in the prior year. Cash provided by operating activities of $71.4 million improved by $45.8 million compared to the prior year, attributable to higher profitability as well as more efficient inventory and working capital management. During 2020 Tecnoglass incurred $19.8 million of capital expenditures, compared to $25.0 million in the prior year, with the decrease due to Tecnoglass’ $20 million investment into high-return projects to expand and automate key operations at several glass and aluminum facilities, which was largely completed in the fourth quarter of 2019.

On November 2, 2020, Tecnoglass announced a new $300 million Senior Secured Credit Facility, consisting of a $250 million delayed draw term loan and a $50 million committed revolving credit facility, with a maturity date in 2025. The new facility has an initial interest rate spread of 3.00%, which will decrease to a spread of 2.50% in April 2021 based on Tecnoglass’ leverage as of the end of the year.

Santiago Giraldo

Tecnoglass CFO Santiago Giraldo – Photo credit: Liliana Padierna)

Subsequent to the end of 2020, Tecnoglass redeemed in full its $210 million unsecured senior notes, which bear interest at a rate of 8.2%, following the step down in redemption price at the end of January 2021. The $8.6 million call option was fully paid in January alongside with the redemption of the notes. Following the redemption of the senior notes, annualized savings on cash interest expense are expected to approximate $11 million annually. On a pro forma basis giving effect to the pay down of the unsecured senior notes, Tecnoglass had total liquidity of approximately $126.9 million, including cash of $66.9 million and availability under its revolving credit facilities of $60 million.

“Our positive momentum continued into the first quarter, with single-family residential representing a growing share of our revenues. Based on our current invoicing schedule and underlying market demand, we are introducing our full year 2021 outlook for revenue to grow to a range of $400 million to $415 million. In addition, we anticipate full year Adjusted EBITDA to grow to a range of $100 million to $110 million, implying growth of approximately 7% at the midpoint, driven by higher revenues, partly offset by higher unit costs for raw materials and a more normalized revenue mix. We expect the stronger demand in the US to continue to offset the slower recovery in Latin American markets. Furthermore, we anticipate our track record of strong cash flow generation to continue in the full year 2021,” said Tecnoglass CFO Santiago Giraldo.

Tecnoglass Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and per share data)
(Unaudited)

December 31, December 31,
2020 2019
ASSETS
Current assets:
Cash and cash equivalents $ 66,899 $ 47,862
Investments 2,387 2,304
Trade accounts receivable, net 88,368 110,558
Due from related parties 8,574 8,057
Inventories 80,742 82,714
Contract assets – current portion 26,288 42,014
Other current assets 13,545 29,340
Total current assets $ 286,803 $ 322,849
Long-term assets:
Property, plant and equipment, net $ 152,266 $ 154,609
Deferred income taxes 268 4,595
Contract assets – non-current 10,228 7,059
Due from related parties – long term 484 1,786
Long-term trade accounts receivable 2,985 –
Intangible assets 5,112 6,703
Goodwill 23,561 23,561
Long-term investments 47,535 45,596
Other long-term assets 2,783 2,910
Total long-term assets 245,222 246,819
Total assets $ 532,025 $ 569,668
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt $ 1,764 $ 16,084
Trade accounts payable and accrued expenses 42,178 61,878
Accrued interest expense 7,175 7,645
Due to related parties 4,750 4,415
Dividends payable 1,352 67
Contract liability – current portion 24,694 12,459
Due to equity partners – 10,900
Other current liabilities 9,630 15,563
Total current liabilities $ 91,543 $ 129,011
Long-term liabilities:
Deferred income taxes $ 3,170 $ 411
Long-term payable associated to GM&P acquisition – 8,500
Long-term liabilities from related parties 645 622
Contract liability – non-current 977 187
Long-term debt 222,722 243,727
Total long-term liabilities 227,514 253,447
Total liabilities $ 319,057 $ 382,458
SHAREHOLDERS’ EQUITY
Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at December 31, 2020 and December 31, 2019 respectively $ – $ –
Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 47,674,773 and 46,117,631 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively 5 5
Legal Reserves 2,273 1,367
Additional paid-in capital 219,290 208,283
Retained earnings 34,326 16,213
Accumulated other comprehensive (loss) (43,512 ) (39,264 )
Shareholders’ equity attributable to controlling interest 212,382 186,604
Shareholders’ equity attributable to non-controlling interest 586 606
Total shareholders’ equity 212,968 187,210
Total liabilities and shareholders’ equity $ 532,025 $ 569,668

Tecnoglass Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income
(In thousands, except share and per share data)
(Unaudited)

Three months ended Twelve months ended
December 31, December 31,
2020 2019 2020 2019
Operating revenues:
External customers $ 101,732 $ 98,310 $ 372,408 $ 422,118
Related parties 642 3,081 2,515 8,794
Total operating revenues 102,374 101,391 374,923 430,912
Cost of sales 65,464 72,052 235,669 295,103
Gross profit 36,910 29,339 139,254 135,809
Operating expenses:
Selling expense (9,799 ) (9,810 ) (38,962 ) (41,925 )
General and administrative expense (9,571 ) (8,766 ) (34,172 ) (35,069 )
Total operating expenses (19,370 ) (18,576 ) (73,134 ) (76,994 )
Operating income 17,540 10,763 66,120 58,815
Non-operating (expenses) income, net 220 487 (12 ) 1,565
Equity method income 598 323 1,387 596
Foreign currency transactions (losses) gains 13,585 8,948 (8,638 ) (973 )
Interest expense and deferred cost of financing (4,435 ) (5,586 ) (21,671 ) (22,806 )
Income before taxes 27,508 14,935 37,186 37,197
Income tax benefit (provision) (8,980 ) (4,338 ) (13,001 ) (12,928 )
Net (loss) income $ 18,528 $ 10,597 $ 24,185 $ 24,269
(Income) Loss attributable to non-controlling interest (72 ) 296 25 266
(Loss) Income attributable to parent $ 18,456 $ 10,893 $ 24,210 $ 24,535
Comprehensive income:
Net income $ 18,528 $ 10,597 $ 24,185 $ 24,269
Foreign currency translation adjustments 14,538 6,053 (4,407 ) (2,715 )
Change in fair value derivative contracts 1,100 1,450 159 509
Total comprehensive (loss) income $ 34,166 $ 18,100 $ 19,937 $ 22,063
Comprehensive (income) loss attributable to non-controlling interest (72 ) 296 25 266
Total comprehensive (loss) income attributable to parent $ 34,094 $ 18,396 $ 19,962 $ 22,329
Basic (loss) income per share $ 0,40 $ 0,23 $ 0,52 $ 0,55
Diluted (loss) income per share $ 0,40 $ 0,23 $ 0,52 $ 0,55
Basic weighted average common shares outstanding 46,117,631 46,291,032 46,398,428 44,464,097
Diluted weighted average common shares outstanding 46,398,428 46,291,032 46,398,428 44,464,097

Tecnoglass Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

Year ended December 30,
2020 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income $ 24,185 $ 24,269
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Provision for bad debts 1,097 1,389
Depreciation and amortization 20,590 22,735
Deferred income taxes 6,581 (2,698 )
Equity method income (1,387 ) (596 )
Deferred cost of financing 972 1,624
Other non-cash adjustments 20 82
Unrealized currency translation losses (gains) 7,930 6,509
Changes in operating assets and liabilities:
Trade accounts receivables 4,557 (27,712 )
Inventories (2,121 ) 8,419
Prepaid expenses (1,426 ) (3,328 )
Other assets 13,948 (7,773 )
Trade accounts payable and accrued expenses (20,943 ) (1,609 )
Accrued interest expense (417 ) 83
Taxes payable (6,622 ) 5,075
Labor liabilities 192 (19 )
Contract assets and liabilities 23,649 (1,545 )
Related parties 629 759
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 71,434 $ 25,664
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of investments 471 1,600
Proceeds from sale of property and equipment 6 –
Joint Venture investment – (34,100 )
Purchase of investments (218 ) (1,684 )
Acquisition of property and equipment (18,323 ) (24,952 )
CASH USED IN INVESTING ACTIVITIES $ (18,064 ) $ (59,136 )
CASH FLOWS FROM FINANCING ACTIVITIES –
Cash dividend (3,801 ) (5,227 )
Proceeds from equity offering – 36,478
Proceeds from debt 41,343 46,584
Deferred financing transaction costs (6,384 ) –
Repayments of debt (64,694 ) (29,507 )
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES $ (33,536 ) $ 48,328
Effect of exchange rate changes on cash and cash equivalents $ (797 ) $ (34 )
NET (DECREASE) INCREASE IN CASH 19,037 14,822
CASH – Beginning of period 47,862 33,040
CASH – End of period $ 66,899 $ 47,862
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for:
Interest $ 19,168 $ 19,696
Income Tax $ 10,683 $ 12,296
NON-CASH INVESTING AND FINANCING ACTIVITES:
Assets acquired under credit or debt $ 2,242 $ 1,222

Revenues by Region
(Amounts in thousands)
(Unaudited)

Three months ended Twelve months ended
Dec 31, Dec 31,
2020 2019 % Change 2020 2019 % Change
Revenues by Region
United States 87,841 83,847 4.8 % 341,467 368,055 -7.2 %
Colombia 9,359 14,109 -33.7 % 23,302 52,299 -55.4 %
Other Countries 5,172 3,436 50.5 % 10,155 10,559 -3.8 %
Total Revenues by Region 102,372 101,391 1.0 % 374,923 430,912 -13.0 %

Reconciliation of Non-GAAP Performance Measures to GAAP Performance Measures
(In thousands)
(Unaudited)

The Company believes that total revenues with foreign currency held neutral non-GAAP performance measures, which management uses in managing and evaluating the Company’s business, may provide users of the Company’s financial information with additional meaningful bases for comparing the Company’s current results and results in a prior period, as these measures reflect factors that are unique to one period relative to the comparable period. However, these non-GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under accounting principles generally accepted in the United States.

Three months ended Twelve months ended
Dec 31, Dec 31,
2020 2019 % Change 2020 2019 % Change
Total Revenues with Foreign Currency Held Neutral 103,079 101,391 1.7 % 377,851 430,912 -12.3 %
Impact of changes in foreign currency (707 ) – (2,928 ) –
Total Revenues, As Reported 102,372 101,391 1.0 % 374,923 430,912 -13.0 %

Currency impacts on total revenues for the current quarter have been derived by translating current quarter revenues at the prevailing average foreign currency rates during the prior year quarter, as applicable.

Reconciliation of Adjusted EBITDA and Adjusted net (loss) income to net (loss) income
(In thousands, except share and per share data)
(Unaudited)

Adjusted EBITDA and adjusted net (loss) income are not measures of financial performance under generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA and adjusted net (loss) income, in addition to operating profit, net (loss) income and other GAAP measures, is useful to investors to evaluate the Company’s results because it excludes certain items that are not directly related to the Company’s core operating performance. Investors should recognize that Adjusted EBITDA and adjusted net (loss) income might not be comparable to similarly-titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP.

Reconciliations of the non-GAAP measures used in this press release are included in the tables attached to this press release, to the extent available without unreasonable effort. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures.

A reconciliation of Adjusted net (loss) income and Adjusted EBITDA to the most directly comparable GAAP measure in accordance with SEC Regulation G follows, with amounts in thousands:

Three months ended Twelve months ended
Dec 31, Dec 31,
2020 2019 2020 2019
Net (loss) income 18,528 10,597 24,185 24,269
Less: Income (loss) attributable to non-controlling interest (72 ) 296 25 266
(Loss) Income attributable to parent 18,456 10,893 24,210 24,535
Foreign currency transactions losses (gains) (13,562 ) (8,948 ) 10,631 973
Deferred cost of financing (333 ) 411 1,898 1,624
Non Recurring expenses (extinguishment of debt, bond issuance costs, provision for bad debt, acquisition related costs and other) 1,215 2,962 4,115 5,350
Joint Venture VA (Saint Gobain) adjustments 615 574 1,943 1,337
Tax impact of adjustments at statutory rate 3,861 1,600 (5,948 ) (2,971 )
Adjusted net (loss) income 10,252 7,492 36,849 30,848
Basic income (loss) per share 0,39 0,23 0,52 0,55
Diluted income (loss) per share 0,39 0,23 0,52 0,55
Diluted Adjusted net income (loss) per share 0,22 0,16 0,79 0,69
Diluted Weighted Average Common Shares Outstanding in thousands 47,235 46,118 46,398 44,464
Basic weighted average common shares outstanding in thousands 47,235 46,118 46,398 44,464
Diluted weighted average common shares outstanding in thousands 47,235 46,118 46,398 44,464

 

Three months ended Twelve months ended
Dec 31, Dec 31,
2020 2019 2020 2019
Net (loss) income 18,528 10,597 24,185 24,269
Less: Income (loss) attributable to non-controlling interest (72 ) 296 25 266
(Loss) Income attributable to parent 18,456 10,893 24,210 24,535
Interest expense and deferred cost of financing 4,435 5,586 21,671 22,806
Income tax (benefit) provision 8,980 4,338 13,001 12,928
Depreciation & amortization 5,170 5,546 20,590 22,735
Foreign currency transactions losses (gains) (13,562 ) (8,948 ) 10,631 973
Non Recurring expenses (extinguishment of debt, bond issuance costs, provision for bad debt, acquisition related costs and other) 1,215 2,962 4,115 5,350
Director Stock compensation and provision for obsolete inventory – – – –
Gain on change in fair value of earnout shares liabilities – – – –
Gain on change in fair value of warrant liability – – – –
Joint Venture VA (Saint Gobain) EBITDA adjustments 966 1,146 3,576 3,048
Change in FV of Hedging Derivatives – –
Adjusted EBITDA 25,660 21,523 97,794 92,375

 

DON'T MISS OUT: The only English-language Colombia news that's strictly business, markets, & investment!
Join global executives & investors by subscribing to our FREE weekly updates
I agree to have my personal information transferred to MailChimp ( more information ) DISCLAIMER: Protección de Datos Personales Artículo 15 de la Constitución Política de Colombia, ley 1581 de 2012 y decreto 1377 de 2013.
We will never spam you or share your email address ¡Nunca Jamás!

Share the news!

  • Facebook
  • Twitter
  • Print
  • WhatsApp
  • LinkedIn
  • Skype

Related

Share your thoughts:

comments

About the Author
Loren Moss is the founder and publisher of Finance Colombia. He has over 20 years of international business experience, including over a decade of experience in securities, insurance, and commercial real estate, at the institutional and international level.
  • google-share
Previous Story

Tecnoglass Pays Off All Outstanding 2022 Bonds A Year Early

Next Story

Free Report Available On The Current Status of Desalination in Latin America

Related Posts

Grand Bahamas photo © Loren Moss
0

Bahamas Seeks Air Connectivity With Colombia

Posted On May 18, 2022
, By Loren Moss
Roberto Kriete, avianca's main shareholder and chairman of the Board of Directors.
0

Shareholders Of Viva, Avianca & Gol Announce The Creation Of Abra Group To Dominate South American Skies

Posted On May 11, 2022
, By Loren Moss
Colombia’s attorney general charged Russian national Sergein Vagin and six other people
0

Alleged Russian Spy Charged…With Running A Gambling Mafia

Posted On April 12, 2022
, By Loren Moss

You must log in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.





Search

RECENT

POPULAR

COMMENTS

The World’s 50 Best Restaurants today reveals Leonor Espinosa of Leo, Bogotá, as the 2022 winner of The World’s Best Female Chef Award, sponsored by Nude Glass

Colombian Leonor Espinosa Named "World's Best Female Chef"

Posted On May 18, 2022
Grand Bahamas photo © Loren Moss

Bahamas Seeks Air Connectivity With Colombia

Posted On May 18, 2022
Roberto Kriete, avianca's main shareholder and chairman of the Board of Directors.

Shareholders Of Viva, Avianca & Gol Announce The Creation Of Abra Group To Dominate South American Skies

Posted On May 11, 2022
Colombia’s attorney general charged Russian national Sergein Vagin and six other people

Alleged Russian Spy Charged…With Running A Gambling Mafia

Posted On April 12, 2022

Viva Launches Nonstop Routes To Buenos Aires, Argentina From Medellín & Bogotá, Colombia

Posted On April 12, 2022

Romanian Cybercriminal Mihai Ionut Paunescu Captured In Colombia

Posted On June 29, 2021
Photo montage courtesy EPM

EPM’s Board of Directors Resign En Masse, Creating Crisis For Mayor Daniel Quintero

Posted On August 17, 2020

Court Blocks Colombia’s $370 Million USD Emergency Loan To Bankrupt Avianca Airlines

Posted On September 12, 2020

Deadly Riots & Protests Against Police Brutality Break Out Across Colombia

Posted On September 10, 2020

AVIANCA IS BANKRUPT

Posted On May 10, 2020

[…] damn what she said. She and...

Posted On April 4, 2022

[…] by short sellers seeking to...

Posted On March 22, 2022

[…] no longer travel freely...

Posted On March 8, 2022

[…] Duque’s administration will...

Posted On March 8, 2022

[…] See also: 13 Police Injured In...

Posted On March 3, 2022

Watch This!

Consider Advertising With Us

Click here to visit Expat Group's English site

Subscribe Free

don't forget to include "http://"
* = required field
Your Background / Function








unsubscribe from list

RECENT

POPULAR

COMMENTS

The World’s 50 Best Restaurants today reveals Leonor Espinosa of Leo, Bogotá, as the 2022 winner of The World’s Best Female Chef Award, sponsored by Nude Glass

Colombian Leonor Espinosa Named "World's Best Female Chef"

Posted On May 18, 2022
Grand Bahamas photo © Loren Moss

Bahamas Seeks Air Connectivity With Colombia

Posted On May 18, 2022
Roberto Kriete, avianca's main shareholder and chairman of the Board of Directors.

Shareholders Of Viva, Avianca & Gol Announce The Creation Of Abra Group To Dominate South American Skies

Posted On May 11, 2022

Romanian Cybercriminal Mihai Ionut Paunescu Captured In Colombia

Posted On June 29, 2021
Photo montage courtesy EPM

EPM’s Board of Directors Resign En Masse, Creating Crisis For Mayor Daniel Quintero

Posted On August 17, 2020

Deadly Riots & Protests Against Police Brutality Break Out Across Colombia

Posted On September 10, 2020

[…] damn what she said. She and...

Posted On April 4, 2022

[…] by short sellers seeking to...

Posted On March 22, 2022

[…] no longer travel freely...

Posted On March 8, 2022

Watch This!

Contact Us (Click the image):

Pages

  • About Us
  • Colombia Events, Conferences, Festivals and Important Dates
  • Contact Us
  • main
  • Media Partnerships
  • Privacy Policy
  • Search Results
  • Whatsapp test page
Copyright 2014-2020 Finance Colombia All Rights Reserved. We may earn commissions from qualifying purchases.
Posting....
WhatsApp us
 

Loading Comments...
 

You must be logged in to post a comment.