Hidroelectrica has the right to operate during insolvency procedures, in conformity with the law regulating insolvency, ANRE said in a press release.
The Bucharest Court on Wednesday approved the start of insolvency proceedings for Hidroelectrica.
The company said previously the decision to request the start of insolvency proceedings was made considering Hidroelectrica’s lower sales and rising debts.
According to Hidroelectrica’s balance sheet, the company’s net profit fell last year 45 times, from 292.3 million lei (EUR65.4 million) to RON6.4 million, as total revenues decreased from RON3.41 billion to RON3.18 billion, while expenses increased from RON3.02 billion to RON3.14 billion.
In 2011, Hidroelectrica sold energy worth RON1.52 billion (EUR360 million) through direct contracts, a figure which made up half its sales last year.
The company reported operating profit of RON161.15 million, compared with RON502 million in 2010, and financial losses of RON121.54 million, from RON112 million two years ago.
Short-term debts increased by RON900 million in 2011, from RON1.7 billion to RON2.6 billion, including RON400 million owed to banks (for a total of RON1.1 billion) and RON250 million to suppliers (RON1.12 billion in total).
Long-term debts also increased by more than RON200 million, to RON1.5 billion, with RON1.42 billion in debts to banks. (EUR1=RON4.4635)