Concefa posted revenues of RON16.2 million in 2013, down 28% year-on-year.
“The lower revenues were triggered by the insolvency proceedings, which were launched on March 14, 2013 and which prevented the company to attend new auctions,” Concefa said in its preliminary financial report.
The weak result was partly offset by lower operating costs, particularly with personnel.
Concefa’s reorganization plan includes splitting the company in two, with the spin-off firm slated to take over part of the assets and liabilities currently under insolvency proceedings.
The company has a share capital of RON19.7 million split up into 197 milion shares with a face value of RON0.1. Vasile and Maria Cercel own together 31.1% in Concefa, while Adina Maria Blajinu has a 31.5% stake. (EUR1=RON4.4905)