With a gross profit of RON401 million for January-May and after the deduction of a special construction tax for the first quarter, totaling RON75 million, Hidroelectrica’s liquidity continued to improve, the company said in a statement Tuesday. The power producer finished paying back a EUR75 million loan to Citibank International Plc. on June 30, 2014.
Hidroelectrica paid back several loans this year totaling RON231 million: RON31 million to ING Bank, RON80 million to Alpha Bank, and RON120 million to Banca Transilvania. In April, Hidroelectrica paid back early an invetsment loan of EUR110 million granted by the European Bank for Reconstruction and Development.
“Since entering insolvency two years ago, financial debt to banks has been lowered by EUR625 million, from EUR841 million on June 20, 2012 to EUR216 million on June 30, 2014,” the company said, adding it plans to pay back EUR39 million more on investment loans by the end of the year.
State-owned Hidroelectrica entered insolvency again in February this year, after going through the procedure in June 2010-June 2013.
Hidroelectrica has an installed capacity of 6,400 MW, covering about one third of Romania’s electricity production and consumption. The company is 80.05% owned by the state and 19.95% by investment fund Fondul Proprietatea.