Hidroelectrica therefore operated at a gross profit margin of 45% in 2016, which is a something to be envied by the local business sector.
“Judging from the preliminary figures we have, revenue stands at about RON3.3 billion and the gross profit at RON1.5 billion. Revenue was lower compared with 2015 due to the power price trend but the profit is at an all-time high,” says Ovidiu Agliceru president of the board of Hidroelectrica, a company that became Romania’s most valuable last year.
Hidroelectrica exited insolvency in the summer of 2016, after four difficult years that thoroughly changed the company.
The most important steps taken during insolvency include terminating the bilateral contracts that had Hidroelectrica sell electricity for less than the market price, the renegotiation of more than 500 contracts with various suppliers and the cutting the number of employees from more than 5,000 to some 3,300. (EUR1=RON4.4949)
(English version by Loredana Fratila-Cristescu)