Hidroelectrica posted losses of RON 170mln in 2012, about 3 times lower than the initial estimate

Hidroelectrica Bucharest posted in 2012 losses of around RON 170mln, compared with the initial estimate of RON 540mln, according to a company communique. The restructuring process started after the entry into insolvency generated a gross profit of RON 42mln in November 2012 and RON 36mln in December 2012, while January 2012 ended with a gross profit of RON 49mln, the largest monthly profit made by Hidroelectrica since its establishment. For this year Hidroelectrica estimates a gross profit of RON 434mln, at a production of 13TWh. If achieved, this gain would reach a record level, exceeding the profits from 2010, of RON 284mln, at a production of 20TWh. In 2012 the company recorded the lowest production level, of 11.8TWh, compared with the initial estimates of 15.6TWh. Also, the company estimated for 2012 revenues of RON 3.1bn, the actual figure recorded at the end of the year being RON 2.5bn. As for expenses, Hidroelectrica stated that the renegotiation of 425 contracts resulted in cost cuts of almost RON 440mln, and from the renegotiation of the Collective Labor Agreement it recovered approximately RON 50mln.