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September 18, 2019

Hidroelectrica: record profit last year, floatation in 2016

+ The company awards Deloitte a EUR 382,000 contract for services related to floatation and financial audit

The Hidroelectrica energy company, currently insolvent, has awarded the Deloitte consultancy company a EUR 382,000 (VAT not included) contract for financial audit services spanning the 31 December 2015 – 31 December 2017 period, including services related to floatation.

According to an announcement posted on the Electronic System for Public Procurements (SEAP), the contract was awarded through negotiation on February 2, the awarding criterion being “the lowest price.” The contract was initially estimated at EUR 399,400 (VAT not included).

“The objective of the contract consists of financial audit services. The audit reports will be issued in Romanian, and the IFRS consolidated reports in English too (each of them in four copies), on paper, and will be transmitted in electronic form too. The annual audit reports will be accompanied by a letter from the company’s leadership,” the announcement points out.
The financing comes from own sources. In order to take part in negotiations, the bidder proved it had an average global turnover of at least RON 3.5 M in the last three years (2012, 2013, 2014).

In 2015, Hidroelectrica registered a gross profit of RON 1.1 bln., 3.5 times higher than the one registered in 2010. The company’s turnover stood at RON 3.18 bln, while its production totalled 15.9 TWh, down by 2.5 TWh compared to 2014, back when Hidroelectrica reported a production of 18.4 TWh, a turnover of RON 3.4 bln and a profit of RON 1.15 bln. Hidroelectrica has been insolvent since February 2014. The company was previously insolvent in June 2012 – June 2013.

According to Remus Borza, Hidroelectrica’s trustee in bankruptcy, 2016 has all the premises for this large state-owned company to meet all conditions in order to be listed on the Bucharest Stock Exchange (BVB). Borza told us that the floatation of a shares package of 15 per cent will most likely start in November.

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