Romania: Hidroelectrica stabilizing its financial position

Hidroelectrica power company decreased by 64% balance debts. On May 31, 2014 HIDROELECTRICA reported a positive cash flow of 68 million eur. During the period June 20, 2012 – May 31, 2014, the banks reduced their exposure HIDROELECTRICA with 607 million euro, from 841 million to 234 million.

For the first time since 2010 HIDROELECTRICA recorded on May 31, 2014, a net cash positive,” says a press release which states that, on 20 June 2012 HIDROELECTRICA record a negative net cash of £ 763 million, a situation that led the company’s Board of Directors to request the opening of insolvency proceedings to reorganize.

On May 31, 2014 HIDROELECTRICA reported a positive cash flow of 68 million, according to the source.

Increased company revenue in 2013 to over 700 million versus 2012, respectively, from 2.418 billion to 3.150 billion lei, made it possible to pay accelerated debt entered in the list of creditors and closing credit lines, says Euro INSOL.

Continuous improvement of the company’s liquidity will enable the next period closure of other credit lines, ie repayment of EUR 75 million investment contracted at Citibank International, a credit line of EUR 29 million granted by RBS Bank Romania, investment credit 60 million taken from ING Bank NV Dublin.

During the period June 20, 2012 – May 31, 2014, the banks reduced their exposure HIDROELECTRICA with 607 million euro, from 841 million to 234 million.

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