Serbia:EPS decreased the loss and stabilizes the liquidity says CEO Obradovic

Published on 17. September 2013., News Serbia Energy

With successful business, rescheduling of loans, rationalizing of costs and record production, EPS management has managed to reduce this year’s loss of nearly 21 billion dinars, and to reduce it to only 0.8 billion, confirmed Acting General Director in EPS, Aleksandar Obradovic while presenting the annual business results.

He pointed out that the projected loss for the 2013th year amounted 22 billion, and now it is 800 million.

Obradovic, at the conference on the results of operations of the company in the past year, said that also cash flow of the company has improved, and from the state of insolvency and minuses of nearly 49.2 billion, the result improved by 42.8 billion.

Obligations towards suppliers on 31 December 2012 were, he said 24.6 billion, and off on 30 June 2013. Were 16 billion, which means that the amount of 8.5 billion, which was paid for six months, came in the economy.

EPS produced about 19 billion kilowatt-hours for the six months of this year, and achieved during this period a record production, said Obradovic.

By the end of the year, production of 37 billion kilowatt hours is expected, he said, adding that compared to the plan, electricity production increased by 0.8% compared to the same period last year – 6.4%.

This means that compared to the plan, total production increased for 154 million kWh, and in the first half of 2013 it was produced for 1,137 billion kilowatt-hours more than the previous year, he said.

He said for six-month EPS sold 1.66 billion kilowatt-hours, which is the value of 67.35 million euros, or 33.4% more than planned.

Value of sold energy by the end of 2013 will exceed 100 million euros, Obradovic said.

Among the projects that the EPS started in 2013 are the supply of mining equipment for MB “Kolubara”, valued at 181 million euros, and revitalization of power plant “Zvornik”, worth 70 million euros, he reminded.

In progress are, as noted, the preparation of a feasibility study for hydropower plant project “Bistrica” and current projects TENT B3, “Kolubara B”, “Kostolac B3” and and a combined gas-steam cycle of Novi Sad.

Source; Serbia Energy/EPS