In preparation for the General Shareholder’s Meeting scheduled for 29 April, the Ernst&Young auditor rectified its report in connection with net losses and net asset/total capitals. Furthermore, according to the consolidated Rompetrol Rafinare report, also audited by Ernst&Young and prepared according to International Financial Reporting Standards (IFRS), the company ended 2008 with a net loss worth $254 million and net turnover of $3.93 billion. Losses in 2008 are almost double the year-on-year $130 million. According to the report, the losses were due to the fact that the group “is engaged in a continuous process of development of its refining and petrochemical activities, and of its Romanian operational network.”
The group’s management drafted a business plan through December 2013 to make the member companies viable, which includes the sale of non-core assets and restructuring of employees.
