He added that the company’s turnover amounted to RON 1.22 billion (€331.5 mln) in 2008, an 18 percent annual increase.
“The rise in profit came from both a higher production and a better price on trading on the stock exchange,” added Mantog. “For 2009, we estimate a seven percent rise in revenues, and the profit could slightly decline.”
The company official said that the “major problem is ensuring financing sources for investments in the coming four-five years,” and that “solutions exist,” but the budget needs to be restructured. The company has an investment program worth over €500 mln for modernization and environment protection projects. The money would come from own funds and loans.
Before the worsening of the financial crisis, Complexul Energetic Turceni had agreed on a €300 mln loan which was to be syndicated by the European Bank for Reconstruction and Development (EBRD). According to sources close to discussions, this financing line is presently “frozen.”
