Three major companies, Energoconstructia, CCCF, and Con-A, who signed significant deals with the state, have already applied for loans for working capital. “This year, we contracted a loan worth RON 115 million (€27.1 mln) from BCR [Banca Comerciala Romana] to ensure working capital, because we received no funds from the state, although we have receivables worth RON 50 million (€11.7 mln) since last year,” Energoconstructia General Manager, Lucian Naidin, told Business Standard. Unless the state pays these funds by the end of May, the company could block projects and lay off some employees, he added.
The company’s turnover has not so far been impacted by these arrears, but results for the coming quarters will certainly be if state funds are not pad.
Bucharest-based CCCF is also obtaining financing from loans. “We already recovered some 70 percent of receivables from the state, but have prepared a strategy since last year to overcome problems related to payment delays,” the Chairman of the company’s Board of Directors, Adrian Costin, said. The company’s business dropped some 10 percent in the first quarter of 2009, but this was due to bad weather conditions rather than state arrears, he added.
Sibiu-based Con-A builder signed an agreement with a local bank to access working capital if it wins public project contracts. “We took this measure to ensure financing for operations, because payment delays of up to 120 days can lead to blockages,” the company’s General Manager, Mircea Bulboaca, said.
