“The new budget is built on crisis parameters. We are reevaluating our IT strategy, focusing on critical projects. We try to postpone for the coming years everything that we do not consider very urgent, such as personnel training. These are measures to preserve the cash flows, to use them in investment projects,” Baicusi told Business Standard. The main risks that Transelectrica is currently facing are related to the evolution of electricity consumption, which is registering a downward trend, and could impact on the company’s results, and the appreciation of the euro against the national currency, which could become visible on the cost of equipment and loans.
The electricity supplier plans to borrow some €30-40 million in 2009, to increase its own funds for the investment program. The company will raise salaries in line with the five percent inflation forecast. However, the new manager said that he will measure each employee’s competitiveness through clear objectives. “It is a period of extremes, it is good to be conservative. (...) I generally am a crisis manager, I would rather have a back-up plan than search for solutions later on,” said Baicusi. The enterprise posted some RON 140 mln (€38.5 mln) in net earnings at the end of last year’s first nine months, and a 17.6 percent increase in business, to RON 2 billion (some €550 mln). (T.V.)
