Hidroelectrica: record profit last year, floatation in 2016
- Hidroelectrica is the most profitable company in Romania
- The company plans flotation for second half of 2016
The Hidroelectrica energy company, has awarded the Deloitte consultancy company a EUR 382,000 contract for financial audit services spanning the 31 December 2015 – 31 December 2017 period, including services related to floatation.
“The objective of the contract consists of financial audit services. The audit reports will be issued in Romanian, and the IFRS consolidated reports in English too (each of them in four copies), on paper, and will be transmitted in electronic form too. The annual audit reports will be accompanied by a letter from the company’s leadership,” the announcement points out.
In 2015, Hidroelectrica registered a gross profit of RON 1.1 bln., 3.5 times higher than the one registered in 2010. The company’s turnover stood at RON 3.18 bln, while its production totalled 15.9 TWh, down by 2.5 TWh compared to 2014, back when Hidroelectrica reported a production of 18.4 TWh, a turnover of RON 3.4 bln and a profit of RON 1.15 bln.
According to Remus Borza, 2016 has all the premises for this large state-owned company to meet all conditions in order to be listed on the Bucharest Stock Exchange (BVB). Borza told us that the floatation of a shares package of 15 per cent will most likely start in November.
Hidroelectrica is owned by Romanian State and Fondul Proprietatea. Fondul Proprietatea is one of the largest investments by Elliot Associates managed by activist investor Paul Singer.