Romania: The Oltenia energy unit estimates a gross profit three times lower than in 2017

The Oltenia energy unit, one of the biggest producers of energy in the country, estimates for this year a gross profit of 70,2 million lei, three times lower than in 2017. The company estimates that the average number of employees for this year will drop from 13,760 people to 13,165, 4.3% respectively, according to the project regarding the income and expenditure budget published under debate by the ministry of energy.

The Oltenia energy unit closed the year 2017 with a gross profit estimated at almost 200 million lei.

Similarly, the total estimated income is 4.37 billion lei, while the planned investments are worth 810 million lei.

‘The budget proposal is based on the production of 15 TWh electricity produced, out of which 12.7 TWh net electricity and 22.2 million tons own production coal’ the document says.

Moreover, the average number of employees for this year will drop with over 4%. This includes employees who will be laid off and those who get retired.

The reduction of the number of personnel is made by the application of a programme of collective laying off, programme which means measures of social protection by compensating payments, unemployment aid and completing income.

For this year, the company includes payments worth 3.37 million lei and has budgeted at the end of the year debts worth 779.79 million lei, dropping against the preliminary of 2017 with 1.8%.

In 2016, the company had losses of 139.8 million lei.

The last year when there was profit was 2013, when the company reported a net result of 4.59 million lei.

The Oltenia energy unit had last year a production of 15 TWh electricity, meaning on average 24% of the total production of energy of Romania. Against the previous year, the production of energy of the company increased with more than 11%. In 2016, CE Oltenia had an electricity production of 13.5 TWh.

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