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Hidroelectrica reported net profit of 2.63 billion lei in Q1, up by 56.3%
Hidroelectrica, the biggest producer of energy in the country, reported a net profit of 2.63 billion lei in Q1, up by 56.3% while the income went up by 47.7% at 4.73 billion lei, shows the quarterly report of the Fund Proprietatea, minority shareholder.
FP has a share of 19,94% from the Hidroelectrica shares.
” For the financial year ended December 31, 2021, on a consolidated basis, the company registered total revenues of RON 6,489 billion, up by 68,9% compared to the same period of the previous year and a net profit of RON 3,085 billion, up by 113,8% compared to the same period of the previous year. During the six-month period ended June 30, 2022, Hidroelectrica SA paid an additional income tax of RON 351 million and recorded a cost of turbine water of RON 243,3 million, down by 24,9% compared to last year, due to the lower volume of electricity production,” the report says.
At the end of June 2022, the liquidities of the company were 3.35 billion lei.
During the AGM of April 2022, the shareholders approved the draft for merger through wholly absorption by Hidroelectrica of its branches owned by Crucea Wind Farm S.A and Hidroelectrica Wind Services. Crucea Wind Farm is the entity which owns the Eolian Crucea park situated in county Constanta, Romania, which has an installed power of 108 MW. Hidroelectrica Wind Services is an entity of operations and maintenance which offers services through Parc Eolian Crucea. After the termination of the legal deadline for the third parties to lodge opposition to the merger draft, the merger through absorption was approved by the shareholders for 18th August 2022.
On 31st March 2022, the AGM of the Hidroelectrica shareholders approved the initiation of listing for the shares of the company with BVB following a public bid for the shares of the company owned by the Fund.
Hidroelectrica will use in the IPO process, the legal advisor Dentons Europe – Zizzi – Caradja & Associates for the legal part and STJ advisors for the equity part, which it has already selected in connection with the initial listing plan.
The Proprietatea Fund names Rotschild&Co as advisor for the equity part and Filip&Company and Linklaters LLP for the judicial part of the transaction.
The following steps will be to elect by Proprietatea Fund the banking consortium ( the selection in underway). As regards the calendar, the Fund proposes to finalize the listing as soon as possible, namely the end of November 2022 as first window of opportunity and if it is not possible, the end of Q1 2023.
The Romanian state committed, in the PNRR to list Hidroelectrica before the end of Q1 2023.
The company explores a number of 209 units, with total installed power of 6.482 MW, plus the Wind Park in Crucea with installed power of 108 MW.