1.95bn-euro turnover for Electrica

Electrica, one of the top two companies on the Romanian market, estimates gross profit of 525bn ROL (12.8 million euros) for this year, while turnover should reach 79,923bn ROL (1.95bn euros), according to the company’s budget. These figures, calculated at an estimated average exchange rate of 41,000 ROL/EUR for 2004, take into account the evolution of electrical power tariffs, set by the National Electrical and Thermal Power Regulating Authority (ANRE). Inquired by ZF if the 2004 budget could be modified once Banat and Dobrogea branches were sold, Electrica’s CFO Constantin Chivulescu said, “there could be corrections and adjustments under the new circumstances.” ZF