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Radu Enache: Basket of loss-offsetting reserves will become empty at a certain moment

Radu Enache, owner of Continental, one of the biggest Romanian hotel chains, which operates 1,890 rooms, maintains that although during the hotels' operation he set up reserves of several million euros from share capital and from other sources in a bid to offset losses, the basket is set to become empty at a certain moment.

Mirabela Tiron · 4 mai 2011 · 1 min de citit

Radu Enache, owner of Continental, one of the biggest Romanian hotel chains, which operates 1,890 rooms, maintains that although during the hotels’ operation he set up reserves of several million euros from share capital and from other sources in a bid to offset losses, the basket is set to become empty at a certain moment.

“We’ve changed the investment policy though we’ve already got three construction permits in Bucharest, Timiș and Târgu-Mureș. I believe that if we started to build now, we’d put the rope around our own necks. The lack of predictability has influenced investments”, maintains the businessman.

The group Enache runs finished last year with 22.4m-euro turnover and financial losses of 4.8m euros, according to the Romanian entrepreneur. “Fiscally, we’re in the red, but in terms of balance sheet, we’re doing well,” said the businessman, explaining that debt restructuring led to losses.

The businessman maintains the indebtedness level of the group he runs amounts to 35% in the value of the assets, which he puts at 520m lei (130m euros).

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