* "The financial loss posted by the company was mainly caused by the result of the depreciation of the national currency"
* "< Transelectrica > will have to invest approximately 500 million Euros in order to absorb the wind energy from the area of Dobrogea, and Moldova as well as the energy generated at the units 3 and 4 of the Cernavodă Nuclear Plant"
(Interview with Marius Ion Mateescu, the CEO of "Transelectrica")
Reporter: In the first semester, Transelectrica has seen its profit drop almost eight times compared to the similar period of last year, even though its profit had increased almost 50% in the first semester. What were the reasons behind such a steep drop?
Marius Ion Mateescu: In the first quarter of 2012, Transelectrica had a gross profit of 57 million lei, and on June 30th, 2012, the gross profit was 32 million lei. Both numbers were lower than the results of the similar period of 2011, mostly due to the current operations, as well as due to the financial result. On the operational line, we were affected by the drop in the quantity of electricity transported, which indirectly led to a drop in revenues, but we have also seen an increase in certain categories of expenses, and specifically: the payment liabilities of the tariff for functional energy system services - the part of the expense afferent to the PREs (ed. note: Parties In Charge of Balancing), international exchanges, amortization, minor maintenance, TELETRANS expenses and so on.
Reporter: In the profit and loss account, for the first semester, we can see a dramatic drop in the financial revenues, the financial result being in fact a loss of 37 million lei. What was the cause of this loss? How did the depreciation of the national financial results affect your financial results? Have you tried edging operations to protect against this kind of problems?
M
