E.ON Moldova, the electricity distributor that became part of the portfolio of the German based utility giant E.ON, posted a gross profit of 1.2 million euros and a 302 million-euro turnover in its first year under German management.
The German group took over the electricity distributor in October last year following a 100 million-euro deal.
The Germans changed the organisational structure of the company, which they renamed E.ON Moldova, following an analysis that factored in the deregulation of the energy market. As a result, the distribution branches in every county were replaced by departments, established by activity type. The new organisational chart comprises of the distribution, supplying, finance and corporate services departments, running operations at corporate level and not at branch level.
E.ON is the only foreign investor that has managed to build an integrated operations portfolio that includes both electricity and gas distribution.
According to data published in the Official Gazette, the Extraordinary General Meeting of E.ON Gaz Romania shareholders, formerly Distrigaz Nord, unanimously approved that the management should take out a line of credit worth up to 25 million euros from E.ON Finance, for one year.
The company management only has the right to use this line of credit if the terms and conditions provided by E.ON Finance are better than those provided by other banks in Romania.
E.ON Gaz Romania last year posted net losses to the tune of 121 million RON (36.4 million euros), and a turnover of 2.09 billion RON (580 million euros). Losses were caused by the increase in price of the natural gas bought by the company by a higher percentage than in the case of the end users.
E.ON Gaz Romania was reorganised and is now operating through seven divisions that have separate functions, including a marketing and sales department.
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