CEZ Vanzare reports negative results for 2009

CEZ Vanzare, part of CEZ group’s operations in Romania needs to recover this year or otherwise it is in critical financial situation. The announcement was made by Leon Vrska, financial director with CEZ Romania who added that there are three scenarios that the company is analyzing.

“On one hand we can increase the activity of CEZ Vanzare. Also, we have to recover debt.  From CFR our major debtor we plan to recover this year some RON 100 million. If we will not be able to recover we will have to close the company,” said Vrska.

During 2009, CEZ Vanzare sold 3 328 801 MWh to the final clients – 86,6 percent to the captive clients and 13,4 percent to the eligible clients.

CEZ became sole shareholder in CEZ Vanzare by buying from the Romanian state the rest of 49 percent shares. The value of the transaction was EUR 375 million and was recorded as the biggest transaction on the market in 2009.

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