Hidroelectrica will pay dividends of approximately 1.036 billion lei, or 90% of the last year’s profit, without the reserve of 1 billion lei required by the minority shareholder, Fondul Proprietatea (FP).

The shareholders of Hidroelectrica thus decided to grant dividends in the amount of approximately 1.036 billion lei, representing 90% of the net profit registered last year, which amounted to about 1.23 billion lei, according to the report of the general extraordinary meeting seen by energynomics.ro.

FP, which owns nearly 20% of the shares, demanded that the energy producer distribute to the shareholders all the net profit realized last year in the form of dividends but also a reserve of 1 billion lei of the retained earnings representing surplus from revaluation reserves, according to News .com.

In the mentioned document it is stated that the Ministry of Energy will receive approximately 829 million lei, and FP, about 206.5 million, through the due dividends.

On January 27, the Government approved a Memorandum that requires state-owned and self-managed companies to transfer at least 90% of their net profit to the state budget last year.

The remaining 10% of the net profit reported for 2016, of 115.07 million lei, will be distributed to other reserves constituted as own sources of financing.

Hidroelectrica ended the first quarter with a gross profit of 482 million lei, the highest quarterly profit gained by the company so far, with 100 million lei higher than in the same period last year, according to News.ro.

For the whole year 2017, Hydroelectrica aims to obtain a gross profit of 1.2 billion lei and revenues of 3.1 billion lei.