The management of Hidroelectrica took the decision to pay on time the tax burdens incumbent on the company and not to make use of the possibility of delaying their payment in the context of the problems generated by COVID19, the company announced.

Thus, on March 25, the company paid to the state budget the amount of 189 million lei representing profit tax and VAT, and until March 31 is to pay local taxes worth 34 million lei.

“It is a decision we took to support the central and local authorities in the effort to limit and combat COVID19. We are aware that there is a need for a significant financial effort that the Romanian state makes for its citizens and we consider that we, in our turn, must adhere to this endeavor. It is a time when all companies with financial strength, such as Hidroelectrica, must show solidarity. No matter how tempting the tax facilities offered these days may seem, those of us who have the opportunity to pay our duties must do so, in the spirit of social responsibility.

Our money goes where it is needed: towards healing actions for the sick, protecting the vulnerable and keeping the Romanian economy alive,” said Bogdan Badea, president of the Hidroelectrica’s directorate.

Hidroelectrica is one of the most profitable companies in the Romanian energy sector and one of the most important contributors to the Romanian state budget. Hidroelectrica registered a net profit of RON 1,939 million in 2018 at a turnover of RON 4,261 million.

For 2019, Hidroelectrica estimates a turnover of 4,149 million lei and a net profit of 1,334 million lei. At these values it is estimated that the company will distribute dividends to the Romanian State in the amount of 867 million lei, with a distribution percentage of 90% of the net distributable profit.