The Romanian subsidiaries of Czech utility group CEZ transferred at the end of last year CZK 2.5 billion (EUR 92 million) to the parent company in a [working] capital adjustment before the planned divestment of the subsidiaries.

The move aims to smooth the sale of the assets, the Czech company explained.

"It is a capital adjustment in four of the CEZ companies [in Romania]. This is standard procedure in the case of a divestment process (sale of assets), planned long ago and meant to make these assets more attractive for potential buyers," said CEZ representatives, quoted by Economica.net.

Two of CEZ subsidiaries in Romania operate the wind farm that CEZ owns in Romania, in Dobrogea, with a capacity of 600 MW - the largest onshore wind farm in Europe.

The two companies contributed EUR 82 mln to the capital correction.

The working capital correction is typically carried before disinvestment to decrease the price of the assets on sale.

The buyers pay only for the physical assets, in this case, the wind farms - and not for the working capital that it might not need. 

(Photo: Cez Romania Facebook Page)

editor@romania-insider.com