More than 600 employees of CEZ Romania, the domestic branch of CEZ energy group, left the company last year, and the number of employees set to leave this year amounts to over 360. By late 2010, CEZ's Romanian operations will employ 1,970 people, of the 2,969 employees the former Electrica Oltenia had at the moment of privatisation.
"Last year, 630 employees from almost all the structures of the company left through some voluntary departures programmes. Severance payments revolved around 24 salaries. Now, we start with a headcount of 2,590 people and at the end of the year we'll have 2,227 employees left. These are not layoffs prompted by the crisis, but are the result of a restructuring programme initiated at the moment of privatisation agreed upon with trade unions. In early 2011, CEZ's structures of Romania will have 1,970 employees left, similar to the number of employees working in other companies CEZ owns abroad," stated Jan Veskrna, country manager with CEZ Romania.
After taking over the former electricity distribution and supply subsidiary, Electrica Oltenia, the Czechs split the company into several entities in the wake of an extensive restructuring programme.
CEZ has become involved in many energy generation projects domestically. "In 2008, our revenues reached around 1.5bn RON (407.6m euros), up from 2007, when we posted 1.3bn RON (389.5m euros), and for 2009 we target revenues of 1.6bn RON (444.4m euros). As regards operating income, according to non-audited figures, we derived 237m RON (64.4m euros), above the 232m RON (63m euro) budget, and for 2009 we target operating income of 311m RON (86.4m euros). This is a huge increase and is particularly due to the restructuring processes underway at the company, which will come close to completion in the next six months," Veskrna added.
As regards the crisis effects over the company, he says the possible drop in energy consumption will not have a major impact over CEZ Romania. "We no longer have any big clients, we've lost them due to domestic market conditions, and this is why we won't feel the full extent of energy consumption decline from them as regards energy sales (...)," Veskrna explains.
Still, the company will save 40m RON through wage and operating cost cuts.
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