German group Max Boegl, one of the leading constructioncompanies involved in infrastructure works in Romania, has revisedits 2009 turnover forecasts on the Romanian market, from 100million euros to 75 million euros, as a result of the fundingproblems that the group has encountered with the DN 17(Cluj-Bistrita National Road) rehabilitation project and with theconstruction of the new Lia Manoliu stadium. "After the first halfof the year, we revised our turnover target 25% downwards as aresult of the late payments on the works we are conducting.However, we will still see a rise against 2008, when we recorded a50 million-euro turnover," says Romeo Botocan, executive manager ofMax Boegl Romania. The Germans have to recover 8 million euros fromRomania's Motorways and National Roads Company (CNADNR) forrehabilitation works on the DN 17," says Botocan. "Payments onworks with EIB funding take long to settle and we had to take out a5 million-euro loan and bring 3 million euros of our own workingcapital. Work is almost completed, but it is currently frozenbecause we have not received the money from the CNADNR," Botocansays.
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