German builder Max Boegl, one of the main companies carrying outinfrastructure works on the Romanian market, posted 74 million-euroturnover last year, an increase of 50% on 2008, because of therevenues from the project to build the new Lia Manoliu stadium inBucharest, as well as from the infrastructure works conducted in2009.
"This year we are also working on the orbital road of Sibiucity, on the Medgidia Constanta highway section and on the LiaManoliu stadium, which should go well. Yet I no longer want to makeany optimistic forecasts considering that last year we had troublegetting our money from the National Highway and National RoadCompany," says Romeo Botocan, chief executive of Max BoeglRomania.
The builder was faced with delays in the payment of theinfrastructure works it had in 2009, especially of those financedby loans from the European Investment Bank (EIB).
"The infrastructure projects built with EIB funds were quiteslow to progress because loans would have led to a higher budgetdeficit. There was also talk of paying for some of the EIB financedprojects with money from the state budget. Last year we funded someof these projects ourselves," Botocan explains. Max Boeglcontributed 8 million euros to the completion of rehabilitationworks of a section of the DN 17 (Cluj-Bistrita) financed throughthe EIB IV loan, 5 million euros of which coming from banks and 3million euros from the company's working capital.
Max Boegl's business picked up towards the end of the year, whenit got money for the construction of the Lia Manoliu stadium on31st of December 2009. The new Lia Manoliu stadium to host theEuropa League final of 2012 will be an about 143 million euroinvestment, excluding VAT, which also includes building aretractable roof that will cover the entire field.
"Last year, the Max Boegl-Astaldi consortium that is buildingthe stadium got 111 million RON for the works on the stadium, withpayments made even on 31st of December. We have already ordered thecables that will hold the roof and believe this project will gowell this year, too, because it has financing and a clear goal,"Max Boegl's manager says. The stadium is scheduled for completionat the end of 2010-the beginning of 2011.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
