Classification of companies with highest debts

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Twenty of the biggest private companies in Romania have, in this year of crisis, balance sheets with total debts worth over 8.3 billion euros, and total business worth almost 24 euros, according to the data for 2008, published on the site of the Ministry of Finance, taken over by Ziarul Financiar daily.

Most debtors come from the energy sector and food retail, sectors that needed massive investment, for modernization and extension.
For their part, the specialists are saying that the debts are absolutely normal, which, in the case of the companies with an adequate level of the profit would not put problems.

Nevertheless, those that could put problems are the companies with big debts, on a short term, and with low profitability.

The highest private debtor is, at the same time, also the biggest local company, Petrom, that, at the end of last year had total debts worth over 1.3 billion euros, for business worth 277.8 million euros. In the case of Petrom, most of the debt, or 936.4 million euros, is for a period of one year, of which a little bit less than 10 percent is the debt of the credit institutions.

The rest are long-term debts. Even though the short-term debts are considerably high, Petrom is protected by a high level of profit.

Along with Petrom, controlled by the Austrians from OMV, Rompetrol Rafinare, Petromidia, that has entered the portfolio of KazMunaiGaz, Petrotel and Lukoil and Lukoil Romania, both controlled by the Russians from Lukoil, are companies with total debts worth hundreds of millions euros.

At the same time, the companies in the food retail, that have known an aggressive extension, do dominate the classification of private companies with the highest debts.

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