Financial situation of group Sonelgaz 'fragile' in 2013

The financial situation of Group Sonelgaz remained "fragile" in 2013 despite the measures taken by the government in 2010 to streamline it, said Monday CEO Nourreddine Boutarfa.
"Contrary to the technical performances, the financial situation remained fragile in 2013," he said during a conference on the presentation of the group 2013 balance.
According to Boutarfa, in spite of the application of the file of the redemption of bank overdraft of Sonelgaz in late 2010 and the incentives granted for financing investments," financial constraints were too important in 2013."
On the financial level, Group Sonelgaz ended the year 2013 "in bad conditions," producing negative net profit of DZD 29.7 billion, higher than the DZD-24.5 billion forecast.
Furthermore, the group recorded in 2013 a treasury deficit amounting to DZD75 billion. This situation has resulted from the pre-financing operations of public programmes and the non-refunding of debts by the State, Boutarfa explained.
The year 2013 also saw the establishment of credit line of more than DZD 800 billion and a financing agreement on programs of group companies’ development, worth DZD 1.600 billion.