S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Corporate Update (June 2012)
12 slides from S.C. Fondul Proprietatea SA's corporate update, Jun 21, 2012
Slide 1: Fondul Proprietatea
21 June 2012 Fondul Proprietatea This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 2: Disclaimer
DISCLAIMER 2 Disclaimer This presentation is made solely to the intended recipient and should not be distributed to, or acted upon by, any other person. It is for general information only and reflects the personal views of the presenter. Nothing herein is intended to constitute advice on investment,
Slide 3: Hidroelectrica – Insolvency request admitted by the Court
3 Hidroelectrica – Insolvency request admitted by the Court • On 15 June 2012 Hidroelectrica filled a request for insolvency with the Bucharest Court • The Fund Manager acknowledged on 18 June 2012 from the Romanian Courts Website Portal, Hidroelectrica’s request to file for insolvency, in light of
Slide 4: Hidroelectrica – Selected Financial Information
4 Hidroelectrica – Selected Financial Information Indicator 2009 (Lei mn) 2010 (Lei mn) 2011 (Lei mn) Fixed assets 22,601.97 19,667.19 20,339.08 Current assets, out of which: 387.30 476.47 611.86 Cash and current account 28.14 99.89 77.15 Total assets 22,989.89 20,144.46 20,962.32 Equity, out of whi
Slide 5: Hidroelectrica – Main creditors as at 31.12.2011
5 Hidroelectrica – Main creditors as at 31.12.2011* Other debts - RON Dividends RON mil. 244.2 mil. Fondul Proprietatea 52.4 Dividends - RON 258.6 mil. MECMA 206.2 Bank debts RON mil. BRD Groupe Societe Generale 393.9 Bank debts - RON 2,517.8 mil. ING Bank 359.1 UniCredit 306.2 Short-term debt to Ci
Slide 6: Hidroelectrica – Foregone Profits
6 Hidroelectrica–Foregone Profits Hidroelectrica Net Income1 OPCOM Market Prices2 RON mn 1500 Average Price Foregone Profits Year (lei / MWh) 2009 155.35 1000 2010 156.31 500 2011 221.23 292 48 6 0 2009 2010 2011 • In 2009, Hidroelectrica sold 11.7 TWh through bilateral contracts at an average selli
Slide 7: Insolvency Law no. 85/2006 – Main Provisions (I)
7 Insolvency Law no. 85/2006 – Main Provisions (I) Participants in the Insolvency Procedure The syndic judge issues the decision for opening the insolvency proceedings; judges the contestations filed during the progress of the proceedings; appoints the temporary judicial administrator, until
Slide 8: Insolvency Law no. 85/2006 – Main Provisions (II)
8 Insolvency Law no. 85/2006 – Main Provisions (II) Participants in the Insolvency Procedure The Creditors’ Meeting appoints the judicial administrator and sets its remuneration; sets the Creditors’ Committee; approves the reorganisation plan. Creditors’ Committee (3 or 5 members elected b
Slide 9: Insolvency Law no. 85/2006 – Main Provisions (III)
9 Insolvency Law no. 85/2006 – Main Provisions (III) Proposal of a reorganization plan The reorganization plan may be proposed: (i) by the debtor (ii) by the judicial administrator or (iii) by the company’s creditors which hold together at least 20% of the total value of receivables The reorganizati
Slide 10: Insolvency Law no. 85/2006 – Advantages / Disadvantages
10 Insolvency Law no. 85/2006 – Advantages / Disadvantages Advantages of the Insolvency Procedure • suspension of the judicial and extrajudicial proceedings to recover the receivables from the debtor or by selling its assets; • suspension of delay interests, penalties and interest for unsecured rece
Slide 11: Hidroelectrica's Insolvency – Impact
11 Hidroelectrica’s Insolvency – Impact Impact on the Company’s current projects • Delay of the Initial Public Offering scheduled for this year • Delay in the appointment of the professional management and independent Board Impact on Fondul Proprietatea • Following the Court decision, the company’s
Slide 12: For further information please contact:
For further information please contact: investor.relations@fondulproprietatea.ro This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.