BURSA 14.02.2017

ADINA ARDELEANU (translated by Cosmin Ghidoveanu)
 
mărește imaginea
     * EximBank hopes that "business will continue with a more solid foundation"
     * BCR, Banca Transilvania, Piraeus Bank and Banca Feroviară do not comment on the situation
     * Some sources say that EximBank has filed a lawsuit against the company that appraised the Romcab inventory which Eximbank accepted as collateral, because the bank found said inventory did not exist
     * Teraplast has to set up a provision of 200,000 Euros, but will continue its collaboration with Romcab, and Prodplast pares down its contractual relationships with the cable maker
     * On January 27th, Roxana Tarcă has reached a stake of 46.7% of "Sadalbari", while Zoltan Prosszer is only left with 9.35%
       The request by "Romcab" (MCAB) to enter insolvency, submitted on Friday and reported yesterday to the Bucharest Stock Exchange (BVB), is causing anxiety among Romanian banks, considering that many of them have exposure to that company, as the loans have been guaranteed with inventory or machinery.
     After the first nine months of 2016, Romcab reported total debts of 940.94 million lei, of which 74.65 million lei long term (down 9.01% YOY compared to 2015), and 866.29 million lei short term (up 27.59% YOY compared to 2015). Out of the total short term debt volume, commercial debt rose 43.76% in the first nine months of 2016, to 509.34 million lei, whereas loans amounted to 341.22 million lei. Long terms loans stood at 13 million lei, on September 30th, 2016.
     One of the institutions that could have problems is state-owned EximBank, which funded in 2012 the new Romcab factory of Acățari, in the county of Mureș, as part of a project co-financed through the European Regional Development Fund. At the time, EximBank granted the company a mix of lending products of approximately 200 million lei.
     In 2012, Călin Popescu Tăriceanu was also present at the inauguration of the plant, and he made the following statement, according to ziaruldemures.ro: "I admire the entrepreneurial spirit of main shareholder Zoltan Prosszer, whom I have known for many years, and whom I now see moving to another level, making this investment to expand Romcab, a company which has a long tradition in Târgu-Mureș".
     On June 30, 2015, the balance of the loan facilities granted by EximBank was 102.3 million lei, according to the prospectus by which Romcab went from the Rasdaq market, to the regulated market of the Bucharest Stock Exchange.
     According to the same document, EximBank had guaranteed 80% of the company's loans taken out from other banks.
     The representatives of EximBank gave us the following statement yesterday: "EximBank will act in accordance with the legal provisions in effect and we express our confidence that the chances of the process of reorganization of the company being successfully completed will be maximized and that the optimal solutions will be tried in order to witness a continuation of business on a more solid basis".
     Some sources also claim that EximBank has another exposure of 60 million lei to Romcab, this time in its own name, and of approximately 20 million lei, in the name and on behalf of the state. Thus the insolvency of Romcab could put the state-owned bank in the red, according to some opinions in the market.
     It would seem that the bank's mistake was to accept the Romcab inventory as collateral, based on an appraisal conducted by an independent company. Market sources are saying that when the officials of the bank wanted to check the inventory, they found it didn't exist, which even led to a criminal complaint being filed against the evaluator.
     On September 30, 2016, Romcab had reported an inventory of 629.62 million lei, up 41.13% YOY compared to 2015.
     The insolvency of Romcab doesn't bode well for the International Investment Bank (IIB) either - a multilateral development bank which, in 2015, granted the cable maker a 3-year 15 million Euros loan, to finance its main activities, especially for the acquisition of raw materials from various producers, including from other countries that are members of the bank.
     By the time the newspaper had gone to the printers, the representative of the IIB had not offered us an opinion on the insolvency of Romcab.
     According to the Romcab prospectus, Banca Transilvania had an exposure to Romcab of approximately 200 million lei in investment loans and other credit facilities. BT Leasing had also granted the company 3.27 million Euros in financing.
     The representatives of Banca Transilvania declined to comment on the matter. In the market, investors don't seem too concerned over the effects of the Romcab insolvency on the bank.
     BCR, Piraeus Bank or Banca Feroviară declined to send us their opinions on the effects of the insolvency of the cable maker.
     On other hand, "Prodplast" and "Teraplast", listed on the BSE, felt the need to reassure their investors.
     "Prodplast" yesterday announced that it was paring down its contractual relations with Romcab Târgu Mureș, as a result of the latter declaring its insolvency: "We want to mention that the debt that Romcab owes our company is entirely insured through an international business credit insurance policy, and the claim has already been submitted for resolution".
     "Teraplast" representatives have also announced the following: "Teraplast, the biggest Romanian PVC processor, wants to make it clear that Romcab entering insolvency does not significantly affect the company's business.
     Teraplast is a supplier of granules for Romcab. According to internal estimates, Teraplast will have to set up a provision of approximately 200,000 Euros for the receivables pertaining to Romcab. That amount represents approximately 0.1% of the amount of the Romcab debt, according to the financial results published by the Târgu Mureș-based company.
     Teraplast applies prudential rules, which means that since 2015 the receivables of the granules business line are insured with a strong insurance company (with an A3 Moody's rating).
     5 years ago Teraplast created a credit bureau, similar to that of banks, which tracks closely every customer, and the credit limits are granted after a careful analysis of the financial ratios. Recouping the receivables is the basic rule for every sale made by Teraplast. We hope that Romcab will find solutions to continue its activity despite the problems it is facing.
     Teraplast will continue its cooperation with Romcab as the geographical proximity and the quality of our products is mutually advantageous".
     MCAB shares had significant drops in the beginning of this year, amid information that the company had defaulted on some payments, followed by a subsequent rise, after the company offered explanations. The MCAB shares yesterday reached 4.21 lei/share, after a drop of -43.26%, in the last month, according to data from the BSE. The stock had another drop of 14.96%, to 3.58 lei/share, after the announcement of its filing for insolvency was posted on the BSE platform.
     Some sources claim that, when guaranteed promissory notes aren't paid, as was the case with Romcab, the Police usually refers the matter to itself. The representatives of the police have been unable to provide such information, for now.
     The representatives of "Romcab" have sent the following report to the Bucharest Stock Exchange: "Following the exhaustion of any other alternatives to surmount the difficult period that we are going through, as we have presented them in our press release of January 22nd, 2017, we hereby inform you about our intention to initiate the judicial reorganization procedure, as we have found it to be the solution for the efficient and effective turnaround of the activity of «Romcab». To that end, we have filed on February 10th, 2017 a request to enter insolvency, together with the firm intention to turn our activity around through a reorganization plan, which the County Court of Mureș will rule on".
     Zoltan Prosszer, the president of the company, had previously stated that some creditors had "run out of patience" and had initiated the foreclosure, for substantial amounts.
     Mr. Prosszer also told us that the bonds issue of 200 million Euros, which the shareholders have approved will be postponed: "The bonds issue has been put on hold, we have reconfirmed that just half an hour ago, they need (ed. note: investors) a stable situation, a voted reorganization plan, maybe some ratings from ratings firms, aside from the previous situation and we are moving forward".
     "Romcab" produces cables, electrical conductors, power cords and electrical cabling. The company is controlled by "Sadalbari" Târgu Mureș, with a stake of 69.02%.
     On January 27th, Zoltan Prosszer assigned to Roxana Tarcă (the representative of the investor relations department of Romcab) 35 of the 45 shares owned in "Sadalbari". This increased Roxana Tarcă's stake in "Sadalbari" to 46.7%, while Zoltan Prosszer was only left with 9.35%. The "Sadalbari" shareholder structure includes Rodica Dochițoiu (with 37.38%) and Amberyce Limited (with 6.54%), according to data from the Official Gazette. 
 

 
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Aceeasi sectiune (English Section)
AFTER THE TRANSACTION BETWEEN BANCA TRANSILVANIA AND BANCPOST
PATRICIA SUÁREZ RAMÍREZ, THE PRESIDENT OF THE ASSOCIATION OF FINANCIAL CONSUMERS OF SPAIN:
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11.12.2017
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     Penultima ședință de tranzacționare a săptămânii a fost marcată de revenirea tuturor indicilor pe plus, aprecierea acestora fiind ușoară, între 0,02%, pentru BET și BET-Plus, și 0,24%, pentru BET-FI.  detalii
08.12.2017
BURSELE DIN LUME
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     * Rulaj de 8,3 milioane de euro, în ședința de miercuri
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     Bursele din Europa au urmat un curs negativ ieri, cele mai mari pierderi fiind înregistrate în sectorul tehnologic și cel minier, după declinul consemnat pe Wall Street în ziua anterioară.  detalii
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Prognoza Meteo
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harta temperaturilor
     11.12.2017 
     Prognoza pentru România
     Vremea se va încălzi din nou în cea mai mare parte a țării. Cerul va fi variabil, cu înnorări mai ales în prima parte a zilei, cu precădere în nord-vest, unde vor mai fi precipitații slabe, ploi în zonele joase și mixte în Munții Apuseni și în nordul Carpaților Orientali, ce pot favoriza depunerile de polei. Vântul va prezenta intensificări la munte, mai susținute pe creste, unde vitezele vor depăși 80...90 km/h și zăpada va fi spulberată, dar local și în regiunile vestice cu rafale de 50...55 km/h, în timp ce în restul zonelor va sufla slab și moderat, cu intensificări izolate. Temperaturile maxime se vor încadra în general între 2 și 12 grade, iar cele minime între -7...-6 grade în depresiunile Carpaților Orientali și 7...9 grade în Dealurile de Vest. Pe arii restrânse va fi ceață.
     Prognoza pentru București
     Vremea se va încălzi, astfel că maxima termică va fi de 9...10 grade, iar minima de 0...1 grad. Cerul va fi variabil, iar vântul va sufla slab până la moderat.
      
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English Section
08.12.2017
     The hope of an accession as quick as possible by Romania to the Eurozone was dealt a heavy blow precisely on the National Day.  details
06.12.2017
AFTER THE DRAFT HAD BEEN PUBLISHED IN OCTOBER
     * Gheorghe Șimon: "The royalties law will be voted in the Parliament in February next year"
     * Ministry of the Economy: "We will establish royalties which are fair both for the state as well as for the business sector"
     * Daniel Cătălin Zamfir, PNL: "I found out that there are companies that have never, take note, never paid even one leu in royalties to the Romanian state, even though they have been exploiting resources for over 20 years"
     * Last year, the Court of Auditors announced that Romania lost 1.4 billion dollars, because the ANRM established the oil royalties in a flawed manner
       The entire legislative package concerning the regulation of the system for the regulation of the mineral, oil and hydromineral resources will be revised and will be voted in the Parliament in February next year, Economics minister, Gheorghe Șimon, announced yesterday, after the debates of the Economic, Industries and Services Commission of the Senate.  details
28.11.2017
AFTER THE TRANSACTION BETWEEN BANCA TRANSILVANIA AND BANCPOST
     * Customers with borrowers in CHF from Bancpost are waiting for a conversion program with a discount
       After moving to second spot last year in the domestic banking system, through the acquisition of Volksbank, Banca Transilvania (BT) ends up on equal footing with BCR, taking over Bancpost, from Greek group Eurobank.  details
27.11.2017
     * MAKE, BURSA: "I want the new CEO of the BSE to participate in the drafting of a new strategy for the development of capital market"
       On Thursday night, "BURSA" received the Award for the promoting of high standards of corporate governance on the capital market, as part of the 2017 Capital Market Awards Gala, organized by the Association of Brokers.  details
24.11.2017
     * Ciprian Păltineanu and Adrian Tănase, scheduled for meetings with the board
     * Both candidates seem to be closet o the group in the shareholder structure of the BSE
     * George Butunoiu is in charge of recruitment
     * The waiting list may include a few foreigners, including former BRD executive Jacek Panczyk
       According to some market sources, banker Ciprian Păltineanu and Adrian Tănase, Chief Investment Officer at NN Pensii România, will hold interviews in the beginning of next week with the Board of the BSE, after Ludwik Sobolewski's term expired in the summer.  details
23.11.2017
PATRICIA SUÁREZ RAMÍREZ, THE PRESIDENT OF THE ASSOCIATION OF FINANCIAL CONSUMERS OF SPAIN:
     * The head of the ASUFIN: "The ruling of the Supreme Court of Spain in which the Andriciuc case has been invoked will be part of the Spanish case law and the lower courts will be required to apply the principle that underlies this decision"
       The ruling issued by the Court of Justice of the European Union (CJUE) in the Andriciuc versus Banca Românească case represents a great advantage for Spanish debtors, said Patricia Suarez Ramírez, the president of the Association of Financial Consumers in Spain (ASUFIN), as part of a response recently sent to BURSA.  details
22.11.2017
     * Dragnea: "Those who are against me are hiding behind institutions"
       The president of the Chamber of Deputies, Liviu Dragnea, leader of the PSD, thinks that his enemies are hiding behind some institutions, "they crucify people", and the real stake is "the blocking of the Laws concerning the Justice system".  details
21.11.2017
     The Council of the European Union and the European Parliament have sent to the ECB, in the beginning of this year, a request concerning the sending of some proposals to revise the framework for managing crises.  details
20.11.2017
ANPC STRIKES AGAIN
     * BCR: "Ongoing contracts no longer contain the clauses that have been subjected to examination"
     * Sources: "ANPC has 6 lawsuits against BCR, which will lead to enormous losses for Erste Bank if BCR loses in court"
       After forcing Raiffeisen Bank to eliminate the unfair practices from the loan agreements, the National Consumer Protection Authority (ANPC) strikes again, this time the biggest bank in the system. BCR lost in the court of first instance, against the ANPC, in a class action lawsuit concerning abusive lending clauses.  details
16.11.2017
THE QUICK RISE OF THE INDEX WHICH SETS THE TREND FOR INTEREST RATES ON LOANS DENOMINATED IN LEI ISN'T STOPPING
     The 3-month ROBOR rate, which is used to calculate the interest rates, the majority of the loans denominated in lei, has jumped past the 2% psychological level, and yesterday reached 2.06%, up from Tuesday's 1.92%, according to data from the NBR.  details
16.11.2017
THE PARLIAMENT IS ASKING FOR INFORMATION CONCERNING THE INVESTIGATIONS WHICH OMV PETROM HAS BEEN SUBJECTED TO
     * Minister Toma Petcu, former ministers Răzvan Nicolescu and Victor Grigorescu, the representatives of the state in the executive structure of OMV Petrom and Mihai Busuioc, the president of the Court of Auditors were heard today in the Investigation Commission
       The executives of OMV Petrom mentioned, in a letter addressed to the parliament, the existence of four lawsuits brought by the National Energy Regulation Authority (ANRE) and of seven audits by the Authority, between 2012-2017, as the recent request for information by the Commission for the Investigation of the activity of the ANRE targeted a period of 12 years, from 2015 to 2017.  details
14.11.2017
THE EURO AT AN ALL-TIME HIGH
     * Vasilescu: "We cannot say that the currency market has gone off the rails, the exchange rate has moved 4 bani in 4 days"
     * "Perhaps it is a simple coincidence the fact that on November 8th was approved the Emergency Ordinance of the Fiscal Code and it was also on that day that the Euro rose past 4.6 lei", said Mr. Vasilescu
       The leu yesterday reached a historic low against the Euro, 4.6495 lei/Euro, up 1.05 over the previous meeting, marking the fourth day where the exchange rate was above 4.6 lei.  details
13.11.2017
     In October, the Romanian Commercial Bank, through Schoenherr și Asociații, has submitted, with the County Court of Bihor, a request for the insolvency of the European Drinks group, owned by the Micula brothers. That group includes: European Drinks, Transilvania General Import-Export, European Food, Starmill SRL, Scandic Distilleries SA, Rieni Drinks.  details
10.11.2017
DUMITRU COSTIN (BNS):
     * The executives of OMV Petrom, summoned to appear in the Parliament for the third time
     * Sevil Shhaideh and Radu-Spiridon Cojocaru, the representatives of the state on the Supervisory Board of OMV Petrom, also called in for hearings
     * Costin: "We have notified the Audit Body of the Prime-Minister"
       The management of OMV Petrom, namely Mrs. Mariana Gheorghe, as well as the representatives of the Romanian state on the Supervisory Board of OMV Petrom, Sevil Shhaideh and Radu-Spiridon Cojocaru will be invited to appear in the hearings on the Investigation Commission for the activity of the ANRE, the members of the Commission decided on Thursday.  details
09.11.2017
     * The fear that wages will drop is unjustified
       The government's proposal to transfer the social security contributions exclusively to the employee is not at all a social-democratic measure and not even one of redistribution, rather it is one of an ultra-liberal nature, which leaves the employer in the unique position in Europe of not contributing in no way whatsoever to the social security systems (retirement and unemployment) or healthcare.  details
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