Gala BURSA "Deceniul European din Centenarul României"
BURSA 08.01.2013

Alina Toma Vereha (Translated by Cosmin Ghidoveanu)
 
mărește imaginea
     *  Deadline much too optimistic, market sources say
     This year is very important for Nuclearelectrica SA because the Government wants to take the company public at the end of Q1 2013.
     The management of Nuclearelectrica said: "The contract is currently under negotiation with the syndicate selected for intermediating the IPO of new shares, which will be issued by the company, based on the Government decision no. 39/2012 for the approval of the strategy for the privatization of Nuclearelectrica. According to the commitments made by Romania as part of the Letter of Intent to the IMF of September 12th, 2012, the privatization of the company through the sale of 10% of the share capital of Nuclearelectrica SA (following a share capital increase) is expected to be completed at the end of Q1 2013".
     Energy market sources claim that, most likely, Q1 2013 is a far too optimistic deadline for the IPO of Nuclearelectrica, because the Ministry of the Economy has only succeeded in selecting the intermediary for the IPO of Nuclearelectrica at the end of last year. Last summer, the ministry revised the tender book, in order to attract more bidders.
     Mușat & Asociații has been selected by the Ministry of the Economy to provide legal services for the intermediation of the listing of Nuclearelectrica. The intermediary selected by the authorities is the consortium comprising SSIF Swisscapital (syndicate leader) and BT Securities.
     The listings of the energy companies have been repeatedly postponed since 2008. As a result, the commitments to the IMF have also been amended. Aside from Nuclearelectrica, the government has also made the commitment to privatize through the stock market companies such as Romgaz, Hidroelectrica or the Oltenia Energy complex. Also awaited is the secondary public offer of Transgaz, which involves the sale on the Bucharest Stock Exchange of a 15% stake in the national gas carrier.
     *  Turnover of 1.65 billion lei, a profit of 6.7 million lei
     For 2012, the management of Nuclearelectrica estimates the reaching of the turnover and profit for 2012, stipulated in the rectified revenue and expense budget: "For 2012 we forecast a produced and delivered volume of energy of 10,547,000 MWh, which amounts to a turnover of 1.645 billion lei. Any consideration on the turnover and profit (ed. note: gross profit of 6.7 million lei) seen by Nuclearelectrica must take into account the fact that the company sells about 72% of its output through regulated contracts, at the price set by the ANRE and that any cost cutting should not affect the nuclear security of the Cernavodă plant".
     In 2012, revenues from the sale of electricity have exceeded by about 0.8% the amounts considered when drawing up last year's budget, and the volume of energy produced and delivered is about 1.5% bigger than the annual schedule set at the beginning of 2012.
     Last year, Nuclearelectrica was only paid 121 lei /MWh for the energy sold on the regulated market, even though its costs had reached nearly 140 lei/MWh. For this year, the ANRE (the regulator of the energy market) has granted a bigger tariff to Nuclearelectrica (142 lei/MWh).
     The representatives of Nuclearelectrica have also said that, on the other hand, the financial expenses have seen a rising trend throughout the entire year 2012, due to the upward fluctuations of the exchange rate, which has affected the company's earnings.
     Nuclearelectrica still has two ongoing contracts negotiated directly for the sale of electricity. The contracts are concluded with the final electricity consumers, and the representatives of the company claim that they are not allowed to disclose the identity of the customers, the delivery price and the volume of energy delivered.
     *  Investments of 70 million Euros
     The total value of the investment program conducted by Nuclearelectrica in 2012 is about 70 million Euros, financed using its own resources.
     The strategy of Nuclearelectrica SA stipulates a continuous increae in the efficiency of the company, through multi-annual programs, intended to ensure, first and foremost a rigorous cut of the production costs, the optimization of the exploitation costs, by two units, the compliance of the durations planned for exploitation and a preventive management of the acquisitions of energy from the open market, to cover the unexpected downtimes in the functioning of the units.
     The management of Nuclearelectrica estimates: "The new law of energy did not have a major impact on the company. Up until the issue of this law, the company has continued to follow the principles which it wants to implement - transparency, indiscriminate access to energy, etc. The idea of the liberalization of the energy market is good, but the deadlines set by the law only refer to the liberalization of the transactions with the end-consumers, whereas the decision on the deregulation of the sale of energy to producers still lies with the regulators. Also, the law no longer allows secured contracts between producers, to allow the management of certain risks (in the case of Nuclearelectrica, we are talking about the unplanned shutdowns of the Cernavodă units). The introduction of mechanisms to encourage investments would be beneficial".
     Nuclearelectrica heavily uses the OPCOM managed markets and praises the trading possibilities which our energy market provides. The company awaits with interest the completion of the intraday market and the introduction of specific financial transactions. 

     Nuclearelectrica has a share capital of 2.536 billion lei, and the par value of a share is 10 lei. Through the Ministry of the Economy, the state owns 90.27% of the shares. Through the two Cernavodă rectors, the company produces approximately 18% of the nation's electricity.
     Last year, Nuclearelectrica posted a turnover of 1.588 billion lei (374.8 million Euros), up 4.9%, and a net profit of 95 million lei (22.4 million Euros), almost six times bigger than in 2010.

 
 

 
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Actualitate - vezi toate știrile mai jos.
Internaţional, 14:09
UPDATE
     * ACTUALIZARE 16:52 Mugabe are termen până mâine să renunțe la președinția Zimbabwe
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     -----
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Miscellanea, 17:40
MINISTERUL MUNCII:
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English Section
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
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       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
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06.11.2017
     Finally, after many statements concerning the fundamental changes in the fiscal policy, announced from one day to the next and then denied, we have the argumentation note and the draft of the emergency ordinance to amend the Tax Code published, which the Ministry of Public Finance will apply starting with the beginning of next year.  details
01.11.2017
PSD SENATOR EUGEN TEODOROVICI:
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       Romania has embarrassed itself with the proposals that had been initially prepared for the Juncker plan, said Eugen Teodorovici. Mr. Teodorovici is the president of the Budget and Finance Commission of the Romanian Senate, member of the European Affairs Commission and former minister of European Funds.  details
01.11.2017
ADVERTISING
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30.10.2017
     Ludwik Sobolewski handed in his resignation.
     Wow!
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27.10.2017
RUMORS: THE NEW CEO OF THE BSE, SOUGHT IN THE BANKING INDUSTRY
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27.10.2017
     * Lucian Bode: "I have great doubts that the state will come out a winner from the FP-Electrica transaction and I don't think that this acquisition constitutes a zero priority for the company"
     * Gabriel Dumitrașcu: "I hope that by tomorrow (ed. note: today) at 10:00, the ASF will issue a statement, otherwise it means Mircea Ursache is reckless"
       The General Shareholder Meeting of Electrica set to take place today announces itself very interesting as, on the agenda, it includes the election of the members of the Board of Directors by applying the cumulative voting method, as well as approving the acquisition by Electrica of the stakes of the Proprietatea Fund (21% each) in the distribution subsidiaries of Muntenia Nord, Transilvania Nord, Transilvania Sud and Electrica Furnizare, for a price of 752,031,841 lei, a cost higher by 60 million for the company compared to the failed negotiation of March 2016.  details
23.10.2017
THE ANPC STARTS THE REVOLUTION ON THE BANKING MARKET
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