Sectorul energetic – Europa Centrala

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Poz Companie Tara Vanzari 2011mil EUR

1 PKN Orlen Polonia 26.027,00

2 MOL Ungaria 19.175,81

3 Naftogas Ucraina 9.539,45

4 CEZ Cehia 8.533,76

5 Energorynok Ucraina 5.987,74

6 PGNiG Polonia 5.910,87

7 PGE Polonia 5.894,90

8 Lotos Polonia 5.473,14

9 RWE Transgas Cehia 5.169,45

10 Petrom OMV Romania 5.116,28

Sursa: Bloomberg

Romania si climatul investitional

Sectorul energetic – Europa Centrala

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Poz Companie

listata

Tara Detinere actiuni

autoritati publice

Valoare detinere iunie 2012

1 PKN Orlen Polonia 48,85% 1.645,79

2 MOL Ungaria 38,88% 2.274,74

3 CEZ Cehia 69,80% 10.982,48

4 Petrom OMV Romania 20,64% 943,42

Sursa: Bloomberg

Romania si climatul investitional

Sectorul energetic

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- In competitia energetica regionala, Romania a pierdut “startul”

- Sunt premisele reformarii sectorului energetic: liberalizarea pietei de tranzactionare a energiei, alinierea preturilor la un nivel competitional; renegocierea contractelor cu “baietii destepti” ; context macroeconomic intern relativ favorabil

- Initierea unui program major de privatizare al sectorului energetic; Romania poate obtine peste 1,5 mld. EUR din vanzarea unor pachete minoritare in urmatorii 2 ani

- Resursele pot fi utilizate pentru “ajustari bugetare” sau pentru programe investitionale

- Dezvoltarea unor proiecte energetice majore: ex: Tarnita – Lapustesti, retehnologizarea hidrocentralei Bicaz, reactorele 3 si 4 Cernavoda etc.

- Alocarea de resurse financiare per proiect sau…

Romania si climatul investitional

Fondurile suverane - caracteristici

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- Fonduri de investitii detinute de autoritati centrale cu active in actiuni, obligatiuni, terenuri, proprietati, metale pretioase si alte active financiare; aceste vehicule sunt create de state care obtin excedent bugetar sau detin o datorie publica redusa;

- In multe cazuri aceste fonduri sunt detinute de catre banca centrala (fonduri de stabilizare) → fonduri cu impact major asupra mediului economic si fiscal (detineri de active financiare: depozite in principalele valute convertibile, drepturi speciale de tragere-DST, alte active financiare lichide; in alte cazuri aceste fonduri sunt detinute de alte autoritati publice (Ministerul Finantelor, Trezoreria, alte Organisme publice) si sunt construite exclusiv pentru obtinerea unei performante financiare din administrarea activelor (fonduri investitionale - nu detin un rol major in politica economica si fiscala a unei tari);

- Cei mai importanti jucatori → pietele BRICS;

- Clasificare dupa sursele de finantare: fonduri energetice si non-energetice;

-Scopul si obiectivele unor asemenea vehicule: fonduri de stabilizare cu impact major asupra mediului economic si fiscal – ex. Government Pension Fund of Norway sau fonduri investitionale (pietele BRICS) – ex. China Investment Corporation – obtinerea unei performante financiare pe termen mediu si lung;

- Raport SWF/Foreign Reserve Exchange Ratio: politica investitionala versus rezerve valutare: fondurile energetice au in medie valori ridicate: ex. Qatar Investment Authority (5.89x) comparativ cu fondurile suverane non-energetice – ex. China Investment Corporation (0.12x).

Romania si climatul investitional

Fondurile suverane

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Tara Abr. Fond Anul lansarii

Active Mld USD

(2010)

Tip fond

Emiratele Arabe Unite

ADIA Abu Dhabi Investment Authority 1976 627 Energetic

Norvegia GPF Government Pension Fund - Global 1990 611 Energetic

China SAFE SAFE Foreign Holdings 1997 568 Non-energetic

Arabia Saudita

SAMA SAMA Foreign Holdings n.a. 533 Energetic

China CIC China Investment Corporation 2007 410 Non-energetic

Kuwait KIA Kuwait Investment Authority 1953 296 Energetic

Hong Kong HKMA Hong Kong Monetary Authority Investment Portofolio

1993 293 Non-energetic

Singapore GIC Government of Singapore Investment Corporation

1981 250 Non-energetic

Singapore TH Temasek Holdings 1974 157 Non-energetic

Rusia RNWF National Welfare Fund 2008 150 Energetic

Sursa: Sovereign Wealth Funds Institute

Romania si climatul investitional

Fondurile Suverane

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Sursa: Sovereign Wealth Funds InstituteNov. 2010

Romania si climatul investitional

Fondurile Suverane

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Sursa: Sovereign Wealth Funds InstituteNov. 2010

Romania si climatul investitional

Fondurile suverane

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Tara Abr. Fond Anul lansarii

Active Mld USD

Tip fond

Italia ISF Italian Strategic Fund 2011 1,4 Non-energetic

Nigeria NSIA Nigerian Sovereign Investment Authority

2011 1,0 Petrol

SUA NDLF North Dakota Legacy Fund 2011 0,1 Petrol & Gaz

Papua Noua Guinee

PNGSWF Papua New Guinea Sovereign Wealth Fund

2011 n.a. Gaz

Mongolia FSF Fiscal Stability Fund 2011 n.a. Minerit

Brazilia SFB Sovereign Fund of Brasil 2010 11,3 Non-energetic

Franta SIF Strategic Investment Fund 2008 28,0 Non-energetic

Arabia Saudita

PIF Public Investment Fund 2008 5,3 Petrol

Sursa: Sovereign Wealth Funds Institute

Romania si climatul investitional

Romania si climatul investitional

Fondurile Suverane

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Sursa: Sovereign Wealth Funds Institute

In loc de concluzii:

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Statul poate dezvolta o strategie energetica prin care isi pastreaza pachetele majoritare in principalele companii

energetice

Pachetele minoritare in companiile energetice sunt vandute prin piata de capital; o politica continua de accesare de resurse

financiare - pe modelul CEZ

O parte importanta din aceste resurse obtinute din privatizare pot fi “canalizate” prin intermediul unui vehicul investitional

detinut de autoritatile publice catre alte proiecte energetice majore si de interes national

Romania si climatul investitional

Bursa de Valori Bucuresti S.A.34 - 36 Carol I Boulevard, 14th Floor, Bucharest, sector 2, ROMANIATel: (+40)(21) 307 95 00 Fax: (+40)(21) 307 95 19 www.bvb.robvb@bvb.ro

Pompei LUPSAN

DisclaimerTHIS PRESENTATION WAS PREPARED BY BURSA DE VALORI BUCURESTI. THE INFORMATION CONTAINED IN THIS DOCUMENT HAS NOT BEEN INDEPENDENTLY VERIFIED AND NO REPRESENTATION OR WARRANTY EXPRESSED OR IMPLIED IS MADE AS TO, AND NO RELIANCE SHOULD BE PLACED ON THE FAIRNESS, ACCURACY, COMPLETENESS OR CORRECTNESS OF THIS INFORMATION. PAST PERFORMANCE IS NO GUARANTEE OF FUTURES RESULTS. THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO PURCHASE ANY SHARES. CERTAIN STATEMENTS CONTAINED IN THIS DOCUMENT MAY BE STATEMENTS OF FUTURE EXPECTATIONS AND OTHER FORWARD-LOOKING STATEMENTS THAT ARE BASED ON MANAGEMENT’S CURRENT VIEWS AND ASSUMPTIONS AND INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS, PERFORMANCE OR EVENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED IN SUCH STATEMENTS

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