INFORMATION ABOUT THE PRIVATIZATION PROCESS IN BULGARIA by 4JpM8h4V

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									     INFORMATION ABOUT THE
PRIVATIZATION PROCESS IN BULGARIA

           as of 31.12.2009
Results of the privatization as of
31.12.2009
                                     Privatized assets
              compared to the assets subject                 compared to the amount of all
                     to privatization                              state-owned assets

100%
                   99,18%
80%
                                                                  65,49%
                            60,33%
60%
                                                                           39,84%
40%
                                      22,08%
                                                                                      14,58%
20%

  0%
         Total % of the prvatized assets                 incl. by PA                incl. by CMP

31 December 2009                           Privatization Agency                                    2
 Results of the privatization as of
 31.12.2009
                                             Privatization deals
                                                                                                        4192
    4500
    4000
    3500                         2934
    3000                                                            2322
    2500
    2000
    1500
    1000
     500
         0

               Entire Enterprises             Self-contained facilities             Minority or "residual packages"

* The data reveal the activity of all privatization bodies including the Privatization Agency for period 1993 - 2009




 31 December 2009                                        Privatization Agency                                          3
Results of the privatization as of
31.12.2009
                                              Total financial effect
                        Mln. USD
                           14000

                           12000

                           10000                              4852,055
                                                                                              96,669
                            8000
                                                              1095,426
                            6000

                            4000
                                                              6095,373
                            2000

                              0
                          Payments contracted                              Corporate liabilities undertaken
                          Corporate liabilities paid                       Investment contracted
* The amount of the corporate liabilities paid and corporate liabilities undertaken is as to the date of which the contract was signed.
  The control over the fulfillment of the liabilities is made by APC.


 31 December 2009                                        Privatization Agency                                                       4
Results of the privatization as of
31.12.2009

                   Allocation of the deals by sectors

                              Transport                   Energy
                   Tourism       7%                                Other
                                                           4%
                     10%                                            3%

  Construction
     10%                                                                   Industry
                                                                             32%




     Agriculture
        12%


                                          Trade
                                           22%



31 December 2009                   Privatization Agency                               5
The-biggest enterprises privatized as of 31.12.2009
(according the value of the privatized assets from the book value
as of 31.12.1995 )

      “Kremikovtzi” EAD, Sofia
      “TPP Bobov dol” EAD, v. Golemo selo
      “Neftochim” EAD, Burgas
      “Bulgarian Telecommunication Company” EAD, Sofia
      “Bulgarian Maritime Fleet” EAD, Varna

      “Sodi” EAD, Devnya
      “SOMAT” EAD, Sofia
      “Arsenal” EAD, Kazanlak
      “Asarel-Medet” EAD, Panagiurishte
      “MDK” EAD, Pirdop

       Lists and description of the concluded transactions can be found in the web site
       of PA




 31 December 2009                     Privatization Agency                                6
Concluded transactions with
foreign investors – 173
Among the foreign investors are:
 “CEZ”, a.s., Czech Republic (“ERP-Stolichno”, “ERP-Sofia oblast” and “ERP-Pleven”,
  2004, “TPP Varna”, 2006 )
 “Viva Ventures Holding” LTD, Vienna-Austria (“Bulgarian Telecommunication
  Company” EAD, 2004)
 “E. ON ENERGY” AG, Germany (“ERP-Varna” and “ERP-G. Oriahovitza”, 2004)
 EVN AG, Vienna-Austria (“ERP-St. Zagora” и “ERP-Plovdiv”, 2004)
 “SOLVEY” - Belgium (“Sodi-Devnya” EAD, 1997)
 “Lukoil Petrol” (“Neftochim” EAD, 1999)
 Brewinvest S.A. - Greece (“Zagorka” EAD, 1994)
 Interbrew - Belgium (“Kamenitza” EAD, 1995)
 “Haidelberg Cement” AG - Germany (“Zlatna Panega” EAD and “Granitoid” EAD,
  1997)
 “MARVEKS”- Spain (“Devnya Cement” EAD, 1997)
 “KNAUF”- Austria (“Gipsfazer” EAD, 1997)
 “Union Miniere”- Belgium (“MDK” EAD, 1997)
List of the transactions with foreign investors can be found in the web site of PA


31 December 2009                 Privatization Agency                         7
 Results of the privatization as of
 31.12.2009

10000           9448               9418 mln. BGN
                                                                  8473 mln. BGN
9000
8000
7000
6000                                              4799 mln. BGN             4980 mln. BGN
5000
4000
3000
                       2342
2000
 1000
   0
            Number of sales      Payments contracted                Revenues

              TOTAL /1993 - 31.12.2009/                   acc. PPCA after 31.03.2002

 31 December 2009                  Privatization Agency                                8
Privatization principles


   Clear and transparent rules and procedures for all
    participants

   Equal treatment

   Economically effective privatization




31 December 2009           Privatization Agency          9
Privatization methods


   Public tender

   Public auction

   Privatization through Bulgarian Stock Exchange /BSE/
             -   Public offering
             -   Unattended public auction
             -   Centralized public auction
             -   Auction proposal




31 December 2009                   Privatization Agency   10
    Privatization techniques according PPCA


               Techniques for enterprises                                      Techniques for enterprises
                  with more than 50%                                              with over than 50%
                 state participation and                                           state participation
                     detached parts

                                 Auction                                                           CPA
                                  65%                                                             74,5%




                                                                                                                  Auction
Tender                                   §17 from                       UPA                                       proposal
                                                                                   Public
 12%     CPA                      Public TFP of                        11,8%                                        0,4%
                        UPA                                                       offering   §17 from
         5%                      offering PPCA                                                          Auction
                        14%                                                         5,4%      TFP of
                                    2%     1%                                                  PPCA      2,6%
                                                                                               5,4%




    31 December 2009                            Privatization Agency                                              11
    Results of the privatization at the
    Bulgarian Stock Exchange
     Executed sales after enforcement of the PPCA – 1 843 /78.69% of
      all the sales of the period – 2 342/

     The 22 centralized and 16 unattended public auctions were
      carried out




    31 December 2009           Privatization Agency               12
Results from the sales on the centralized
public auctions and unattended public
auctions on BSE in 2009

                                                                        Payments contracted
                                   Number offered        Number sold
               SALES                packages of          packages of     Cash       Non cash
                                      stakes               stakes       (BGN)         (CI)



20-th centralized public auction        74                     16      375 541       861 468
(06.03.2009 – 17.03.2009)

21-th centralized public auction        66                     9           49        128 500
(27.05.2009 – 05.06.2009)

22-th centralized public auction        62                     18         408        925 097
(04.11.2009 – 16.11.2009)




31 December 2009                        Privatization Agency                                   13
Significant privatization deals on BSE

    34.78% from “Bulgarian Telecommunication Company”LTD
     – 632 643 thousand BGN in compensatory instruments
    12.84% from “Bulgartabak-Holding” LTD – 79 295 thousand
     BGN in compensatory instruments
    72% from “St. St. Konstantin and Elena” LTD – 66 802
     thousand BGN in compensatory instruments
    20% from “DZI” EAD – 46 077 thousand BGN in compensatory
     instruments
    100% from “Prouchvane I dobiv na neft I gaz” EAD – 9 355
     thousand BGN and 31 758 thousand BGN in compensatory
     instruments
    99% from TPP “Maritza-3” EAD – 2 002 thousand BGN and
     26 033 thousand BGN in compensatory instruments
    11.24% from “Zlatni piasaci” LTD – 18 443 thousand BGN in
     compensatory instruments

31 December 2009           Privatization Agency              14
Results of the privatization in 2008
                 Privatization sales                                                 Financial parameters
number                                    79                        thousand BGN
  80                                                               600000
                                                74                                       552 805
                                                                               523 960
  70
                                                                   500000

  60
                                                                                                        410 854
                                                                   400000
  50

  40                                                               300000


  30
                                                                   200000
  20
           10                                                      100000
  10
                  5        3
   0                                                                    0
           Entire      Detached parts      Minority
                                                                             Payments contracted   Revenues
         enterprises                      "residual
                                          packages"

                                        the Plan for 2008                     as of 31.12.2008

  31 December 2009                                    Privatization Agency                                        15
Results of the privatization in 2009
                   Privatization sales                                            Financial parameters
number                             50                            thousand BGN
50                                                              250000
                                                                            240 000

45                                         43

40                                                              200000

35

30                                                              150000


25
                                                                100000
20

 15
              10                                                                                      39 503
                                                                 50000
 10

 5                                                                                     3 491
                       1
                                                                     0
 0                                                                        Payments contracted   Revenues
         Entire enterprises   Minority "residual
                                 packages"

                                 the Plan for 2009                         as of 31.12.2009

  31 December 2009                                 Privatization Agency                                        16
Companies – subject to forthcoming
privatization
   24 majority packages

   126 minority packages

    Lists and short summary of the forthcoming for
    privatization companies can be found on the web site of
    PA

   173 enterprises, that are included in the list under art. 3,
    para 1, appendix to PPCA




31 December 2009              Privatization Agency                 17
    Privatization in the Energy sector


   “District Heating Plant Shumen” EAD




    31 December 2009       Privatization Agency   18
    Privatization in the Consrtuction sector


   “Montagi” EAD

   “Industrial Construction Holding” EAD




    31 December 2009        Privatization Agency   19
Privatization of companies in the field
of special and civil production
   “NITI” EAD

    Companies whose denationalization is preceded by the
    development of privatization strategy :

   “VMZ” EAD      - announced public auctions for 7 detached parts, 5 of them have
    been sold


   “Kintex” EAD




31 December 2009                   Privatization Agency                               20
Privatization in the Financial sector



    Minority packages:
   “Duty free zone - Burgas” AD
   “Duty free zone - Plovdiv” AD
   “Trade tranzit zone - Varna” AD




31 December 2009          Privatization Agency   21
Privatization in the Trade, the Mаchine-
building sector and Health services

    “Bulgartabak - Holding” AD

    “Balkankar - Erma” AD -        subsidiary company of “Balkankar
     Holding” (in insolvency)


    “Ekspomed” EOOD




31 December 2009                Privatization Agency                   22
Privatization in Internet and useful
links

   Privatization Agency – www.priv.government.bg

   Ministry of Economy and Energy – www.mee.government.bg

   State Energy Regulatory Commission – www.dker.bg

   National Electric Company – www.nek.bg




31 December 2009              Privatization Agency           23
Abbreviations


   PPCA – Privatization and Post-privatization Control Act
   TFP – Transitional and Final Provisions
   PA – Privatization Agency
   APC – Agency for Post-privatization Control
   UPA – Unattended Public Auction
   CMP – Center for Mass Privatization
   CPA – Centralized Public Auction
   BSE – Bulgarian Stock Exchange
   CI – Compensatory instruments
   DHC – District Heating Company
   HPP – Hydro Power Plant
   SAC – Supreme Administrative Court




31 December 2009                  Privatization Agency        24

								
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