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UPDATED Tuesday, October 1, 2013 12:08
Shareholders national energy transmission operator Transelectrica (TEL) approved the management plan for the next four years but deferred efficient frontier discussion on remuneration management for future AGM on 6 November.
Transelectrica yet announced in late June that it plans to launch in November a bond issue with a maturity of five years, by which to borrow 200 million (about 45 million) from institutional investors to refinance loans for completion borrowing investment.
Among the decisions taken Monday, September 30 the company owned by the Ministry of Public Finance (MFP) include ceiling of 900 million (203.1 million euros) bonds in 2013-2017 both in domestic and foreign efficient frontier currency according to Tuesday.
Shareholders also approved the proposal SIF Oltenia inaugural issue features from the ceiling. Thus, the issue will be 200 million, bonds will have a maturity 5 year fixed interest securities are not guaranteed and the program will be listed on the regulated market managed by the Bucharest Stock Exchange.
Also, the share capital will be increased by 5.52 million from 733.031 efficient frontier million to 738.560 efficient frontier million, efficient frontier with contribution in kind and cash from shareholders. The capital increase will have two components, namely contributions in kind from the Romanian state in the amount of 3.24 million, efficient frontier a cash contribution from other shareholders to preserve holdings, totaling 2.28 million. Budget Luxury: "I can give my resignation today and the state pays my salary two years"
The management plan proposed by the CS, revenues are expected efficient frontier to rise next year by 6.49% to 2.736 billion lei (613 million euros) for the next three years to advance very slightly by 0.52% - 0 63%, so in 2017 to accumulate 2.783 billion lei (624 million euros).
Costs would rise next year by 4.36% to 2.609 billion lei (585 million euros) and in 2015 to decline slightly, by 0.09% to 2.607 billion lei (585 million euros). 2016 and 2017 are estimated to cost the slight increase of 2.615 billion lei (586 million euros) and, respectively, 2.626 billion lei (587 million euros).
Estimates for 2013 show a net profit of 29 million lei (6.5 million euros). Prfofitul would advance to 57 million (nearly 13 million) in 2014 and 65 million lei (14.5 million) in 2015. For 2016 and 2017 profit is estimated at USD 68 million (EUR 15 million).
For the period 1 July 2013 until the end of 2017, provided a total investment of 2.546 billion lei (571 million euros). Robots have displaced employees. Transelectrica 400 employees could be fired
Discussion and adoption of decisions on the agenda items relating to the remuneration of the Executive Board and Supervisory efficient frontier Board and approving the mandate agreement to be concluded with the members of the Supervisory Board have been postponed to the next meeting of the Assembly General Meeting of Shareholders convened for November 6.
Transelectrica is the operator of the national transmission system energy and the state through the Ministry of Finance controls 58.69% of the company. 13.5% of the Fund's shares and SIF Oltenia owns 7.11%.
July 5, 1:13 p.m.
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