Shareholders national transmission system operator Transelectrica energy (TEL) approved the managem

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Shareholders national transmission system operator Transelectrica energy (TEL) approved the management plan for the next four years as proposed by the Supervisory Board, but has postponed discussions on remuneration management for future AGM on 6 November.
Among the decisions adopted GMS months in the company owned by the Ministry of Public Finance (MFP) include ceiling of 900 million (203.1 million euros) bonds in 2013-2017 in both domestic and in foreign currency.
Actinarii approved and proposed revocable trust SIF Oltenia the inaugural revocable trust issue features from the ceiling. revocable trust Thus, the issue will be 200 million, the bonds will be due 5 year fixed interest securities are not guaranteed and the program will be listed on the regulated market of BSE.
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 investment financing needs.
Also, the share capital will be increased by 5.52 million from 733.031 million to 738.560 million, revocable trust with contribution in kind and cash from shareholders. The capital increase will have two components, namely the contribution in kind of the Romanian state in the amount of 3.24 million, and cash contributions from other shareholders for keeping possession, totaling 2.28 million.
The management plan proposed by the CS, revenues are expected revocable trust 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 2017 has accumulated 2.783 billion lei (624 million euros).
Spending is expected to rise next year by 4.36% to 2.609 billion lei (585 million euros) and 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, revocable trust 2.626 billion lei (587 million euros).
In these conditions, operating profit EBITDA is expected to rise by 18.6% in 2014 to 509 million (euro 114 million) revocable trust and by 20% in 2015 to 545 million (122 million euros). For 2016 it is estimated an EBITDA profit of 572 million (euro 128 million) and 2017 earnings before interest, taxes, depreciation and amortization is expected to reach 607 million lei (136 million euros).
Estimates for 2013 indicate 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).
In the period 2014 - 2017 is estimated an annual decline of about 4% to 49.125 terawatt per hour in 2014 for the next two years to reach 47.15, respectively, 45.27 terawatt hour. Consumption in 2017 is estimated to 43.46 terawatt hour, according Transelectrica.
For the period 1 July 2013 until the end of 2017, total investments are foreseen 2.546 billion revocable trust lei (571 million euros). In the second half of this year are estimated investment of 262 million lei (59 million euro) and the highest amount is anticipated revocable trust for 2017 when these costs would be 622 million (about 140 million) and will be only targeted the electricity transmission network.
Discussion and adoption of decisions on the agenda items relating to the remuneration of the Executive Board and Supervisory Board and approving the mandate agreement to be concluded revocable trust with the members of the Supervisory Board have been postponed to the next session of the Assembly General Meeting of Shareholders called for November revocable trust 6.
Transelectrica is national power transmission system, and the state through the Ministry of Finance controls 58.69% stake. 13.5% of the Fund's shares, and SIF Oltenia owns 7.11%.
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