Download State enterprises exposed to privatisation

CONTENTS
AMELIORATORUL JSC
2
APROMAS JSC
4
AQUA-PRUT JSC
6
ARMO-BETON JSC
8
SC ABACLIA CENTER FOR BIRD BREEDING
10
CHISINAU CIRCUS JSC
12
STATE AGRICULTURAL ENTERPRISE “DUMBRAVA VEST”
14
ELIRI JSC
16
SC ENERGOREPARATII
18
COMMERCIAL BANK “EUROCREDITBANK”
20
SC CHISINAU GLASS FACTORY
22
FARMACO JSC
24
FLOARE-CARPET JSC
26
SC FLORI
28
SC GIUVAIER
30
GLASS CONTAINER COMPANY JSC
32
MICROBIOLOGY AND VIROLOGY INSTITUTE
34
JOLLY-ALON JSC
36
RAUT JSC
38
SCIENTIFIC RESEARCH INSTITUTE RIF-ACVAAPARAT JSC
40
FALESTI SANITATION MACHINES FACTORY JSC
42
SC VIBROPRIBOR
44
List of profiles will be supplemented during the next rounds of privatization
AMELIORATORUL JSC
PUBLIC COMPANIES PRIVATISATION SERIES
LOCATION
Taraclia, 91 Vokzalinaya str., MD-7440, Taraclia District
SECTOR
Construction of sewerage systems
PUBLIC STAKE
99.385 %
BACKGROUND
The company has traditionally specialized in the construction of water sewerage systems. It presently operates a
warehouse of over 930 sq. m. The facility is located on the
company’s privately owned 2.4 ha site.
KEY REASONS TO INVEST
• Good prospects for increasing demand for specialized
construction activities of sewerage systems
• Proximity to Giurgiulesti Port (nearly 80km) import-export platform
• Good location for industrial business with property
amenities such as access to constantly upgrading road
infrastructure (E585/M3 and R38/R34 roads)
ABOUT MOLDOVA
Standard time zone: UTC/GMT +2 hours
Distance to: Brussels-2200km, Berlin-1500km, Moscow-1300km,
Odessa-200km, Bucharest-450km
Currency: Moldovan Lei (MDL); USD/MDL – 1/12.11,
EUR/MDL – 1/16.11
Population: 3.5 million
Administrative division: 37 first-tier units, including 32 districts
Gini index: 38.0 (Medium)
Human Development Index: ∆0.649
Main transport gates: Chisinau International Airport (Code:KIV,
www.airport.md), Giurgiulesti International Free Port (www.
gipf.md), nine international cross-border points with Romania
and 26 international cross-border points with Ukraine.
MACROECONOMIC COUNTRY PROFILE
Why invest in Moldova?
Regionally attractive
1. fiscal and non-fiscal
regime
• Attractive corporate tax rate
(12% in 2012), lowest in region
• Extensive network of double taxation treaties
• Fiscal and non-fiscal incentives
for Free Economic Zone residents:
Exemption from VAT; Exemption
from customs duties and excise
duties on goods imported into the
FEZ and subsequently exported;
0% corporate tax rate; 10-year
protection against adverse changes in legislation; Infrastructure
in place (transport, water, gas,
electricity)
2 | Pr i va ti s ati on
2. Stable macroeconomic indicators and
high growth
•
•
•
•
•
2008-2010 GDP growth: 6.3%
GDP growth: 6.8% (2011)
Budget deficit: 2.4% (2011)
Inflation rate: 7.8% (2011)
Unemployment rate: 6.7% (2011)
Country
RM
RO
UA
GDP 2011 (B $)
GDP 2011 per capita ($)
GDP Growth 2012E
Moody’s Gov B Rating
Population 2011 (M)
FDI 2011 (B $)
FDI per capita ($)
11.99
3,330
0.3%
B3
3.6
0.28
79
179.79
9,440
1.4%
Baa3
19.04
2.7
139
329.32
7,230
2.4%
B3
45.5
7.2
158
Lowest average
3.
wage in the region –
€1.2/h
4. Access to EU and
CIS growth markets
5. Strong political
agenda to embark
on EU led integration
processes
• Average monthly salary €190
• High education level (80% attain
secondary education, 38% pursue
higher education), strong technical education
• 70% of population is multilingual
• Advantageous free trade agreements with EU and CIS countries
• Ongoing
negotiations
on
EU-Moldova DCFTA (over 4 rounds
of negotiations)
• International port access
• Constantly upgrading Road
Infrastructure
• Best performer of EU Eastern
Partnership
• Ongoing
negotiation
of
EU-Moldova
Association
Agreement (over 14 rounds of
negotiations)
(against €2.2/h in UA, €4.2/h in
RO and BG)
(500M + 275M = 775M potential
customers)
F i n a si st C o n su l ti n g L td .
KEY FINANCIALS
BALANCE SHEET (USD*)
1
1.1
1.2
1.3
1.4
1.5
2
2.1
2.2
2.3
2.4
2.5
2.6
3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
LONG-TERM ASSETS
Intangible assets
Amortization of intangible assets
Long-term tangible assets
Depreciation of long-term tangible
assets
Long-term financial assets
Total for section 1
CURRENT ASSETS
Stocks of goods and materials
Short-term receivables
Short-term receivables related to
budget settlements
Short-term investments
Cash
Other short-term assets
Total for section 2
TOTAL FOR ASSETS
SHAREHOLDER'S EQUITY
Share capital
Unpaid capital
Withdrawn capital
Reserves
Corrections of prior period results
Retained earnings (uncovered loss)
of previous years
Net income (net loss) of the reporting year
Net income used in the reporting
year
Additional capital
Secondary capital
Total for section 3
2009
2010
2011
203
65
760.515
209.628
206
95
772.339
210.419
213
130
797.081
215.533
030 0
040 551.025
0
562.030
0
581.632
050 14.959
060 27.451
070 23.993
8.219
24.303
22.567
8.527
20.944
22.564
080
090
100
110
120
0
0
7.943
74.346
625.371
0
0
4.834
59.922
621.953
0
0
742
52.778
634.410
130
140
150
160
170
180
150.488
0
0
611.682
0
-114.238
152.318
0
0
619.121
0
-231.699
158.019
0
0
642.294
0
-245.186
190 -111.768
-5.435
-4.669
200 0
0
0
210 0
220 6.818
230 542.982
0
6.901
541.206
0
7.159
557.617
010
011
020
021
4
4.1
4.2
LONG-TERM LIABILITIES
Long-term financial debt
Calculated long-term debt
Total for section 4
240 0
250 1.974
260 1.974
0
517
517
0
536
536
5
5.1
5.2
5.3
5.4
5.5
5.6
SHORT-TERM LIABILITIES
Financial liabilities
Trade liabilities
Liabilities on wages
Liabilities on insurance
Liabilities on budget settlements
Other calculated liabilities
Total for section 5
TOTAL FOR EQUITY & LIABILITIES
270
280
290
300
310
320
330
340
0
26.499
8.046
5.863
39.821
0
80.230
621.953
0
21.654
7.253
8.137
39.212
0
76.257
634.410
GENERAL DISCLOSURE
This company profile teaser is essential reading for any
serious investor, providing comprehensive financial information on a company’s performance, position and cash
flows over the past 3 years. This information, extracted
from reported financial statements, forms the building
blocks for any analysis undertaken by investment professionals.
The information in this presentation is subject to updating,
revision, further verification and amendment without notice.
No reliance may be placed for any purpose whatsoever on
the information or opinions contained in this investment
profile or any other document or oral statement or on the
completeness, accuracy or fairness of the information and/
or opinions therein. This research is based on current
public information that is considered reliable. Investors
shouldn’t consider this report as a single factor in making
their investment decision.
This research is not an offer to sell or the solicitation of
an offer to buy. It does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual
investor. One should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional
advice, including tax advice. Past performance is not a
guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations
in exchange rates could have adverse effects on the value
or price of, or income derived from, certain investments.
PROFIT & LOSS STATEMENT (USD*)
0
34.312
6.395
3.809
35.899
0
80.415
625.371
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
CONTACTS
Full-time privatization promotion
and investment attraction team
Leadership team
Angela Susanu
Valeriu Lazar
Deputy Director of Moldovan Public
Deputy Prime Minister
Property Agency
Minister of Economy of the Republic
[email protected]
of Moldova
Tel. +373 22 234350
Tudor Copaci
Octavian Berzan
Director of Public Property Agency of
Deputy Director of Moldovan Investment
Moldova
and Export Promotion Organisation
[email protected]
Denis Jelimalai
Tel. +373 22 232703
Director of Moldovan Investment and
Export Promotion Organisation
Net Sales
Cost of sales
Gross profit (loss)
Other operating incomes
Selling and marketing expenses
General and administrative expenses
Other operating expenses
Operating result: profit (loss)
Investing result: profit (loss)
Financing result: profit (loss)
Financial-economic result: profit
(loss)
Extraordinary result: profit (loss)
Profit (loss) of the reporting period
before taxation
Expenses (savings) on income tax
Net profit (loss)
2009
2010
2011
0
0
0
24.522
0
33.069
12.372
-20.918
-90.849
0
-111.768
0
0
0
5.229
0
5.109
3.980
-3.860
-1.575
0
-5.435
0
0
0
3.540
0
5.553
2.656
-4.669
0
0
-4.669
120 0
130 -111.768
0
-5.435
0
-4.669
140 0
150 -111.768
0
-5.435
0
-4.669
-0,5%
2,0%
-19,4%
-0,3%
-2,0%
2,0%
3,5%
-11,9%
3,0%
-4,9%
-95,1%
-14,1%
-20,6%
-17,9%
-1,0%
-0,9%
-0,8%
-0,7%
108,2%
133,9%
144,5%
010
020
030
040
050
060
070
080
090
100
110
GROWTH RATES (YOY)
Total assets
Long-term assets
Current assets
Total equity
Total liabilities
Net sales
Net profit
RATIOS
ROE
ROA
ROS
Current liquidity ratio
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
Pu b l i c Pr o p e r ty Ag e n cy o f R e p u b l i c o f M o l d o va
M o l d o va n In ve stm e n t a n d Exp o r t Pr o m o ti o n Or g a n i za ti o n
Privatisation | 3
APROMAS JSC
PUBLIC COMPANIES PRIVATISATION SERIES
LOCATION
Edinet, 99 Independentei str., MD-4601, Edinet district
SECTOR
Manufacture of special-purpose machinery and equipment
PUBLIC STAKE
71.41 %
BACKGROUND
The company was established back in 1954.
Its traditional specialization is solid wood processing
machinery and equipment (lathe) manufacturing. The company’s production is sold only on the local market.
The company is located in Edinet, along the M14-E583
national road. The company’s operating facilities are located on a 4.8 ha land which is 97.9% public property (local
authorities) and cover about 14.4 thousand sq. m of production facilities, warehouses, administrative buildings etc.
The company employs about 9 people.
ABOUT MOLDOVA
Standard time zone: UTC/GMT +2 hours
Distance to: Brussels-2200km, Berlin-1500km, Moscow-1300km,
Odessa-200km, Bucharest-450km
Currency: Moldovan Lei (MDL); USD/MDL – 1/12.11,
KEY REASONS TO INVEST
• Good-condition production infrastructure
• Excellent site location to accommodate complex industrial facilities
EUR/MDL – 1/16.11
Population: 3.5 million
Administrative division: 37 first-tier units, including 32 districts
Gini index: 38.0 (Medium)
Human Development Index: ∆0.649
Main transport gates: Chisinau International Airport (Code:KIV,
www.airport.md), Giurgiulesti International Free Port (www.
gipf.md), nine international cross-border points with Romania
and 26 international cross-border points with Ukraine.
MACROECONOMIC COUNTRY PROFILE
Why invest in Moldova?
Regionally attractive
1. fiscal and non-fiscal
regime
• Attractive corporate tax rate
(12% in 2012), lowest in region
• Extensive network of double taxation treaties
• Fiscal and non-fiscal incentives
for Free Economic Zone residents:
Exemption from VAT; Exemption
from customs duties and excise
duties on goods imported into the
FEZ and subsequently exported;
0% corporate tax rate; 10-year
protection against adverse changes in legislation; Infrastructure
in place (transport, water, gas,
electricity)
4 | Pr i va ti s ati on
2. Stable macroeconomic indicators and
high growth
•
•
•
•
•
2008-2010 GDP growth: 6.3%
GDP growth: 6.8% (2011)
Budget deficit: 2.4% (2011)
Inflation rate: 7.8% (2011)
Unemployment rate: 6.7% (2011)
Country
RM
RO
UA
GDP 2011 (B $)
GDP 2011 per capita ($)
GDP Growth 2012E
Moody’s Gov B Rating
Population 2011 (M)
FDI 2011 (B $)
FDI per capita ($)
11.99
3,330
0.3%
B3
3.6
0.28
79
179.79
9,440
1.4%
Baa3
19.04
2.7
139
329.32
7,230
2.4%
B3
45.5
7.2
158
Lowest average
3.
wage in the region –
€1.2/h
4. Access to EU and
CIS growth markets
5. Strong political
agenda to embark
on EU led integration
processes
• Average monthly salary €190
• High education level (80% attain
secondary education, 38% pursue
higher education), strong technical education
• 70% of population is multilingual
• Advantageous free trade agreements with EU and CIS countries
• Ongoing
negotiations
on
EU-Moldova DCFTA (over 4 rounds
of negotiations)
• International port access
• Constantly upgrading Road
Infrastructure
• Best performer of EU Eastern
Partnership
• Ongoing
negotiation
of
EU-Moldova
Association
Agreement (over 14 rounds of
negotiations)
(against €2.2/h in UA, €4.2/h in
RO and BG)
(500M + 275M = 775M potential
customers)
F i n a si st C o n su l ti n g L td .
KEY FINANCIALS
BALANCE SHEET (USD*)
1
1.1
1.2
1.3
1.4
1.5
2
2.1
2.2
2.3
2.4
2.5
2.6
3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
LONG-TERM ASSETS
Intangible assets
Amortization of intangible assets
Long-term tangible assets
Depreciation of long-term tangible
assets
Long-term financial assets
Total for section 1
CURRENT ASSETS
Stocks of goods and materials
Short-term receivables
Short-term receivables related to
budget settlements
Short-term investments
Cash
Other short-term assets
Total for section 2
TOTAL FOR ASSETS
SHAREHOLDER'S EQUITY
Share capital
Unpaid capital
Withdrawn capital
Reserves
Corrections of prior period results
Retained earnings (uncovered loss)
of previous years
Net income (net loss) of the reporting year
Net income used in the reporting
year
Additional capital
Secondary capital
Total for section 3
2009
2010
2011
0
0
1.429.120
713.719
0
0
1.415.633
694.082
0
0
1.329.583
598.261
030 0
040 715.401
0
721.550
0
731.322
050 152.591
060 6.772
070 326
158.378
1.082
3
170.860
663
0
080
090
100
110
120
0
450
0
160.138
875.539
0
335
633
160.432
881.982
0
303
590
172.416
903.737
130
140
150
160
170
180
687.655
0
0
165.659
0
-1.100
696.017
0
0
167.674
0
-101
722.068
0
0
173.950
0
-13.714
190 1.001
-13.118
-8.478
200 0
0
0
210 0
220 0
230 853.214
0
0
850.472
0
0
873.826
010
011
020
021
4
4.1
4.2
LONG-TERM LIABILITIES
Long-term financial debt
Calculated long-term debt
Total for section 4
240 0
250 0
260 0
0
0
0
0
0
0
5
5.1
5.2
5.3
5.4
5.5
5.6
SHORT-TERM LIABILITIES
Financial liabilities
Trade liabilities
Liabilities on wages
Liabilities on insurance
Liabilities on budget settlements
Other calculated liabilities
Total for section 5
TOTAL FOR EQUITY & LIABILITIES
270
280
290
300
310
320
330
340
0
1.465
16.405
5.950
6.524
1.166
31.510
881.982
0
1.314
8.006
11.558
7.865
1.168
29.911
903.737
GENERAL DISCLOSURE
This company profile teaser is essential reading for any
serious investor, providing comprehensive financial information on a company’s performance, position and cash
flows over the past 3 years. This information, extracted
from reported financial statements, forms the building
blocks for any analysis undertaken by investment professionals.
The information in this presentation is subject to updating,
revision, further verification and amendment without notice.
No reliance may be placed for any purpose whatsoever on
the information or opinions contained in this investment
profile or any other document or oral statement or on the
completeness, accuracy or fairness of the information and/
or opinions therein. This research is based on current
public information that is considered reliable. Investors
shouldn’t consider this report as a single factor in making
their investment decision.
This research is not an offer to sell or the solicitation of
an offer to buy. It does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual
investor. One should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional
advice, including tax advice. Past performance is not a
guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations
in exchange rates could have adverse effects on the value
or price of, or income derived from, certain investments.
PROFIT & LOSS STATEMENT (USD*)
0
1.549
9.522
2.096
6.227
2.932
22.326
875.539
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
CONTACTS
Full-time privatization promotion
and investment attraction team
Leadership team
Angela Susanu
Valeriu Lazar
Deputy Director of Moldovan Public
Deputy Prime Minister
Property Agency
Minister of Economy of the Republic
[email protected]
of Moldova
Tel. +373 22 234350
Tudor Copaci
Octavian Berzan
Director of Public Property Agency of
Deputy Director of Moldovan Investment
Moldova
and Export Promotion Organisation
[email protected]
Denis Jelimalai
Tel. +373 22 232703
Director of Moldovan Investment and
Export Promotion Organisation
Net Sales
Cost of sales
Gross profit (loss)
Other operating incomes
Selling and marketing expenses
General and administrative expenses
Other operating expenses
Operating result: profit (loss)
Investing result: profit (loss)
Financing result: profit (loss)
Financial-economic result: profit
(loss)
Extraordinary result: profit (loss)
Profit (loss) of the reporting period
before taxation
Expenses (savings) on income tax
Net profit (loss)
2009
2010
2011
13.902
12.038
1.864
6.752
673
29.560
54
-21.671
22.520
152
1.001
11.167
9.319
1.848
2.985
0
19.204
324
-14.695
1.577
0
-13.118
9.572
7.815
1.757
22.002
0
24.033
15.603
-15.877
6.331
1.069
-8.478
120 0
130 1.001
0
-13.118
0
-8.478
140 0
150 1.001
0
-13.118
0
-8.478
0,7%
0,9%
0,2%
-0,3%
41,1%
-19,7%
-1410,9%
2,5%
1,4%
7,5%
2,7%
-5,1%
-14,3%
-35,4%
-1,5%
-1,5%
-117,5%
19,6%
-1,0%
-0,9%
-88,6%
17,3%
010
020
030
040
050
060
070
080
090
100
110
GROWTH RATES (YOY)
Total assets
Long-term assets
Current assets
Total equity
Total liabilities
Net sales
Net profit
RATIOS
ROE
ROA
ROS
Current liquidity ratio
0,1%
0,1%
7,2%
13,9%
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
Pu b l i c Pr o p e r ty Ag e n cy o f R e p u b l i c o f M o l d o va
M o l d o va n In ve stm e n t a n d Exp o r t Pr o m o ti o n Or g a n i za ti o n
Privatisation | 5
AQUA-PRUT JSC
PUBLIC COMPANIES PRIVATISATION SERIES
LOCATION
Cahul, 1 Baza Rosu str., MD-3900, Cahul District
SECTOR
Construction of utility projects, specialized construction
activities (hydraulic engineering)
PUBLIC STAKE
76.50 %
BACKGROUND
The company was incorporated in 1995 and presently
performs construction of utility projects and specialized
construction activities, such as hydraulic engineering,
melioration and erection works.
The company operates facilities of 5.7 thousand s. m located in Cahul Raion, Rosu village on 3.8 ha of public property
land (property of local public authorities), along the R34
national road.
The company’s business accounts for over 27% of the 3.5
million USD market of hydraulic engineering in 2011. It
presently employs 50 people.
KEY REASONS TO INVEST
• Good prospects for increasing demand for specialized
construction activities like hydraulic engineering, e.g.
national program for irrigation infrastructure upgrade
and rehabilitation
• Good location (proximity of Prut river, growing perspectives of inland water transport) and access to
constantly upgrading road infrastructure
• Ongoing implementation of national irrigation complex
upgrade (also linked to Prut river), ongoing establishment of agriculture water users associations
• Proximity of Giurgiulesti International Free Port naval
infrastructure
• Exceptional growth for the sector of hydraulic engineering (+97% in 2011 vs. 2010)
Why invest in Moldova?
Regionally attractive
1. fiscal and non-fiscal
regime
• Attractive corporate tax rate
(12% in 2012), lowest in region
• Extensive network of double taxation treaties
• Fiscal and non-fiscal incentives
for Free Economic Zone residents:
Exemption from VAT; Exemption
from customs duties and excise
duties on goods imported into the
FEZ and subsequently exported;
0% corporate tax rate; 10-year
protection against adverse changes in legislation; Infrastructure
in place (transport, water, gas,
electricity)
6 | Pr i va ti s ati on
2. Stable macroeconomic indicators and
high growth
•
•
•
•
•
2008-2010 GDP growth: 6.3%
GDP growth: 6.8% (2011)
Budget deficit: 2.4% (2011)
Inflation rate: 7.8% (2011)
Unemployment rate: 6.7% (2011)
ABOUT MOLDOVA
Standard time zone: UTC/GMT +2 hours
Distance to: Brussels-2200km, Berlin-1500km, Moscow-1300km,
Odessa-200km, Bucharest-450km
Currency: Moldovan Lei (MDL); USD/MDL – 1/12.11,
EUR/MDL – 1/16.11
Population: 3.5 million
Administrative division: 37 first-tier units, including 32 districts
Gini index: 38.0 (Medium)
Human Development Index: ∆0.649
Main transport gates: Chisinau International Airport (Code:KIV,
www.airport.md), Giurgiulesti International Free Port (www.
gipf.md), nine international cross-border points with Romania
and 26 international cross-border points with Ukraine.
MACROECONOMIC COUNTRY PROFILE
Country
RM
RO
UA
GDP 2011 (B $)
GDP 2011 per capita ($)
GDP Growth 2012E
Moody’s Gov B Rating
Population 2011 (M)
FDI 2011 (B $)
FDI per capita ($)
11.99
3,330
0.3%
B3
3.6
0.28
79
179.79
9,440
1.4%
Baa3
19.04
2.7
139
329.32
7,230
2.4%
B3
45.5
7.2
158
Lowest average
3.
wage in the region –
€1.2/h
4. Access to EU and
CIS growth markets
5. Strong political
agenda to embark
on EU led integration
processes
• Average monthly salary €190
• High education level (80% attain
secondary education, 38% pursue
higher education), strong technical education
• 70% of population is multilingual
• Advantageous free trade agreements with EU and CIS countries
• Ongoing
negotiations
on
EU-Moldova DCFTA (over 4 rounds
of negotiations)
• International port access
• Constantly upgrading Road
Infrastructure
• Best performer of EU Eastern
Partnership
• Ongoing
negotiation
of
EU-Moldova
Association
Agreement (over 14 rounds of
negotiations)
(against €2.2/h in UA, €4.2/h in
RO and BG)
(500M + 275M = 775M potential
customers)
F i n a si st C o n su l ti n g L td .
KEY FINANCIALS
BALANCE SHEET (USD*)
1
1.1
1.2
1.3
1.4
1.5
2
2.1
2.2
2.3
2.4
2.5
2.6
3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
LONG-TERM ASSETS
Intangible assets
Amortization of intangible assets
Long-term tangible assets
Depreciation of long-term tangible
assets
Long-term financial assets
Total for section 1
CURRENT ASSETS
Stocks of goods and materials
Short-term receivables
Short-term receivables related to
budget settlements
Short-term investments
Cash
Other short-term assets
Total for section 2
TOTAL FOR ASSETS
SHAREHOLDER'S EQUITY
Share capital
Unpaid capital
Withdrawn capital
Reserves
Corrections of prior period results
Retained earnings (uncovered loss)
of previous years
Net income (net loss) of the reporting year
Net income used in the reporting
year
Additional capital
Secondary capital
Total for section 3
2009
2010
2011
1.190
360
1.492.175
830.827
1.205
526
1.537.652
818.369
1.463
712
1.746.152
899.359
030 0
040 662.178
0
719.961
0
847.544
050 64.127
060 570.318
070 105.879
120.258
559.204
172.411
203.926
554.406
163.758
080
090
100
110
120
0
485.992
9.797
1.236.112
1.898.291
0
214.642
128.611
1.195.127
1.915.088
0
104.604
90.966
1.117.661
1.965.205
130
140
150
160
170
180
156.796
0
0
1.649.094
0
98
158.702
0
0
1.634.618
456
99
164.643
0
0
1.673.228
0
0
190 5.761
20.993
-100.055
200 0
0
0
210 0
220 0
230 1.811.748
0
0
1.814.869
0
0
1.737.816
010
011
020
021
4
4.1
4.2
LONG-TERM LIABILITIES
Long-term financial debt
Calculated long-term debt
Total for section 4
240 0
250 0
260 0
0
0
0
166.592
0
166.592
5
5.1
5.2
5.3
5.4
5.5
5.6
SHORT-TERM LIABILITIES
Financial liabilities
Trade liabilities
Liabilities on wages
Liabilities on insurance
Liabilities on budget settlements
Other calculated liabilities
Total for section 5
TOTAL FOR EQUITY & LIABILITIES
270
280
290
300
310
320
330
340
0
35.679
6.142
2.418
669
55.311
100.219
1.915.088
0
572
10.651
4.310
1.009
44.255
60.798
1.965.205
GENERAL DISCLOSURE
This company profile teaser is essential reading for any
serious investor, providing comprehensive financial information on a company’s performance, position and cash
flows over the past 3 years. This information, extracted
from reported financial statements, forms the building
blocks for any analysis undertaken by investment professionals.
The information in this presentation is subject to updating,
revision, further verification and amendment without notice.
No reliance may be placed for any purpose whatsoever on
the information or opinions contained in this investment
profile or any other document or oral statement or on the
completeness, accuracy or fairness of the information and/
or opinions therein. This research is based on current
public information that is considered reliable. Investors
shouldn’t consider this report as a single factor in making
their investment decision.
This research is not an offer to sell or the solicitation of
an offer to buy. It does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual
investor. One should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional
advice, including tax advice. Past performance is not a
guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations
in exchange rates could have adverse effects on the value
or price of, or income derived from, certain investments.
PROFIT & LOSS STATEMENT (USD*)
0
10.114
1.519
13
248
74.648
86.542
1.898.291
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
CONTACTS
Full-time privatization promotion
and investment attraction team
Leadership team
Angela Susanu
Valeriu Lazar
Deputy Director of Moldovan Public
Deputy Prime Minister
Property Agency
Minister of Economy of the Republic
[email protected]
of Moldova
Tel. +373 22 234350
Tudor Copaci
Octavian Berzan
Director of Public Property Agency of
Deputy Director of Moldovan Investment
Moldova
and Export Promotion Organisation
[email protected]
Denis Jelimalai
Tel. +373 22 232703
Director of Moldovan Investment and
Export Promotion Organisation
Net Sales
Cost of sales
Gross profit (loss)
Other operating incomes
Selling and marketing expenses
General and administrative expenses
Other operating expenses
Operating result: profit (loss)
Investing result: profit (loss)
Financing result: profit (loss)
Financial-economic result: profit
(loss)
Extraordinary result: profit (loss)
Profit (loss) of the reporting period
before taxation
Expenses (savings) on income tax
Net profit (loss)
2009
2010
2011
782.244
680.259
101.985
15.964
6.328
145.948
15.857
-50.184
55.945
0
5.761
616.929
482.997
133.932
13.937
117
123.703
11.509
12.540
7.728
726
20.993
1.008.917
1.008.775
142
3.114
335
115.831
4.062
-116.971
128
16.788
-100.055
120 0
130 5.761
0
20.993
0
-100.055
140 0
150 5.761
0
20.993
0
-100.055
0,9%
8,7%
-3,3%
0,2%
15,8%
-21,1%
264,4%
2,6%
17,7%
-6,5%
-4,2%
126,9%
63,5%
-576,6%
1,2%
1,1%
3,4%
8,4%
-5,8%
-5,1%
-9,9%
5,4%
010
020
030
040
050
060
070
080
090
100
110
GROWTH RATES (YOY)
Total assets
Long-term assets
Current assets
Total equity
Total liabilities
Net sales
Net profit
RATIOS
ROE
ROA
ROS
Current liquidity ratio
0,3%
0,3%
0,7%
7,0%
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
Pu b l i c Pr o p e r ty Ag e n cy o f R e p u b l i c o f M o l d o va
M o l d o va n In ve stm e n t a n d Exp o r t Pr o m o ti o n Or g a n i za ti o n
Privatisation | 7
ARMO-BETON JSC
PUBLIC COMPANIES PRIVATISATION SERIES
LOCATION
Chisinau, Bacioi suburb, 8 Uzinelor str., MD-6812
SECTOR
Manufacture of precast concrete, cement or artificial
stone articles for use in construction
PUBLIC STAKE
100%
BACKGROUND
The company was founded back in 1959 and was specialized
in delivering precast concrete articles for the national energy
sector. It was subsequently reorganized in 1997.
The company’s present range of manufactured products include
mainly steel-reinforced concrete articles: utilities concrete poles
(supporting overhead power lines, lightning and telecommunications), buildings foundation articles, vineyard poles etc.
Presently, the company is the third key largest manufacturer of
precast concrete, cement or artificial stone articles for construction market, with operations worth 12% of the nearly 31 million
USD estimated market.
The company is located in Bacioi suburb of Chisinau, operating
privately owned facilities of nearly 7.5 thousand sq. m, which
are located on a public property land of 7.8 ha.
The company presently employs about 106 people.
KEY REASONS TO INVEST
• Access to extensive buildings infrastructures
• Good-condition production infrastructure
• Only manufacturer of utility concrete poles for the national
energy distribution sector
• Double digit increment of the sector (+25% in 2011)
• Good market prospects from the Government plans to
upgrade agriculture infrastructure (including through the
usage of orchard and vineyard poles)
• Excellent site location to accommodate complex industrial
facilities
• Proximity to constantly upgrading road infrastructure
Why invest in Moldova?
Regionally attractive
1. fiscal and non-fiscal
regime
• Attractive corporate tax rate
(12% in 2012), lowest in region
• Extensive network of double taxation treaties
• Fiscal and non-fiscal incentives
for Free Economic Zone residents:
Exemption from VAT; Exemption
from customs duties and excise
duties on goods imported into the
FEZ and subsequently exported;
0% corporate tax rate; 10-year
protection against adverse changes in legislation; Infrastructure
in place (transport, water, gas,
electricity)
8 | Pr i va ti s ati on
2. Stable macroeconomic indicators and
high growth
•
•
•
•
•
2008-2010 GDP growth: 6.3%
GDP growth: 6.8% (2011)
Budget deficit: 2.4% (2011)
Inflation rate: 7.8% (2011)
Unemployment rate: 6.7% (2011)
ABOUT MOLDOVA
Standard time zone: UTC/GMT +2 hours
Distance to: Brussels-2200km, Berlin-1500km, Moscow-1300km,
Odessa-200km, Bucharest-450km
Currency: Moldovan Lei (MDL); USD/MDL – 1/12.11,
EUR/MDL – 1/16.11
Population: 3.5 million
Administrative division: 37 first-tier units, including 32 districts
Gini index: 38.0 (Medium)
Human Development Index: ∆0.649
Main transport gates: Chisinau International Airport (Code:KIV,
www.airport.md), Giurgiulesti International Free Port (www.
gipf.md), nine international cross-border points with Romania
and 26 international cross-border points with Ukraine.
MACROECONOMIC COUNTRY PROFILE
Country
RM
RO
UA
GDP 2011 (B $)
GDP 2011 per capita ($)
GDP Growth 2012E
Moody’s Gov B Rating
Population 2011 (M)
FDI 2011 (B $)
FDI per capita ($)
11.99
3,330
0.3%
B3
3.6
0.28
79
179.79
9,440
1.4%
Baa3
19.04
2.7
139
329.32
7,230
2.4%
B3
45.5
7.2
158
Lowest average
3.
wage in the region –
€1.2/h
4. Access to EU and
CIS growth markets
5. Strong political
agenda to embark
on EU led integration
processes
• Average monthly salary €190
• High education level (80% attain
secondary education, 38% pursue
higher education), strong technical education
• 70% of population is multilingual
• Advantageous free trade agreements with EU and CIS countries
• Ongoing
negotiations
on
EU-Moldova DCFTA (over 4 rounds
of negotiations)
• International port access
• Constantly upgrading Road
Infrastructure
• Best performer of EU Eastern
Partnership
• Ongoing
negotiation
of
EU-Moldova
Association
Agreement (over 14 rounds of
negotiations)
(against €2.2/h in UA, €4.2/h in
RO and BG)
(500M + 275M = 775M potential
customers)
F i n a si st C o n su l ti n g L td .
KEY FINANCIALS
BALANCE SHEET (USD*)
1
1.1
1.2
1.3
1.4
1.5
2
2.1
2.2
2.3
2.4
2.5
2.6
3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
LONG-TERM ASSETS
Intangible assets
Amortization of intangible assets
Long-term tangible assets
Depreciation of long-term tangible
assets
Long-term financial assets
Total for section 1
CURRENT ASSETS
Stocks of goods and materials
Short-term receivables
Short-term receivables related to
budget settlements
Short-term investments
Cash
Other short-term assets
Total for section 2
TOTAL FOR ASSETS
SHAREHOLDER'S EQUITY
Share capital
Unpaid capital
Withdrawn capital
Reserves
Corrections of prior period results
Retained earnings (uncovered loss)
of previous years
Net income (net loss) of the reporting year
Net income used in the reporting
year
Additional capital
Secondary capital
Total for section 3
2009
2010
2011
185
106
2.111.024
782.015
378
293
2.159.691
859.100
85
61
2.662.016
1.013.369
030 27.271
040 1.356.359
15.509
1.316.186
16.090
1.664.762
050 382.879
060 257.979
070 14.577
697.021
157.843
30.408
662.813
171.127
33.846
080
090
100
110
120
0
102.855
13.432
771.722
2.128.081
0
178.579
834
1.064.686
2.380.872
0
106.527
552
974.866
2.639.627
130
140
150
160
170
180
424.414
0
0
17.631
-140
70.889
429.576
0
0
357.026
4.557
71.610
445.654
0
0
527.851
13.690
63.892
190 487.492
159.769
149.333
200 0
0
0
210 0
220 500.386
230 1.500.673
0
506.471
1.529.009
0
628.561
1.828.982
010
011
020
021
4
4.1
4.2
LONG-TERM LIABILITIES
Long-term financial debt
Calculated long-term debt
Total for section 4
240 260.533
250 248.171
260 508.704
0
239.697
239.697
0
248.669
248.669
5
5.1
5.2
5.3
5.4
5.5
5.6
SHORT-TERM LIABILITIES
Financial liabilities
Trade liabilities
Liabilities on wages
Liabilities on insurance
Liabilities on budget settlements
Other calculated liabilities
Total for section 5
TOTAL FOR EQUITY & LIABILITIES
270
280
290
300
310
320
330
340
329.112
238.387
32.241
7.415
3.145
1.866
612.166
2.380.872
140.840
319.344
66.484
24.517
8.534
2.258
561.977
2.639.627
GENERAL DISCLOSURE
This company profile teaser is essential reading for any
serious investor, providing comprehensive financial information on a company’s performance, position and cash
flows over the past 3 years. This information, extracted
from reported financial statements, forms the building
blocks for any analysis undertaken by investment professionals.
The information in this presentation is subject to updating,
revision, further verification and amendment without notice.
No reliance may be placed for any purpose whatsoever on
the information or opinions contained in this investment
profile or any other document or oral statement or on the
completeness, accuracy or fairness of the information and/
or opinions therein. This research is based on current
public information that is considered reliable. Investors
shouldn’t consider this report as a single factor in making
their investment decision.
This research is not an offer to sell or the solicitation of
an offer to buy. It does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual
investor. One should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional
advice, including tax advice. Past performance is not a
guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations
in exchange rates could have adverse effects on the value
or price of, or income derived from, certain investments.
PROFIT & LOSS STATEMENT (USD*)
0
83.829
15.177
3.059
697
15.942
118.704
2.128.081
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
CONTACTS
Full-time privatization promotion
and investment attraction team
Leadership team
Angela Susanu
Valeriu Lazar
Deputy Director of Moldovan Public
Deputy Prime Minister
Property Agency
Minister of Economy of the Republic
[email protected]
of Moldova
Tel. +373 22 234350
Tudor Copaci
Octavian Berzan
Director of Public Property Agency of
Deputy Director of Moldovan Investment
Moldova
and Export Promotion Organisation
[email protected]
Denis Jelimalai
Tel. +373 22 232703
Director of Moldovan Investment and
Export Promotion Organisation
Net Sales
Cost of sales
Gross profit (loss)
Other operating incomes
Selling and marketing expenses
General and administrative expenses
Other operating expenses
Operating result: profit (loss)
Investing result: profit (loss)
Financing result: profit (loss)
Financial-economic result: profit
(loss)
Extraordinary result: profit (loss)
Profit (loss) of the reporting period
before taxation
Expenses (savings) on income tax
Net profit (loss)
2009
2010
2011
2.863.240
2.088.959
774.281
17.514
111.561
136.748
70.887
472.599
14.894
0
487.492
3.009.196
2.525.977
483.219
29.548
83.435
188.334
75.040
165.958
-2.229
-3.960
159.769
3.923.022
3.400.934
522.089
30.541
176.499
215.430
35.925
124.775
30.291
-5.734
149.333
120 0
130 487.492
0
159.769
0
149.333
140 0
150 487.492
0
159.769
0
149.333
11,9%
-3,0%
38,0%
1,9%
35,8%
5,1%
-67,2%
10,9%
26,5%
-8,4%
19,6%
-4,8%
30,4%
-6,5%
10,4%
6,7%
5,3%
57,5%
8,2%
5,7%
3,8%
57,6%
010
020
030
040
050
060
070
080
090
100
110
GROWTH RATES (YOY)
Total assets
Long-term assets
Current assets
Total equity
Total liabilities
Net sales
Net profit
RATIOS
ROE
ROA
ROS
Current liquidity ratio
32,5%
22,9%
17,0%
15,4%
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
Pu b l i c Pr o p e r ty Ag e n cy o f R e p u b l i c o f M o l d o va
M o l d o va n In ve stm e n t a n d Exp o r t Pr o m o ti o n Or g a n i za ti o n
Privatisation | 9
SC ABACLIA CENTER FOR BIRD BREEDING
PUBLIC COMPANIES PRIVATISATION SERIES
LOCATION
Abaclia, Basarabeasca district, MD- 6711
SECTOR
Poultry breeder
PUBLIC STAKE
100% of the state company share capital
BACKGROUND
The company is located in the village of Abaclia,
Basarabeasca district, 5 km from Basarabeasca town. It
is a traditional player in the domestic poultry breeder and
poultry litter composting industries.
It presently operates over 5.1 thousand sq. m of production
and auxiliary facilities, located on 6.7 ha of public property
land. The company employs about 20 people.
ABOUT MOLDOVA
Standard time zone: UTC/GMT +2 hours
KEY REASONS TO INVEST
• Good market prospects for constantly growing domestic demand for meat products
• Good location for industrial infrastructure, utilities
included
• Proximity to Industrial Free Port Giurgiulesti (150 km)
Distance to: Brussels-2200km, Berlin-1500km, Moscow-1300km,
Odessa-200km, Bucharest-450km
Currency: Moldovan Lei (MDL); USD/MDL – 1/12.11,
EUR/MDL – 1/16.11
Population: 3.5 million
Administrative division: 37 first-tier units, including 32 districts
Gini index: 38.0 (Medium)
Human Development Index: ∆0.649
Main transport gates: Chisinau International Airport (Code:KIV,
www.airport.md), Giurgiulesti International Free Port (www.
gipf.md), nine international cross-border points with Romania
and 26 international cross-border points with Ukraine.
MACROECONOMIC COUNTRY PROFILE
Why invest in Moldova?
Regionally attractive
1. fiscal and non-fiscal
regime
• Attractive corporate tax rate
(12% in 2012), lowest in region
• Extensive network of double taxation treaties
• Fiscal and non-fiscal incentives
for Free Economic Zone residents:
Exemption from VAT; Exemption
from customs duties and excise
duties on goods imported into the
FEZ and subsequently exported;
0% corporate tax rate; 10-year
protection against adverse changes in legislation; Infrastructure
in place (transport, water, gas,
electricity)
1 0 | Pr i va ti s ati on
2. Stable macroeconomic indicators and
high growth
•
•
•
•
•
2008-2010 GDP growth: 6.3%
GDP growth: 6.8% (2011)
Budget deficit: 2.4% (2011)
Inflation rate: 7.8% (2011)
Unemployment rate: 6.7% (2011)
Country
RM
RO
UA
GDP 2011 (B $)
GDP 2011 per capita ($)
GDP Growth 2012E
Moody’s Gov B Rating
Population 2011 (M)
FDI 2011 (B $)
FDI per capita ($)
11.99
3,330
0.3%
B3
3.6
0.28
79
179.79
9,440
1.4%
Baa3
19.04
2.7
139
329.32
7,230
2.4%
B3
45.5
7.2
158
Lowest average
3.
wage in the region –
€1.2/h
4. Access to EU and
CIS growth markets
5. Strong political
agenda to embark
on EU led integration
processes
• Average monthly salary €190
• High education level (80% attain
secondary education, 38% pursue
higher education), strong technical education
• 70% of population is multilingual
• Advantageous free trade agreements with EU and CIS countries
• Ongoing
negotiations
on
EU-Moldova DCFTA (over 4 rounds
of negotiations)
• International port access
• Constantly upgrading Road
Infrastructure
• Best performer of EU Eastern
Partnership
• Ongoing
negotiation
of
EU-Moldova
Association
Agreement (over 14 rounds of
negotiations)
(against €2.2/h in UA, €4.2/h in
RO and BG)
(500M + 275M = 775M potential
customers)
F i n a si st C o n su l ti n g L td .
KEY FINANCIALS
BALANCE SHEET (USD*)
1
1.1
1.2
1.3
1.4
1.5
2
2.1
2.2
2.3
2.4
2.5
2.6
3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
LONG-TERM ASSETS
Intangible assets
Amortization of intangible assets
Long-term tangible assets
Depreciation of long-term tangible
assets
Long-term financial assets
Total for section 1
CURRENT ASSETS
Stocks of goods and materials
Short-term receivables
Short-term receivables related to
budget settlements
Short-term investments
Cash
Other short-term assets
Total for section 2
TOTAL FOR ASSETS
SHAREHOLDER'S EQUITY
Share capital
Unpaid capital
Withdrawn capital
Reserves
Corrections of prior period results
Retained earnings (uncovered loss)
of previous years
Net income (net loss) of the reporting year
Net income used in the reporting
year
Additional capital
Secondary capital
Total for section 3
2009
2010
2011
0
92
128.498
85.066
0
147
130.060
89.851
235
199
134.928
97.394
030 0
040 43.562
0
40.288
0
37.570
050 33.885
060 11.258
070 0
41.166
2.372
76
56.678
16.400
28
080
090
100
110
120
0
1.102
205
46.450
90.012
0
501
33
44.149
84.437
0
669
87
73.862
111.432
130
140
150
160
170
180
47.506
0
0
0
0
0
48.083
0
0
0
0
-10.442
49.883
0
0
0
-353
-11.099
190 -10.316
-257
-173
200 0
0
0
210 12.512
220 0
230 49.702
12.664
0
50.049
13.138
0
51.397
010
011
020
021
4
4.1
4.2
LONG-TERM LIABILITIES
Long-term financial debt
Calculated long-term debt
Total for section 4
240 0
250 300
260 300
0
303
303
0
315
315
5
5.1
5.2
5.3
5.4
5.5
5.6
SHORT-TERM LIABILITIES
Financial liabilities
Trade liabilities
Liabilities on wages
Liabilities on insurance
Liabilities on budget settlements
Other calculated liabilities
Total for section 5
TOTAL FOR EQUITY & LIABILITIES
270
280
290
300
310
320
330
340
0
5.596
1.098
1.513
611
25.268
34.085
84.437
0
6.815
11.535
6.873
5.756
28.740
59.720
111.432
GENERAL DISCLOSURE
This company profile teaser is essential reading for any
serious investor, providing comprehensive financial information on a company’s performance, position and cash
flows over the past 3 years. This information, extracted
from reported financial statements, forms the building
blocks for any analysis undertaken by investment professionals.
The information in this presentation is subject to updating,
revision, further verification and amendment without notice.
No reliance may be placed for any purpose whatsoever on
the information or opinions contained in this investment
profile or any other document or oral statement or on the
completeness, accuracy or fairness of the information and/
or opinions therein. This research is based on current
public information that is considered reliable. Investors
shouldn’t consider this report as a single factor in making
their investment decision.
This research is not an offer to sell or the solicitation of
an offer to buy. It does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual
investor. One should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional
advice, including tax advice. Past performance is not a
guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations
in exchange rates could have adverse effects on the value
or price of, or income derived from, certain investments.
PROFIT & LOSS STATEMENT (USD*)
0
6.202
9.396
3.791
3.395
17.227
40.011
90.012
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
CONTACTS
Full-time privatization promotion
and investment attraction team
Leadership team
Angela Susanu
Valeriu Lazar
Deputy Director of Moldovan Public
Deputy Prime Minister
Property Agency
Minister of Economy of the Republic
[email protected]
of Moldova
Tel. +373 22 234350
Tudor Copaci
Octavian Berzan
Director of Public Property Agency of
Deputy Director of Moldovan Investment
Moldova
and Export Promotion Organisation
[email protected]
Denis Jelimalai
Tel. +373 22 232703
Director of Moldovan Investment and
Export Promotion Organisation
Net Sales
Cost of sales
Gross profit (loss)
Other operating incomes
Selling and marketing expenses
General and administrative expenses
Other operating expenses
Operating result: profit (loss)
Investing result: profit (loss)
Financing result: profit (loss)
Financial-economic result: profit
(loss)
Extraordinary result: profit (loss)
Profit (loss) of the reporting period
before taxation
Expenses (savings) on income tax
Net profit (loss)
2009
2010
2011
9.843
2.812
7.031
4.329
0
21.677
0
-10.316
0
0
-10.316
39.927
17.627
22.300
7.216
614
29.387
109
-593
337
0
-257
48.981
20.253
28.728
4.370
0
33.271
0
-173
0
0
-173
120 0
130 -10.316
0
-257
0
-173
140 0
150 -10.316
0
-257
0
-173
-6,2%
-7,5%
-5,0%
0,7%
-14,7%
305,7%
-97,5%
32,0%
-6,7%
67,3%
2,7%
74,6%
22,7%
-32,6%
-0,5%
-0,3%
-0,6%
77,2%
-0,3%
-0,2%
-0,4%
80,9%
010
020
030
040
050
060
070
080
090
100
110
GROWTH RATES (YOY)
Total assets
Long-term assets
Current assets
Total equity
Total liabilities
Net sales
Net profit
RATIOS
ROE
ROA
ROS
Current liquidity ratio
-20,8%
-11,5%
-104,8%
86,1%
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
Pu b l i c Pr o p e r ty Ag e n cy o f R e p u b l i c o f M o l d o va
M o l d o va n In ve stm e n t a n d Exp o r t Pr o m o ti o n Or g a n i za ti o n
Privatisation | 11
CHISINAU CIRCUS JSC
PUBLIC COMPANIES PRIVATISATION SERIES
LOCATION
Chişinău, 33, Renasterii Nationale bd., MD-2005
SECTOR
Creative, arts and entertainment activities
PUBLIC STAKE
83.32 %
BACKGROUND
The only circus building in Moldova to provide all-season
venue for professional circus entertainment. The circular
1,900 spectators-capacity building was erected in 1981.
The diameter of the arena is 13 meters, while the building’s
dome is detachable.
The circus infrastructure occupies 2.8 ha of public property
land, whereas the circus facilities area is about 5.5 thousand sq. m. The circus is one of the few public companies
which are to be privatized and to keep the same specialization.
The circus has been closed for the last eight years.
ABOUT MOLDOVA
Standard time zone: UTC/GMT +2 hours
Distance to: Brussels-2200km, Berlin-1500km, Moscow-1300km,
Odessa-200km, Bucharest-450km
Currency: Moldovan Lei (MDL); USD/MDL – 1/12.11,
KEY REASONS TO INVEST
• Only and one of a kind building with enclosed infrastructure to host all-season venue circus presentations
• Excellent location
• Constant demand for professional entertainment activities
EUR/MDL – 1/16.11
Population: 3.5 million
Administrative division: 37 first-tier units, including 32 districts
Gini index: 38.0 (Medium)
Human Development Index: ∆0.649
Main transport gates: Chisinau International Airport (Code:KIV,
www.airport.md), Giurgiulesti International Free Port (www.
gipf.md), nine international cross-border points with Romania
and 26 international cross-border points with Ukraine.
MACROECONOMIC COUNTRY PROFILE
Why invest in Moldova?
Regionally attractive
1. fiscal and non-fiscal
regime
• Attractive corporate tax rate
(12% in 2012), lowest in region
• Extensive network of double taxation treaties
• Fiscal and non-fiscal incentives
for Free Economic Zone residents:
Exemption from VAT; Exemption
from customs duties and excise
duties on goods imported into the
FEZ and subsequently exported;
0% corporate tax rate; 10-year
protection against adverse changes in legislation; Infrastructure
in place (transport, water, gas,
electricity)
1 2 | Pr i va ti s ati on
2. Stable macroeconomic indicators and
high growth
•
•
•
•
•
2008-2010 GDP growth: 6.3%
GDP growth: 6.8% (2011)
Budget deficit: 2.4% (2011)
Inflation rate: 7.8% (2011)
Unemployment rate: 6.7% (2011)
Country
RM
RO
UA
GDP 2011 (B $)
GDP 2011 per capita ($)
GDP Growth 2012E
Moody’s Gov B Rating
Population 2011 (M)
FDI 2011 (B $)
FDI per capita ($)
11.99
3,330
0.3%
B3
3.6
0.28
79
179.79
9,440
1.4%
Baa3
19.04
2.7
139
329.32
7,230
2.4%
B3
45.5
7.2
158
Lowest average
3.
wage in the region –
€1.2/h
4. Access to EU and
CIS growth markets
5. Strong political
agenda to embark
on EU led integration
processes
• Average monthly salary €190
• High education level (80% attain
secondary education, 38% pursue
higher education), strong technical education
• 70% of population is multilingual
• Advantageous free trade agreements with EU and CIS countries
• Ongoing
negotiations
on
EU-Moldova DCFTA (over 4 rounds
of negotiations)
• International port access
• Constantly upgrading Road
Infrastructure
• Best performer of EU Eastern
Partnership
• Ongoing
negotiation
of
EU-Moldova
Association
Agreement (over 14 rounds of
negotiations)
(against €2.2/h in UA, €4.2/h in
RO and BG)
(500M + 275M = 775M potential
customers)
F i n a si st C o n su l ti n g L td .
KEY FINANCIALS
BALANCE SHEET (USD*)
1
1.1
1.2
1.3
1.4
1.5
2
2.1
2.2
2.3
2.4
2.5
2.6
3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
LONG-TERM ASSETS
Intangible assets
Amortization of intangible assets
Long-term tangible assets
Depreciation of long-term tangible
assets
Long-term financial assets
Total for section 1
CURRENT ASSETS
Stocks of goods and materials
Short-term receivables
Short-term receivables related to
budget settlements
Short-term investments
Cash
Other short-term assets
Total for section 2
TOTAL FOR ASSETS
SHAREHOLDER'S EQUITY
Share capital
Unpaid capital
Withdrawn capital
Reserves
Corrections of prior period results
Retained earnings (uncovered loss)
of previous years
Net income (net loss) of the reporting year
Net income used in the reporting
year
Additional capital
Secondary capital
Total for section 3
2009
2010
2011
79.629
17.309
4.935.542
2.396.877
80.598
21.549
4.995.562
2.554.844
83.614
26.536
5.182.543
2.783.263
030 713
040 2.601.699
18.613
2.518.380
0
2.456.358
050 3.208
060 0
070 0
3.223
0
0
3.197
0
0
080
090
100
110
120
0
8.491
296
11.995
2.613.694
0
177
681
4.081
2.522.461
0
263
348
3.809
2.460.167
130
140
150
160
170
180
5.672.046
4.770.637
0
0
-2.572
1.220.765
5.741.022
4.828.652
0
0
0
1.068.067
5.955.905
5.009.385
0
0
-18.062
966.484
190 -162.959
-136.452
-164.316
200 0
0
0
210 0
220 508.683
230 2.465.326
0
514.869
2.358.854
0
534.140
2.264.766
010
011
020
021
4
4.1
4.2
LONG-TERM LIABILITIES
Long-term financial debt
Calculated long-term debt
Total for section 4
240 0
250 0
260 0
0
0
0
0
0
0
5
5.1
5.2
5.3
5.4
5.5
5.6
SHORT-TERM LIABILITIES
Financial liabilities
Trade liabilities
Liabilities on wages
Liabilities on insurance
Liabilities on budget settlements
Other calculated liabilities
Total for section 5
TOTAL FOR EQUITY & LIABILITIES
270
280
290
300
310
320
330
340
0
69.982
14.953
18.521
59.955
197
163.607
2.522.461
0
64.805
28.576
31.344
70.472
204
195.401
2.460.167
GENERAL DISCLOSURE
This company profile teaser is essential reading for any
serious investor, providing comprehensive financial information on a company’s performance, position and cash
flows over the past 3 years. This information, extracted
from reported financial statements, forms the building
blocks for any analysis undertaken by investment professionals.
The information in this presentation is subject to updating,
revision, further verification and amendment without notice.
No reliance may be placed for any purpose whatsoever on
the information or opinions contained in this investment
profile or any other document or oral statement or on the
completeness, accuracy or fairness of the information and/
or opinions therein. This research is based on current
public information that is considered reliable. Investors
shouldn’t consider this report as a single factor in making
their investment decision.
This research is not an offer to sell or the solicitation of
an offer to buy. It does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual
investor. One should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional
advice, including tax advice. Past performance is not a
guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations
in exchange rates could have adverse effects on the value
or price of, or income derived from, certain investments.
PROFIT & LOSS STATEMENT (USD*)
0
68.265
17.667
9.155
53.086
194
148.368
2.613.694
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
CONTACTS
Full-time privatization promotion
and investment attraction team
Leadership team
Angela Susanu
Valeriu Lazar
Deputy Director of Moldovan Public
Deputy Prime Minister
Property Agency
Minister of Economy of the Republic
[email protected]
of Moldova
Tel. +373 22 234350
Tudor Copaci
Octavian Berzan
Director of Public Property Agency of
Deputy Director of Moldovan Investment
Moldova
and Export Promotion Organisation
[email protected]
Denis Jelimalai
Tel. +373 22 232703
Director of Moldovan Investment and
Export Promotion Organisation
Net Sales
Cost of sales
Gross profit (loss)
Other operating incomes
Selling and marketing expenses
General and administrative expenses
Other operating expenses
Operating result: profit (loss)
Investing result: profit (loss)
Financing result: profit (loss)
Financial-economic result: profit
(loss)
Extraordinary result: profit (loss)
Profit (loss) of the reporting period
before taxation
Expenses (savings) on income tax
Net profit (loss)
2009
2010
2011
0
0
0
3.891
0
165.565
9.008
-170.682
0
7.723
-162.959
0
0
0
5.510
0
133.522
8.441
-136.452
0
0
-136.452
0
0
0
8.520
24
162.114
10.698
-164.316
0
0
-164.316
120 0
130 -162.959
0
-136.452
0
-164.316
140 0
150 -162.959
0
-136.452
0
-164.316
-3,5%
-3,2%
-66,0%
-4,3%
10,3%
-2,5%
-2,5%
-6,7%
-4,0%
19,4%
-16,3%
20,4%
-6,6%
-6,2%
-5,8%
-5,4%
-7,3%
-6,7%
1236,9%
4008,5%
5130,3%
010
020
030
040
050
060
070
080
090
100
110
GROWTH RATES (YOY)
Total assets
Long-term assets
Current assets
Total equity
Total liabilities
Net sales
Net profit
RATIOS
ROE
ROA
ROS
Current liquidity ratio
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
Pu b l i c Pr o p e r ty Ag e n cy o f R e p u b l i c o f M o l d o va
M o l d o va n In ve stm e n t a n d Exp o r t Pr o m o ti o n Or g a n i za ti o n
Privatisation | 13
STATE AGRICULTURAL ENTERPRISE
“DUMBRAVA VEST”
PUBLIC COMPANIES PRIVATISATION SERIES
LOCATION
Chişinău, 209/1 Uzinelor str., MD-2023
SECTOR
Agriculture (vegetables, fruits and greenhouse seeding
material production)
PUBLIC STAKE
100%
BACKGROUND
The company’s production base includes 215 ha of agriculture-use land, formerly enclosed in vegetables and fruits
production, greenhouse production of seeding material.
The field and reminiscent greenhouse infrastructure are
located at 30 km from downtown Chisinau.
The company presently employs 15 people.
ABOUT MOLDOVA
Standard time zone: UTC/GMT +2 hours
KEY REASONS TO INVEST
• Strategically located to respond to a fast growing
demand of seeding material production, vegetables
and fruits demand in Chisinau and surrounding areas
(over 1.5 mil. potential end-consumers)
• Potential beneficiary of a new state-of-the-art wholesale market of agriculture products in Chisinau
• Proximity to existing agriculture markets and distribution chains
• Growing perspective of agrifood export markets
Distance to: Brussels-2200km, Berlin-1500km, Moscow-1300km,
Odessa-200km, Bucharest-450km
Currency: Moldovan Lei (MDL); USD/MDL – 1/12.11,
EUR/MDL – 1/16.11
Population: 3.5 million
Administrative division: 37 first-tier units, including 32 districts
Gini index: 38.0 (Medium)
Human Development Index: ∆0.649
Main transport gates: Chisinau International Airport (Code:KIV,
www.airport.md), Giurgiulesti International Free Port (www.
gipf.md), nine international cross-border points with Romania
and 26 international cross-border points with Ukraine.
MACROECONOMIC COUNTRY PROFILE
Why invest in Moldova?
Regionally attractive
1. fiscal and non-fiscal
regime
• Attractive corporate tax rate
(12% in 2012), lowest in region
• Extensive network of double taxation treaties
• Fiscal and non-fiscal incentives
for Free Economic Zone residents:
Exemption from VAT; Exemption
from customs duties and excise
duties on goods imported into the
FEZ and subsequently exported;
0% corporate tax rate; 10-year
protection against adverse changes in legislation; Infrastructure
in place (transport, water, gas,
electricity)
1 4 | Pr i va ti s ati on
2. Stable macroeconomic indicators and
high growth
•
•
•
•
•
2008-2010 GDP growth: 6.3%
GDP growth: 6.8% (2011)
Budget deficit: 2.4% (2011)
Inflation rate: 7.8% (2011)
Unemployment rate: 6.7% (2011)
Country
RM
RO
UA
GDP 2011 (B $)
GDP 2011 per capita ($)
GDP Growth 2012E
Moody’s Gov B Rating
Population 2011 (M)
FDI 2011 (B $)
FDI per capita ($)
11.99
3,330
0.3%
B3
3.6
0.28
79
179.79
9,440
1.4%
Baa3
19.04
2.7
139
329.32
7,230
2.4%
B3
45.5
7.2
158
Lowest average
3.
wage in the region –
€1.2/h
4. Access to EU and
CIS growth markets
5. Strong political
agenda to embark
on EU led integration
processes
• Average monthly salary €190
• High education level (80% attain
secondary education, 38% pursue
higher education), strong technical education
• 70% of population is multilingual
• Advantageous free trade agreements with EU and CIS countries
• Ongoing
negotiations
on
EU-Moldova DCFTA (over 4 rounds
of negotiations)
• International port access
• Constantly upgrading Road
Infrastructure
• Best performer of EU Eastern
Partnership
• Ongoing
negotiation
of
EU-Moldova
Association
Agreement (over 14 rounds of
negotiations)
(against €2.2/h in UA, €4.2/h in
RO and BG)
(500M + 275M = 775M potential
customers)
F i n a si st C o n su l ti n g L td .
KEY FINANCIALS
BALANCE SHEET (USD*)
1
1.1
1.2
1.3
1.4
1.5
2
2.1
2.2
2.3
2.4
2.5
2.6
3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
LONG-TERM ASSETS
Intangible assets
Amortization of intangible assets
Long-term tangible assets
Depreciation of long-term tangible
assets
Long-term financial assets
Total for section 1
CURRENT ASSETS
Stocks of goods and materials
Short-term receivables
Short-term receivables related to
budget settlements
Short-term investments
Cash
Other short-term assets
Total for section 2
TOTAL FOR ASSETS
SHAREHOLDER'S EQUITY
Share capital
Unpaid capital
Withdrawn capital
Reserves
Corrections of prior period results
Retained earnings (uncovered loss)
of previous years
Net income (net loss) of the reporting year
Net income used in the reporting
year
Additional capital
Secondary capital
Total for section 3
2009
2010
2011
224
92
128.498
85.066
226
147
130.060
89.851
235
199
134.928
97.394
030 0
040 43.562
0
40.288
0
37.570
050 33.885
060 11.258
070 0
41.166
2.372
76
56.678
16.400
28
080
090
100
110
120
0
1.102
205
46.450
90.012
0
501
33
44.149
84.437
0
669
87
73.862
111.432
130
140
150
160
170
180
47.506
0
0
0
0
0
48.083
0
0
0
0
-10.442
49.883
0
0
0
-353
-11.099
190 -10.316
-257
-173
200 0
0
0
210 12.512
220 0
230 49.702
12.664
0
50.049
13.138
0
51.397
010
011
020
021
4
4.1
4.2
LONG-TERM LIABILITIES
Long-term financial debt
Calculated long-term debt
Total for section 4
240 0
250 300
260 300
0
303
303
0
315
315
5
5.1
5.2
5.3
5.4
5.5
5.6
SHORT-TERM LIABILITIES
Financial liabilities
Trade liabilities
Liabilities on wages
Liabilities on insurance
Liabilities on budget settlements
Other calculated liabilities
Total for section 5
TOTAL FOR EQUITY & LIABILITIES
270
280
290
300
310
320
330
340
0
5.596
1.098
1.513
611
25.268
34.085
84.437
0
6.815
11.535
6.873
5.756
28.740
59.720
111.432
GENERAL DISCLOSURE
This company profile teaser is essential reading for any
serious investor, providing comprehensive financial information on a company’s performance, position and cash
flows over the past 3 years. This information, extracted
from reported financial statements, forms the building
blocks for any analysis undertaken by investment professionals.
The information in this presentation is subject to updating,
revision, further verification and amendment without notice.
No reliance may be placed for any purpose whatsoever on
the information or opinions contained in this investment
profile or any other document or oral statement or on the
completeness, accuracy or fairness of the information and/
or opinions therein. This research is based on current
public information that is considered reliable. Investors
shouldn’t consider this report as a single factor in making
their investment decision.
This research is not an offer to sell or the solicitation of
an offer to buy. It does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual
investor. One should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional
advice, including tax advice. Past performance is not a
guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations
in exchange rates could have adverse effects on the value
or price of, or income derived from, certain investments.
PROFIT & LOSS STATEMENT (USD*)
0
6.202
9.396
3.791
3.395
17.227
40.011
90.012
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
CONTACTS
Full-time privatization promotion
and investment attraction team
Leadership team
Angela Susanu
Valeriu Lazar
Deputy Director of Moldovan Public
Deputy Prime Minister
Property Agency
Minister of Economy of the Republic
[email protected]
of Moldova
Tel. +373 22 234350
Tudor Copaci
Octavian Berzan
Director of Public Property Agency of
Deputy Director of Moldovan Investment
Moldova
and Export Promotion Organisation
[email protected]
Denis Jelimalai
Tel. +373 22 232703
Director of Moldovan Investment and
Export Promotion Organisation
Net Sales
Cost of sales
Gross profit (loss)
Other operating incomes
Selling and marketing expenses
General and administrative expenses
Other operating expenses
Operating result: profit (loss)
Investing result: profit (loss)
Financing result: profit (loss)
Financial-economic result: profit
(loss)
Extraordinary result: profit (loss)
Profit (loss) of the reporting period
before taxation
Expenses (savings) on income tax
Net profit (loss)
2009
2010
2011
9.843
2.812
7.031
4.329
0
21.677
0
-10.316
0
0
-10.316
39.927
17.627
22.300
7.216
614
29.387
109
-593
337
0
-257
48.981
20.253
28.728
4.370
0
33.271
0
-173
0
0
-173
120 0
130 -10.316
0
-257
0
-173
140 0
150 -10.316
0
-257
0
-173
-6,2%
-7,5%
-5,0%
0,7%
-14,7%
305,7%
-97,5%
32,0%
-6,7%
67,3%
2,7%
74,6%
22,7%
-32,6%
-0,5%
-0,3%
-0,6%
77,2%
-0,3%
-0,2%
-0,4%
80,9%
010
020
030
040
050
060
070
080
090
100
110
GROWTH RATES (YOY)
Total assets
Long-term assets
Current assets
Total equity
Total liabilities
Net sales
Net profit
RATIOS
ROE
ROA
ROS
Current liquidity ratio
-20,8%
-11,5%
-104,8%
86,1%
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
Pu b l i c Pr o p e r ty Ag e n cy o f R e p u b l i c o f M o l d o va
M o l d o va n In ve stm e n t a n d Exp o r t Pr o m o ti o n Or g a n i za ti o n
Privatisation | 15
ELIRI JSC
PUBLIC COMPANIES PRIVATISATION SERIES
LOCATION
Chişinău, 5 Miron Costin str. MD-2068
SECTOR
Research and experimental development on physical
and natural sciences and engineering
PUBLIC STAKE
63.83 %
BACKGROUND
Starting with the company establishment in 1959 (as a
research institute) and until 1991, Eliri delivered state-ofthe-art electronic devices for the soviet military complex. In
the last three decades, the company has originated over
250 hybrid products for mass production, which triggered
the interest of scientific organizations from overseas (USA,
South Korea and China etc.). The company owns over 500
intellectual property certificates and over 80 patents for
devices and technologies.
The company is located in the north region of Chisinau
(Riscani). It runs three production facilities covering over
10.5 thousand sq. m, located on a public property land of 1
ha. It also employs 53 people.
ABOUT MOLDOVA
Standard time zone: UTC/GMT +2 hours
Distance to: Brussels-2200km, Berlin-1500km, Moscow-1300km,
Odessa-200km, Bucharest-450km
Currency: Moldovan Lei (MDL); USD/MDL – 1/12.11,
EUR/MDL – 1/16.11
Population: 3.5 million
Administrative division: 37 first-tier units, including 32 districts
Gini index: 38.0 (Medium)
KEY REASONS TO INVEST
• Good existing research & development infrastructure
• Narrow high-end specialization
• Qualified personnel
• One of a kind legacy of intellectual properties and
research & development traditions
• Good potential for export markets
Why invest in Moldova?
Regionally attractive
1. fiscal and non-fiscal
regime
• Attractive corporate tax rate
(12% in 2012), lowest in region
• Extensive network of double taxation treaties
• Fiscal and non-fiscal incentives
for Free Economic Zone residents:
Exemption from VAT; Exemption
from customs duties and excise
duties on goods imported into the
FEZ and subsequently exported;
0% corporate tax rate; 10-year
protection against adverse changes in legislation; Infrastructure
in place (transport, water, gas,
electricity)
1 6 | Pr i va ti s ati on
2. Stable macroeconomic indicators and
high growth
•
•
•
•
•
2008-2010 GDP growth: 6.3%
GDP growth: 6.8% (2011)
Budget deficit: 2.4% (2011)
Inflation rate: 7.8% (2011)
Unemployment rate: 6.7% (2011)
Human Development Index: ∆0.649
Main transport gates: Chisinau International Airport (Code:KIV,
www.airport.md), Giurgiulesti International Free Port (www.
gipf.md), nine international cross-border points with Romania
and 26 international cross-border points with Ukraine.
MACROECONOMIC COUNTRY PROFILE
Country
RM
RO
UA
GDP 2011 (B $)
GDP 2011 per capita ($)
GDP Growth 2012E
Moody’s Gov B Rating
Population 2011 (M)
FDI 2011 (B $)
FDI per capita ($)
11.99
3,330
0.3%
B3
3.6
0.28
79
179.79
9,440
1.4%
Baa3
19.04
2.7
139
329.32
7,230
2.4%
B3
45.5
7.2
158
Lowest average
3.
wage in the region –
€1.2/h
4. Access to EU and
CIS growth markets
5. Strong political
agenda to embark
on EU led integration
processes
• Average monthly salary €190
• High education level (80% attain
secondary education, 38% pursue
higher education), strong technical education
• 70% of population is multilingual
• Advantageous free trade agreements with EU and CIS countries
• Ongoing
negotiations
on
EU-Moldova DCFTA (over 4 rounds
of negotiations)
• International port access
• Constantly upgrading Road
Infrastructure
• Best performer of EU Eastern
Partnership
• Ongoing
negotiation
of
EU-Moldova
Association
Agreement (over 14 rounds of
negotiations)
(against €2.2/h in UA, €4.2/h in
RO and BG)
(500M + 275M = 775M potential
customers)
F i n a si st C o n su l ti n g L td .
KEY FINANCIALS
BALANCE SHEET (USD*)
1
1.1
1.2
1.3
1.4
1.5
2
2.1
2.2
2.3
2.4
2.5
2.6
3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
LONG-TERM ASSETS
Intangible assets
Amortization of intangible assets
Long-term tangible assets
Depreciation of long-term tangible
assets
Long-term financial assets
Total for section 1
CURRENT ASSETS
Stocks of goods and materials
Short-term receivables
Short-term receivables related to
budget settlements
Short-term investments
Cash
Other short-term assets
Total for section 2
TOTAL FOR ASSETS
SHAREHOLDER'S EQUITY
Share capital
Unpaid capital
Withdrawn capital
Reserves
Corrections of prior period results
Retained earnings (uncovered loss)
of previous years
Net income (net loss) of the reporting year
Net income used in the reporting
year
Additional capital
Secondary capital
Total for section 3
2009
2010
2011
5.891
4.584
1.370.525
729.916
1.046
543
1.401.268
770.806
1.418
606
1.402.489
770.795
030 870
040 642.785
880
631.846
913
633.418
050 80.965
060 796
070 5.478
104.394
20.632
9.226
96.110
20.487
18.110
080
090
100
110
120
0
64.129
38.972
190.340
833.125
0
108.503
33.978
276.732
908.578
0
344.296
29.785
508.788
1.142.206
130
140
150
160
170
180
283.102
0
0
17.211
0
612
286.545
0
0
22.450
0
0
297.270
0
0
33.482
0
0
190 7.871
21.763
20.910
200 1.240
0
0
210 0
220 502.719
230 810.275
0
487.124
817.882
0
491.019
842.681
010
011
020
021
4
4.1
4.2
LONG-TERM LIABILITIES
Long-term financial debt
Calculated long-term debt
Total for section 4
240 0
250 0
260 0
0
0
0
0
247.374
247.374
5
5.1
5.2
5.3
5.4
5.5
5.6
SHORT-TERM LIABILITIES
Financial liabilities
Trade liabilities
Liabilities on wages
Liabilities on insurance
Liabilities on budget settlements
Other calculated liabilities
Total for section 5
TOTAL FOR EQUITY & LIABILITIES
270
280
290
300
310
320
330
340
0
71.938
12.432
3.692
686
1.949
90.696
908.578
0
44.444
1.386
1.729
1.556
3.035
52.150
1.142.206
GENERAL DISCLOSURE
This company profile teaser is essential reading for any
serious investor, providing comprehensive financial information on a company’s performance, position and cash
flows over the past 3 years. This information, extracted
from reported financial statements, forms the building
blocks for any analysis undertaken by investment professionals.
The information in this presentation is subject to updating,
revision, further verification and amendment without notice.
No reliance may be placed for any purpose whatsoever on
the information or opinions contained in this investment
profile or any other document or oral statement or on the
completeness, accuracy or fairness of the information and/
or opinions therein. This research is based on current
public information that is considered reliable. Investors
shouldn’t consider this report as a single factor in making
their investment decision.
This research is not an offer to sell or the solicitation of
an offer to buy. It does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual
investor. One should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional
advice, including tax advice. Past performance is not a
guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations
in exchange rates could have adverse effects on the value
or price of, or income derived from, certain investments.
PROFIT & LOSS STATEMENT (USD*)
0
9.384
8.657
2.892
531
1.385
22.850
833.125
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
CONTACTS
Full-time privatization promotion
and investment attraction team
Leadership team
Angela Susanu
Valeriu Lazar
Deputy Director of Moldovan Public
Deputy Prime Minister
Property Agency
Minister of Economy of the Republic
[email protected]
of Moldova
Tel. +373 22 234350
Tudor Copaci
Octavian Berzan
Director of Public Property Agency of
Deputy Director of Moldovan Investment
Moldova
and Export Promotion Organisation
[email protected]
Denis Jelimalai
Tel. +373 22 232703
Director of Moldovan Investment and
Export Promotion Organisation
Net Sales
Cost of sales
Gross profit (loss)
Other operating incomes
Selling and marketing expenses
General and administrative expenses
Other operating expenses
Operating result: profit (loss)
Investing result: profit (loss)
Financing result: profit (loss)
Financial-economic result: profit
(loss)
Extraordinary result: profit (loss)
Profit (loss) of the reporting period
before taxation
Expenses (savings) on income tax
Net profit (loss)
2009
2010
2011
87.581
68.159
19.422
79.830
3.464
53.823
37.945
4.020
0
3.850
7.871
293.162
215.728
77.434
66.925
4.954
71.167
45.551
22.687
0
-924
21.763
397.361
259.206
138.155
71.066
9.255
79.414
92.998
27.555
0
-6.644
20.910
120 0
130 7.871
0
21.763
0
20.910
140 0
150 7.871
0
21.763
0
20.910
9,1%
-1,7%
45,4%
0,9%
296,9%
234,7%
176,5%
25,7%
0,2%
83,9%
3,0%
230,3%
35,5%
-3,9%
2,7%
2,4%
7,4%
32,8%
2,5%
1,8%
5,3%
10,2%
010
020
030
040
050
060
070
080
090
100
110
GROWTH RATES (YOY)
Total assets
Long-term assets
Current assets
Total equity
Total liabilities
Net sales
Net profit
RATIOS
ROE
ROA
ROS
Current liquidity ratio
1,0%
0,9%
9,0%
12,0%
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
Pu b l i c Pr o p e r ty Ag e n cy o f R e p u b l i c o f M o l d o va
M o l d o va n In ve stm e n t a n d Exp o r t Pr o m o ti o n Or g a n i za ti o n
Privatisation | 17
STATE COMPANY ENERGOREPARATII
PUBLIC COMPANIES PRIVATISATION SERIES
LOCATION
Chişinău, 1, Otovasca str., MD- 2023
SECTOR
Repair and maintenance of power equipment (thermal and
hydrological power stations, energy distribution networks)
PUBLIC STAKE
100% of the state company share capital
BACKGROUND
The company performs maintenance and repair works at
Chisinau and Balti thermal power stations (CET-1, CET-2 and
CET-Nord-Balti), as well as Dubasari and Costesti Hydrological
Power Plants. The company’s business accounts for over 39%
of the 2.8 million USD market of special destination equipment
repair and maintenance works.
The company operates 17.5 thousand sq. m of facilities, administrative and auxiliary buildings located on 2.4 ha of public
property land (1.48 ha on 1, Otovasca str. and 0.9 ha on 9,
Vadul-lui-Voda str.), situated in the industrial zone of Chisinau.
Parts of the facilities are rented to businesses (8%).
The company employs about 194 people, 75% of them are
graduates of vocational education schools.
KEY REASONS TO INVEST
• Complex repair technology and instruments, building infrastructure
• Very probable prospects for a constantly growing demand
for repair and maintenance works due to a relatively
advanced ageing of thermal power stations and energy
distribution networks in Moldova
• Well-prepared workforce
• Strategically located in Chisinau industrial zone
Why invest in Moldova?
Regionally attractive
1. fiscal and non-fiscal
regime
• Attractive corporate tax rate
(12% in 2012), lowest in region
• Extensive network of double taxation treaties
• Fiscal and non-fiscal incentives
for Free Economic Zone residents:
Exemption from VAT; Exemption
from customs duties and excise
duties on goods imported into the
FEZ and subsequently exported;
0% corporate tax rate; 10-year
protection against adverse changes in legislation; Infrastructure
in place (transport, water, gas,
electricity)
1 8 | Pr i va ti s ati on
2. Stable macroeconomic indicators and
high growth
•
•
•
•
•
2008-2010 GDP growth: 6.3%
GDP growth: 6.8% (2011)
Budget deficit: 2.4% (2011)
Inflation rate: 7.8% (2011)
Unemployment rate: 6.7% (2011)
ABOUT MOLDOVA
Standard time zone: UTC/GMT +2 hours
Distance to: Brussels-2200km, Berlin-1500km, Moscow-1300km,
Odessa-200km, Bucharest-450km
Currency: Moldovan Lei (MDL); USD/MDL – 1/12.11,
EUR/MDL – 1/16.11
Population: 3.5 million
Administrative division: 37 first-tier units, including 32 districts
Gini index: 38.0 (Medium)
Human Development Index: ∆0.649
Main transport gates: Chisinau International Airport (Code:KIV,
www.airport.md), Giurgiulesti International Free Port (www.
gipf.md), nine international cross-border points with Romania
and 26 international cross-border points with Ukraine.
MACROECONOMIC COUNTRY PROFILE
Country
RM
RO
UA
GDP 2011 (B $)
GDP 2011 per capita ($)
GDP Growth 2012E
Moody’s Gov B Rating
Population 2011 (M)
FDI 2011 (B $)
FDI per capita ($)
11.99
3,330
0.3%
B3
3.6
0.28
79
179.79
9,440
1.4%
Baa3
19.04
2.7
139
329.32
7,230
2.4%
B3
45.5
7.2
158
Lowest average
3.
wage in the region –
€1.2/h
4. Access to EU and
CIS growth markets
5. Strong political
agenda to embark
on EU led integration
processes
• Average monthly salary €190
• High education level (80% attain
secondary education, 38% pursue
higher education), strong technical education
• 70% of population is multilingual
• Advantageous free trade agreements with EU and CIS countries
• Ongoing
negotiations
on
EU-Moldova DCFTA (over 4 rounds
of negotiations)
• International port access
• Constantly upgrading Road
Infrastructure
• Best performer of EU Eastern
Partnership
• Ongoing
negotiation
of
EU-Moldova
Association
Agreement (over 14 rounds of
negotiations)
(against €2.2/h in UA, €4.2/h in
RO and BG)
(500M + 275M = 775M potential
customers)
F i n a si st C o n su l ti n g L td .
KEY FINANCIALS
BALANCE SHEET (USD*)
1
1.1
1.2
1.3
1.4
1.5
2
2.1
2.2
2.3
2.4
2.5
2.6
3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
LONG-TERM ASSETS
Intangible assets
Amortization of intangible assets
Long-term tangible assets
Depreciation of long-term tangible
assets
Long-term financial assets
Total for section 1
CURRENT ASSETS
Stocks of goods and materials
Short-term receivables
Short-term receivables related to
budget settlements
Short-term investments
Cash
Other short-term assets
Total for section 2
TOTAL FOR ASSETS
SHAREHOLDER'S EQUITY
Share capital
Unpaid capital
Withdrawn capital
Reserves
Corrections of prior period results
Retained earnings (uncovered loss)
of previous years
Net income (net loss) of the reporting year
Net income used in the reporting
year
Additional capital
Secondary capital
Total for section 3
2009
2010
2011
603
383
968.435
519.503
408
329
971.287
545.292
213
180
1.013.668
592.602
030 0
040 449.152
0
426.074
0
421.099
050 29.693
060 148.310
070 769
29.860
136.530
678
27.180
118.699
885
080
090
100
110
120
40.645
110.907
137.289
467.612
916.764
0
180.739
130.303
478.109
904.183
0
252.025
67.704
466.492
887.591
130
140
150
160
170
180
701.197
0
0
37.926
0
0
709.724
0
0
36.219
0
0
736.289
0
0
36.855
0
0
190 98.945
80.944
46.264
200 0
0
0
210 0
220 0
230 838.068
0
0
826.888
0
0
819.408
010
011
020
021
4
4.1
4.2
LONG-TERM LIABILITIES
Long-term financial debt
Calculated long-term debt
Total for section 4
240 0
250 0
260 0
0
0
0
0
0
0
5
5.1
5.2
5.3
5.4
5.5
5.6
SHORT-TERM LIABILITIES
Financial liabilities
Trade liabilities
Liabilities on wages
Liabilities on insurance
Liabilities on budget settlements
Other calculated liabilities
Total for section 5
TOTAL FOR EQUITY & LIABILITIES
270
280
290
300
310
320
330
340
0
8.884
40.354
6.747
15.027
6.285
77.296
904.183
0
8.407
36.194
6.631
10.427
6.524
68.184
887.591
GENERAL DISCLOSURE
This company profile teaser is essential reading for any
serious investor, providing comprehensive financial information on a company’s performance, position and cash
flows over the past 3 years. This information, extracted
from reported financial statements, forms the building
blocks for any analysis undertaken by investment professionals.
The information in this presentation is subject to updating,
revision, further verification and amendment without notice.
No reliance may be placed for any purpose whatsoever on
the information or opinions contained in this investment
profile or any other document or oral statement or on the
completeness, accuracy or fairness of the information and/
or opinions therein. This research is based on current
public information that is considered reliable. Investors
shouldn’t consider this report as a single factor in making
their investment decision.
This research is not an offer to sell or the solicitation of
an offer to buy. It does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual
investor. One should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional
advice, including tax advice. Past performance is not a
guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations
in exchange rates could have adverse effects on the value
or price of, or income derived from, certain investments.
PROFIT & LOSS STATEMENT (USD*)
0
8.252
46.376
5.464
10.834
7.771
78.697
916.764
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
CONTACTS
Full-time privatization promotion
and investment attraction team
Leadership team
Angela Susanu
Valeriu Lazar
Deputy Director of Moldovan Public
Deputy Prime Minister
Property Agency
Minister of Economy of the Republic
[email protected]
of Moldova
Tel. +373 22 234350
Tudor Copaci
Octavian Berzan
Director of Public Property Agency of
Deputy Director of Moldovan Investment
Moldova
and Export Promotion Organisation
[email protected]
Denis Jelimalai
Tel. +373 22 232703
Director of Moldovan Investment and
Export Promotion Organisation
Net Sales
Cost of sales
Gross profit (loss)
Other operating incomes
Selling and marketing expenses
General and administrative expenses
Other operating expenses
Operating result: profit (loss)
Investing result: profit (loss)
Financing result: profit (loss)
Financial-economic result: profit
(loss)
Extraordinary result: profit (loss)
Profit (loss) of the reporting period
before taxation
Expenses (savings) on income tax
Net profit (loss)
2009
2010
2011
1.157.811
825.051
332.760
69.228
0
231.944
54.992
115.051
5.876
-21.983
98.945
890.772
609.094
281.677
74.861
0
210.763
65.316
80.460
1.263
-779
80.944
1.153.906
775.930
377.976
53.972
0
258.448
76.145
97.354
47
-51.137
46.264
120 0
130 98.945
0
80.944
0
46.264
140 0
150 98.945
0
80.944
0
46.264
-1,4%
-5,1%
2,2%
-1,3%
-1,8%
-23,1%
-18,2%
-1,8%
-1,2%
-2,4%
-0,9%
-11,8%
29,5%
-42,8%
9,8%
9,0%
9,1%
16,2%
5,6%
5,2%
4,0%
14,6%
010
020
030
040
050
060
070
080
090
100
110
GROWTH RATES (YOY)
Total assets
Long-term assets
Current assets
Total equity
Total liabilities
Net sales
Net profit
RATIOS
ROE
ROA
ROS
Current liquidity ratio
11,8%
10,8%
8,5%
16,8%
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
Pu b l i c Pr o p e r ty Ag e n cy o f R e p u b l i c o f M o l d o va
M o l d o va n In ve stm e n t a n d Exp o r t Pr o m o ti o n Or g a n i za ti o n
Privatisation | 19
COMMERCIAL BANK “EUROCREDITBANK”
PUBLIC COMPANIES PRIVATISATION SERIES
LOCATION
Chişinău, 33 Ismail str., MD- 2001
SECTOR
Banking activity
PUBLIC STAKE
21,02 %,
BACKGROUND
EuroCreditBank (ECB) is active since 1992 and is presently
one of the smallest players from the sector. ECB deals about
0.6% of the domestic banking market. The bank holds assets of
about 29.4 million USD. The Bank is oriented to maintaining and
increasing the performance indicators and its market position.
At the end of 2011 the Bank was one of the leaders in the number of the international money transfer systems with 13 IMTS.
ECB has a wide range of traditional electronic servies, as
Internet Banking, SMS Banking, ECB Online and others which
are permanently renewed. ECB is the first Moldovan bank that
began to use the technological network SWIFTNet.
In its structure, the Bank comprises 5 branches: Chişinău,
Bălţi, Ungheni, Orhei and Cahul, and 36 representative offices.
On the 31st of December, 2011, the number of employees at
EuroCreditBank, including the branches and agencies, was 330
people.
KEY REASONS TO INVEST
• Growing perspective due to well developed territorial network and dynamic evolution of the sector
• Financial stability with steady profits obtained in last few
years
• One of the highest prudential indicators from the sector:
risk weighted capital adequacy - 87,0% (min -16%), current
liquidity ratio - 35,6% (min 20%) according to the dates
from September, 30, 2012
• Transition since 2012, of local commercial banks to international financial reporting system (IRFS)
Why invest in Moldova?
Regionally attractive
1. fiscal and non-fiscal
regime
• Attractive corporate tax rate
(12% in 2012), lowest in region
• Extensive network of double taxation treaties
• Fiscal and non-fiscal incentives
for Free Economic Zone residents:
Exemption from VAT; Exemption
from customs duties and excise
duties on goods imported into the
FEZ and subsequently exported;
0% corporate tax rate; 10-year
protection against adverse changes in legislation; Infrastructure
in place (transport, water, gas,
electricity)
2 0 | Pr i va ti s ati on
2. Stable macroeconomic indicators and
high growth
•
•
•
•
•
2008-2010 GDP growth: 6.3%
GDP growth: 6.8% (2011)
Budget deficit: 2.4% (2011)
Inflation rate: 7.8% (2011)
Unemployment rate: 6.7% (2011)
ABOUT MOLDOVA
Standard time zone: UTC/GMT +2 hours
Distance to: Brussels-2200km, Berlin-1500km, Moscow-1300km,
Odessa-200km, Bucharest-450km
Currency: Moldovan Lei (MDL); USD/MDL – 1/12.11,
EUR/MDL – 1/16.11
Population: 3.5 million
Administrative division: 37 first-tier units, including 32 districts
Gini index: 38.0 (Medium)
Human Development Index: ∆0.649
Main transport gates: Chisinau International Airport (Code:KIV,
www.airport.md), Giurgiulesti International Free Port (www.
gipf.md), nine international cross-border points with Romania
and 26 international cross-border points with Ukraine.
MACROECONOMIC COUNTRY PROFILE
Country
RM
RO
UA
GDP 2011 (B $)
GDP 2011 per capita ($)
GDP Growth 2012E
Moody’s Gov B Rating
Population 2011 (M)
FDI 2011 (B $)
FDI per capita ($)
11.99
3,330
0.3%
B3
3.6
0.28
79
179.79
9,440
1.4%
Baa3
19.04
2.7
139
329.32
7,230
2.4%
B3
45.5
7.2
158
Lowest average
3.
wage in the region –
€1.2/h
4. Access to EU and
CIS growth markets
5. Strong political
agenda to embark
on EU led integration
processes
• Average monthly salary €190
• High education level (80% attain
secondary education, 38% pursue
higher education), strong technical education
• 70% of population is multilingual
• Advantageous free trade agreements with EU and CIS countries
• Ongoing
negotiations
on
EU-Moldova DCFTA (over 4 rounds
of negotiations)
• International port access
• Constantly upgrading Road
Infrastructure
• Best performer of EU Eastern
Partnership
• Ongoing
negotiation
of
EU-Moldova
Association
Agreement (over 14 rounds of
negotiations)
(against €2.2/h in UA, €4.2/h in
RO and BG)
(500M + 275M = 775M potential
customers)
F i n a si st C o n su l ti n g L td .
KEY FINANCIALS
BALANCE SHEET (USD*)
I
1
2
3
4
5
6
7
8
9
10
II
1
1,1
1,2
1,3
2
2,1
2,2
2,3
3
III
1
2
3
4
5
ASSETS
Cash financial means
Financial means owed to the bank
(net)
Financial means owed to the NBM
Means placed overnight, net
Total securities (net)
Loans
Minus provisions for the loan loss
Loans and requirements concerning
net financial leasing
Net fixed assets
Other net assets
TOTAL FOR ASSETS
LIABILITIES
Deposits, without interest
Deposits due to individuals
Deposits due to legal entities
Total deposits, without interest
Deposits, with interest
Deposits due to individuals
Deposits due to legal entities
Total deposits, with interest
Total deposits
Other liabilities
TOTAL LIABILITIES
EQUITY CAPITAL
Total outstanding shares
Excess of capital
Capital reserve
Reserves on the re-estimation of
assets
Non-distributed profit
TOTAL EQUITY CAPITAL
TOTAL LIABILITIES AND EQUIITY
CAPITAL
2009
2010
2011
5.606
1.767
2.827
3.402
4.298
7.816
938
813
4.840
6.401
672
5.729
769
1.481
2.047
11.646
778
10.868
2.875
2.646
2.361
15.290
605
14.685
2.158
849
22.777
2.994
867
25.335
3.064
1.125
39.040
2.495
1.368
3.864
2.019
2.113
4.132
3.510
9.564
13.074
1.591
3.955
5.545
460
9.878
4.296
1.995
6.291
10.422
383
10.837
6.392
1.659
8.551
21.625
403
23.091
8.779
0
204
682
8.886
0
889
1.289
9.219
0
922
1.337
3.233
12.980
22.777
3.435
14.498
25.335
4.472
15.950
39.040
GENERAL DISCLOSURE
This company profile teaser is essential reading for any
serious investor, providing comprehensive financial information on a company’s performance, position and cash
flows over the past 3 years. This information, extracted
from reported financial statements, forms the building
blocks for any analysis undertaken by investment professionals.
The information in this presentation is subject to updating, revision, further verification and amendment without notice. No reliance may be placed for any purpose
whatsoever on the information or opinions contained
in this investment profile or any other document or oral
statement or on the completeness, accuracy or fairness
of the information and/or opinions therein. This research
is based on current public information that is considered
reliable. Investors shouldn’t consider this report as a single factor in making their investment decision.
This research is not an offer to sell or the solicitation of
an offer to buy. It does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual
investor. One should consider whether any advice or
recommendation in this research is suitable for their
particular circumstances and, if appropriate, seek professional advice, including tax advice. Past performance
is not a guide to future performance, future returns are
not guaranteed, and a loss of original capital may occur.
Fluctuations in exchange rates could have adverse
effects on the value or price of, or income derived from,
certain investments.
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
PROFIT & LOSS STATEMENT (USD*)
2009
2010
2011
Profits due to interest
Expenses due to interest
Net income due to interest
Profits (losses) not due to interest
Expenses not due to interest
Net profits (losses)
1.959
199
1.760
2.526
2.818
865
1.997
163
1.834
2.178
3.051
842
2.591
299
2.292
2.455
3.801
902
CONTACTS
GROWTH RATES (YOY)
Total assets
Loans
Total liabilities
Deposits
Total equity
Profits due to interest
Net profit
11,2%
81,9%
9,7%
9,7%
11,7%
2,0%
-2,7%
54,1%
31,3%
113,1%
113,1%
10,0%
29,7%
7,2%
RATIOS
ROE
ROA
Efficiency ratio
Current liquidity ratio
6,8%
4,4%
152,1%
51,8%
6,2%
3,7%
131,5%
41,3%
5,8%
2,6%
124,9%
49,9%
Full-time privatization promotion
and investment attraction team
Leadership team
Angela Susanu
Valeriu Lazar
Deputy Director of Moldovan Public
Deputy Prime Minister
Property Agency
Minister of Economy of the Republic
[email protected]
of Moldova
Tel. +373 22 234350
Tudor Copaci
Octavian Berzan
Director of Public Property Agency of
Deputy Director of Moldovan Investment
Moldova
and Export Promotion Organisation
[email protected]
Denis Jelimalai
Tel. +373 22 232703
Director of Moldovan Investment and
Export Promotion Organisation
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
Pu b l i c Pr o p e r ty Ag e n cy o f R e p u b l i c o f M o l d o va
M o l d o va n In ve stm e n t a n d Exp o r t Pr o m o ti o n Or g a n i za ti o n
Privatisation | 21
SC CHISINAU GLASS FACTORY
PUBLIC COMPANIES PRIVATISATION SERIES
LOCATION
Chişinău, 20, Transnistria str., MD- 2004
SECTOR
Manufacturing of glass containers
PUBLIC STAKE
100% of the state company share capital
BACKGROUND
The company has been founded back in 1970 and is presently
a key player in Moldova’s glass container manufacturing industry. The company’s business accounts for 23% of the national
glass container manufacturing industry, estimated at around 69
million USD.
The company is located in Chisinau industrial zone, and
operates over 48 thousand sq. m of production, auxiliary and
warehouse facilities, which are all located on a 14.4 ha public
property land.
The company’s production portfolio includes about 300 kinds of
various bottles and cans, mostly covering the requirements of
the local wine-cognac and liquor-vodka plants, vegetables and
fruit processing and canning enterprises, producers of refreshment drinks, baby food, ketchups etc. The basis of the range of
products is 0.1-1.0 liter capacity glass bottles of colorless glass
(various configuration with conventional and screw-neck bottle)
and 0.1-1.7 liter capacity glass cans of colorless glass (various
configuration). On average 40 to 50% of production is exported.
The company employs about 580 people.
KEY REASONS TO INVEST
• Key player in domestic glass containers industry
• Implemented ISO 9001-2000 quality management system
• Deep modernization plan successfully implemented a few
years ago
• Technically prepared to respond to fast growing wine and
agrifood industries demand of glass packaging
• Growing perspective of export markets
• Well prepared workforce
Why invest in Moldova?
Regionally attractive
1. fiscal and non-fiscal
regime
• Attractive corporate tax rate
(12% in 2012), lowest in region
• Extensive network of double taxation treaties
• Fiscal and non-fiscal incentives
for Free Economic Zone residents:
Exemption from VAT; Exemption
from customs duties and excise
duties on goods imported into the
FEZ and subsequently exported;
0% corporate tax rate; 10-year
protection against adverse changes in legislation; Infrastructure
in place (transport, water, gas,
electricity)
2 2 | Pr i va ti s ati on
2. Stable macroeconomic indicators and
high growth
•
•
•
•
•
2008-2010 GDP growth: 6.3%
GDP growth: 6.8% (2011)
Budget deficit: 2.4% (2011)
Inflation rate: 7.8% (2011)
Unemployment rate: 6.7% (2011)
ABOUT MOLDOVA
Standard time zone: UTC/GMT +2 hours
Distance to: Brussels-2200km, Berlin-1500km, Moscow-1300km,
Odessa-200km, Bucharest-450km
Currency: Moldovan Lei (MDL); USD/MDL – 1/12.11,
EUR/MDL – 1/16.11
Population: 3.5 million
Administrative division: 37 first-tier units, including 32 districts
Gini index: 38.0 (Medium)
Human Development Index: ∆0.649
Main transport gates: Chisinau International Airport (Code:KIV,
www.airport.md), Giurgiulesti International Free Port (www.
gipf.md), nine international cross-border points with Romania
and 26 international cross-border points with Ukraine.
MACROECONOMIC COUNTRY PROFILE
Country
RM
RO
UA
GDP 2011 (B $)
GDP 2011 per capita ($)
GDP Growth 2012E
Moody’s Gov B Rating
Population 2011 (M)
FDI 2011 (B $)
FDI per capita ($)
11.99
3,330
0.3%
B3
3.6
0.28
79
179.79
9,440
1.4%
Baa3
19.04
2.7
139
329.32
7,230
2.4%
B3
45.5
7.2
158
Lowest average
3.
wage in the region –
€1.2/h
4. Access to EU and
CIS growth markets
5. Strong political
agenda to embark
on EU led integration
processes
• Average monthly salary €190
• High education level (80% attain
secondary education, 38% pursue
higher education), strong technical education
• 70% of population is multilingual
• Advantageous free trade agreements with EU and CIS countries
• Ongoing
negotiations
on
EU-Moldova DCFTA (over 4 rounds
of negotiations)
• International port access
• Constantly upgrading Road
Infrastructure
• Best performer of EU Eastern
Partnership
• Ongoing
negotiation
of
EU-Moldova
Association
Agreement (over 14 rounds of
negotiations)
(against €2.2/h in UA, €4.2/h in
RO and BG)
(500M + 275M = 775M potential
customers)
F i n a si st C o n su l ti n g L td .
KEY FINANCIALS
BALANCE SHEET (USD*)
1
1.1
1.2
1.3
1.4
1.5
2
2.1
2.2
2.3
2.4
2.5
2.6
3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
LONG-TERM ASSETS
Intangible assets
Amortization of intangible assets
Long-term tangible assets
Depreciation of long-term tangible
assets
Long-term financial assets
Total for section 1
CURRENT ASSETS
Stocks of goods and materials
Short-term receivables
Short-term receivables related to
budget settlements
Short-term investments
Cash
Other short-term assets
Total for section 2
TOTAL FOR ASSETS
SHAREHOLDER'S EQUITY
Share capital
Unpaid capital
Withdrawn capital
Reserves
Corrections of prior period results
Retained earnings (uncovered loss)
of previous years
Net income (net loss) of the reporting year
Net income used in the reporting
year
Additional capital
Secondary capital
Total for section 3
2009
2010
2011
28
23
52.536
30.027
29
27
53.084
31.446
30
29
57.340
31.360
030 93
040 22.607
93
21.732
26.076
26.076
050 9.870
060 8.170
070 160
9.284
9.173
229
12.799
9.394
1.303
080
090
100
110
120
0
52
256
18.507
41.115
0
223
368
19.276
41.008
0
1.165
409
25.072
51.148
130
140
150
160
170
180
30.145
0
0
1.420
-2
412
30.512
0
0
1.825
-6
414
33.151
0
0
653
-0
424
190 753
248
110
200 0
0
0
210 0
220 0
230 32.728
0
0
32.993
0
0
34.337
010
011
020
021
4
4.1
4.2
LONG-TERM LIABILITIES
Long-term financial debt
Calculated long-term debt
Total for section 4
240 1.943
250 74
260 2.017
1.632
75
1.707
10.026
0
10.026
5
5.1
5.2
5.3
5.4
5.5
5.6
SHORT-TERM LIABILITIES
Financial liabilities
Trade liabilities
Liabilities on wages
Liabilities on insurance
Liabilities on budget settlements
Other calculated liabilities
Total for section 5
TOTAL FOR EQUITY & LIABILITIES
270
280
290
300
310
320
330
340
0
5.657
262
80
36
274
6.308
41.008
0
6.342
154
18
11
260
6.785
51.148
GENERAL DISCLOSURE
This company profile teaser is essential reading for any
serious investor, providing comprehensive financial information on a company’s performance, position and cash
flows over the past 3 years. This information, extracted
from reported financial statements, forms the building
blocks for any analysis undertaken by investment professionals.
The information in this presentation is subject to updating,
revision, further verification and amendment without notice.
No reliance may be placed for any purpose whatsoever on
the information or opinions contained in this investment
profile or any other document or oral statement or on the
completeness, accuracy or fairness of the information and/
or opinions therein. This research is based on current
public information that is considered reliable. Investors
shouldn’t consider this report as a single factor in making
their investment decision.
This research is not an offer to sell or the solicitation of
an offer to buy. It does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual
investor. One should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional
advice, including tax advice. Past performance is not a
guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations
in exchange rates could have adverse effects on the value
or price of, or income derived from, certain investments.
PROFIT & LOSS STATEMENT (USD*)
0
5.951
230
72
21
94
6.369
41.115
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
CONTACTS
Full-time privatization promotion
and investment attraction team
Leadership team
Angela Susanu
Valeriu Lazar
Deputy Director of Moldovan Public
Deputy Prime Minister
Property Agency
Minister of Economy of the Republic
[email protected]
of Moldova
Tel. +373 22 234350
Tudor Copaci
Octavian Berzan
Director of Public Property Agency of
Deputy Director of Moldovan Investment
Moldova
and Export Promotion Organisation
[email protected]
Denis Jelimalai
Tel. +373 22 232703
Director of Moldovan Investment and
Export Promotion Organisation
Net Sales
Cost of sales
Gross profit (loss)
Other operating incomes
Selling and marketing expenses
General and administrative expenses
Other operating expenses
Operating result: profit (loss)
Investing result: profit (loss)
Financing result: profit (loss)
Financial-economic result: profit
(loss)
Extraordinary result: profit (loss)
Profit (loss) of the reporting period
before taxation
Expenses (savings) on income tax
Net profit (loss)
2009
2010
2011
16.005
12.439
3.566
363
479
1.715
777
958
-6
-198
753
20.170
17.131
3.039
513
788
1.826
721
217
-2
33
248
16.284
13.378
2.906
551
708
1.724
1.274
-250
-93
452
110
120 0
130 753
0
248
0
110
140 0
150 753
0
248
0
110
-0,3%
-3,9%
4,2%
0,8%
-4,4%
26,0%
-67,1%
24,7%
20,0%
30,1%
4,1%
109,7%
-19,3%
-55,7%
0,8%
0,6%
1,2%
32,7%
0,3%
0,2%
0,7%
27,1%
010
020
030
040
050
060
070
080
090
100
110
GROWTH RATES (YOY)
Total assets
Long-term assets
Current assets
Total equity
Total liabilities
Net sales
Net profit
RATIOS
ROE
ROA
ROS
Current liquidity ratio
2,3%
1,8%
4,7%
34,4%
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
Pu b l i c Pr o p e r ty Ag e n cy o f R e p u b l i c o f M o l d o va
M o l d o va n In ve stm e n t a n d Exp o r t Pr o m o ti o n Or g a n i za ti o n
Privatisation | 23
FARMACO JSC
PUBLIC COMPANIES PRIVATISATION SERIES
LOCATION
Chişinău, 2 Vadul lui Voda str. MD-2023
SECTOR
Pharmaceutical industry (manufacture of pharmaceuticals for therapeutic and prophylaxis applications)
PUBLIC STAKE
94.614 %
BACKGROUND
The company’s roots go back to 1939, when Farmaco Laboratory
was established. Until 1998, the company was the only manufacturer of pharmaceutical products in Moldova.
Presently, the company manufactures products of five categories: solutions for injection, solutions for infusion, powder for
injection, tablets and capsules, galenic products.
In 2005, the company engaged in a modernization plan with a
deadline in 2016, aiming at transforming the company into a
national strategic producer of pharmaceutical products.
The company is located in Chisinau industrial zone. It runs three
production facilities covering 13.7 thousand sq. m, located on a
public property land of 2.9 ha.
The company is a key player in the domestic pharmaceuticals
manufacturing sector, accounting for over 14% of the 25.2 million USD worth sector.
Presently, the company employs about 180 people.
KEY REASONS TO INVEST
• Good existing production infrastructure
• Constantly upgrading distribution network
• Qualified personnel
• Growing prospects of export markets
• Constantly growing demand for pharmaceutical products
(+15% yoy in 2011)
• Good business location in city’s industrial zone (10 km from
downtown Chisinau)
• Proximity to country’s most important pharmaceutical academic and training centers, hospitals and clinics
Why invest in Moldova?
Regionally attractive
1. fiscal and non-fiscal
regime
• Attractive corporate tax rate
(12% in 2012), lowest in region
• Extensive network of double taxation treaties
• Fiscal and non-fiscal incentives
for Free Economic Zone residents:
Exemption from VAT; Exemption
from customs duties and excise
duties on goods imported into the
FEZ and subsequently exported;
0% corporate tax rate; 10-year
protection against adverse changes in legislation; Infrastructure
in place (transport, water, gas,
electricity)
2 4 | Pr i va ti s ati on
2. Stable macroeconomic indicators and
high growth
•
•
•
•
•
2008-2010 GDP growth: 6.3%
GDP growth: 6.8% (2011)
Budget deficit: 2.4% (2011)
Inflation rate: 7.8% (2011)
Unemployment rate: 6.7% (2011)
ABOUT MOLDOVA
Standard time zone: UTC/GMT +2 hours
Distance to: Brussels-2200km, Berlin-1500km, Moscow-1300km,
Odessa-200km, Bucharest-450km
Currency: Moldovan Lei (MDL); USD/MDL – 1/12.11,
EUR/MDL – 1/16.11
Population: 3.5 million
Administrative division: 37 first-tier units, including 32 districts
Gini index: 38.0 (Medium)
Human Development Index: ∆0.649
Main transport gates: Chisinau International Airport (Code:KIV,
www.airport.md), Giurgiulesti International Free Port (www.
gipf.md), nine international cross-border points with Romania
and 26 international cross-border points with Ukraine.
MACROECONOMIC COUNTRY PROFILE
Country
RM
RO
UA
GDP 2011 (B $)
GDP 2011 per capita ($)
GDP Growth 2012E
Moody’s Gov B Rating
Population 2011 (M)
FDI 2011 (B $)
FDI per capita ($)
11.99
3,330
0.3%
B3
3.6
0.28
79
179.79
9,440
1.4%
Baa3
19.04
2.7
139
329.32
7,230
2.4%
B3
45.5
7.2
158
Lowest average
3.
wage in the region –
€1.2/h
4. Access to EU and
CIS growth markets
5. Strong political
agenda to embark
on EU led integration
processes
• Average monthly salary €190
• High education level (80% attain
secondary education, 38% pursue
higher education), strong technical education
• 70% of population is multilingual
• Advantageous free trade agreements with EU and CIS countries
• Ongoing
negotiations
on
EU-Moldova DCFTA (over 4 rounds
of negotiations)
• International port access
• Constantly upgrading Road
Infrastructure
• Best performer of EU Eastern
Partnership
• Ongoing
negotiation
of
EU-Moldova
Association
Agreement (over 14 rounds of
negotiations)
(against €2.2/h in UA, €4.2/h in
RO and BG)
(500M + 275M = 775M potential
customers)
F i n a si st C o n su l ti n g L td .
KEY FINANCIALS
BALANCE SHEET (USD*)
1
1.1
1.2
1.3
1.4
1.5
2
2.1
2.2
2.3
2.4
2.5
2.6
3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
LONG-TERM ASSETS
Intangible assets
Amortization of intangible assets
Long-term tangible assets
Depreciation of long-term tangible
assets
Long-term financial assets
Total for section 1
CURRENT ASSETS
Stocks of goods and materials
Short-term receivables
Short-term receivables related to
budget settlements
Short-term investments
Cash
Other short-term assets
Total for section 2
TOTAL FOR ASSETS
SHAREHOLDER'S EQUITY
Share capital
Unpaid capital
Withdrawn capital
Reserves
Corrections of prior period results
Retained earnings (uncovered loss)
of previous years
Net income (net loss) of the reporting year
Net income used in the reporting
year
Additional capital
Secondary capital
Total for section 3
2009
2010
2011
61.757
15.725
10.467.176
3.665.224
108.713
28.088
10.730.204
3.934.841
187.420
33.370
11.257.065
4.372.745
030 69.845
040 6.917.830
75.268
6.951.257
151.903
7.190.273
050 1.112.105
060 493.064
070 71.278
1.436.523
543.322
12.998
1.481.051
496.429
16.582
080
090
100
110
120
0
61.773
49.909
1.788.129
8.705.959
0
42.530
70.456
2.105.829
9.057.086
0
4.078
33.945
2.032.085
9.222.358
130
140
150
160
170
180
1.953.892
0
0
1.644.596
-45
0
1.977.653
0
0
2.082.117
15.266
0
2.051.675
0
0
2.264.785
-1.185
0
190 434.261
90.999
196.983
200 0
0
0
210 0
220 1.918.209
230 5.950.913
0
1.941.536
6.107.571
0
2.014.206
6.526.464
010
011
020
021
4
4.1
4.2
LONG-TERM LIABILITIES
Long-term financial debt
Calculated long-term debt
Total for section 4
240 1.841.024
250 35.382
260 1.876.406
1.022.937
29.982
1.052.919
139.291
0
139.291
5
5.1
5.2
5.3
5.4
5.5
5.6
SHORT-TERM LIABILITIES
Financial liabilities
Trade liabilities
Liabilities on wages
Liabilities on insurance
Liabilities on budget settlements
Other calculated liabilities
Total for section 5
TOTAL FOR EQUITY & LIABILITIES
270
280
290
300
310
320
330
340
822.334
888.726
49.773
14.548
12.909
108.307
1.896.596
9.057.086
1.300.620
924.059
63.964
21.039
32.016
214.904
2.556.603
9.222.358
GENERAL DISCLOSURE
This company profile teaser is essential reading for any
serious investor, providing comprehensive financial information on a company’s performance, position and cash
flows over the past 3 years. This information, extracted
from reported financial statements, forms the building
blocks for any analysis undertaken by investment professionals.
The information in this presentation is subject to updating,
revision, further verification and amendment without notice.
No reliance may be placed for any purpose whatsoever on
the information or opinions contained in this investment
profile or any other document or oral statement or on the
completeness, accuracy or fairness of the information and/
or opinions therein. This research is based on current
public information that is considered reliable. Investors
shouldn’t consider this report as a single factor in making
their investment decision.
This research is not an offer to sell or the solicitation of
an offer to buy. It does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual
investor. One should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional
advice, including tax advice. Past performance is not a
guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations
in exchange rates could have adverse effects on the value
or price of, or income derived from, certain investments.
PROFIT & LOSS STATEMENT (USD*)
152.242
564.208
65.477
20.661
61.166
14.886
878.640
8.705.959
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
CONTACTS
Full-time privatization promotion
and investment attraction team
Leadership team
Angela Susanu
Valeriu Lazar
Deputy Director of Moldovan Public
Deputy Prime Minister
Property Agency
Minister of Economy of the Republic
[email protected]
of Moldova
Tel. +373 22 234350
Tudor Copaci
Octavian Berzan
Director of Public Property Agency of
Deputy Director of Moldovan Investment
Moldova
and Export Promotion Organisation
[email protected]
Denis Jelimalai
Tel. +373 22 232703
Director of Moldovan Investment and
Export Promotion Organisation
Net Sales
Cost of sales
Gross profit (loss)
Other operating incomes
Selling and marketing expenses
General and administrative expenses
Other operating expenses
Operating result: profit (loss)
Investing result: profit (loss)
Financing result: profit (loss)
Financial-economic result: profit
(loss)
Extraordinary result: profit (loss)
Profit (loss) of the reporting period
before taxation
Expenses (savings) on income tax
Net profit (loss)
2009
2010
2011
3.620.212
1.786.193
1.834.019
65.062
327.585
499.017
422.432
650.047
119.449
-334.657
434.839
3.400.843
2.202.240
1.198.603
67.596
381.780
383.023
586.668
-85.272
903
176.990
92.621
3.772.410
2.240.081
1.532.329
70.839
510.972
439.590
648.991
3.614
101.533
91.836
196.983
120 0
130 434.839
0
92.621
0
196.983
140 578
150 434.261
1.621
90.999
0
196.983
4,0%
0,5%
17,8%
2,6%
7,1%
-6,1%
-79,0%
1,8%
3,4%
-3,5%
6,9%
-8,6%
10,9%
116,5%
1,5%
1,0%
2,7%
90,1%
3,0%
2,1%
5,2%
125,8%
010
020
030
040
050
060
070
080
090
100
110
GROWTH RATES (YOY)
Total assets
Long-term assets
Current assets
Total equity
Total liabilities
Net sales
Net profit
RATIOS
ROE
ROA
ROS
Current liquidity ratio
7,3%
5,0%
12,0%
49,1%
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
Pu b l i c Pr o p e r ty Ag e n cy o f R e p u b l i c o f M o l d o va
M o l d o va n In ve stm e n t a n d Exp o r t Pr o m o ti o n Or g a n i za ti o n
Privatisation | 25
FLOARE-CARPET JSC
PUBLIC COMPANIES PRIVATISATION SERIES
LOCATION
Chişinău, 15, Gradina Botanica str., MD-2062
SECTOR
Manufacture of carpets and rugs
PUBLIC STAKE
59.49 %
BACKGROUND
The company was established back in 1978 to be reorganized in 1993 into a JSC.
It specializes in jacquard face-to-face machine-made carpets and rug production with a wool content of 80-100%
and a high pile density (520 000 points/m). Over 50%
of production is exported to traditional export markets
such as Russian Federation, Ukraine and Romania. The
national distribution network includes three selling points in
Chisinau, including the one located on the plant site.
Presently, the company’s business accounts for over
13% of the 32.7 million USD worth national carpets and
moquette manufacturing sector.
The company is located in Chisinau industrial zone. The
company’s private property facilities of around 48.3 thousand sq. m are located on a 9.9 ha private property field.
It presently employs around 550 people.
KEY REASONS TO INVEST
• Export-oriented with sound production infrastructure
• ISO-9001 certified production processes
• Qualified personnel
• Growing prospects for export markets
• Excellent site location to accommodate complex industrial facilities
Why invest in Moldova?
Regionally attractive
1. fiscal and non-fiscal
regime
• Attractive corporate tax rate
(12% in 2012), lowest in region
• Extensive network of double taxation treaties
• Fiscal and non-fiscal incentives
for Free Economic Zone residents:
Exemption from VAT; Exemption
from customs duties and excise
duties on goods imported into the
FEZ and subsequently exported;
0% corporate tax rate; 10-year
protection against adverse changes in legislation; Infrastructure
in place (transport, water, gas,
electricity)
2 6 | Pr i va ti s ati on
2. Stable macroeconomic indicators and
high growth
•
•
•
•
•
2008-2010 GDP growth: 6.3%
GDP growth: 6.8% (2011)
Budget deficit: 2.4% (2011)
Inflation rate: 7.8% (2011)
Unemployment rate: 6.7% (2011)
ABOUT MOLDOVA
Standard time zone: UTC/GMT +2 hours
Distance to: Brussels-2200km, Berlin-1500km, Moscow-1300km,
Odessa-200km, Bucharest-450km
Currency: Moldovan Lei (MDL); USD/MDL – 1/12.11,
EUR/MDL – 1/16.11
Population: 3.5 million
Administrative division: 37 first-tier units, including 32 districts
Gini index: 38.0 (Medium)
Human Development Index: ∆0.649
Main transport gates: Chisinau International Airport (Code:KIV,
www.airport.md), Giurgiulesti International Free Port (www.
gipf.md), nine international cross-border points with Romania
and 26 international cross-border points with Ukraine.
MACROECONOMIC COUNTRY PROFILE
Country
RM
RO
UA
GDP 2011 (B $)
GDP 2011 per capita ($)
GDP Growth 2012E
Moody’s Gov B Rating
Population 2011 (M)
FDI 2011 (B $)
FDI per capita ($)
11.99
3,330
0.3%
B3
3.6
0.28
79
179.79
9,440
1.4%
Baa3
19.04
2.7
139
329.32
7,230
2.4%
B3
45.5
7.2
158
Lowest average
3.
wage in the region –
€1.2/h
4. Access to EU and
CIS growth markets
5. Strong political
agenda to embark
on EU led integration
processes
• Average monthly salary €190
• High education level (80% attain
secondary education, 38% pursue
higher education), strong technical education
• 70% of population is multilingual
• Advantageous free trade agreements with EU and CIS countries
• Ongoing
negotiations
on
EU-Moldova DCFTA (over 4 rounds
of negotiations)
• International port access
• Constantly upgrading Road
Infrastructure
• Best performer of EU Eastern
Partnership
• Ongoing
negotiation
of
EU-Moldova
Association
Agreement (over 14 rounds of
negotiations)
(against €2.2/h in UA, €4.2/h in
RO and BG)
(500M + 275M = 775M potential
customers)
F i n a si st C o n su l ti n g L td .
KEY FINANCIALS
BALANCE SHEET (USD*)
1
1.1
1.2
1.3
1.4
1.5
2
2.1
2.2
2.3
2.4
2.5
2.6
3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
LONG-TERM ASSETS
Intangible assets
Amortization of intangible assets
Long-term tangible assets
Depreciation of long-term tangible
assets
Long-term financial assets
Total for section 1
CURRENT ASSETS
Stocks of goods and materials
Short-term receivables
Short-term receivables related to
budget settlements
Short-term investments
Cash
Other short-term assets
Total for section 2
TOTAL FOR ASSETS
SHAREHOLDER'S EQUITY
Share capital
Unpaid capital
Withdrawn capital
Reserves
Corrections of prior period results
Retained earnings (uncovered loss)
of previous years
Net income (net loss) of the reporting year
Net income used in the reporting
year
Additional capital
Secondary capital
Total for section 3
2009
2010
2011
37.401
7.464
21.115.560
8.517.871
32.252
10.002
21.405.372
8.800.683
33.459
14.396
22.233.070
9.265.750
030 10.170
040 12.637.796
11.250
12.638.189
3.541
12.989.924
050 2.324.592
060 1.344.166
070 12.067
2.086.824
1.366.296
11.655
2.025.476
1.532.963
10.372
080
090
100
110
120
0
12.724
54.228
3.747.777
16.385.574
0
2.644
23.220
3.490.639
16.128.828
0
10.613
30.020
3.609.443
16.599.368
130
140
150
160
170
180
4.947.454
0
0
3.008.014
0
-7.478
5.007.618
0
0
2.996.053
0
-7.569
5.195.050
0
0
3.044.852
0
-7.853
190 18.252
7.864
9.543
200 0
0
0
210 0
220 6.299.054
230 14.265.295
0
6.375.655
14.379.620
0
6.614.291
14.855.884
010
011
020
021
4
4.1
4.2
LONG-TERM LIABILITIES
Long-term financial debt
Calculated long-term debt
Total for section 4
240 1.247.092
250 99.188
260 1.346.281
790.104
64.118
854.222
853.110
47.992
901.102
5
5.1
5.2
5.3
5.4
5.5
5.6
SHORT-TERM LIABILITIES
Financial liabilities
Trade liabilities
Liabilities on wages
Liabilities on insurance
Liabilities on budget settlements
Other calculated liabilities
Total for section 5
TOTAL FOR EQUITY & LIABILITIES
270
280
290
300
310
320
330
340
259.170
449.747
93.905
69.928
11.034
11.202
894.985
16.128.828
13.593
570.864
103.405
105.847
43.077
5.595
842.381
16.599.368
GENERAL DISCLOSURE
This company profile teaser is essential reading for any
serious investor, providing comprehensive financial information on a company’s performance, position and cash
flows over the past 3 years. This information, extracted
from reported financial statements, forms the building
blocks for any analysis undertaken by investment professionals.
The information in this presentation is subject to updating,
revision, further verification and amendment without notice.
No reliance may be placed for any purpose whatsoever on
the information or opinions contained in this investment
profile or any other document or oral statement or on the
completeness, accuracy or fairness of the information and/
or opinions therein. This research is based on current
public information that is considered reliable. Investors
shouldn’t consider this report as a single factor in making
their investment decision.
This research is not an offer to sell or the solicitation of
an offer to buy. It does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual
investor. One should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional
advice, including tax advice. Past performance is not a
guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations
in exchange rates could have adverse effects on the value
or price of, or income derived from, certain investments.
PROFIT & LOSS STATEMENT (USD*)
17.671
539.573
172.651
23.321
4.481
16.301
773.998
16.385.574
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
CONTACTS
Full-time privatization promotion
and investment attraction team
Leadership team
Angela Susanu
Valeriu Lazar
Deputy Director of Moldovan Public
Deputy Prime Minister
Property Agency
Minister of Economy of the Republic
[email protected]
of Moldova
Tel. +373 22 234350
Tudor Copaci
Octavian Berzan
Director of Public Property Agency of
Deputy Director of Moldovan Investment
Moldova
and Export Promotion Organisation
[email protected]
Denis Jelimalai
Tel. +373 22 232703
Director of Moldovan Investment and
Export Promotion Organisation
Net Sales
Cost of sales
Gross profit (loss)
Other operating incomes
Selling and marketing expenses
General and administrative expenses
Other operating expenses
Operating result: profit (loss)
Investing result: profit (loss)
Financing result: profit (loss)
Financial-economic result: profit
(loss)
Extraordinary result: profit (loss)
Profit (loss) of the reporting period
before taxation
Expenses (savings) on income tax
Net profit (loss)
2009
2010
2011
4.110.019
3.103.085
1.006.934
14.344
207.185
596.925
268.252
-51.084
12.575
56.762
18.252
3.902.257
3.027.746
874.510
16.548
227.235
498.805
175.701
-10.683
1.227
17.320
7.864
4.400.199
3.523.407
876.792
86.739
256.931
518.880
131.204
56.516
10.671
-57.644
9.543
120 0
130 18.252
0
7.864
0
9.543
140 0
150 18.252
0
7.864
0
9.543
-1,6%
0,0%
-6,9%
0,8%
-17,5%
-5,1%
-56,9%
2,9%
2,8%
3,4%
3,3%
-0,3%
12,8%
21,4%
0,1%
0,0%
0,2%
25,6%
0,1%
0,1%
0,2%
23,3%
010
020
030
040
050
060
070
080
090
100
110
GROWTH RATES (YOY)
Total assets
Long-term assets
Current assets
Total equity
Total liabilities
Net sales
Net profit
RATIOS
ROE
ROA
ROS
Current liquidity ratio
0,1%
0,1%
0,4%
20,7%
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
Pu b l i c Pr o p e r ty Ag e n cy o f R e p u b l i c o f M o l d o va
M o l d o va n In ve stm e n t a n d Exp o r t Pr o m o ti o n Or g a n i za ti o n
Privatisation | 27
STATE COMPANY FLORI
PUBLIC COMPANIES PRIVATISATION SERIES
LOCATION
Chişinău, Singera, 26 Florilor Str.
SECTOR
Agriculture (vegetables and seeds production, ornamental
plants seeds production, greenhouse vegetables production)
PUBLIC STAKE
100% of the state company share capital
BACKGROUND
The company operates nearly 38.6 thousand sq. m of
greenhouse, production and warehouse facilities located on a 23.6 ha of public property land, situated in the
Southeast Chisinau (exit), 20 km from downtown Chisinau.
Presently the company employs 31 people.
ABOUT MOLDOVA
KEY REASONS TO INVEST
• Strategically located to respond to a fast growing
demand of seeding material production, vegetables
and fruits demand in Chisinau and surrounding areas
(over 1.5 mil. potential end-consumers)
• Potential beneficiary of a new state-of-the-art wholesale market of agriculture products in Chisinau
• Proximity to existing agriculture markets and distribution chains
• Growing perspective of agrifood export markets
• Proximity to constantly upgrading road and railway
infrastructure
Standard time zone: UTC/GMT +2 hours
Distance to: Brussels-2200km, Berlin-1500km, Moscow-1300km,
Odessa-200km, Bucharest-450km
Currency: Moldovan Lei (MDL); USD/MDL – 1/12.11,
EUR/MDL – 1/16.11
Population: 3.5 million
Administrative division: 37 first-tier units, including 32 districts
Gini index: 38.0 (Medium)
Human Development Index: ∆0.649
Main transport gates: Chisinau International Airport (Code:KIV,
www.airport.md), Giurgiulesti International Free Port (www.
gipf.md), nine international cross-border points with Romania
and 26 international cross-border points with Ukraine.
MACROECONOMIC COUNTRY PROFILE
Why invest in Moldova?
Regionally attractive
1. fiscal and non-fiscal
regime
• Attractive corporate tax rate
(12% in 2012), lowest in region
• Extensive network of double taxation treaties
• Fiscal and non-fiscal incentives
for Free Economic Zone residents:
Exemption from VAT; Exemption
from customs duties and excise
duties on goods imported into the
FEZ and subsequently exported;
0% corporate tax rate; 10-year
protection against adverse changes in legislation; Infrastructure
in place (transport, water, gas,
electricity)
2 8 | Pr i va ti s ati on
2. Stable macroeconomic indicators and
high growth
•
•
•
•
•
2008-2010 GDP growth: 6.3%
GDP growth: 6.8% (2011)
Budget deficit: 2.4% (2011)
Inflation rate: 7.8% (2011)
Unemployment rate: 6.7% (2011)
Country
RM
RO
UA
GDP 2011 (B $)
GDP 2011 per capita ($)
GDP Growth 2012E
Moody’s Gov B Rating
Population 2011 (M)
FDI 2011 (B $)
FDI per capita ($)
11.99
3,330
0.3%
B3
3.6
0.28
79
179.79
9,440
1.4%
Baa3
19.04
2.7
139
329.32
7,230
2.4%
B3
45.5
7.2
158
Lowest average
3.
wage in the region –
€1.2/h
4. Access to EU and
CIS growth markets
5. Strong political
agenda to embark
on EU led integration
processes
• Average monthly salary €190
• High education level (80% attain
secondary education, 38% pursue
higher education), strong technical education
• 70% of population is multilingual
• Advantageous free trade agreements with EU and CIS countries
• Ongoing
negotiations
on
EU-Moldova DCFTA (over 4 rounds
of negotiations)
• International port access
• Constantly upgrading Road
Infrastructure
• Best performer of EU Eastern
Partnership
• Ongoing
negotiation
of
EU-Moldova
Association
Agreement (over 14 rounds of
negotiations)
(against €2.2/h in UA, €4.2/h in
RO and BG)
(500M + 275M = 775M potential
customers)
F i n a si st C o n su l ti n g L td .
KEY FINANCIALS
BALANCE SHEET (USD*)
1
1.1
1.2
1.3
1.4
1.5
2
2.1
2.2
2.3
2.4
2.5
2.6
3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
LONG-TERM ASSETS
Intangible assets
Amortization of intangible assets
Long-term tangible assets
Depreciation of long-term tangible
assets
Long-term financial assets
Total for section 1
CURRENT ASSETS
Stocks of goods and materials
Short-term receivables
Short-term receivables related to
budget settlements
Short-term investments
Cash
Other short-term assets
Total for section 2
TOTAL FOR ASSETS
SHAREHOLDER'S EQUITY
Share capital
Unpaid capital
Withdrawn capital
Reserves
Corrections of prior period results
Retained earnings (uncovered loss)
of previous years
Net income (net loss) of the reporting year
Net income used in the reporting
year
Additional capital
Secondary capital
Total for section 3
2009
2010
2011
0
0
502.572
430.146
0
0
510.523
447.767
0
0
528.679
474.376
030 0
040 72.426
0
62.756
0
54.303
050 59.260
060 6.095
070 1.205
40.221
6.322
827
27.666
6.208
892
080
090
100
110
120
0
27.454
11.308
105.323
177.748
0
6.222
10.112
63.705
126.460
0
2.179
10.993
47.938
102.241
130
140
150
160
170
180
99.755
0
0
54.740
0
-12.250
100.968
0
0
55.406
0
-42.963
104.747
0
0
57.471
0
-97.071
190 -30.196
-50.606
-36.291
200 0
0
0
210 55.873
220 0
230 167.922
56.552
0
119.358
58.669
0
87.526
010
011
020
021
4
4.1
4.2
LONG-TERM LIABILITIES
Long-term financial debt
Calculated long-term debt
Total for section 4
240 0
250 0
260 0
0
0
0
0
0
0
5
5.1
5.2
5.3
5.4
5.5
5.6
SHORT-TERM LIABILITIES
Financial liabilities
Trade liabilities
Liabilities on wages
Liabilities on insurance
Liabilities on budget settlements
Other calculated liabilities
Total for section 5
TOTAL FOR EQUITY & LIABILITIES
270
280
290
300
310
320
330
340
0
142
5.241
119
52
1.548
7.103
126.460
0
6.493
5.017
180
249
2.775
14.715
102.241
GENERAL DISCLOSURE
This company profile teaser is essential reading for any
serious investor, providing comprehensive financial information on a company’s performance, position and cash
flows over the past 3 years. This information, extracted
from reported financial statements, forms the building
blocks for any analysis undertaken by investment professionals.
The information in this presentation is subject to updating,
revision, further verification and amendment without notice.
No reliance may be placed for any purpose whatsoever on
the information or opinions contained in this investment
profile or any other document or oral statement or on the
completeness, accuracy or fairness of the information and/
or opinions therein. This research is based on current
public information that is considered reliable. Investors
shouldn’t consider this report as a single factor in making
their investment decision.
This research is not an offer to sell or the solicitation of
an offer to buy. It does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual
investor. One should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional
advice, including tax advice. Past performance is not a
guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations
in exchange rates could have adverse effects on the value
or price of, or income derived from, certain investments.
PROFIT & LOSS STATEMENT (USD*)
0
2.490
6.309
0
100
928
9.827
177.748
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
CONTACTS
Full-time privatization promotion
and investment attraction team
Leadership team
Angela Susanu
Valeriu Lazar
Deputy Director of Moldovan Public
Deputy Prime Minister
Property Agency
Minister of Economy of the Republic
[email protected]
of Moldova
Tel. +373 22 234350
Tudor Copaci
Octavian Berzan
Director of Public Property Agency of
Deputy Director of Moldovan Investment
Moldova
and Export Promotion Organisation
[email protected]
Denis Jelimalai
Tel. +373 22 232703
Director of Moldovan Investment and
Export Promotion Organisation
Net Sales
Cost of sales
Gross profit (loss)
Other operating incomes
Selling and marketing expenses
General and administrative expenses
Other operating expenses
Operating result: profit (loss)
Investing result: profit (loss)
Financing result: profit (loss)
Financial-economic result: profit
(loss)
Extraordinary result: profit (loss)
Profit (loss) of the reporting period
before taxation
Expenses (savings) on income tax
Net profit (loss)
2009
2010
2011
112.389
149.255
-36.866
28.217
3.521
31.748
9.924
-53.842
0
23.645
-30.196
106.949
134.277
-27.328
10.069
2.993
27.822
4.179
-52.254
0
1.648
-50.606
92.915
103.252
-10.337
3.273
3.775
23.863
2.792
-37.494
0
1.204
-36.291
120 0
130 -30.196
0
-50.606
0
-36.291
140 0
150 -30.196
0
-50.606
0
-36.291
-28,9%
-13,4%
-39,5%
-28,9%
-27,7%
-4,8%
67,6%
-19,2%
-13,5%
-24,8%
-26,7%
107,2%
-13,1%
-28,3%
-42,4%
-40,0%
-47,3%
11,1%
-41,5%
-35,5%
-39,1%
30,7%
010
020
030
040
050
060
070
080
090
100
110
GROWTH RATES (YOY)
Total assets
Long-term assets
Current assets
Total equity
Total liabilities
Net sales
Net profit
RATIOS
ROE
ROA
ROS
Current liquidity ratio
-18,0%
-17,0%
-26,9%
9,3%
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
Pu b l i c Pr o p e r ty Ag e n cy o f R e p u b l i c o f M o l d o va
M o l d o va n In ve stm e n t a n d Exp o r t Pr o m o ti o n Or g a n i za ti o n
Privatisation | 29
STATE COMPANY GIUVAIER
PUBLIC COMPANIES PRIVATISATION SERIES
LOCATION
Chişinău, 16, Sarmizegetusa, MD- 2032
SECTOR
Jewelry production, repair and wholesale
PUBLIC STAKE
100% of the state company share capital
BACKGROUND
The company was created back in 1972 and ever since
has developed a wide portfolio of silver and gold jewelry
products. It presently operates over 2.5 thousand sq. m
located on 0.8 ha of public property land, situated in the
south region of the city, 10 km from downtown Chisinau.
The company also specializes in manufacturing on-demand jewelry products. A fraction of company’s production
is traded through overseas selling points.
Presently, the company is the second player in the domestic jewelry production market with a business worth over
16% of the 1.6 million USD market.
The company employs about 73 people, 40% of them are
universities graduates.
ABOUT MOLDOVA
Standard time zone: UTC/GMT +2 hours
Distance to: Brussels-2200km, Berlin-1500km, Moscow-1300km,
Odessa-200km, Bucharest-450km
Currency: Moldovan Lei (MDL); USD/MDL – 1/12.11,
EUR/MDL – 1/16.11
Population: 3.5 million
Administrative division: 37 first-tier units, including 32 districts
KEY REASONS TO INVEST
• Strategic location in Chisinau south zone
• Complex building infrastructure
• Well-reputed domestic manufacturer constantly viewed
as a traditional producers
• Constantly growing demand for jewelry products
• Good prospects for export markets
Why invest in Moldova?
Regionally attractive
1. fiscal and non-fiscal
regime
• Attractive corporate tax rate
(12% in 2012), lowest in region
• Extensive network of double taxation treaties
• Fiscal and non-fiscal incentives
for Free Economic Zone residents:
Exemption from VAT; Exemption
from customs duties and excise
duties on goods imported into the
FEZ and subsequently exported;
0% corporate tax rate; 10-year
protection against adverse changes in legislation; Infrastructure
in place (transport, water, gas,
electricity)
3 0 | Pr i va ti s ati on
2. Stable macroeconomic indicators and
high growth
•
•
•
•
•
2008-2010 GDP growth: 6.3%
GDP growth: 6.8% (2011)
Budget deficit: 2.4% (2011)
Inflation rate: 7.8% (2011)
Unemployment rate: 6.7% (2011)
Gini index: 38.0 (Medium)
Human Development Index: ∆0.649
Main transport gates: Chisinau International Airport (Code:KIV,
www.airport.md), Giurgiulesti International Free Port (www.
gipf.md), nine international cross-border points with Romania
and 26 international cross-border points with Ukraine.
MACROECONOMIC COUNTRY PROFILE
Country
RM
RO
UA
GDP 2011 (B $)
GDP 2011 per capita ($)
GDP Growth 2012E
Moody’s Gov B Rating
Population 2011 (M)
FDI 2011 (B $)
FDI per capita ($)
11.99
3,330
0.3%
B3
3.6
0.28
79
179.79
9,440
1.4%
Baa3
19.04
2.7
139
329.32
7,230
2.4%
B3
45.5
7.2
158
Lowest average
3.
wage in the region –
€1.2/h
4. Access to EU and
CIS growth markets
5. Strong political
agenda to embark
on EU led integration
processes
• Average monthly salary €190
• High education level (80% attain
secondary education, 38% pursue
higher education), strong technical education
• 70% of population is multilingual
• Advantageous free trade agreements with EU and CIS countries
• Ongoing
negotiations
on
EU-Moldova DCFTA (over 4 rounds
of negotiations)
• International port access
• Constantly upgrading Road
Infrastructure
• Best performer of EU Eastern
Partnership
• Ongoing
negotiation
of
EU-Moldova
Association
Agreement (over 14 rounds of
negotiations)
(against €2.2/h in UA, €4.2/h in
RO and BG)
(500M + 275M = 775M potential
customers)
F i n a si st C o n su l ti n g L td .
KEY FINANCIALS
BALANCE SHEET (USD*)
1
1.1
1.2
1.3
1.4
1.5
2
2.1
2.2
2.3
2.4
2.5
2.6
3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
LONG-TERM ASSETS
Intangible assets
Amortization of intangible assets
Long-term tangible assets
Depreciation of long-term tangible
assets
Long-term financial assets
Total for section 1
CURRENT ASSETS
Stocks of goods and materials
Short-term receivables
Short-term receivables related to
budget settlements
Short-term investments
Cash
Other short-term assets
Total for section 2
TOTAL FOR ASSETS
SHAREHOLDER'S EQUITY
Share capital
Unpaid capital
Withdrawn capital
Reserves
Corrections of prior period results
Retained earnings (uncovered loss)
of previous years
Net income (net loss) of the reporting year
Net income used in the reporting
year
Additional capital
Secondary capital
Total for section 3
2009
2010
2011
6.933
5.171
1.058.892
593.594
7.017
5.241
1.071.769
616.645
7.280
5.445
1.106.375
644.976
030 35.046
040 502.105
32.183
489.083
33.388
496.621
050 1.162.197
060 72.131
070 0
1.178.135
82.993
44
1.205.277
91.616
41
080
090
100
110
120
0
16.483
9.988
1.260.800
1.762.904
0
12.707
14.127
1.288.006
1.777.089
0
6.590
18.033
1.321.556
1.818.177
130
140
150
160
170
180
1.386.290
22.829
0
0
0
-265.213
1.403.148
23.107
0
0
47
-374.201
1.455.667
23.971
0
0
-55.759
-509.264
190 -104.492
-116.736
-158.915
200 0
0
0
210 0
220 0
230 993.755
0
0
889.151
0
0
707.757
010
011
020
021
4
4.1
4.2
LONG-TERM LIABILITIES
Long-term financial debt
Calculated long-term debt
Total for section 4
240 230.711
250 11.566
260 242.277
233.517
3.647
237.164
242.257
0
242.257
5
5.1
5.2
5.3
5.4
5.5
5.6
SHORT-TERM LIABILITIES
Financial liabilities
Trade liabilities
Liabilities on wages
Liabilities on insurance
Liabilities on budget settlements
Other calculated liabilities
Total for section 5
TOTAL FOR EQUITY & LIABILITIES
270
280
290
300
310
320
330
340
859
18.684
56.106
152.576
343.647
78.903
650.775
1.777.089
891
33.030
78.103
223.841
429.772
102.525
868.163
1.818.177
GENERAL DISCLOSURE
This company profile teaser is essential reading for any
serious investor, providing comprehensive financial information on a company’s performance, position and cash
flows over the past 3 years. This information, extracted
from reported financial statements, forms the building
blocks for any analysis undertaken by investment professionals.
The information in this presentation is subject to updating,
revision, further verification and amendment without notice.
No reliance may be placed for any purpose whatsoever on
the information or opinions contained in this investment
profile or any other document or oral statement or on the
completeness, accuracy or fairness of the information and/
or opinions therein. This research is based on current
public information that is considered reliable. Investors
shouldn’t consider this report as a single factor in making
their investment decision.
This research is not an offer to sell or the solicitation of
an offer to buy. It does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual
investor. One should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional
advice, including tax advice. Past performance is not a
guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations
in exchange rates could have adverse effects on the value
or price of, or income derived from, certain investments.
PROFIT & LOSS STATEMENT (USD*)
848
22.285
49.521
118.980
259.972
75.266
526.872
1.762.904
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
CONTACTS
Full-time privatization promotion
and investment attraction team
Leadership team
Angela Susanu
Valeriu Lazar
Deputy Director of Moldovan Public
Deputy Prime Minister
Property Agency
Minister of Economy of the Republic
[email protected]
of Moldova
Tel. +373 22 234350
Tudor Copaci
Octavian Berzan
Director of Public Property Agency of
Deputy Director of Moldovan Investment
Moldova
and Export Promotion Organisation
[email protected]
Denis Jelimalai
Tel. +373 22 232703
Director of Moldovan Investment and
Export Promotion Organisation
2009
2010
2011
Net Sales
010 426.096
309.396
266.830
Cost of sales
Gross profit (loss)
Other operating incomes
Selling and marketing expenses
General and administrative expenses
Other operating expenses
Operating result: profit (loss)
Investing result: profit (loss)
Financing result: profit (loss)
Financial-economic result: profit
(loss)
Extraordinary result: profit (loss)
Profit (loss) of the reporting period
before taxation
Expenses (savings) on income tax
Net profit (loss)
020
030
040
050
060
070
080
090
100
110
319.097
106.999
2.029
56.585
137.110
9.102
-93.768
-1.550
-9.173
-104.492
287.458
21.938
29.085
37.458
127.393
3.208
-117.036
0
300
-116.736
260.758
6.072
7.516
49.455
111.955
13.324
-161.145
2.230
0
-158.915
120 0
130 -104.492
0
-116.736
0
-158.915
140 0
150 -104.492
0
-116.736
0
-158.915
0,8%
-2,6%
2,2%
-10,5%
15,4%
-27,4%
11,7%
2,3%
1,5%
2,6%
-20,4%
25,1%
-13,8%
36,1%
-13,1%
-6,6%
-37,7%
50,5%
-22,5%
-8,7%
-59,6%
65,7%
GROWTH RATES (YOY)
Total assets
Long-term assets
Current assets
Total equity
Total liabilities
Net sales
Net profit
RATIOS
ROE
ROA
ROS
Current liquidity ratio
-10,5%
-5,9%
-24,5%
41,8%
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
Pu b l i c Pr o p e r ty Ag e n cy o f R e p u b l i c o f M o l d o va
M o l d o va n In ve stm e n t a n d Exp o r t Pr o m o ti o n Or g a n i za ti o n
Privatisation | 31
GLASS CONTAINER COMPANY JSC
PUBLIC COMPANIES PRIVATISATION SERIES
LOCATION
Chişinău, 201, Uzinelor str., MD-2023
SECTOR
Manufacturing of glass containers
PUBLIC STAKE
31.42%
BACKGROUND
The mixed-capital company started operations in 1997 as a
result of European Bank for Reconstruction and Development
project of supporting the export potential of domestic wine making industry. Presently, the company is the biggest player in
Moldova’s glass container manufacturing industry. It specializes
in manufacturing of glass containers for wine, sparkling wine,
cognac and beer making industries and delivers a capacity of
about 114 million bottles per year. In 2011, the company’s operations accounted for about 42% of the national glass container
manufacturing industry, estimated at around 69 million USD.
The company is located in Chisinau industrial zone, and owns
and operates less than 20 thousand sq. m of production, facilities, which are all located on 14.2 ha of public property land.
The company’s production portfolio includes a large diversity of
bottles, mostly covering the requirements of the local and overseas wine-cognac, liquor and beer industries. s. About 60-70%
of production is exported to over 20 overseas markets. The
company employs about 368 people.
KEY REASONS TO INVEST
• Biggest player in domestic glass containers industry
• Excellent location with infrastructure upgrading opportunities, railroad infrastructure proximity
• Sound management structure and performances
• Technically prepared to respond to domestic and overseas
fast growing wine and agrifood industries demand of glass
containers
• Growing perspective of export markets
• Well prepared workforce
Why invest in Moldova?
Regionally attractive
1. fiscal and non-fiscal
regime
• Attractive corporate tax rate
(12% in 2012), lowest in region
• Extensive network of double taxation treaties
• Fiscal and non-fiscal incentives
for Free Economic Zone residents:
Exemption from VAT; Exemption
from customs duties and excise
duties on goods imported into the
FEZ and subsequently exported;
0% corporate tax rate; 10-year
protection against adverse changes in legislation; Infrastructure
in place (transport, water, gas,
electricity)
3 2 | Pr i va ti s ati on
2. Stable macroeconomic indicators and
high growth
•
•
•
•
•
2008-2010 GDP growth: 6.3%
GDP growth: 6.8% (2011)
Budget deficit: 2.4% (2011)
Inflation rate: 7.8% (2011)
Unemployment rate: 6.7% (2011)
ABOUT MOLDOVA
Standard time zone: UTC/GMT +2 hours
Distance to: Brussels-2200km, Berlin-1500km, Moscow-1300km,
Odessa-200km, Bucharest-450km
Currency: Moldovan Lei (MDL); USD/MDL – 1/12.11,
EUR/MDL – 1/16.11
Population: 3.5 million
Administrative division: 37 first-tier units, including 32 districts
Gini index: 38.0 (Medium)
Human Development Index: ∆0.649
Main transport gates: Chisinau International Airport (Code:KIV,
www.airport.md), Giurgiulesti International Free Port (www.
gipf.md), nine international cross-border points with Romania
and 26 international cross-border points with Ukraine.
MACROECONOMIC COUNTRY PROFILE
Country
RM
RO
UA
GDP 2011 (B $)
GDP 2011 per capita ($)
GDP Growth 2012E
Moody’s Gov B Rating
Population 2011 (M)
FDI 2011 (B $)
FDI per capita ($)
11.99
3,330
0.3%
B3
3.6
0.28
79
179.79
9,440
1.4%
Baa3
19.04
2.7
139
329.32
7,230
2.4%
B3
45.5
7.2
158
Lowest average
3.
wage in the region –
€1.2/h
4. Access to EU and
CIS growth markets
5. Strong political
agenda to embark
on EU led integration
processes
• Average monthly salary €190
• High education level (80% attain
secondary education, 38% pursue
higher education), strong technical education
• 70% of population is multilingual
• Advantageous free trade agreements with EU and CIS countries
• Ongoing
negotiations
on
EU-Moldova DCFTA (over 4 rounds
of negotiations)
• International port access
• Constantly upgrading Road
Infrastructure
• Best performer of EU Eastern
Partnership
• Ongoing
negotiation
of
EU-Moldova
Association
Agreement (over 14 rounds of
negotiations)
(against €2.2/h in UA, €4.2/h in
RO and BG)
(500M + 275M = 775M potential
customers)
F i n a si st C o n su l ti n g L td .
KEY FINANCIALS
BALANCE SHEET (USD*)
1
1.1
1.2
1.3
1.4
1.5
2
2.1
2.2
2.3
2.4
2.5
2.6
3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
LONG-TERM ASSETS
Intangible assets
Amortization of intangible assets
Long-term tangible assets
Depreciation of long-term tangible
assets
Long-term financial assets
Total for section 1
CURRENT ASSETS
Stocks of goods and materials
Short-term receivables
Short-term receivables related to
budget settlements
Short-term investments
Cash
Other short-term assets
Total for section 2
TOTAL FOR ASSETS
SHAREHOLDER'S EQUITY
Share capital
Unpaid capital
Withdrawn capital
Reserves
Corrections of prior period results
Retained earnings (uncovered loss)
of previous years
Net income (net loss) of the reporting year
Net income used in the reporting
year
Additional capital
Secondary capital
Total for section 3
2009
2010
2011
63
43
47.908
23.851
32
11
48.659
25.899
33
17
51.071
29.354
030 13.596
040 37.672
179
22.960
21.895
21.895
050 8.479
060 5.445
070 46
6.787
5.709
164
11.745
5.769
506
080
090
100
110
120
0
245
493
14.709
52.381
41
217
5.602
18.520
41.480
26
205
4.406
22.657
44.553
130
140
150
160
170
180
19.798
0
1.054
54
1.143
11.267
20.039
0
0
55
0
4.827
20.789
0
0
57
0
5.170
190 903
157
113
200 0
0
0
210 0
220 14
230 32.124
0
14
25.091
0
15
26.143
010
011
020
021
4
4.1
4.2
LONG-TERM LIABILITIES
Long-term financial debt
Calculated long-term debt
Total for section 4
240 9.438
250 17
260 9.456
7.447
17
7.464
7.358
10
7.368
5
5.1
5.2
5.3
5.4
5.5
5.6
SHORT-TERM LIABILITIES
Financial liabilities
Trade liabilities
Liabilities on wages
Liabilities on insurance
Liabilities on budget settlements
Other calculated liabilities
Total for section 5
TOTAL FOR EQUITY & LIABILITIES
270
280
290
300
310
320
330
340
5.189
2.858
261
153
96
368
8.925
41.480
5.314
4.893
269
183
40
343
11.043
44.553
GENERAL DISCLOSURE
This company profile teaser is essential reading for any
serious investor, providing comprehensive financial information on a company’s performance, position and cash
flows over the past 3 years. This information, extracted
from reported financial statements, forms the building
blocks for any analysis undertaken by investment professionals.
The information in this presentation is subject to updating,
revision, further verification and amendment without notice.
No reliance may be placed for any purpose whatsoever on
the information or opinions contained in this investment
profile or any other document or oral statement or on the
completeness, accuracy or fairness of the information and/
or opinions therein. This research is based on current
public information that is considered reliable. Investors
shouldn’t consider this report as a single factor in making
their investment decision.
This research is not an offer to sell or the solicitation of
an offer to buy. It does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual
investor. One should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional
advice, including tax advice. Past performance is not a
guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations
in exchange rates could have adverse effects on the value
or price of, or income derived from, certain investments.
PROFIT & LOSS STATEMENT (USD*)
8.056
1.993
229
95
38
391
10.801
52.381
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
CONTACTS
Full-time privatization promotion
and investment attraction team
Leadership team
Angela Susanu
Valeriu Lazar
Deputy Director of Moldovan Public
Deputy Prime Minister
Property Agency
Minister of Economy of the Republic
[email protected]
of Moldova
Tel. +373 22 234350
Tudor Copaci
Octavian Berzan
Director of Public Property Agency of
Deputy Director of Moldovan Investment
Moldova
and Export Promotion Organisation
[email protected]
Denis Jelimalai
Tel. +373 22 232703
Director of Moldovan Investment and
Export Promotion Organisation
Net Sales
Cost of sales
Gross profit (loss)
Other operating incomes
Selling and marketing expenses
General and administrative expenses
Other operating expenses
Operating result: profit (loss)
Investing result: profit (loss)
Financing result: profit (loss)
Financial-economic result: profit
(loss)
Extraordinary result: profit (loss)
Profit (loss) of the reporting period
before taxation
Expenses (savings) on income tax
Net profit (loss)
2009
2010
2011
17.298
12.725
4.574
463
1.020
1.805
1.516
696
1
206
903
27.930
23.506
4.424
2.775
1.594
2.137
3.903
-435
321
270
157
30.393
26.535
3.858
6.109
2.185
1.639
6.356
-213
2
323
113
120 0
130 903
0
157
0
113
140 0
150 903
0
157
0
113
-20,8%
-39,1%
25,9%
-21,9%
-19,1%
61,5%
-82,7%
7,4%
-4,6%
22,3%
4,2%
12,3%
8,8%
-28,1%
0,6%
0,4%
0,6%
48,2%
0,4%
0,3%
0,4%
48,7%
010
020
030
040
050
060
070
080
090
100
110
GROWTH RATES (YOY)
Total assets
Long-term assets
Current assets
Total equity
Total liabilities
Net sales
Net profit
RATIOS
ROE
ROA
ROS
Current liquidity ratio
2,8%
1,7%
5,2%
73,4%
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
Pu b l i c Pr o p e r ty Ag e n cy o f R e p u b l i c o f M o l d o va
M o l d o va n In ve stm e n t a n d Exp o r t Pr o m o ti o n Or g a n i za ti o n
Privatisation | 33
MICROBIOLOGY AND VIROLOGY INSTITUT
PUBLIC COMPANIES PRIVATISATION SERIES
LOCATION
Chişinău, 59 Dacia bd., MD-2040
OBJECT
Unfinished constructions and adjoining land
PUBLIC STAKE
100%
DETAILS
The object consists of 9 ha of land and 2.2 thousand sq.
w of building infrastructure, which are all public properties
and are presently under the custody of Moldova Academy
of Science.
The four buildings were initially designed to accommodate
the administrative headquarter of the Microbiology and
virology institute. Construction works underwent between
1977 and 1980, but were stopped prematurely. The most
prominent building is a 10-storey facility with less than 1000
sq. m area.
None of the buildings has been used according to their
destination.
The whole infrastructure is located 10 km from downtown
Chisinau.
KEY REASONS TO INVEST
• Strategically located (proximity to Chisinau International
Airport)
• Utilities available (electricity, running water, sewage
system, heating, gas and communications)
• Ready to accommodate a complex industrial/commercial facility infrastructure
Why invest in Moldova?
Regionally attractive
1. fiscal and non-fiscal
regime
• Attractive corporate tax rate
(12% in 2012), lowest in region
• Extensive network of double taxation treaties
• Fiscal and non-fiscal incentives
for Free Economic Zone residents:
Exemption from VAT; Exemption
from customs duties and excise
duties on goods imported into the
FEZ and subsequently exported;
0% corporate tax rate; 10-year
protection against adverse changes in legislation; Infrastructure
in place (transport, water, gas,
electricity)
3 4 | Pr i va ti s ati on
2. Stable macroeconomic indicators and
high growth
•
•
•
•
•
2008-2010 GDP growth: 6.3%
GDP growth: 6.8% (2011)
Budget deficit: 2.4% (2011)
Inflation rate: 7.8% (2011)
Unemployment rate: 6.7% (2011)
ABOUT MOLDOVA
Standard time zone: UTC/GMT +2 hours
Distance to: Brussels-2200km, Berlin-1500km, Moscow-1300km,
Odessa-200km, Bucharest-450km
Currency: Moldovan Lei (MDL); USD/MDL – 1/12.11,
EUR/MDL – 1/16.11
Population: 3.5 million
Administrative division: 37 first-tier units, including 32 districts
Gini index: 38.0 (Medium)
Human Development Index: ∆0.649
Main transport gates: Chisinau International Airport (Code:KIV,
www.airport.md), Giurgiulesti International Free Port (www.
gipf.md), nine international cross-border points with Romania
and 26 international cross-border points with Ukraine.
MACROECONOMIC COUNTRY PROFILE
Country
RM
RO
UA
GDP 2011 (B $)
GDP 2011 per capita ($)
GDP Growth 2012E
Moody’s Gov B Rating
Population 2011 (M)
FDI 2011 (B $)
FDI per capita ($)
11.99
3,330
0.3%
B3
3.6
0.28
79
179.79
9,440
1.4%
Baa3
19.04
2.7
139
329.32
7,230
2.4%
B3
45.5
7.2
158
Lowest average
3.
wage in the region –
€1.2/h
4. Access to EU and
CIS growth markets
5. Strong political
agenda to embark
on EU led integration
processes
• Average monthly salary €190
• High education level (80% attain
secondary education, 38% pursue
higher education), strong technical education
• 70% of population is multilingual
• Advantageous free trade agreements with EU and CIS countries
• Ongoing
negotiations
on
EU-Moldova DCFTA (over 4 rounds
of negotiations)
• International port access
• Constantly upgrading Road
Infrastructure
• Best performer of EU Eastern
Partnership
• Ongoing
negotiation
of
EU-Moldova
Association
Agreement (over 14 rounds of
negotiations)
(against €2.2/h in UA, €4.2/h in
RO and BG)
(500M + 275M = 775M potential
customers)
F i n a si st C o n su l ti n g L td .
GENERAL DISCLOSURE
This company profile teaser is essential reading for any
serious investor, providing comprehensive financial information on a company’s performance, position and cash
flows over the past 3 years. This information, extracted
from reported financial statements, forms the building
blocks for any analysis undertaken by investment professionals.
The information in this presentation is subject to updating,
revision, further verification and amendment without notice.
No reliance may be placed for any purpose whatsoever on
the information or opinions contained in this investment
profile or any other document or oral statement or on the
completeness, accuracy or fairness of the information and/
or opinions therein. This research is based on current
public information that is considered reliable. Investors
shouldn’t consider this report as a single factor in making
their investment decision.
This research is not an offer to sell or the solicitation of
an offer to buy. It does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual
investor. One should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional
advice, including tax advice. Past performance is not a
guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations
in exchange rates could have adverse effects on the value
or price of, or income derived from, certain investments.
CONTACTS
Full-time privatization promotion
and investment attraction team
Leadership team
Angela Susanu
Valeriu Lazar
Deputy Director of Moldovan Public
Deputy Prime Minister
Property Agency
Minister of Economy of the Republic
[email protected]
of Moldova
Tel. +373 22 234350
Tudor Copaci
Octavian Berzan
Director of Public Property Agency of
Deputy Director of Moldovan Investment
Moldova
and Export Promotion Organisation
[email protected]
Denis Jelimalai
Tel. +373 22 232703
Director of Moldovan Investment and
Export Promotion Organisation
Pu b l i c Pr o p e r ty Ag e n cy o f R e p u b l i c o f M o l d o va
M o l d o va n In ve stm e n t a n d Exp o r t Pr o m o ti o n Or g a n i za ti o n
Privatisation | 35
JOLLY-ALON JSC
PUBLIC COMPANIES PRIVATISATION SERIES
LOCATION
Chişinău, 37, Maria Cibotari str. MD- 2004
SECTOR
Hospitality industry
PUBLIC STAKE
34.96 %
BACKGROUND
The elegant four star hotel (http://www.jollyalon.com/) of
international standards is a 5-story building located on a
0.55ha public property land. It is the first international hotel
in Moldova, inaugurated in 1991 and eventually renovated
in 2002.
The hotel is situated in the heart of Chisinau, near Chisinau
Central Park and at 5 minutes walking distance from
Parliament, Presidency and Government buildings.
80 rooms are made available to visitors (standard single,
standard double, junior suite, suite, executive suite), with
solid property amenities included (parking, restaurant, business centre, dry cleaning, car rental, swimming pool etc.).
The hotel also rents office spaces to businesses.
Presently, the hotel employs about 151 people, and its
operations account for nearly 12% of the national hospitality industry estimated at around 17.8 million USD.
KEY REASONS TO INVEST
• Exceptionally located to target high-profile clients
(end-users and businesses)
• Generally good occupancy rate
• Constantly growing demand in hospitality industry
(+4% industry growth in 2011)
Why invest in Moldova?
Regionally attractive
1. fiscal and non-fiscal
regime
• Attractive corporate tax rate
(12% in 2012), lowest in region
• Extensive network of double taxation treaties
• Fiscal and non-fiscal incentives
for Free Economic Zone residents:
Exemption from VAT; Exemption
from customs duties and excise
duties on goods imported into the
FEZ and subsequently exported;
0% corporate tax rate; 10-year
protection against adverse changes in legislation; Infrastructure
in place (transport, water, gas,
electricity)
3 6 | Pr i va ti s ati on
2. Stable macroeconomic indicators and
high growth
•
•
•
•
•
2008-2010 GDP growth: 6.3%
GDP growth: 6.8% (2011)
Budget deficit: 2.4% (2011)
Inflation rate: 7.8% (2011)
Unemployment rate: 6.7% (2011)
ABOUT MOLDOVA
Standard time zone: UTC/GMT +2 hours
Distance to: Brussels-2200km, Berlin-1500km, Moscow-1300km,
Odessa-200km, Bucharest-450km
Currency: Moldovan Lei (MDL); USD/MDL – 1/12.11,
EUR/MDL – 1/16.11
Population: 3.5 million
Administrative division: 37 first-tier units, including 32 districts
Gini index: 38.0 (Medium)
Human Development Index: ∆0.649
Main transport gates: Chisinau International Airport (Code:KIV,
www.airport.md), Giurgiulesti International Free Port (www.
gipf.md), nine international cross-border points with Romania
and 26 international cross-border points with Ukraine.
MACROECONOMIC COUNTRY PROFILE
Country
RM
RO
UA
GDP 2011 (B $)
GDP 2011 per capita ($)
GDP Growth 2012E
Moody’s Gov B Rating
Population 2011 (M)
FDI 2011 (B $)
FDI per capita ($)
11.99
3,330
0.3%
B3
3.6
0.28
79
179.79
9,440
1.4%
Baa3
19.04
2.7
139
329.32
7,230
2.4%
B3
45.5
7.2
158
Lowest average
3.
wage in the region –
€1.2/h
4. Access to EU and
CIS growth markets
5. Strong political
agenda to embark
on EU led integration
processes
• Average monthly salary €190
• High education level (80% attain
secondary education, 38% pursue
higher education), strong technical education
• 70% of population is multilingual
• Advantageous free trade agreements with EU and CIS countries
• Ongoing
negotiations
on
EU-Moldova DCFTA (over 4 rounds
of negotiations)
• International port access
• Constantly upgrading Road
Infrastructure
• Best performer of EU Eastern
Partnership
• Ongoing
negotiation
of
EU-Moldova
Association
Agreement (over 14 rounds of
negotiations)
(against €2.2/h in UA, €4.2/h in
RO and BG)
(500M + 275M = 775M potential
customers)
F i n a si st C o n su l ti n g L td .
KEY FINANCIALS
BALANCE SHEET (USD*)
1
1.1
1.2
1.3
1.4
1.5
2
2.1
2.2
2.3
2.4
2.5
2.6
3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
LONG-TERM ASSETS
Intangible assets
Amortization of intangible assets
Long-term tangible assets
Depreciation of long-term tangible
assets
Long-term financial assets
Total for section 1
CURRENT ASSETS
Stocks of goods and materials
Short-term receivables
Short-term receivables related to
budget settlements
Short-term investments
Cash
Other short-term assets
Total for section 2
TOTAL FOR ASSETS
SHAREHOLDER'S EQUITY
Share capital
Unpaid capital
Withdrawn capital
Reserves
Corrections of prior period results
Retained earnings (uncovered loss)
of previous years
Net income (net loss) of the reporting year
Net income used in the reporting
year
Additional capital
Secondary capital
Total for section 3
2009
2010
2011
1.790
726
4.895.942
2.448.008
1.812
1.103
5.179.833
2.653.203
1.879
1.538
5.528.157
2.906.833
030 214.621
040 2.663.619
217.231
2.744.569
225.361
2.847.027
050 129.526
060 76.012
070 17.453
120.359
64.783
16.102
123.959
62.787
11.896
080
090
100
110
120
0
188.239
44.960
456.190
3.119.808
0
226.756
67.018
495.017
3.239.586
0
176.916
51.619
427.177
3.274.204
130
140
150
160
170
180
2.002.725
0
0
807.555
10.479
0
2.027.079
0
0
817.375
-500
-84.120
2.102.952
0
0
768.569
0
1.171
190 -93.588
157.440
106.392
200 0
0
0
210 0
220 78.637
230 2.805.808
0
79.593
2.996.868
0
82.572
3.061.656
010
011
020
021
4
4.1
4.2
LONG-TERM LIABILITIES
Long-term financial debt
Calculated long-term debt
Total for section 4
240 0
250 19.471
260 19.471
0
0
0
0
0
0
5
5.1
5.2
5.3
5.4
5.5
5.6
SHORT-TERM LIABILITIES
Financial liabilities
Trade liabilities
Liabilities on wages
Liabilities on insurance
Liabilities on budget settlements
Other calculated liabilities
Total for section 5
TOTAL FOR EQUITY & LIABILITIES
270
280
290
300
310
320
330
340
0
128.263
57.112
12.788
40.412
4.144
242.719
3.239.586
0
101.834
56.082
16.426
35.483
2.721
212.548
3.274.204
GENERAL DISCLOSURE
This company profile teaser is essential reading for any
serious investor, providing comprehensive financial information on a company’s performance, position and cash
flows over the past 3 years. This information, extracted
from reported financial statements, forms the building
blocks for any analysis undertaken by investment professionals.
The information in this presentation is subject to updating,
revision, further verification and amendment without notice.
No reliance may be placed for any purpose whatsoever on
the information or opinions contained in this investment
profile or any other document or oral statement or on the
completeness, accuracy or fairness of the information and/
or opinions therein. This research is based on current
public information that is considered reliable. Investors
shouldn’t consider this report as a single factor in making
their investment decision.
This research is not an offer to sell or the solicitation of
an offer to buy. It does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual
investor. One should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional
advice, including tax advice. Past performance is not a
guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations
in exchange rates could have adverse effects on the value
or price of, or income derived from, certain investments.
PROFIT & LOSS STATEMENT (USD*)
106.657
88.251
54.455
10.760
24.669
9.738
294.530
3.119.808
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
CONTACTS
Full-time privatization promotion
and investment attraction team
Leadership team
Angela Susanu
Valeriu Lazar
Deputy Director of Moldovan Public
Deputy Prime Minister
Property Agency
Minister of Economy of the Republic
[email protected]
of Moldova
Tel. +373 22 234350
Tudor Copaci
Octavian Berzan
Director of Public Property Agency of
Deputy Director of Moldovan Investment
Moldova
and Export Promotion Organisation
[email protected]
Denis Jelimalai
Tel. +373 22 232703
Director of Moldovan Investment and
Export Promotion Organisation
Net Sales
Cost of sales
Gross profit (loss)
Other operating incomes
Selling and marketing expenses
General and administrative expenses
Other operating expenses
Operating result: profit (loss)
Investing result: profit (loss)
Financing result: profit (loss)
Financial-economic result: profit
(loss)
Extraordinary result: profit (loss)
Profit (loss) of the reporting period
before taxation
Expenses (savings) on income tax
Net profit (loss)
2009
2010
2011
1.887.444
1.248.443
639.001
2.853
14.109
618.074
124.862
-115.191
1.812
19.790
-93.588
2.072.431
1.301.303
771.128
52.378
24.631
622.719
16.389
159.767
38
-2.365
157.440
2.227.872
1.430.123
797.749
14.414
21.088
668.789
35.794
86.492
7.455
12.445
106.392
120 0
130 -93.588
0
157.440
0
106.392
140 0
150 -93.588
0
157.440
0
106.392
3,8%
3,0%
8,5%
6,8%
-22,7%
9,8%
1,1%
3,7%
-13,7%
2,2%
-12,4%
7,5%
-32,4%
5,3%
4,9%
7,6%
49,0%
3,5%
3,2%
4,8%
49,8%
010
020
030
040
050
060
070
080
090
100
110
GROWTH RATES (YOY)
Total assets
Long-term assets
Current assets
Total equity
Total liabilities
Net sales
Net profit
RATIOS
ROE
ROA
ROS
Current liquidity ratio
-3,3%
-3,0%
-5,0%
64,6%
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
Pu b l i c Pr o p e r ty Ag e n cy o f R e p u b l i c o f M o l d o va
M o l d o va n In ve stm e n t a n d Exp o r t Pr o m o ti o n Or g a n i za ti o n
Privatisation | 37
RAUT JSC
PUBLIC COMPANIES PRIVATISATION SERIES
LOCATION
Balti, 13 Decebal str. MD-3300
SECTOR
Manufacture of measuring, testing, navigating and control
equipment
PUBLIC STAKE
76.521 %
BACKGROUND
Since establishment in 1951, the company has specialized in
delivering hydro-acoustic equipment to soviet naval industry.
It presently manufactures hydro-acoustic navigation equipment (sonar equipment) for naval industry, hydro-acoustic
buoyancy equipment for airline industry, consumer electronics (electric hot plates, gas cookers and household electric
baking oven). Presently, the company controls about 99% of
the 3.5 million USD worth measuring, testing, navigation and
control equipment manufacturing market.
Hydro-acoustic production is essentially exported to Russian
Federation naval companies. The company’s operating facilities account for nearly 74.4 thousand sq. m being located on
two different sites, both rented from the local public authorities: 10.6 ha in Central Balti and 4 ha in Balti industrial zone.
Presently, the company employs about 478 people.
KEY REASONS TO INVEST
• Export oriented with narrow specialization
• Ongoing negotiations for future export deliveries
• ISO 9001:2008 and 20 Keys management systems
implemented
• Well-prepared workforce
• Good-condition production infrastructure
• Excellent site location to accommodate complex industrial facilities
• Proximity to railroad infrastructure (for the 4 ha Balti
industrial zone land production site)
• Proximity to Balti academic centers
• Proximity to Balti Free Economic Zone
Why invest in Moldova?
Regionally attractive
1. fiscal and non-fiscal
regime
• Attractive corporate tax rate
(12% in 2012), lowest in region
• Extensive network of double taxation treaties
• Fiscal and non-fiscal incentives
for Free Economic Zone residents:
Exemption from VAT; Exemption
from customs duties and excise
duties on goods imported into the
FEZ and subsequently exported;
0% corporate tax rate; 10-year
protection against adverse changes in legislation; Infrastructure
in place (transport, water, gas,
electricity)
3 8 | Pr i va ti s ati on
2. Stable macroeconomic indicators and
high growth
•
•
•
•
•
2008-2010 GDP growth: 6.3%
GDP growth: 6.8% (2011)
Budget deficit: 2.4% (2011)
Inflation rate: 7.8% (2011)
Unemployment rate: 6.7% (2011)
ABOUT MOLDOVA
Standard time zone: UTC/GMT +2 hours
Distance to: Brussels-2200km, Berlin-1500km, Moscow-1300km,
Odessa-200km, Bucharest-450km
Currency: Moldovan Lei (MDL); USD/MDL – 1/12.11,
EUR/MDL – 1/16.11
Population: 3.5 million
Administrative division: 37 first-tier units, including 32 districts
Gini index: 38.0 (Medium)
Human Development Index: ∆0.649
Main transport gates: Chisinau International Airport (Code:KIV,
www.airport.md), Giurgiulesti International Free Port (www.
gipf.md), nine international cross-border points with Romania
and 26 international cross-border points with Ukraine.
MACROECONOMIC COUNTRY PROFILE
Country
RM
RO
UA
GDP 2011 (B $)
GDP 2011 per capita ($)
GDP Growth 2012E
Moody’s Gov B Rating
Population 2011 (M)
FDI 2011 (B $)
FDI per capita ($)
11.99
3,330
0.3%
B3
3.6
0.28
79
179.79
9,440
1.4%
Baa3
19.04
2.7
139
329.32
7,230
2.4%
B3
45.5
7.2
158
Lowest average
3.
wage in the region –
€1.2/h
4. Access to EU and
CIS growth markets
5. Strong political
agenda to embark
on EU led integration
processes
• Average monthly salary €190
• High education level (80% attain
secondary education, 38% pursue
higher education), strong technical education
• 70% of population is multilingual
• Advantageous free trade agreements with EU and CIS countries
• Ongoing
negotiations
on
EU-Moldova DCFTA (over 4 rounds
of negotiations)
• International port access
• Constantly upgrading Road
Infrastructure
• Best performer of EU Eastern
Partnership
• Ongoing
negotiation
of
EU-Moldova
Association
Agreement (over 14 rounds of
negotiations)
(against €2.2/h in UA, €4.2/h in
RO and BG)
(500M + 275M = 775M potential
customers)
F i n a si st C o n su l ti n g L td .
KEY FINANCIALS
BALANCE SHEET (USD*)
1
1.1
1.2
1.3
1.4
1.5
2
2.1
2.2
2.3
2.4
2.5
2.6
3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
LONG-TERM ASSETS
Intangible assets
Amortization of intangible assets
Long-term tangible assets
Depreciation of long-term tangible
assets
Long-term financial assets
Total for section 1
CURRENT ASSETS
Stocks of goods and materials
Short-term receivables
Short-term receivables related to
budget settlements
Short-term investments
Cash
Other short-term assets
Total for section 2
TOTAL FOR ASSETS
SHAREHOLDER'S EQUITY
Share capital
Unpaid capital
Withdrawn capital
Reserves
Corrections of prior period results
Retained earnings (uncovered loss)
of previous years
Net income (net loss) of the reporting year
Net income used in the reporting
year
Additional capital
Secondary capital
Total for section 3
2009
2010
2011
17.088
4.385
20.678.182
12.588.612
16.670
5.910
20.909.462
12.877.785
17.403
9.548
21.696.360
13.523.002
030 6.790
040 8.109.063
7.413
8.049.850
6.952
8.188.166
050 3.674.992
060 29.655
070 151.536
2.780.042
287.632
94.109
3.667.980
114.851
326.327
080
090
100
110
120
0
4.243
106.560
3.966.987
12.076.050
0
106.889
106.719
3.375.390
11.425.241
0
136.718
112.964
4.358.839
12.547.006
130
140
150
160
170
180
4.009.693
0
0
7.716.788
4.821
2.860
4.058.454
0
0
7.810.630
9.244
-810.832
4.210.359
0
0
8.104.205
82
-820.531
190 -808.772
23.691
28.502
200 0
0
0
210 0
220 0
230 10.925.390
0
0
11.091.187
0
0
11.522.618
010
011
020
021
4
4.1
4.2
LONG-TERM LIABILITIES
Long-term financial debt
Calculated long-term debt
Total for section 4
240 453.741
250 135
260 453.876
230.408
0
230.408
426.789
0
426.789
5
5.1
5.2
5.3
5.4
5.5
5.6
SHORT-TERM LIABILITIES
Financial liabilities
Trade liabilities
Liabilities on wages
Liabilities on insurance
Liabilities on budget settlements
Other calculated liabilities
Total for section 5
TOTAL FOR EQUITY & LIABILITIES
270
280
290
300
310
320
330
340
0
41.654
2.215
15.164
16.404
28.210
103.646
11.425.241
0
397.679
152.360
3.658
4.067
39.835
597.599
12.547.006
GENERAL DISCLOSURE
This company profile teaser is essential reading for any
serious investor, providing comprehensive financial information on a company’s performance, position and cash
flows over the past 3 years. This information, extracted
from reported financial statements, forms the building
blocks for any analysis undertaken by investment professionals.
The information in this presentation is subject to updating,
revision, further verification and amendment without notice.
No reliance may be placed for any purpose whatsoever on
the information or opinions contained in this investment
profile or any other document or oral statement or on the
completeness, accuracy or fairness of the information and/
or opinions therein. This research is based on current
public information that is considered reliable. Investors
shouldn’t consider this report as a single factor in making
their investment decision.
This research is not an offer to sell or the solicitation of
an offer to buy. It does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual
investor. One should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional
advice, including tax advice. Past performance is not a
guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations
in exchange rates could have adverse effects on the value
or price of, or income derived from, certain investments.
PROFIT & LOSS STATEMENT (USD*)
0
260.961
333.958
59.767
12.687
29.410
696.783
12.076.050
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
CONTACTS
Full-time privatization promotion
and investment attraction team
Leadership team
Angela Susanu
Valeriu Lazar
Deputy Director of Moldovan Public
Deputy Prime Minister
Property Agency
Minister of Economy of the Republic
[email protected]
of Moldova
Tel. +373 22 234350
Tudor Copaci
Octavian Berzan
Director of Public Property Agency of
Deputy Director of Moldovan Investment
Moldova
and Export Promotion Organisation
[email protected]
Denis Jelimalai
Tel. +373 22 232703
Director of Moldovan Investment and
Export Promotion Organisation
Net Sales
Cost of sales
Gross profit (loss)
Other operating incomes
Selling and marketing expenses
General and administrative expenses
Other operating expenses
Operating result: profit (loss)
Investing result: profit (loss)
Financing result: profit (loss)
Financial-economic result: profit
(loss)
Extraordinary result: profit (loss)
Profit (loss) of the reporting period
before taxation
Expenses (savings) on income tax
Net profit (loss)
2009
2010
2011
138.143
109.320
28.823
95.135
52.281
696.626
200.918
-825.867
24.493
-7.398
-808.772
3.105.233
2.183.914
921.319
155.117
93.613
774.194
190.762
17.867
24.100
-18.276
23.691
3.626.459
2.520.522
1.105.937
202.639
136.479
976.052
159.997
36.049
0
-7.546
28.502
120 0
130 -808.772
0
23.691
0
28.502
140 0
150 -808.772
0
23.691
0
28.502
-5,4%
-0,7%
-14,9%
1,5%
-71,0%
2147,8%
-102,9%
9,8%
1,7%
29,1%
3,9%
206,7%
16,8%
20,3%
0,2%
0,2%
0,8%
3,1%
0,2%
0,2%
0,8%
13,7%
010
020
030
040
050
060
070
080
090
100
110
GROWTH RATES (YOY)
Total assets
Long-term assets
Current assets
Total equity
Total liabilities
Net sales
Net profit
RATIOS
ROE
ROA
ROS
Current liquidity ratio
-7,4%
-6,7%
-585,5%
17,6%
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
Pu b l i c Pr o p e r ty Ag e n cy o f R e p u b l i c o f M o l d o va
M o l d o va n In ve stm e n t a n d Exp o r t Pr o m o ti o n Or g a n i za ti o n
Privatisation | 39
SCIENTIFIC RESEARCH INSTITUTE
RIF-ACVAAPARAT JSC
PUBLIC COMPANIES PRIVATISATION SERIES
LOCATION
Balti, 9 Decebal str., MD 3100
SECTOR
Research and experimental development on natural sciences and engineering; manufacture of measuring, testing, navigating and control equipment
PUBLIC STAKE
92.91 %
BACKGROUND
The company started in 1957 as a special design office of the
present Raut JSC. The company became an autonomous scientific research institute in 1962, when it also gained financial
independence. It was reorganized into a joint stock company
in 1996. Until present days, the company has preserved
its narrow specialization of manufacturer of hydro-acoustic
equipment: echosounders, lateral exploration hydrolocators,
hydroacoustic lochs, divers and swimmers hydroacoustic
equipment etc. Production is intensively exported to Russian
Federation and China naval sector companies.
The company owns facilities of about 8.5 thousand sq. m
which are located on a 1 ha public property field.
Presently, the company controls about 15% of the 10 million
USD worth market of research and experimental development on natural sciences and engineering. It also employs
134 people.
KEY REASONS TO INVEST
• Export oriented with narrow specialization
• Ongoing negotiations for future export deliveries
• Well-prepared workforce
• Good-condition production infrastructure
• Available facilities and excellent site location to accommodate complex industrial facilities
• Proximity to Balti academic centers
• Proximity to Balti Free Economic Zone
Why invest in Moldova?
Regionally attractive
1. fiscal and non-fiscal
regime
• Attractive corporate tax rate
(12% in 2012), lowest in region
• Extensive network of double taxation treaties
• Fiscal and non-fiscal incentives
for Free Economic Zone residents:
Exemption from VAT; Exemption
from customs duties and excise
duties on goods imported into the
FEZ and subsequently exported;
0% corporate tax rate; 10-year
protection against adverse changes in legislation; Infrastructure
in place (transport, water, gas,
electricity)
4 0 | Pr i va ti s ati on
2. Stable macroeconomic indicators and
high growth
•
•
•
•
•
2008-2010 GDP growth: 6.3%
GDP growth: 6.8% (2011)
Budget deficit: 2.4% (2011)
Inflation rate: 7.8% (2011)
Unemployment rate: 6.7% (2011)
ABOUT MOLDOVA
Standard time zone: UTC/GMT +2 hours
Distance to: Brussels-2200km, Berlin-1500km, Moscow-1300km,
Odessa-200km, Bucharest-450km
Currency: Moldovan Lei (MDL); USD/MDL – 1/12.11,
EUR/MDL – 1/16.11
Population: 3.5 million
Administrative division: 37 first-tier units, including 32 districts
Gini index: 38.0 (Medium)
Human Development Index: ∆0.649
Main transport gates: Chisinau International Airport (Code:KIV,
www.airport.md), Giurgiulesti International Free Port (www.
gipf.md), nine international cross-border points with Romania
and 26 international cross-border points with Ukraine.
MACROECONOMIC COUNTRY PROFILE
Country
RM
RO
UA
GDP 2011 (B $)
GDP 2011 per capita ($)
GDP Growth 2012E
Moody’s Gov B Rating
Population 2011 (M)
FDI 2011 (B $)
FDI per capita ($)
11.99
3,330
0.3%
B3
3.6
0.28
79
179.79
9,440
1.4%
Baa3
19.04
2.7
139
329.32
7,230
2.4%
B3
45.5
7.2
158
Lowest average
3.
wage in the region –
€1.2/h
4. Access to EU and
CIS growth markets
5. Strong political
agenda to embark
on EU led integration
processes
• Average monthly salary €190
• High education level (80% attain
secondary education, 38% pursue
higher education), strong technical education
• 70% of population is multilingual
• Advantageous free trade agreements with EU and CIS countries
• Ongoing
negotiations
on
EU-Moldova DCFTA (over 4 rounds
of negotiations)
• International port access
• Constantly upgrading Road
Infrastructure
• Best performer of EU Eastern
Partnership
• Ongoing
negotiation
of
EU-Moldova
Association
Agreement (over 14 rounds of
negotiations)
(against €2.2/h in UA, €4.2/h in
RO and BG)
(500M + 275M = 775M potential
customers)
F i n a si st C o n su l ti n g L td .
KEY FINANCIALS
BALANCE SHEET (USD*)
1
1.1
1.2
1.3
1.4
1.5
2
2.1
2.2
2.3
2.4
2.5
2.6
3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
LONG-TERM ASSETS
Intangible assets
Amortization of intangible assets
Long-term tangible assets
Depreciation of long-term tangible
assets
Long-term financial assets
Total for section 1
CURRENT ASSETS
Stocks of goods and materials
Short-term receivables
Short-term receivables related to
budget settlements
Short-term investments
Cash
Other short-term assets
Total for section 2
TOTAL FOR ASSETS
SHAREHOLDER'S EQUITY
Share capital
Unpaid capital
Withdrawn capital
Reserves
Corrections of prior period results
Retained earnings (uncovered loss)
of previous years
Net income (net loss) of the reporting year
Net income used in the reporting
year
Additional capital
Secondary capital
Total for section 3
2009
2010
2011
0
0
2.034.322
1.289.067
0
0
2.064.784
1.349.919
0
0
2.160.117
1.448.468
030 902
040 746.157
1.818
716.683
1.886
713.535
050 705.505
060 39.898
070 182.132
660.601
96.994
98.835
945.863
141.543
279.214
080
090
100
110
120
0
285.599
9.056
1.222.190
1.968.348
123.417
216.239
11.912
1.207.999
1.924.682
0
23.603
5.254
1.395.477
2.109.011
130
140
150
160
170
180
156.132
0
0
1.294.735
0
3.062
158.031
0
0
1.300.084
0
0
163.946
0
0
1.344.549
0
0
190 3.728
16.744
40.968
200 0
0
0
210 0
220 10.585
230 1.468.242
0
10.714
1.485.573
0
11.115
1.560.577
010
011
020
021
4
4.1
4.2
LONG-TERM LIABILITIES
Long-term financial debt
Calculated long-term debt
Total for section 4
240 0
250 0
260 0
0
0
0
0
0
0
5
5.1
5.2
5.3
5.4
5.5
5.6
SHORT-TERM LIABILITIES
Financial liabilities
Trade liabilities
Liabilities on wages
Liabilities on insurance
Liabilities on budget settlements
Other calculated liabilities
Total for section 5
TOTAL FOR EQUITY & LIABILITIES
270
280
290
300
310
320
330
340
0
437.747
0
0
0
1.363
439.109
1.924.682
0
547.926
0
0
0
509
548.434
2.109.011
GENERAL DISCLOSURE
This company profile teaser is essential reading for any
serious investor, providing comprehensive financial information on a company’s performance, position and cash
flows over the past 3 years. This information, extracted
from reported financial statements, forms the building
blocks for any analysis undertaken by investment professionals.
The information in this presentation is subject to updating,
revision, further verification and amendment without notice.
No reliance may be placed for any purpose whatsoever on
the information or opinions contained in this investment
profile or any other document or oral statement or on the
completeness, accuracy or fairness of the information and/
or opinions therein. This research is based on current
public information that is considered reliable. Investors
shouldn’t consider this report as a single factor in making
their investment decision.
This research is not an offer to sell or the solicitation of
an offer to buy. It does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual
investor. One should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional
advice, including tax advice. Past performance is not a
guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations
in exchange rates could have adverse effects on the value
or price of, or income derived from, certain investments.
PROFIT & LOSS STATEMENT (USD*)
0
500.035
0
0
0
70
500.105
1.968.348
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
CONTACTS
Full-time privatization promotion
and investment attraction team
Leadership team
Angela Susanu
Valeriu Lazar
Deputy Director of Moldovan Public
Deputy Prime Minister
Property Agency
Minister of Economy of the Republic
[email protected]
of Moldova
Tel. +373 22 234350
Tudor Copaci
Octavian Berzan
Director of Public Property Agency of
Deputy Director of Moldovan Investment
Moldova
and Export Promotion Organisation
[email protected]
Denis Jelimalai
Tel. +373 22 232703
Director of Moldovan Investment and
Export Promotion Organisation
Net Sales
Cost of sales
Gross profit (loss)
Other operating incomes
Selling and marketing expenses
General and administrative expenses
Other operating expenses
Operating result: profit (loss)
Investing result: profit (loss)
Financing result: profit (loss)
Financial-economic result: profit
(loss)
Extraordinary result: profit (loss)
Profit (loss) of the reporting period
before taxation
Expenses (savings) on income tax
Net profit (loss)
2009
2010
2011
777.156
461.022
316.133
1.966
23.319
281.625
623
12.533
6.195
-14.999
3.728
1.385.320
988.369
396.951
185
26.639
329.068
493
40.936
243
-24.435
16.744
1.655.703
1.256.876
398.827
14.481
31.794
369.557
1.005
10.953
912
29.103
40.968
120 0
130 3.728
0
16.744
0
40.968
140 0
150 3.728
0
16.744
0
40.968
-2,2%
-4,0%
-1,2%
1,2%
-12,2%
78,3%
349,1%
9,6%
-0,4%
15,5%
5,0%
24,9%
19,5%
144,7%
1,1%
0,9%
1,2%
36,4%
2,6%
1,9%
2,5%
39,3%
010
020
030
040
050
060
070
080
090
100
110
GROWTH RATES (YOY)
Total assets
Long-term assets
Current assets
Total equity
Total liabilities
Net sales
Net profit
RATIOS
ROE
ROA
ROS
Current liquidity ratio
0,3%
0,2%
0,5%
40,9%
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
Pu b l i c Pr o p e r ty Ag e n cy o f R e p u b l i c o f M o l d o va
M o l d o va n In ve stm e n t a n d Exp o r t Pr o m o ti o n Or g a n i za ti o n
Privatisation | 41
FALESTI SANITATION MACHINES FACTORY JSC
PUBLIC COMPANIES PRIVATISATION SERIES
LOCATION
Falesti, 61 M. Eminescu str., MD- 5902, Falesti district
SECTOR
Manufacture of machinery and equipment
PUBLIC STAKE
94.12%
BACKGROUND
The company was founded back in 1987 and it was initially
conceived to become a sophisticated factory specialized
in sanitation machine and equipment manufacture. Still,
construction works were stopped after 1993. As a result,
the company presently operates nearly 74.5 thousand sq.
m, which is only about 58% of the initially projected capacity, the rest is unfinished constructions. All finished and
unfinished facilities are located on a 13.2 ha land in the
industrial zone of Falesti. 1.5 km railroad line was also built
to facilitate operations inside the plant site.
Presently, the company has specialized in commercial
manufacture of forged metal products, metalworking and
machinery repair services. It employs about 26 people.
KEY REASONS TO INVEST
• Access to extensive buildings infrastructures
• Excellent site location to accommodate complex industrial facilities
• Complex gas and energy utilities infrastructure
• Proximity of constantly upgrading road infrastructure
ABOUT MOLDOVA
Standard time zone: UTC/GMT +2 hours
Distance to: Brussels-2200km, Berlin-1500km, Moscow-1300km,
Odessa-200km, Bucharest-450km
Currency: Moldovan Lei (MDL); USD/MDL – 1/12.11,
EUR/MDL – 1/16.11
Population: 3.5 million
Administrative division: 37 first-tier units, including 32 districts
Gini index: 38.0 (Medium)
Human Development Index: ∆0.649
Main transport gates: Chisinau International Airport (Code:KIV,
www.airport.md), Giurgiulesti International Free Port (www.
gipf.md), nine international cross-border points with Romania
and 26 international cross-border points with Ukraine.
MACROECONOMIC COUNTRY PROFILE
Why invest in Moldova?
Regionally attractive
1. fiscal and non-fiscal
regime
• Attractive corporate tax rate
(12% in 2012), lowest in region
• Extensive network of double taxation treaties
• Fiscal and non-fiscal incentives
for Free Economic Zone residents:
Exemption from VAT; Exemption
from customs duties and excise
duties on goods imported into the
FEZ and subsequently exported;
0% corporate tax rate; 10-year
protection against adverse changes in legislation; Infrastructure
in place (transport, water, gas,
electricity)
4 2 | Pr i va ti s ati on
2. Stable macroeconomic indicators and
high growth
•
•
•
•
•
2008-2010 GDP growth: 6.3%
GDP growth: 6.8% (2011)
Budget deficit: 2.4% (2011)
Inflation rate: 7.8% (2011)
Unemployment rate: 6.7% (2011)
Country
RM
RO
UA
GDP 2011 (B $)
GDP 2011 per capita ($)
GDP Growth 2012E
Moody’s Gov B Rating
Population 2011 (M)
FDI 2011 (B $)
FDI per capita ($)
11.99
3,330
0.3%
B3
3.6
0.28
79
179.79
9,440
1.4%
Baa3
19.04
2.7
139
329.32
7,230
2.4%
B3
45.5
7.2
158
Lowest average
3.
wage in the region –
€1.2/h
4. Access to EU and
CIS growth markets
5. Strong political
agenda to embark
on EU led integration
processes
• Average monthly salary €190
• High education level (80% attain
secondary education, 38% pursue
higher education), strong technical education
• 70% of population is multilingual
• Advantageous free trade agreements with EU and CIS countries
• Ongoing
negotiations
on
EU-Moldova DCFTA (over 4 rounds
of negotiations)
• International port access
• Constantly upgrading Road
Infrastructure
• Best performer of EU Eastern
Partnership
• Ongoing
negotiation
of
EU-Moldova
Association
Agreement (over 14 rounds of
negotiations)
(against €2.2/h in UA, €4.2/h in
RO and BG)
(500M + 275M = 775M potential
customers)
F i n a si st C o n su l ti n g L td .
KEY FINANCIALS
BALANCE SHEET (USD*)
1
1.1
1.2
1.3
1.4
1.5
2
2.1
2.2
2.3
2.4
2.5
2.6
3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
LONG-TERM ASSETS
Intangible assets
Amortization of intangible assets
Long-term tangible assets
Depreciation of long-term tangible
assets
Long-term financial assets
Total for section 1
CURRENT ASSETS
Stocks of goods and materials
Short-term receivables
Short-term receivables related to
budget settlements
Short-term investments
Cash
Other short-term assets
Total for section 2
TOTAL FOR ASSETS
SHAREHOLDER'S EQUITY
Share capital
Unpaid capital
Withdrawn capital
Reserves
Corrections of prior period results
Retained earnings (uncovered loss)
of previous years
Net income (net loss) of the reporting year
Net income used in the reporting
year
Additional capital
Secondary capital
Total for section 3
2009
2010
2011
0
0
7.152.569
2.321.459
0
0
7.234.637
2.362.834
0
0
7.481.387
2.464.911
030 0
040 4.831.110
0
4.871.802
0
5.016.476
050 59.017
060 33.725
070 499
50.711
13.990
713
64.485
10.082
265
080
090
100
110
120
0
83.260
4.142
180.643
5.011.752
0
20.336
3.964
89.714
4.961.516
0
707
4.868
80.407
5.096.883
130
140
150
160
170
180
1.254.768
0
0
4.090.092
0
-386.131
1.270.026
0
0
4.192.011
0
-486.954
1.317.563
0
0
4.320.222
0
-571.850
190 0
-64.264
-32.504
200 0
0
0
210 0
220 0
230 4.958.729
0
0
4.910.820
0
0
5.033.430
010
011
020
021
4
4.1
4.2
LONG-TERM LIABILITIES
Long-term financial debt
Calculated long-term debt
Total for section 4
240 0
250 0
260 0
0
0
0
0
0
0
5
5.1
5.2
5.3
5.4
5.5
5.6
SHORT-TERM LIABILITIES
Financial liabilities
Trade liabilities
Liabilities on wages
Liabilities on insurance
Liabilities on budget settlements
Other calculated liabilities
Total for section 5
TOTAL FOR EQUITY & LIABILITIES
270
280
290
300
310
320
330
340
123
26.707
6.380
1.965
3.400
12.122
50.697
4.961.516
0
25.320
11.022
6.905
6.143
14.063
63.453
5.096.883
GENERAL DISCLOSURE
This company profile teaser is essential reading for any
serious investor, providing comprehensive financial information on a company’s performance, position and cash
flows over the past 3 years. This information, extracted
from reported financial statements, forms the building
blocks for any analysis undertaken by investment professionals.
The information in this presentation is subject to updating,
revision, further verification and amendment without notice.
No reliance may be placed for any purpose whatsoever on
the information or opinions contained in this investment
profile or any other document or oral statement or on the
completeness, accuracy or fairness of the information and/
or opinions therein. This research is based on current
public information that is considered reliable. Investors
shouldn’t consider this report as a single factor in making
their investment decision.
This research is not an offer to sell or the solicitation of
an offer to buy. It does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual
investor. One should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional
advice, including tax advice. Past performance is not a
guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations
in exchange rates could have adverse effects on the value
or price of, or income derived from, certain investments.
PROFIT & LOSS STATEMENT (USD*)
4.808
31.611
2.669
1.343
2.030
10.562
53.023
5.011.752
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
CONTACTS
Full-time privatization promotion
and investment attraction team
Leadership team
Angela Susanu
Valeriu Lazar
Deputy Director of Moldovan Public
Deputy Prime Minister
Property Agency
Minister of Economy of the Republic
[email protected]
of Moldova
Tel. +373 22 234350
Tudor Copaci
Octavian Berzan
Director of Public Property Agency of
Deputy Director of Moldovan Investment
Moldova
and Export Promotion Organisation
[email protected]
Denis Jelimalai
Tel. +373 22 232703
Director of Moldovan Investment and
Export Promotion Organisation
Net Sales
Cost of sales
Gross profit (loss)
Other operating incomes
Selling and marketing expenses
General and administrative expenses
Other operating expenses
Operating result: profit (loss)
Investing result: profit (loss)
Financing result: profit (loss)
Financial-economic result: profit
(loss)
Extraordinary result: profit (loss)
Profit (loss) of the reporting period
before taxation
Expenses (savings) on income tax
Net profit (loss)
2009
2010
2011
162.917
129.714
33.202
8.854
0
75.042
4.687
-37.673
125.801
-0
88.128
76.467
65.150
11.317
3.533
6
79.436
879
-65.470
1.206
0
-64.264
18.760
18.654
106
27.687
0
58.633
4.728
-35.568
3.063
0
-32.504
120 47.541
130 135.668
0
-64.264
0
-32.504
140 0
150 135.668
0
-64.264
0
-32.504
-1,0%
0,8%
-50,3%
-1,0%
-4,4%
-53,1%
-147,4%
2,7%
3,0%
-10,4%
2,5%
25,2%
-75,5%
-49,4%
-1,3%
-1,3%
-84,0%
56,5%
-0,6%
-0,6%
-173,3%
78,9%
010
020
030
040
050
060
070
080
090
100
110
GROWTH RATES (YOY)
Total assets
Long-term assets
Current assets
Total equity
Total liabilities
Net sales
Net profit
RATIOS
ROE
ROA
ROS
Current liquidity ratio
2,7%
2,7%
83,3%
29,4%
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
Pu b l i c Pr o p e r ty Ag e n cy o f R e p u b l i c o f M o l d o va
M o l d o va n In ve stm e n t a n d Exp o r t Pr o m o ti o n Or g a n i za ti o n
Privatisation | 43
STATE COMPANY VIBROPRIBOR
PUBLIC COMPANIES PRIVATISATION SERIES
LOCATION
Chişinău, 10, Iurie Gagarin bd., MD- 2004
SECTOR
Manufacture of electric measurement equipment
PUBLIC STAKE
100% of the state company share capital
BACKGROUND
The company was founded back in 1958. During the soviet
era it emerged as a state of the art factory integrated in
the soviet industry complex, manufacturing optics apparel,
electronics measurement equipment etc., employing over
3.8 thousand people.
Presently, the company has nine production departments
and focuses on manufacturing gas burning equipment,
optics, production engineering (aluminum pressure diecast, metal mechanical processing, metal die-pressing,
manufacture of electric motors, metal coating etc.). The
company’s business accounts for 57% of 1.1 million USD
market of electronic measurement equipment production.
The company is located in Central Chisinau and operates
over 56 thousand sq. m of facilities, located on 8.6 ha of
public property land. Parts of the facilities are rented to
businesses.
A fraction of company’s production is exported. The company employs about 121 people.
KEY REASONS TO INVEST
• Strong background in electronic and optic industries
• Strategically located in Central Chisinau to accommodate a wide range of businesses
• Extensive access to buildings infrastructure
• Growing perspective of export markets
Why invest in Moldova?
Regionally attractive
1. fiscal and non-fiscal
regime
• Attractive corporate tax rate
(12% in 2012), lowest in region
• Extensive network of double taxation treaties
• Fiscal and non-fiscal incentives
for Free Economic Zone residents:
Exemption from VAT; Exemption
from customs duties and excise
duties on goods imported into the
FEZ and subsequently exported;
0% corporate tax rate; 10-year
protection against adverse changes in legislation; Infrastructure
in place (transport, water, gas,
electricity)
4 4 | Pr i va ti s ati on
2. Stable macroeconomic indicators and
high growth
•
•
•
•
•
2008-2010 GDP growth: 6.3%
GDP growth: 6.8% (2011)
Budget deficit: 2.4% (2011)
Inflation rate: 7.8% (2011)
Unemployment rate: 6.7% (2011)
ABOUT MOLDOVA
Standard time zone: UTC/GMT +2 hours
Distance to: Brussels-2200km, Berlin-1500km, Moscow-1300km,
Odessa-200km, Bucharest-450km
Currency: Moldovan Lei (MDL); USD/MDL – 1/12.11,
EUR/MDL – 1/16.11
Population: 3.5 million
Administrative division: 37 first-tier units, including 32 districts
Gini index: 38.0 (Medium)
Human Development Index: ∆0.649
Main transport gates: Chisinau International Airport (Code:KIV,
www.airport.md), Giurgiulesti International Free Port (www.
gipf.md), nine international cross-border points with Romania
and 26 international cross-border points with Ukraine.
MACROECONOMIC COUNTRY PROFILE
Country
RM
RO
UA
GDP 2011 (B $)
GDP 2011 per capita ($)
GDP Growth 2012E
Moody’s Gov B Rating
Population 2011 (M)
FDI 2011 (B $)
FDI per capita ($)
11.99
3,330
0.3%
B3
3.6
0.28
79
179.79
9,440
1.4%
Baa3
19.04
2.7
139
329.32
7,230
2.4%
B3
45.5
7.2
158
Lowest average
3.
wage in the region –
€1.2/h
4. Access to EU and
CIS growth markets
5. Strong political
agenda to embark
on EU led integration
processes
• Average monthly salary €190
• High education level (80% attain
secondary education, 38% pursue
higher education), strong technical education
• 70% of population is multilingual
• Advantageous free trade agreements with EU and CIS countries
• Ongoing
negotiations
on
EU-Moldova DCFTA (over 4 rounds
of negotiations)
• International port access
• Constantly upgrading Road
Infrastructure
• Best performer of EU Eastern
Partnership
• Ongoing
negotiation
of
EU-Moldova
Association
Agreement (over 14 rounds of
negotiations)
(against €2.2/h in UA, €4.2/h in
RO and BG)
(500M + 275M = 775M potential
customers)
F i n a si st C o n su l ti n g L td .
KEY FINANCIALS
BALANCE SHEET (USD*)
1
1.1
1.2
1.3
1.4
1.5
2
2.1
2.2
2.3
2.4
2.5
2.6
3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
LONG-TERM ASSETS
Intangible assets
Amortization of intangible assets
Long-term tangible assets
Depreciation of long-term tangible
assets
Long-term financial assets
Total for section 1
CURRENT ASSETS
Stocks of goods and materials
Short-term receivables
Short-term receivables related to
budget settlements
Short-term investments
Cash
Other short-term assets
Total for section 2
TOTAL FOR ASSETS
SHAREHOLDER'S EQUITY
Share capital
Unpaid capital
Withdrawn capital
Reserves
Corrections of prior period results
Retained earnings (uncovered loss)
of previous years
Net income (net loss) of the reporting year
Net income used in the reporting
year
Additional capital
Secondary capital
Total for section 3
2009
2010
2011
8.088
3.101
4.331.676
2.023.538
8.187
4.776
4.420.132
2.135.453
8.493
6.653
4.615.137
2.300.673
030 0
040 2.313.126
0
2.288.090
0
2.316.304
050 782.252
060 18.440
070 2.614
739.957
8.067
3.188
795.584
10.003
4.644
080
090
100
110
120
0
8.682
61.884
873.872
3.186.998
0
1.619
63.638
816.469
3.104.559
0
1.150
76.060
887.442
3.203.746
130
140
150
160
170
180
2.984.417
0
0
1.507.251
-1.186
-1.317.551
3.020.709
0
0
1.525.580
0
-1.593.438
3.133.773
0
0
1.582.682
0
-1.806.954
190 -255.556
-148.323
2.801
200 0
0
0
210 0
220 0
230 2.917.375
0
0
2.804.529
0
0
2.912.302
010
011
020
021
4
4.1
4.2
LONG-TERM LIABILITIES
Long-term financial debt
Calculated long-term debt
Total for section 4
240 0
250 0
260 0
0
0
0
0
0
0
5
5.1
5.2
5.3
5.4
5.5
5.6
SHORT-TERM LIABILITIES
Financial liabilities
Trade liabilities
Liabilities on wages
Liabilities on insurance
Liabilities on budget settlements
Other calculated liabilities
Total for section 5
TOTAL FOR EQUITY & LIABILITIES
270
280
290
300
310
320
330
340
0
76.815
27.607
19.946
20.153
155.509
300.030
3.104.559
0
82.841
29.087
17.524
17.667
144.324
291.444
3.203.746
GENERAL DISCLOSURE
This company profile teaser is essential reading for any
serious investor, providing comprehensive financial information on a company’s performance, position and cash
flows over the past 3 years. This information, extracted
from reported financial statements, forms the building
blocks for any analysis undertaken by investment professionals.
The information in this presentation is subject to updating,
revision, further verification and amendment without notice.
No reliance may be placed for any purpose whatsoever on
the information or opinions contained in this investment
profile or any other document or oral statement or on the
completeness, accuracy or fairness of the information and/
or opinions therein. This research is based on current
public information that is considered reliable. Investors
shouldn’t consider this report as a single factor in making
their investment decision.
This research is not an offer to sell or the solicitation of
an offer to buy. It does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual
investor. One should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional
advice, including tax advice. Past performance is not a
guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations
in exchange rates could have adverse effects on the value
or price of, or income derived from, certain investments.
PROFIT & LOSS STATEMENT (USD*)
0
55.340
19.077
18.451
12.787
163.968
269.623
3.186.998
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
CONTACTS
Full-time privatization promotion
and investment attraction team
Leadership team
Angela Susanu
Valeriu Lazar
Deputy Director of Moldovan Public
Deputy Prime Minister
Property Agency
Minister of Economy of the Republic
[email protected]
of Moldova
Tel. +373 22 234350
Tudor Copaci
Octavian Berzan
Director of Public Property Agency of
Deputy Director of Moldovan Investment
Moldova
and Export Promotion Organisation
[email protected]
Denis Jelimalai
Tel. +373 22 232703
Director of Moldovan Investment and
Export Promotion Organisation
Net Sales
Cost of sales
Gross profit (loss)
Other operating incomes
Selling and marketing expenses
General and administrative expenses
Other operating expenses
Operating result: profit (loss)
Investing result: profit (loss)
Financing result: profit (loss)
Financial-economic result: profit
(loss)
Extraordinary result: profit (loss)
Profit (loss) of the reporting period
before taxation
Expenses (savings) on income tax
Net profit (loss)
2009
2010
2011
555.394
250.324
305.070
140.112
12.039
331.251
480.687
-378.795
121.943
1.296
-255.556
564.097
324.971
239.127
187.366
12.050
309.988
232.915
-128.461
-19.633
-229
-148.323
683.052
382.642
300.410
232.062
13.364
289.433
242.427
-12.752
14.838
716
2.801
120 0
130 -255.556
0
-148.323
0
2.801
140 0
150 -255.556
0
-148.323
0
2.801
-2,6%
-1,1%
-6,6%
-3,9%
11,3%
1,6%
-42,0%
3,2%
1,2%
8,7%
3,8%
-2,9%
21,1%
-101,9%
-5,3%
-4,8%
-26,3%
36,7%
0,1%
0,1%
0,4%
32,8%
010
020
030
040
050
060
070
080
090
100
110
GROWTH RATES (YOY)
Total assets
Long-term assets
Current assets
Total equity
Total liabilities
Net sales
Net profit
RATIOS
ROE
ROA
ROS
Current liquidity ratio
-8,8%
-8,0%
-46,0%
30,9%
* values in USD are calculated based on MDL data presented by the companies using the exchange rate MDL/USD at the end of each year
Pu b l i c Pr o p e r ty Ag e n cy o f R e p u b l i c o f M o l d o va
M o l d o va n In ve stm e n t a n d Exp o r t Pr o m o ti o n Or g a n i za ti o n
Privatisation | 45