romania si climatul investitional
DESCRIPTION
Romania si climatul investitional intre realitate si potentialTRANSCRIPT
Sectorul energetic – Europa Centrala
www.bvb.ro
Poz Companie Tara Vanzari 2011mil EUR
1 PKN Orlen Polonia 26.027,00
2 MOL Ungaria 19.175,81
3 Naftogas Ucraina 9.539,45
4 CEZ Cehia 8.533,76
5 Energorynok Ucraina 5.987,74
6 PGNiG Polonia 5.910,87
7 PGE Polonia 5.894,90
8 Lotos Polonia 5.473,14
9 RWE Transgas Cehia 5.169,45
10 Petrom OMV Romania 5.116,28
Sursa: Bloomberg
Romania si climatul investitional
Sectorul energetic – Europa Centrala
www.bvb.ro
Poz Companie
listata
Tara Detinere actiuni
autoritati publice
Valoare detinere iunie 2012
1 PKN Orlen Polonia 48,85% 1.645,79
2 MOL Ungaria 38,88% 2.274,74
3 CEZ Cehia 69,80% 10.982,48
4 Petrom OMV Romania 20,64% 943,42
Sursa: Bloomberg
Romania si climatul investitional
Sectorul energetic
www.bvb.ro
- In competitia energetica regionala, Romania a pierdut “startul”
- Sunt premisele reformarii sectorului energetic: liberalizarea pietei de tranzactionare a energiei, alinierea preturilor la un nivel competitional; renegocierea contractelor cu “baietii destepti” ; context macroeconomic intern relativ favorabil
- Initierea unui program major de privatizare al sectorului energetic; Romania poate obtine peste 1,5 mld. EUR din vanzarea unor pachete minoritare in urmatorii 2 ani
- Resursele pot fi utilizate pentru “ajustari bugetare” sau pentru programe investitionale
- Dezvoltarea unor proiecte energetice majore: ex: Tarnita – Lapustesti, retehnologizarea hidrocentralei Bicaz, reactorele 3 si 4 Cernavoda etc.
- Alocarea de resurse financiare per proiect sau…
Romania si climatul investitional
Fondurile suverane - caracteristici
www.bvb.ro
- Fonduri de investitii detinute de autoritati centrale cu active in actiuni, obligatiuni, terenuri, proprietati, metale pretioase si alte active financiare; aceste vehicule sunt create de state care obtin excedent bugetar sau detin o datorie publica redusa;
- In multe cazuri aceste fonduri sunt detinute de catre banca centrala (fonduri de stabilizare) → fonduri cu impact major asupra mediului economic si fiscal (detineri de active financiare: depozite in principalele valute convertibile, drepturi speciale de tragere-DST, alte active financiare lichide; in alte cazuri aceste fonduri sunt detinute de alte autoritati publice (Ministerul Finantelor, Trezoreria, alte Organisme publice) si sunt construite exclusiv pentru obtinerea unei performante financiare din administrarea activelor (fonduri investitionale - nu detin un rol major in politica economica si fiscala a unei tari);
- Cei mai importanti jucatori → pietele BRICS;
- Clasificare dupa sursele de finantare: fonduri energetice si non-energetice;
-Scopul si obiectivele unor asemenea vehicule: fonduri de stabilizare cu impact major asupra mediului economic si fiscal – ex. Government Pension Fund of Norway sau fonduri investitionale (pietele BRICS) – ex. China Investment Corporation – obtinerea unei performante financiare pe termen mediu si lung;
- Raport SWF/Foreign Reserve Exchange Ratio: politica investitionala versus rezerve valutare: fondurile energetice au in medie valori ridicate: ex. Qatar Investment Authority (5.89x) comparativ cu fondurile suverane non-energetice – ex. China Investment Corporation (0.12x).
Romania si climatul investitional
Fondurile suverane
www.bvb.ro
Tara Abr. Fond Anul lansarii
Active Mld USD
(2010)
Tip fond
Emiratele Arabe Unite
ADIA Abu Dhabi Investment Authority 1976 627 Energetic
Norvegia GPF Government Pension Fund - Global 1990 611 Energetic
China SAFE SAFE Foreign Holdings 1997 568 Non-energetic
Arabia Saudita
SAMA SAMA Foreign Holdings n.a. 533 Energetic
China CIC China Investment Corporation 2007 410 Non-energetic
Kuwait KIA Kuwait Investment Authority 1953 296 Energetic
Hong Kong HKMA Hong Kong Monetary Authority Investment Portofolio
1993 293 Non-energetic
Singapore GIC Government of Singapore Investment Corporation
1981 250 Non-energetic
Singapore TH Temasek Holdings 1974 157 Non-energetic
Rusia RNWF National Welfare Fund 2008 150 Energetic
Sursa: Sovereign Wealth Funds Institute
Romania si climatul investitional
Fondurile Suverane
www.bvb.ro
Sursa: Sovereign Wealth Funds InstituteNov. 2010
Romania si climatul investitional
Fondurile Suverane
www.bvb.ro
Sursa: Sovereign Wealth Funds InstituteNov. 2010
Romania si climatul investitional
Fondurile suverane
www.bvb.ro
Tara Abr. Fond Anul lansarii
Active Mld USD
Tip fond
Italia ISF Italian Strategic Fund 2011 1,4 Non-energetic
Nigeria NSIA Nigerian Sovereign Investment Authority
2011 1,0 Petrol
SUA NDLF North Dakota Legacy Fund 2011 0,1 Petrol & Gaz
Papua Noua Guinee
PNGSWF Papua New Guinea Sovereign Wealth Fund
2011 n.a. Gaz
Mongolia FSF Fiscal Stability Fund 2011 n.a. Minerit
Brazilia SFB Sovereign Fund of Brasil 2010 11,3 Non-energetic
Franta SIF Strategic Investment Fund 2008 28,0 Non-energetic
Arabia Saudita
PIF Public Investment Fund 2008 5,3 Petrol
Sursa: Sovereign Wealth Funds Institute
Romania si climatul investitional
Romania si climatul investitional
Fondurile Suverane
www.bvb.ro
Sursa: Sovereign Wealth Funds Institute
In loc de concluzii:
www.bvb.ro
Statul poate dezvolta o strategie energetica prin care isi pastreaza pachetele majoritare in principalele companii
energetice
Pachetele minoritare in companiile energetice sunt vandute prin piata de capital; o politica continua de accesare de resurse
financiare - pe modelul CEZ
O parte importanta din aceste resurse obtinute din privatizare pot fi “canalizate” prin intermediul unui vehicul investitional
detinut de autoritatile publice catre alte proiecte energetice majore si de interes national
Romania si climatul investitional
Bursa de Valori Bucuresti S.A.34 - 36 Carol I Boulevard, 14th Floor, Bucharest, sector 2, ROMANIATel: (+40)(21) 307 95 00 Fax: (+40)(21) 307 95 19 [email protected]
Pompei LUPSAN
DisclaimerTHIS PRESENTATION WAS PREPARED BY BURSA DE VALORI BUCURESTI. THE INFORMATION CONTAINED IN THIS DOCUMENT HAS NOT BEEN INDEPENDENTLY VERIFIED AND NO REPRESENTATION OR WARRANTY EXPRESSED OR IMPLIED IS MADE AS TO, AND NO RELIANCE SHOULD BE PLACED ON THE FAIRNESS, ACCURACY, COMPLETENESS OR CORRECTNESS OF THIS INFORMATION. PAST PERFORMANCE IS NO GUARANTEE OF FUTURES RESULTS. THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO PURCHASE ANY SHARES. CERTAIN STATEMENTS CONTAINED IN THIS DOCUMENT MAY BE STATEMENTS OF FUTURE EXPECTATIONS AND OTHER FORWARD-LOOKING STATEMENTS THAT ARE BASED ON MANAGEMENT’S CURRENT VIEWS AND ASSUMPTIONS AND INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS, PERFORMANCE OR EVENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED IN SUCH STATEMENTS
www.bvb.ro Romania si climatul investitional