the ebrd in romania - romanian public relations case study – greenfield debt financing ebrd’s...

The EBRD in Romania

February 2016

OFFICIAL USE

Contents

• EBRD’s activities

• EBRD in Romania

• Financing Instruments

• Selected Investments

• Contact

4 February, 2016 2 OFFICIAL USE

What is the EBRD?

4 February, 2016 3

• An international financial institution promoting

transition to market economy in 36 countries

from central Europe to central Asia and the

Southern and Eastern Mediterranean (SEMED)

region.

• Owned by 65 countries and 2

inter-governmental institutions (EU, EIB).

• Capital base of €30 billion.

• In 2014, Cyprus became a country of operations

followed by Greece in 2015, both on a

temporary basis, until 2019.

EBRD’s activities EBRD in Romania Financing instruments Selected Investments Contact

EU 27

Countries (1)

58.7% EBRD region

excluding

EU

13.8%

Others

8.7%

USA

10.1%

Japan

8.6%

Shareholding structure

(1) Includes European Community and European Investment Bank (EIB)

each at 3%. Among other EU countries: France, Germany, Italy, and

the UK each holds 8.6%

OFFICIAL USE

What is the EBRD?

4 February, 2016 4

AAA/Aaa rated multilateral

development bank

Invested over €107 billion in

4,473 projects since 1991

Private sector accounted for 79% share of

cumulative investment

In 2014:

€8.9 billion invested in 377 projects

In 2015:

€9.4 billion invested in 381 projects

Debt 82%, Equity 14% & Guarantee 4%


OFFICIAL USE

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Net C

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Annual B

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(AB

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Debt ABI Equity ABI Net Cumulative Business Investment

Net cumulative business investment €107 bn

The EBRD and its objectives

4 February, 2016 5

The EBRD is:

• Private sector focused

• Wide product, currency, tenor range

• Facilitates inward and cross border

investments in the region

• Promotes policy dialogue with regards to

investment climate business environment

and policy matters


Objectives:

• To promote transition to market economies

by investing mainly in the private sector

• To mobilise significant foreign direct

investment

• To support privatisation, restructuring and

better municipal services to improve

people’s lives

• To encourage environmentally sound and

sustainable development

OFFICIAL USE

Five reason we are different

4 February, 2016 6

A reliable and stable partner with a local team committed to Romania that has no funding constraint

Offering flexible debt, mezzanine and minority equity financing with a long term perspective and

possibility of repeat financing

Able to add value through:

Specialist due diligence expertise in energy efficiency, environment, industry sectors and equity

structuring

Strong relationships and capacity to engage with State institutions

Our network throughout the region

Our reputation

Strong capacity to mobilise commercial co-financing for larger and more complex transactions

involving complex investment plans, restructuring or reorganisations, and complex financing

structures with many parties and ability to address the middle market


OFFICIAL USE

Where we invest?

4 February, 2016 7


* Beginning with July 2014, the EBRD suspended new investments in Russia as a result of the sanctions on the country imposed by the EU.

OFFICIAL USE

EBRD finances diverse range

of enterprises

4 February, 2016 8


Note: as of end September 2015 Net cumulative business volume €101bn

OFFICIAL USE

EBRD Product Flexibility tailored to project

needs

4 February, 2016 9


Equity investment with majority sponsor to reduce

equity burden and add partnership value (up to 35%)

Common or preferred stock

Privatisation and initial public offering (IPO)

Mezzanine equity and subordinated debt

Infrastructure funds

Loans to the private sector, including SMEs

Sovereign, sovereign guaranteed and loans to

state owned companies

Debt co-financing, working with commercial

banks and IFIs

Energy efficiency and renewable energy

Project finance loans (incl. PPP)

Hard/local currency. Fixed/floating rates. Senior,

subordinated, convertible

LT (up to 10y or more) or ST revolving

Syndication under preferred creditor status

Access to capital markets

Technical Cooperation

EBRD brings in additional financial capital and technical assistance (TC) to

economically viable projects

OFFICIAL USE

Benefits of working with us

EBRD’s Value-Added: a unique offering

4 February, 2016 10


Strong, internationally recognised partner with long term perspective

Higher risk appetite than other lenders

Long established policy dialogue with Government and Regulators

Unparalleled presence in the region provides mitigation of political and regulatory risks

Preferred creditor status in all countries of operations

Catalyst to access additional finance (every EUR 1 financed by EBRD mobilises EUR 2 from other sources)

Flexible deal structure and product matching services

Dedicated team with expertise in a variety of sectors and countries

Donor-funded technical assistance available for economically viable sustainable development projects

OFFICIAL USE

General Information

4 February, 2016 11

• Country of operation since 1992.

• €7.2 billion invested in Romania in 382 projects to date

• 74% of the EBRD’s investments in Romania are in the private sector

• 21% of the EBRD’s investments in Romania are in equity

• €2.0 billion current portfolio of projects, comprised of 175 active operations.

• Team of 15 bankers in Resident Office in Bucharest

Strategic directions in Romania:

• Broadening access to finance by inducing lending and developing capital markets

• Reducing regional disparities and boosting inclusion through commercialised

infrastructure

• Enhancing private sector competitiveness through targeted investment


OFFICIAL USE

Portfolio Composition

4 February, 2016 12


24%

13%

29%

33%

Energy

Financial Institutions

Industry, Commerce and Agribusiness

Infrastructure

Portfolio composition

Current portfolio* €2.0 billion As of December 2015

*includes undisbursed commitments

OFFICIAL USE

Annual Bank Investments and

number of projects

4 February, 2016 13


OFFICIAL USE

318

721

593

449

612

508

592

260

0

200

400

600

800

2008 2009 2010 2011 2012 2013 2014 2015

Annual Bank Investments (€ m)

10

15

20

25

30

35

2008 2009 2010 2011 2012 2013 2014 2015

Number of projects

• Besides plain vanilla lending, equity and mezzanine investments, the EBRD’s

special programmes in Romania are:

• DFF (Direct Financing Framework) - a delegated facility for equity, quasi-equity

investments, as well as tailor-made debt financing for SMEs.

• R2CF (Regional EU Cohesion Fund Co-financing Framework) - used to co-finance

investments financed by the EU Cohesion Fund investment programme.

• ASB (Advice for Small Business) - advisory projects for local companies to support growth

and export activities

• Syndication with other banks and co-investment with PE funds or strategic

investors.

• Indirect financing through funding of financial institutions.

Investment instruments in Romania

4 February, 2016 14


OFFICIAL USE

• SME financing facilities have been operational since 2006 and DFF has been

launched in 2015 to meet the growing financing needs of dynamic local SMEs, not

sufficiently supported by other financing sources. Market has been very responsive

and the portfolio of projects has grown fast

• In 2015, 144 projects have been approved: EUR 1.3 billion investment in all EBRD

countries of operations

SME Financing

Direct Financing Framework (DFF)

4 February, 2016 15


OFFICIAL USE

• Eligible investments: expansion, restructuring or acquisitions of existing private

businesses

• Eligible sectors: a wide range of sectors, with only few exceptions (weapons,

spirits, tobacco, gambling). All investments must be in line with sound

environmental principles

• Size of investments: individual investment could amount up to €10 million.

Minimal individual investment is €5 million

• Target Stake: Minority stake, preferably in the range of 20 to 35 percent of the

capital of the company

• Time horizon: a period from 3 to up to 10 years

DFF investment criteria


16 OFFICIAL USE

• Helping SMEs since 1993 (private, majority local ownership, up to 250 employees,

bellow €50 million turnover)

• Connecting SMEs to local consultants and international advisors who can help

transform a wide range of businesses

• Run on a not-for-profit basis with donor funding, assisting small businesses in 25

countries

Advice for Small Businesses (ASB)

ASB team assists locally owned enterprises to

engage consultants on a cost sharing basis.

ASB draws on the know-how of the network of

international advisers and local consultants to help

transform a wide range of businesses, looking at

areas including strategy, marketing, operations,

quality management, energy efficiency, financial

management and beyond.

ASB develops infrastructure of local business advisory

services through different trainings, roundtables, visibility

events and workshops.


17 OFFICIAL USE

• Over 600 total projects to date

• 65 projects financed in 2015

• EUR 7.4 million EBRD non-reimbursable financing

• 72% of clients have increased their sales by an average of 26%

• 62% of clients have increase their productivity by an average of 8%

• 61% of clients have increased their number of employees, resulting in 264 job

created

ASB Romania – results to date


18 OFFICIAL USE

Funding Financial Institutions

The key objective of the EBRD’s role in Financial Institutions sector is to stimulate lending

to the real economy, facilitate the access to finance of SMEs, support the development of

Capital Markets and sustain the stability of the banking sector. In the FI sector EBRD is

active through:

o Lending through local banks and leasing companies to SME

o Cross Currency Swaps for Balance Sheet management

o FI Bond Market Framework supporting capital markets developments

o Equity investments: EBRD is a shareholder in Banca Transilvania with a current

stake of 14.3% and Bucharest Stock Exchange (4.99% share)

o Trade Finance lines supporting trade, exporters, etc.

A total of €266 million in Romanian FI portfolio (committed and outstanding as of

November 2015)


19 OFFICIAL USE

Industry, Commerce and Agribusiness


20

Eti

2014

EUR 23 million

Axereal

2014 Equity

EUR 10 million

2013 Debt

EUR 28 million

ALRO

2010

UAS 180 million

Cosmote

2013

EUR 225 million

Roquet

2014

EUR 5 million

Louis Delhaize / Cora

2012

EUR 210 million

Expur - Saipol

2010 – 2011 - 2014

EUR 190 million

Kaufland Romania

2009

EUR 40 million

Industrial Mecano

2011

Mezzanine debt

EUR 3.7 million

Green Group

2011

Equity

EUR 6.8 million

Digital Cable Systems

2012

Senior Debt

EUR 15 million

Lafarge Ciment Romania

2009

EUR 19.9 million

UAC Europe

2012

Senior debt + Mezzanine

EUR 25 million

Renault Technologie

Roumanie

2009

Portage equity

EUR 44 million

Lidl Romania

2010

EUR 33.3 million

OFFICIAL USE

http://www.alro.ro/en

http://www.cosmote.ro/

http://www.pedro-roquet.com/en_UK/

ICA Case Study – Greenfield Debt Financing


21

Geographic expansion of the Bank’s region

of operations

A delegated facility for equity and quasi-equity investments, as well as tailor-made debt financing

Established jointly by the EBRD and the Italian Government in 2006

For investments in the Balkans (Albania, Bosnia & Herzegovina, Bulgaria, Croatia, FYR Macedonia, Kosovo, Montenegro, Romania, Serbia), Turkey, and the SEMED region (Egypt, Jordan, Morocco, Tunisia)

To meet the growing financing needs of dynamic local SMEs, not sufficiently supported by other financing sources

ETİ Gıda Sanayi ve Ticaret A.S. is one of the leading confectionery producers in Turkey. Founded in 1962, ETİ Gida

is a family-owned company based in Eskişehir, Turkey. It produces biscuits, cakes, crackers and chocolate under

45 brand names and operates seven plants across the country.

The EBRD funding will be used to co-finance the development of a greenfield plant near Craiova, with a total cost

of the investment of €40 million.

The investment represents ETİ Gıda’s first expansion beyond Turkey. Romania was chosen to serve as its future

production base in the EU because of the country’s attractiveness to foreign investors, with its growing domestic

market, good transport links and well-educated workforce.

Highlights

Project Summary

Country Romania

Sector Confectionery

Product Senior debt

Amount EUR 23 mn

Client ETİ Signed in 2014

OFFICIAL USE

ICA Case Study – Equity Financing


22 4 February, 2016 22


of operations





Highlights

Sector Recycling

Product Equity

Amount EUR 6.8mn

2011

Project Summary

Country Romania

Client Green Group Signed in

Green Group is the only waste recycling integrated park from Romania and was set up following the acquisition of

the majority stake by Global Finance’s South East Europe Fund (SEEF) in consortium with EBRD from Romcarbon.

Green Group consists of GreenTech SA (PET bottles recycling), GreenFiber Internațional SA (PET fiber producer),

GreenWEEE Internațional SA (WEEE recycling) and GreenLamp Reciclare SA (lamp and baterries recycling)

The total investment value of EBRD and SEEF in Green Group reached EUR 22.7 million. The project represents a

major capital transaction in the recycling industry field and will sustain the Green Group’ strategy in becoming the

most important waste recycling park in SE Europe.

South East Europe Fund is a private equity fund managed by Global Finance, an independent investment firm that

pioneered private equity in the region. The EBRD is one of the anchor investors in SEEF.

OFFICIAL USE

ICA Case Study – Portage Equity


23 4 February, 2016 23


of operations





Highlights

Sector Automotive

Product Portage Equity

Amount EUR 44mn

2009

Project Summary

Country Romania

Client Renault Technologies

Romania Signed in

Renault started operating in Romania in 1999 when it acquired 51% of Dacia SA when it was privatised. Renault

incorporated Renault Technologie Roumanie (RTR) in 2006 with the aim to develop the engineering capabilities

outside France.

EBRD provided EUR 44 million portage equity finance for building Titu Test Centre, Renault’s largest test centre

outside France and one of the very few investments in automotive engineering in Central and Eastern Europe or

the former Soviet Union.

EBRD supported the projects as it promotes links with local universities and other academic institutions and

improves the technological level and quality of components produced by local suppliers through closer contact

and more rapid feedback.

OFFICIAL USE

Private Equity Funds


24

SigmaBleyzer

2005

Southeast European Fund IV

EUR 50 million

EMSA

2009

CEE Special Situations Fund

EUR 17 million

Darby

2011

Converging Europe Fund III

EUR 39 million

Crescent Capital

2010

Clean Energy Fund

EUR 22 million

Meridiam Infrastructure

2011

Eastern Europe Fund

EUR 100 million

Syntaxis Capital

2006

EUR 25 million

2009

EUR 25 million

Axxess Capital

2010

Emerging Europe Accession

Fund

EUR 25 million

The Foundations

2014

Romanian Foundations

Fund I (Equity)

EUR 10 million

ADM Capital

2010

CEECAT Recovery Fund

EUR 56 million

OFFICIAL USE

Infrastructure and Transport


25

Galati Municipality

Urban Infrastructure

Rehabilitation

2014, EUR 22 million

R2CF Hunedoara

2014

EUR 6.7 million

R2CF Arges

2014

EUR 12 million

R2CF Dolj

2013

EUR 14 million

R2CF Bacau

2013

EUR 16 million

EnergoBit ESCO

2011

EUR 10 million

R2CF Targu Mures

2012

EUR 16 million

R2CF Iasi

2011

EUR 22.3 million

OFFICIAL USE

Iasi County Solid

Waste Management

2015, EUR 5 million

R2CF Ilfov

2015

EUR 6 million

R2CF Mehedinti

2015

EUR 6 million

Bucharest Bond

2015

EUR 75 million

Infrastructure and Transport

€662 million portfolio as of Dec 2015

Bucharest Bond Issue (2015) - The EBRD has invested the RON equivalent of €75 million in the City of

Bucharest’s recent RON equivalent of €500 million Bond Programme. The Bucharest bond is seen as ground

breaking as it is the first local-currency bond issuance programme of the City of Bucharest and the first large

scale publicly traded municipal bond listed on the Bucharest Stock Exchange.

Pitesti Urban Public Transport (2014) - The EBRD provided a senior loan of up to €13 million to S.C.

Publitrans2000 SA, a joint-stock company wholly-owned by the municipality of Pitesti, which provides public

transport services. The loan financed part of the company’s fleet renewal, which consists of 70 new EURO-6

buses, in line with applicable EU requirements. The project is part of the city’s plan to improve the public

transport system by reducing air pollution in the city centre and by facilitating access to new business/industrial

areas.

Galati Urban Infrastructure Rehabilitation (2014) - The EBRD provided a RON 100 million to the Municipality of

Galati for the financing of key investments in the urban transport sector and related infrastructure, including

street rehabilitation and public transport optimisation through advanced traffic management and the introduction

of a new automated fare collection system (AFC).

R2CF Botosani sub-project (2013) - The EBRD provided up to €7.4 million alongside up to €80.9 million from EU

Cohesion Funds, as well as the funding from the local and state budget to finance the €102.5 million regional

water investment programme of SC Nova Apaserv SA Botosani.


26 OFFICIAL USE

Power & Energy and Natural Resourses


27

Electrica

2014

EUR 444 million

IPO

Steag

Crucea North Wind Farm

2014

EUR 45 million

Project Finance Loan

LUKERG

2014

EUR 38 million

Project Finance Loan

Transelectrica

2013

RON 200 million

Bond

Hidroelectrica

2011

EUR 70 million

EDP Renewables

2011

Pestera Wind Project

EUR 26.9 million

Cernavoda Wind Farm

EUR 42.2 million

OMV Petrom

2009

EUR 350 million

OFFICIAL USE

Romgaz

2013

EUR 50 million

IPO

CEZ Distribution Romania

2015

RON 675 million

Syndicated Senior Loan

Power & Energy and Natural Resourses


Power & Energy

CEZ Distributie (2015) – The EBRD provided a RON denominated A/B loan structure of up to €152 million. The

project refers to the 2015-16 investment programmes in the distribution network aiming at reducing losses;

improving efficiency and installing smart meters; the restructuring of the company’s balance sheet in order to

optimise its capital structure; and the provision of working capital.

Electrica Equity (2014) - The Bank invested €75 million in the €444 million Electrica SA IPO. The shares are listed

on the Bucharest as well as on the London Stock Exchange. The proceeds of the IPO were used to fund an

investment plan targeting the refurbishment and development of the distribution network, through the installation

of smart grid infrastructure and improving operating efficiencies.

Land Power Wind Farm (2014) – The EBRD provided an A/B loan structure of up to €57 million to construct an 84

MW wind farm in Tulcea, southeast Romania. The 42 turbines were be located in the municipalities of Dorobantu,

Topolog and Casimcea in the Tulcea region of southeast Romania. The Project supported Romania in increasing

its renewable energy capacity to meet EU’s green energy targets.

Natural Resources

Romgaz (2013) - The EBRD invested €60 million in Romania’s partial sell-off of its shares in Societatea Națională

de Gaze Naturale Romgaz S.A. through an IPO amounting to EUR 390 million. In the IPO, the Romanian state

reduced its holding by 15%, from 85% to 70%. The purpose of the project was to assist Romgaz in its efforts to

improve its corporate governance, internal control systems and environmental management practices.


28 OFFICIAL USE



29

2013 SME line: EUR 25 m

2011 RoSEFF: EUR 10 m


2012 RoSEFF: EUR 20 m


2014 RoSEFF

EUR 15 million

2013 Convertible bond

EUR 4.4 million

2012 SME line

EUR 20 million

Bond subscriptions

2014: EUR 25.1 million

2013: EUR 12.7 million

2011 Syndicated loan

EUR 40 million

2010 EU/EEFF

EUR 5 million

2013 RoSEFF

EUR 10 million

2013 Bond Subscription

EUR 24.7 million

2013 Cross Currency Swap

EUR 100 million, notional

2013 TFP

EUR 20 million

2010 SME & Corporate

EUR 47.5 million


EUR 80 million

2013 TFP

EUR 15 million


EUR 75 million


EUR 200 million

2013 TFP

EUR 15 million


EUR 50 million

2014 Bond subscription

EUR 10.3 million


EUR 30 million


EUR 3 million

2013 TFP

EUR 20 million, limit


EUR 75 million

OFFICIAL USE

Bucharest Stock Exchange

2014 Equity investment

EUR 3 million

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Capital market development: Active policy dialog related to capital market development,

including improvement on corporate governance, supporting legal and regulatory reforms

including covered bonds legislation with the aim to achieve a workable law under which banks

would issue covered bonds. EBRD acquired in November 2014 a 4.99% stake in the Bucharest

Stock Exchange, supporting reforms through its recently-elected representative on the board of

the Central Depository.

FI Bond Market Framework : EUR 150mn programme launched mid-2013 to support bond

issues of the local financial intermediaries. So far, EBRD has supported 4 LCY bond issues by 3

issuers (UniCredit Bank, Raiffeisen Bank – 2 times issuer, Garanti Bank) investing in total EUR

73mn.

EBRD is committed to continue supporting SMEs, with the help of various financial instruments,

including local currency financing, dedicated frameworks and credit lines (including for energy

efficiency), and other suitable instruments, including possible risk-sharing.


30 OFFICIAL USE

Primary Contacts


European Bank for Reconstruction and Development

Metropolis Center, 56-60 Iancu de Hunedoara Blvd.,

11745, Sector 1, Bucharest, Romania

Tel: +4021 202 7100 Fax: +4021 202 7110

Matteo Patrone, Regional Director, Head of Romania and Bulgaria Tel: (+4021) 202 7100 Email: [email protected]

Mihnea Craciun, Associate Director, Deputy Head of Romania Tel: (+4021) 202 7138 Email: [email protected]

Venera Vlad, Associate Director, Municipal & Environmental Infrastructure (MEI), Country

Coordinator

Tel: (+4021) 202 7119 Email: [email protected]

Alina Mircea, Associate Director, Financial Institutions (FI) Country Coordinator Tel: (+4021) 202 71 34 Email: [email protected]

Ovidiu Morariu, Principal Banker, Industry, Commerce & Agribusiness (ICA) Country

Coordinator

Tel: (+4021) 202 7121 Email: [email protected]

Dragos Iliescu, Principal Banker, ICA & ICT Tel: (+4021) 202 7116 Email: [email protected]

Mihaela Mihailescu, Principal Banker, ICA & Natural Resources Tel: (+4021) 202 7104 Email: [email protected]

Cristi Antoci, Associate Banker, Agribusiness Tel: (+4021) 202 7164 Email: [email protected]

Miruna Gala, Associate Banker, MEI Tel: (+4021) 202 7122 Email: [email protected]

Paul Stefanescu, Associate Banker, MEI Tel: (+4021) 202 7162 Email: [email protected]

Georgiana Ghenu, Associate Banker, Financial Institutions Tel: (+4021) 202 7130 Email: [email protected]

Daniela Marin, National Programme Manager, ASB Programme Romania Tel: (+4021) 202 7141 Email: [email protected]

31 OFFICIAL USE

mailto:[email protected]












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