RAIFFEISEN BANK S.A.

  |  2013-01-22

Investment Daily Romania, January 22

Fondul Proprietatea - Electrica looks for settlement with Enel in Paris Arbitrage Court; BCR budgeted a rebound in net profit in 2013; Biofarm - Ministry of Health 2013 budget indicates a rise for costs with reimbursed drugs

Fondul Proprietatea - Electrica looks for settlement with Enel in Paris Arbitrage Court
According to the media, state-owned Electrica, the minority shareholder in Enel Distributie Muntenia and Enel Energie Muntenia, seeks for settlement with Enel in the Arbitrage Court of Paris. The parties did not reach an agreement on the price Electrica should get for the 13.57% stake it plans to sell in the distribution and supply companies. The privatization sale and purchase agreement included a put option and a mechanism for setting the price. Based on this mechanism Electrica is asking EUR 520 mn, amount contested by Enel.
We were hoping Fondul Proprietatea might tag along with Electrica but in our view the disagreements between the parties and the further delays due to the trial lower the chances for Fondul Proprietatea to reach a quick deal with Enel.



BCR budgeted a rebound in net profit in 2013
According to media which is citing documents for an incoming GSM of BCR, the bank has budgeted for 2013 a net profit of RON 238 mn on a stand-alone basis. According to the same sources, BCR booked a net loss of RON 556 mn in the first 9 months of 2012, while the consolidated net loss over the same period amounted to RON 763 mn. Provision charges seem to be forecasted lower, as they are projected at RON 2 bn while on a consolidated basis, these charges stood at RON 2.6 bn during the first 9 months of 2012. Operating profit is seen at RON 2.4 bn, based on revenues of RON 4 bn.



Biofarm - Ministry of Health 2013 budget indicates a rise for costs with reimbursed drugs
According to the draft budget presented by the Government and cited by the local media, the Ministry of Health has allocated to the National Health Insurance House for 2013 some RON 5.6 bn for reimbursed drugs, up 22% yoy and some RON 2.6 bn for drugs used in National Health Programs, up 21% yoy. We view the news as positive for the pharmaceutical companies. However, Biofarm's portfolio is tilted towards nutritional supplements and drugs without prescription (some 75% of the turnover), thus the positive impact should be limited.

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