the contribution of the privatization program to the restarting of greek economy ioannis emiris...

The contribution of the privatization program to the restarting ofGreek Economy

Ioannis EmirisChief Executive Officer

Presentation for the 1st Greek Investment Forum

New York, October 9, 2012

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The Privatization Programme

Agreed with Greece’s creditors and enshrined by Law

Based in a clear business context

Aims to raise up to €50 bn

Offers a key initiative to attract direct investments and to reform key sectors of the economy

Aims to transform the development model of the economy and regain country’s credibility

1st Greek Investment Forum, New YorkOctober 2012

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Main objectives of the privatization program


Debt Repayment

Competition

Investment attraction

Creation of new job opportunities

Creation of liberalized and functional markets

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Restarting Greek Economy

Source: Foundation for Economic and Industrial Research

Investment multiplierPermanent increasing tendency of 1% of GDP

in public investmentsImpact on real GDP (% deviations from the base)

According to preliminary estimates by IOBE*, the privatization program during its implementation period will increase:

investments by €60 billion (with the average investment multiplier amounting around 2)

GDP by up to 1% per year

employment opportunities by 50,000 net new job positions

direct tax revenues by €3 billion (1.5% of GDP) per year

*Foundation for Economic and Industrial Research

October 2012 1st Greek Investment Forum, New York

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Infrastructure Portfolio

Extensive portfolio of prime infrastructure assets, which encompasses the following:

12 major commercial ports (including the ports of Piraeus, Thessaloniki, Igoumenitsa etc)

Significant small ports and marinas

All the airports facilities of the country (including the Athens International Airport)

Motorways

Water Distribution in Athens and Thessaloniki

Trains


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Corporate Portfolio

Extensive portfolio of high quality corporates in the sectors of:

Gaming (OPAP – the largest gaming operator, State Lotteries)

Energy (natural gas, petroleum refining and trading)

Natural Resources

Other Industrial Assets

Banking


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Land Portfolio

More than 70,000 public properties including:

Hellinikon (the largest urban coastal area in Attica, twice the size of Central Park)

Major properties suitable for• tourism development• commercial facilities• golf courses• hotels• thermal spa


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Latest Developments

Sale of 33% stake in OPAP (gaming operator) Sale of DEPA/DESFA (natural gas supply, transportation, distribution) Development of Hellinikon Sale of State Lotteries Development of Kassiopi area in Corfu Development of Afantou area in Rhodes

Projects in progress:

Next Steps – We envisage launching of tenders for:

SLB of 28 Public Sector Buildings Hellenic Petroleum Egnatia Motorway Thessaloniki Water Athens International Airport

LARKO (Ferronickel Producer) ELTA (Post Office) Astir Vouliagmeni Regional airports and marinas Ports


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Transparent Procedures

Specific, transparent and well communicated procedures to all interested parties for every project in the portfolio

The need for acceleration of the privatizations program does not impact on the transparency of the procedures


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Key Parties

HRADF

6 member BoD+

2 Independent Observers


Hellenic Republic

Advi

sors

Fina

ncia

l, Le

gal,

Tech

nica

l

Investors

Council of Experts Court of Auditors

Independent Valuators

ASSETS

PUBLIC POLICY

LEGISLATION

LEGISLATIOPRIVATIZATION

PROCEEDSN

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Targeting Investors

The HRADF is targeting investors from all around the globe: with long time horizons with strategic commitment who are convinced that Greece can provide the extra return

What the Fund offers: friendly approach and truly excellent assets well defined and market orientated privatization concepts characterized

by:

• transparent procedures

• speed of execution

• legal clarity


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Visit our website at www.hraf.gr

Visit our website at www.hraf.gr


http://www.hraf.gr/

http://www.hraf.gr/

http://www.hradf.com/

the contribution of the privatization program to the restarting of greek economy ioannis emiris...

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