www.kmarket.<strong>ro</strong>OBLIGATIUNI AVICOLA BUCURESTIpublica <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> obligatiuni convertibile in Romania, cea a International Leasingdin anul 2000.P<strong>ro</strong>spectul <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> emisiune integral se gaseste pe site-ul www.kmarket.<strong>ro</strong>, sectiunea“Documentare si Analiza”. Cererile <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> informatii suplimentare vor fiadresate intermediarul ofertei, SSIF <st<strong>ro</strong>ng>Bucuresti</st<strong>ro</strong>ng> Global Invest SA, telefon319.0251.DATE GENERALE EMITENTEmitent<st<strong>ro</strong>ng>Avicola</st<strong>ro</strong>ng> <st<strong>ro</strong>ng>Bucuresti</st<strong>ro</strong>ng> SASediuStr. Jandarmeriei Nr. 2,Sector 1, <st<strong>ro</strong>ng>Bucuresti</st<strong>ro</strong>ng>Telefon 230 0448FaxE-mail230 0632office@avicolabucuresti.<strong>ro</strong>Site Web www.avicolabucuresti.<strong>ro</strong>CUI 1551768ActivitateCont<strong>ro</strong>lDirectorGeneralCresterea pasarilorSIF MunteniaIon Costache <st<strong>ro</strong>ng>Prezentare</st<strong>ro</strong>ng> emitentObiectul <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> activitate al societatii consta cresterea si valorificarea pasarilorsi a p<strong>ro</strong>duselor <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>rivate din acestea. Principalele activitati <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>sfarsurate includselectia, hibridarea si distributia pe piata interna si externa <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> materialbiologic pasari si animale mici, elaborarea tehnologiilor fiecarui hibrid,elaborarea p<strong>ro</strong>gramelor <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> p<strong>ro</strong>filaxie sanitar-veterinara specifice fiecarui hibridprecum si analize <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> laborator, consultanta si expertiza sanitarveterinara.Cea mai mare pon<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>re in venituri o inregistreaza ouale <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> consum (46,7%din veniturile pe 2004) si puii <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> carne vii (14,7%):P<strong>ro</strong>dus 2002 2003 2004Oua consum 28,4% 42,7% 46,7%Pui carne vii 3,9% 8,1% 14,7%Cea mai importanta pon<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>re intotalul valoric a veniturile societatiio au vanzarile oualelor<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> consum.Puicute hibri<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> o zi 8,2% 8,1% 5,2%Pasari adulte vii 5,7% 5,7% 4,8%Alte 53,8% 35,4% 28,6%Piata pe care <st<strong>ro</strong>ng>Avicola</st<strong>ro</strong>ng> <st<strong>ro</strong>ng>Bucuresti</st<strong>ro</strong>ng> activeaza este caracterizata <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> o concurentaputernica din partea unor firme soli<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>. Astfel pe partea <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> p<strong>ro</strong>ductie oua <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>consum principalii concurenti sunt: Tonelli Buftea, Jack Moris COM Gorneni,At Grup Draganesti Vlasca, Agrimond Braila. La p<strong>ro</strong>ductia <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> material biologic:Hyssec Carei, Zuras Grecia si ISA B<strong>ro</strong>wn. Pe partea <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> p<strong>ro</strong>duse <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>carne: Tec Romania, Agrisol si <st<strong>ro</strong>ng>Avicola</st<strong>ro</strong>ng> Calarasi, <st<strong>ro</strong>ng>Avicola</st<strong>ro</strong>ng> Buzau, <st<strong>ro</strong>ng>Avicola</st<strong>ro</strong>ng> Brasov,<st<strong>ro</strong>ng>Avicola</st<strong>ro</strong>ng> Bacau.Pe piata interna societatea <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>tine momentan o cota <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> piata <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> 15% pepartea <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> material biologic si doar <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> 2% pe partea <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> oua <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> consum si1% pe partea <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> p<strong>ro</strong>duse din carne <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> pasare.Capitalul social al societatii are o valoare <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> 9.348.950 RON impartit in3.739.580 actiuni cu o valoare nominala <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> 2,5 RON. Structura este puternicconcentrate <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> catre SIF Muntenia:Actionar Nr. actiuni %capital socialSIF Muntenia 3.675.500 98,29%Free Float 64.080 1,71%Actiunile <st<strong>ro</strong>ng>Avicola</st<strong>ro</strong>ng> <st<strong>ro</strong>ng>Bucuresti</st<strong>ro</strong>ng> se tranzactioneaza la Bursa Elect<strong>ro</strong>nica Rasdaqcu simbolul AVBW din anul 1997. Tinand cont <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> concentrarea actionariatului,lichiditatea in piata este extrem <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> redusa. Ultima tranzactie s-a inregistratpe data <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> 14/04/2005, cand s-au transferat 80 <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> actiuni la pretul <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>0,30 RON/actiune. De altfel, tot istoricul tranzactionarii actiunilor inclu<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> unvolum total <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> numai 7.311 actiuni (0,08% din capitalul social total) si ovaloare a tranzactiilor <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> 1.820 RON. Evolutia tranzactiilor este prezentatamai jos:2
www.kmarket.<strong>ro</strong>OBLIGATIUNI AVICOLA BUCURESTI1.41.210.80.60.40.201997 1998 1999 2000 2001 2002 2003 2004 2005Pentru viitor sunt estimate p<strong>ro</strong>fituri cumulate <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> circa 2,8 milioane RONpentru 2005, 7,8 milioane RON pentru 2006 si 10,6 milioane RON pentru2007. Un tabel comparativ cu principalii indicatori financiari inregistrati panaacum <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> <st<strong>ro</strong>ng>Avicola</st<strong>ro</strong>ng> <st<strong>ro</strong>ng>Bucuresti</st<strong>ro</strong>ng> si p<strong>ro</strong>gnozati pentru 2005-2007 este prezentat intabelul urmator:Mil RON 2003 2004 2005E 2006E 2007EVenituri totale 37,02 50,26 83,27 103,03 109,22Cheltuieli totale 38,56 49,86 80,41 95,26 95,64P<strong>ro</strong>fit net -1,54 0,39 2,86 7,76 10,57P<strong>ro</strong>fitabiliatate -4,16% 0,77% 3,36% 7,53% 9,67%Active totale 27,09 27,48 N/A N/A N/ACapital p<strong>ro</strong>priu 6,68 8,08 N/A N/A N/AAvand in ve<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>re ap<strong>ro</strong>piata a<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>rare a Romaniei la Uniunea Eu<strong>ro</strong>peana sipentru a face fata unui mediu concurential mult mai accentuat si diversificatsocietatea si-a p<strong>ro</strong>pus pentru urmatoarea perioada un plan <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>zvoltare siinvestitii masive concretizate in planuri <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> mo<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>rnizare si retehnologizare aliniilor <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> p<strong>ro</strong>ductie.In acest sens este vizata specializarea fiecarei subunitati (Codlea, Mihailesti,Saliste, Butimanu) din cadrul societatii in functie <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> fluxurile tehnologice,cerintele <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> pe piata si zona <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> amplasare. Randament obligatiuniDobanda oferita este printer celemai mari din piataDobanda obligatiunilor <st<strong>ro</strong>ng>Avicola</st<strong>ro</strong>ng> <st<strong>ro</strong>ng>Bucuresti</st<strong>ro</strong>ng> este calculata folosind o formulasimpla <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> calcul si anume media BUBID (rata anuala a dobanzii pasive latermen <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> 6 luni atrase <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> la alte banci pe piata interbancara) si BUBOR(rata anuala medie a dobanzii active la termen <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> 6 luni plasate la altebanci pe piata interbancara) la care se vor adauga 4 puncte p<strong>ro</strong>centuale:Rata dobanda = [(BUBID+BUBOR)/2]+4%/anRatele BUBID si BUBOR sunt actualizate zilnic pe pagina <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> web a BanciiNationale Romane, www.bn<strong>ro</strong>.<strong>ro</strong>. In functie <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> ultimele valori afisate o estimarea primului cupon oferit <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> obligatiuni indica o rata <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> 10,11%.P<strong>ro</strong>gramul <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> plata a cupoanelor <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> dobanda pe durata <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> viata a emisiuniieste prezentat in tabelul urmator:3