www.kmarket.<strong>ro</strong>OBLIGATIUNI AVICOLA BUCURESTICuponRata dobandaData prece<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>ntacuponData <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> referintaData curenta cupon1 10,11% - 15.04.2006 22.04.20062 Va fi anuntata 22.04.2006 15.10.2006 22.10.20063 Va fi anuntata 22.10.2006 15.04.2007 22.04.20074 Va fi anuntata 22.04.2007 15.10.2007 22.10.20075 Va fi anuntata 22.10.2007 15.04.2008 22.04.20086 Va fi anuntata 22.04.2008 A 1095-a zi <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> laconfimarea <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> CNVMa primirii notificariiasupra rezultatuluiofertei fara sapte zilecalendaristiceA 1095 zi <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> la confirmarea<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> catre CNVM aprimirii notificarii asuprarezultatului oferteiDobanda se va plati semestrial. Agentul <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> plata este chiar emitentul, iarcalculul dobanzii va avea drept reper valoarea celor doua dobanzi interbancareafisata <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> BNR in ziua <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> sca<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>nta a dobanzilor la data cuponului indicatein tabelul <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> mai sus. Plata efectiva se va efectua intr-un termen <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>10 zile lucratoare <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> la momentul inceperii platilor. Rambursarea principaluluise va face intr-o singura transa, in termen <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> 30 <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> zile calendaristice <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>la sca<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>nta, adica in a 1095-a zi <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> la confirmarea <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> catre CNVM a primiriinotificarii cu rezultatele ofertei.La sca<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>nta <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>tinatorii <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> obligatiuni isi pot exercita dreptul <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> conversie aobligatiunilor in actiuni AVBW (listate pe piata elect<strong>ro</strong>nica Rasdaq) printr-unraport <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> convesie <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> 1:2.Facand o comparatie cu randamentul oferit <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> celelalte emisiuni <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> obligatiunifacute in Romania si listate acum la Bursa <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> Valori <st<strong>ro</strong>ng>Bucuresti</st<strong>ro</strong>ng> se poateobserva ca obligatiunile <st<strong>ro</strong>ng>Avicola</st<strong>ro</strong>ng> <st<strong>ro</strong>ng>Bucuresti</st<strong>ro</strong>ng> aduc cateva p<strong>ro</strong>cente peste dobanziledisponibile in piata. Totusi, avand la baza rezultatele financiare inregistratein ultimii ani <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> societate si obiectul <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> activitate al emitentuluiam putea spune ca in acest caz si riscul asumat poate fi mai ridicat.Majoritatea emisiunilor <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> obligatiuni <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>nominate in RON implica in formula<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> calcul media BUBID si BUBOR oferind peste aceasta o marja <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> la 0,50%pana la 2,50%, p<strong>ro</strong>centele fiind cu atat mai mari cu cat investitia in respectiveleemisiuni este consi<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>rate mai riscanta:IndicatorCuponcurentCupon estimativ*Formula <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> calcul<st<strong>ro</strong>ng>Obligatiuni</st<strong>ro</strong>ng> <st<strong>ro</strong>ng>Avicola</st<strong>ro</strong>ng>(3 ani)<st<strong>ro</strong>ng>Obligatiuni</st<strong>ro</strong>ng> BRD(3 ani)<st<strong>ro</strong>ng>Obligatiuni</st<strong>ro</strong>ng> Finansbank(3 ani)<st<strong>ro</strong>ng>Obligatiuni</st<strong>ro</strong>ng> Hexol(2 ani)<st<strong>ro</strong>ng>Obligatiuni</st<strong>ro</strong>ng> Raiffeisen(3 ani)<st<strong>ro</strong>ng>Obligatiuni</st<strong>ro</strong>ng> Timisoara(5,5 ani)10,11%* 10,11% (BUBID6M+BUBOR6M)/2+4%7,94% 7,31% BUBOR6M9,22% 6,86% (BUBID6M+BUBOR6M)/2+0,75%7,50% 8,61% (BUBOR6M+BUBID6M)/2+2,5%8,91% 6,61% BUBID6M+BUBOR6M)/2+0.5%8,25% 8,25% Fixa4<st<strong>ro</strong>ng>Obligatiuni</st<strong>ro</strong>ng> Aiud(3.5 ani)*estimativ in functie <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> ultimele date furnizate <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> BNR9,00% 8,38% (BUBID3M+BUBOR3M)/2+2%
www.kmarket.<strong>ro</strong>OBLIGATIUNI AVICOLA BUCURESTIIn mod evi<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>nt randamentul obligatiunilor este cu mult mai mare <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>cat alteplasamente cu venit fix disponibile pe piata:IndicatorRata anuala a dobanzii<st<strong>ro</strong>ng>Obligatiuni</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> SA (3 ani) 10,11%<st<strong>ro</strong>ng>Obligatiuni</st<strong>ro</strong>ng> <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> stat cu dobanda (2 ani) 7,50%Depozit la termen BCR 7,00%Depozit la termen BRD 4,75% RiscuriInvestitia in obligatiuni corporative prezinta riscuri, intre care riscul <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> neplata,riscul <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> fluctuatie a ratelor dobanzilor, riscuri economice, financiaresi <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> alta natura. In cazul emisiunii <st<strong>ro</strong>ng>Avicola</st<strong>ro</strong>ng> <st<strong>ro</strong>ng>Bucuresti</st<strong>ro</strong>ng> trebuie analizate riscurilelegate <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> activitatea economica a emitentului.Spre <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>osebire <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> majoritateaemisiunilor <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> obligatiuni <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> pepiata, emisiunea <st<strong>ro</strong>ng>Avicola</st<strong>ro</strong>ng> estenegarantata.Se pune p<strong>ro</strong>blema in viitor daca emitentul isi va putea onora platile <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> dobanzisi principal la sca<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>nta. <st<strong>ro</strong>ng>Obligatiuni</st<strong>ro</strong>ng>le <st<strong>ro</strong>ng>Avicola</st<strong>ro</strong>ng> <st<strong>ro</strong>ng>Bucuresti</st<strong>ro</strong>ng> nu sunt garantateprintr-o polita <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> risc financiar sau prin alte garantii, existand doar oclauza <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> prim rang, <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>ci p<strong>ro</strong>misiunea ca imprumutul obligatar va fi onoratcu prioritate (daca vor exista fonduri disponibile). Spre <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>osebire <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> mareamajoritate a emisiunilor <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> obligatiuni corporative <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>rulate pana acum siincheiate cu succes, precum cele ale BRD-G<strong>ro</strong>upe Societe Generale, BCR-Leasing, Finansbank, Raiffeisen sau TBI Leasing—companii cu o puternicaforta financiara, putem consi<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>ra ca investitia in obligatiunile <st<strong>ro</strong>ng>Avicola</st<strong>ro</strong>ng> <st<strong>ro</strong>ng>Bucuresti</st<strong>ro</strong>ng>este mai riscanta. De altfel, acest lucru este luat in calcul si la stabilirearatei dobanzii.Avand in ve<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>re rezultatele financiare inregistrate in ultimii ani se pune incontinuare p<strong>ro</strong>blema daca previziunile pentru urmatorii trei ani se vora<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>veri si conditiile pietei vor permite realizarea acestora. Momentan societateanu are o pozitie puternica pe piata, cumuland doar o mica parte dinsector mai ales pe partea vanzarilor <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> oua <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> consum zona cu pon<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>reacea mai insemnata in venituri. In plus concurenta pe piata este in cresteresi <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>terminata <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> firme <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> renume, care au avut <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>ja in ve<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>re mo<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>rnizareasi retehnologizarea p<strong>ro</strong>ductiei.Ca si valoare a imprumutului raportat la veniturile p<strong>ro</strong>gnozate pentru anul2005 emisiunea reprezinta doar 9,36% din totalul valoric al acestora, ceeace nu reprezinta prea mult—daca am avea in ve<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>re celelalte emisiuni <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>obligatiuni corporative din tara noastra.Riscul <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> rata a dobanzii este mai redus <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>cat in ultimii ani, datorita uneirelative stabilizari a dobanzilor si a unor flucutatii mai reduse. ConcluziiNumarul emisiunilor <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> obligatiuni corporative lansate in Romania nu estefoarte mare, astfel incat orice initiativa noua <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> acest gen merita analizata.Dobanda obligatiunilor <st<strong>ro</strong>ng>Avicola</st<strong>ro</strong>ng> este atragatoare, dar consi<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>ram ca aceastanu compenseaza pe <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>plin riscurile asumate <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> investitori.<st<strong>ro</strong>ng>Avicola</st<strong>ro</strong>ng> <st<strong>ro</strong>ng>Bucuresti</st<strong>ro</strong>ng> este un emitent <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> obligatiuni nou; ca emitent <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> actiuni,societatea a fost foarte putin prezenta pe piata <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> capital, actiunile saletranzactionandu-se foarte putin datorita unei concentrari mai mult <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>catexcessive.5Rezultatele financiare ale emitentului nu sunt spectaculoase; ramane <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> va-