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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
2
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
3
Main objectives of the privatization program
1st Greek Investment Forum, New YorkOctober 2012
Debt Repayment
Competition
Investment attraction
Creation of new job opportunities
Creation of liberalized and functional markets
4
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
1st Greek Investment Forum, New YorkOctober 2012
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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
1st Greek Investment Forum, New YorkOctober 2012
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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
1st Greek Investment Forum, New YorkOctober 2012
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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
1st Greek Investment Forum, New YorkOctober 2012
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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
October 2012 1st Greek Investment Forum, New York
10
Key Parties
HRADF
6 member BoD+
2 Independent Observers
October 2012 1st Greek Investment Forum, New York
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
1st Greek Investment Forum, New YorkOctober 2012
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Visit our website at www.hraf.gr
Visit our website at www.hraf.gr
1st Greek Investment Forum, New YorkOctober 2012