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Another opportunity to invest in Greece

Publiziert am 5.Mai.2014 von Abraam Kosmidis

Exploitation of the Greek state-owned assets: Another opportunity to invest in Greece.

Since 2010, Greece is making a continuous effort to recover from the severe effects of the economic crisis and to boost its economy. Because of the fact that the Hellenic Republic is the biggest owner of properties in the country, the policy makers decided to exploit these properties by selling or leasing land, real estate buildings, and shares of public corporations.
However, it was not easy to handle such huge welfare, because different public companies used to handle (monitor, valuate and exploit) the public properties. The fiscal strategy that Greece is following defines that the public sector must be reformed and some of the public companies must close. So now, there are 2 main institutions, which exploit the state-owned properties.

Hellenic Republic Asset Development Fund

One of the two companies is the “Hellenic Republic Asset Development Fund (HRADF)”. It was established on 1st July 2011 under the medium term fiscal programme. Its legal form is “Societe Anonyme” of which the Hellenic Republic is the only share holder. Its duration is expected to be 6 years, but it may exceed this timeline once the Ministry of Finance decides that would be necessary. Among the members of the Board there are two observers who have been appointed by the European Commission and the Eurozone respectively.

Mission of the Fund

The medium term fiscal programme of 2011 defined that the Greek government had the commitment to develop a Privatisation Programme for the state-owned assets. The Fund was established in order to support and promote this privatization programme in a transparent, rapid, and efficient manner.
Then the Greek government enacted an “Interministerial Committee for Restructing and Privatisation”. This committee (which consist of the ministers of: Finance, Development and Competiveness, Infrastructure, Environment, and Tourism) decides which one of the public properties are ready to be privatized and then it transferred to the HRADF. The fund has the jurisdiction to sell, to develop and to liquidate the 900 assets that have already been transferred to it from the state. These assets are divided into 3 categories:

  • Real estate and land development (e.g. 35 real estate buildings, Helliniko S.A.)
  • Infrastructure (e.g. Athens International Airports, Regional Airports)
  • Corporate (e.g. Hellenic Football Prognostic Organisation, Hellenic Petroleum, Hellenic Post).

Completed Projects

These are some of the completed projects of the fund:

  1. Helliniko SA. It was the company which was responsible to manage and exploit the land as well as the establishments situated in the area of the former Athens International Airport. On 31 March 2014, it was announced that 100% shares of the company was sold to a private investor. The purchase price was 915 million Euros.
  2. Hellenic Football Prognostics Organisation S.A. On 11 October 2013 33% of the company shares were sold to a private company. The purchase price was 652 million Euros.
  3. State Lottery Tickets. On 30 July 2013, the rights to operate circulate and manage the Lottery Tickets were transferred to a private company for 12 years. The purchase price was 770 million Euros.
  4. Real Estate Buildings. So far, 28 real estate properties have been sold or leased with total revenue 261,3 million Euros.

Since 2011, the Fund has received 2,6 billion Euros through the implementation of the privatization programme.

In –progress Projects

These are some of the on-going projects of the HRADF:

  1. Piraeus Port Authority S.A.(OLP) / Thessaloniki Port Authority S.A(OLTH). The HRADF wishes to sell the 67% of the shares of both these companies. There are already 6 different available proposals for the OLP.
  2. 12 more port authorities. The Fund wishes to sell shares of twelve more port authorities.
  3. 37 Regional airports. The HRADF wishes to privatise the airport authorities of 37 greek airports.
  4. Thessaloniki Water Supply and Sewerage Company S.A. The fund invited the investors to purchase the 51% of the shares of the company.

Future Projects

The HRADF is about to proceed to the following actions within the next 12 months

  • Privatisation of the Hellenic Post: the Hellenic Republic is holding 90% of the shares. It wishes to sell this percentage.
  • Selling of the 17% of the shares of the Public Power Corporation S.A.
  • Selling of shares of Athens Water Supply and Sewerage Company S.A
  • Acquisition of the ownership right on the “Aghia Triada” land. It is a seafront property of 132,483 m2 located 27 km from the center of Thessaloniki city.

Public Property Company

There is a second company which is entitled to exploit the state-owned properties. It was first established in 1998 (with a different name) and its main objective was to exploit the tourist properties of the country. In 2011, it merged two other state-owned companies with similar activities and it got its final name – Public Properties Company SA (PPC).
Nowadays, the PPC is handling more than 70.000 state –owned properties mostly of tourism interest (marinas, ski resorts, camping, spa resorts). The PPC exploits all these properties which have not been transferred to HRADF. It may lease some of them (the leaser in most cases has the obligation to invest money to renovate the place) but it may manage them as “branch offices”. Examples of these branch offices are the “Parnassos Ski resort” and the Vouliagmeni Seashore SA (a land situated in south Athens area and offers leisure and sea-related services).

Projects of PPC

  • Nafplia Palace Hotel: it is a group of 3 hotels situated in Nafplio – Peloponnese. The PPC has signed a leasing contract with an investor who is obligated to invest 6,3 million euros to renovate the whole group.
  • The PPC will run the renovation works of the lifts at Parnassos Ski Centre from July to November 2014. The cost of this project is estimated around the 29,5 million and it will be delivered through the National Reference Framework.

The first e-auction for properties

The most innovative project that PPC is running is the website: www.e-publicrealestate.gr. It is an electronic – Ebay style – platform where the smaller public properties are auctioned. It runs since July 2013 and it aims to make these properties accessible to as many investors as possible. The types of properties that can be auctioned are residential, commercial, sports and tourist facilities and / or urban and rural land. In the near future, 16 are scheduled but no specific dates are given yet.

The co-ordination of the HRADF and the PPC

So far, the two companies used to cooperate for a small amount of properties. The PPC used to promote “mature” projects which were ready to be privatized such as the case of Helliniko S.A. The updated memorandum defines that the two companies will cooperate more in the future. More specifically, PPC will make sure that the properties are not mortgaged and they can be transferred to the HRADF. It is expected that by the end of 2015, 3000 properties will be transferred to the HRADF.

Exploitation of the church properties

A third company entitled to exploit properties is the newly established (January 2014) company responsible for the exploitation of church properties. It is half-owned by the Holy Archbishopry of Athens and half-owned bt the Hellenic Republic. The properties which the company will manage can only be leased. They cannot be sold. The state will receive the 50% of the incomes and the other 50% will be used for the church charities. The first property to be leased is a land of 83.000 m2 located to Vouliagmeni, south of Athens.

The advantages of the privatization programme for the economy of the country

The Greek government is making every effort to boost the economy. This aim can be achieved by attracting new investors. The privatization programme was one step towards this objective. Privatisations will not only help to reduce the public debt, but they will also bring some indirect benefits. The privatised properties will be developed by the investors and thus new jobs will be created. The underutilized assets will be used in a more effective way (as it will happen in the case of Helliniko or even Aghia Triada). The local communities and economies will be boosted. In the end, privatizations is a tool that enhances the good business climate that the new investors want to see in Greece.



Deutlicher Aufschwung der Exporte von griechischen Produkten

Publiziert am 30.Oktober.2013 von Abraam Kosmidis

Bereits die Nachrichten hinsichtlich des ersten Halbjahres von 2013 waren vielversprechend. Sie zeichneten sich durch einen konstanten Anstieg der griechischen Exporte aus und bestätigten die Dynamik der exportorientierten Sektoren der griechischen Wirtschaft. Gemäß einem Bericht des Panhellenischen Exportverbandes und des Forschungszentrums für Exporte (Griechisches Statistisches Amt EL-STAT) war ein erneuter Anstieg der griechischen Exporte um 5,2 % während des ersten Halbjahres 2013 im Vergleich zum 1. Halbjahr 2012 zu verzeichnen.

Traditionelle Exportgüter, wie  Produkte des Agrar-und Nahrungsmittelsektors und auch der Textilindustrie zeigten eine Robustheit gegenüber dem krisenbedingten negativen Umfeld.

Die griechischen Exporte entsprachen damit einem Anteil von mehr als 15% des BIP, während die exportorientierten Unternehmen (Exporte, Tourismus, Schifffahrt, Transporte) fast zu 30%  am BIP beitrugen. Dies stellte eine deutliche Annäherung an den europäischen Durchschnitt dar.

 

Tabellen zu den griechischen Exporten

Auf der Grundlage der vorliegenden Zahlen lässt sich ein Anstieg der Exporte – einschließlich der Erdölerzeugnisse – um 6,5 % in die Eurozone erkennen. (11% für EU-Länder der Eurozone und 4 % für EU-27). Die 27 Länder der EU behalten weiterhin einen hohen Anteil (44,2%) an den gesamten griechischen Ausfuhren, während sich dieser Anteil abgesehen ohne die Erdölerzeugnisse sogar auf einem Anteil von über 60% beläuft.

 

In den beiden folgenden Tabellen werden die 20 Länder dargestellt, welche die meisten griechische Waren importiert haben (1. Halbjahr 2013 – Tabelle 1.) sowie die beliebtesten griechischen Exportartikel (Tabelle 2.) dargestellt:

 

1)

Rangfolge 1. Halbjahr 2013Rangfolge 1. Halbjahr 2013LandWert
11Türkei1.572,5
22Italien1.317,8
33Deutschland893,7
44Bulgarien647,6
55Zypern514,9
612Gibraltar514,7
76USA492,5
87Großbritannien410,1
99Libyen381,0
1024Ägypten347,1
1111Frankreich344,7
128Fyrom335,4
1315Spanien309,6
1414Libanon282,6
1513Rumänien280,1
1622Algerien230,7
1716Niederlande221,6
1817Russland195,3
1923Saudi Arabien190,7
2020Israel184,8

2)

1. Halbjahr 20131. Halbjahr 2012 ProduktbeschreibungWert (in Mil. Euro)Mengenangabe (in t)
11Erdölprodukte5.182,68.054.863,9
22Arzneimittel für den Einzelhandel369,55.701,1
311Olivenöl330,2114.003,1
43Platten, Bänder und Blätter aus Aluminium >0,2 mm251,789.241,5
54Tiefgekühlte oder frische Fische201,943.024,4
66Rohre179,027.489,7
77Verarbeitetes Gemüse165,275.863,5
89Käseprodukte149,526.717,0
910Aprikosen, Kirschen und Pfirsiche135,9146.422,8
1015Aluminiumlegierungen108,159.065,1
1121Aluminiumblätter-und Bänder98,931.402,4
1223Frische oder verarbeitete Orangen93,3232.360,8
1317Zigaretten92,610.481,6
1412Tabak87,416.280,6
1519Polypropylen85,370.312,7
1613Elektrische Energie85,10,1
1733Portland – Beton82,62.072.445,7
1814Telefonapparate von Abonnenten82,0162,2
195Baumwolle74,552.925,9
2024Kleider – Hemden, Blusen73,94.110,6

 

Im zweiten Halbjahr 2013 hat sich dieser Trend weiter verstärkt. Die Exporte sind weiter angestiegen und in Verbindung mit den greifenden Strukturmaßnahmen wird für 2013 sogar ein geringes Wachstum von ca. 0,4 erwartet. Für 2014 wird laut EU-Kommission und IWF das Ende der Rezession in Griechenland erwartet.