Working with EBRD Zlatko Greguric, Principal Banker Zagreb, 25 April 2017

Transcription

1 Working with EBRD Zlatko Greguric, Principal Banker Zagreb, 25 April 2017

2 Who we are International financial institution, promotes transition to market economies in 36 countries from Central Europe to Central Asia. The single largest investor in its existing region. Owned by 67 countries and 2 inter-governmental institutions. Capital base of 30 billion. 1,800+ staff in 43 regional offices. Japan 9% United States of America 10% Shareholding Structure Others 11% EBRD region excl. EU members*** 7% EU 28 members** 63% As at 31 December 2015 ** Includes European Community and European Investment Bank (EIB) each at 3%. Among other EU countries: France, Germany, Italy, and the UK each hold 9% *** Russia at 4% 2

3 EBRD in Croatia The EBRD is one of the largest investors in Croatia with realized investments of over 3.58 billion in 195 projects since The Bank has proved its commitment to development of market oriented economy as 2.50 billion (70%) of its realized investments is comprised of private corporate investments. Further, equity investments amount to more than 568 million (16%) of its realized investments. In the last 4 years the EBRD has signed 1.1 billion in 71 deals. In 2016 the EBRD realized 311 million investments in 12 projects. 107 million of additional financing was mobilized through commercial banks % Portfolio Composition 5% 24% 24% Annual Bank Investment Energy Fin. Institutions Ind., Comm. & Agrib. Infrastructure in million at reported rates 3

4 EBRD in Property & Tourism sector Total commitments as of end December billion to 163 projects (including participation in funds) 4

5 Selected tourism investments in Croatia and the region Jadranka Hotels, Croatia In 2008, the Bank approved equity investment of 24 million to finance the refurbishment and modernisation of the company, supporting repositioning to 3 / 4 stars international standards. In 2014, the company was able to attract new owners starting a new investment cycle to reposition the company to 4 / 5 stars international standards. Doğuş Group / Marina Dalmacija, Croatia In 2014, the Bank approved EUR 30 million syndicated loan for refinancing and refurbishment of the marina, alongside Privredna banka Zagreb and Erste Bank Croatia. The project is raising the quality of the Croatian nautical infrastructure and is also providing trainings for graduates/young people. 5

6 Selected tourism investments in Croatia and the region Old Mill, Serbia In 2011, the Bank approved equity investment of 8.5 million to finance redevelopment of the heritage-protected Old Mill site, into a 4 star hotel and office complex. The hotel is managed by the Rezidor Hotel Group under the Radisson Blu brand. Hilton Podgorica, Montenegro In 2011, the Bank approved EUR 24 million loan to fund refurbishment and extension of Hotel Crna Gora at a prime central location of Podgorica. The hotel is managed by the local owner under the Hilton franchise. Sveti Stefan, Montenegro In 2010, the Bank approved EUR 37 million syndicated loan to fund re-development of the landmark Sveti Stefan site into a high-end resort managed by the Aman Resort, setting a benchmark for low-density, sustainable tourism in Montenegro. 6

7 EBRD as a financier Introduction to EBRD EBRD in Croatia EBRD in Property & Tourism Working with EBRD EBRD is a dependable long-term financing partner Project finance and corporate finance The Bank can consider providing all financing instruments, (loan and equity finance, guarantees, leasing facilities and trade finance), specifically tailored to the client s needs Investments from approx. 3 million Up to 35 per cent of the total project cost / enterprise s long-term capital The Bank can secure the best market pricing active syndication pursued both locally and internationally EBRD financing instruments Loans Senior, subordinated, convertible Long term (up to 10y or more) or short term revolving Floating/Fixed rates Choice of currencies (, US$, RUB etc.) Equity Common stock or preferred Minority position only (up to 35%) Mezzanine debt Other: guarantees, currency swaps, etc. EBRD involvement reassuring the commercial banks 7

8 EBRD as a partner Technical Cooperation: EBRD brings in additional financial capital and technical assistance to economically viable projects Sustainability: EBRD can assist in ensuring top sustainability standards are used through free and non-binding energy performance and resource efficiency assessment(s) Inclusion: EBRD can assist in developing inclusion-oriented strategies and action plan(s) for improving operational performance Policy dialogue: EBRD can assist in raising profile and resolving of policy issues affecting the company and the local tourism industry through initiatives and dialogues with the authorities 8

9 EBRD as a partner Corporate governance: EBRD and the key shareholders can jointly seek to increase shareholders value through different initiatives and corporate governance enhancements Diversifying and internationalizing loan funding base as the first step in building the future growth platform. EBRD can assist the company and the owners in accessing international debt and/or equity markets and act as the anchor investor for corporate bond and/or equity issuance EBRD involvement reassuring the capital markets and could lead to exit premiums 9

10 Zlatko Greguric Principal Banker Property & Tourism Introduction to EBRD EBRD in Croatia EBRD in Property & Tourism Working with EBRD Contacts 10