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Tuesday, 06 Mar 2012

Greece 2011-2015 privatisation agenda

The Greek government’s target for EUR50bn privatisation proceeds during 2011-2015

The Greek government outlined on 15 April a new fiscal programme totalling some EUR26bn measures over the period 2011-2015. The full programme, including specific measures, financial amounts and timelines, will be presented and submitted to the parliament so as to be voted into law on 16 May.

In the same context, the government provided more details for its privatisation agenda, targeting EUR15bn proceeds in 2011-13 and EUR50bn (c22% of GDP) in total during 2011-15.

Among other privatisation measures, Greece will sell another equity tranche of Hellenic Telecommunication Organisation (OTE) during 2011 (it has a put option to sell another 10% stake to Deutsche Telekom by year-end at 15% premium to market price), while during 2012, the state will sell down its stakes in currently 34%-owned Hellenic Football Prognostics Organisation (OPAP) after gaming market reforms, and Public Power Corporation (DEH) to 34% from 51% currently. More specifically:

Anticipated Transactions in 2011

Estimated Revenue: 2-4 billion Euros

  • Athens International Airport (55% under State control, extension of concession duration)

  • Hellenic Defence Systems Industries (100% under State control, sale to strategic investor)

  • State Lottery Tickets (100% under State control, partial privatisation and introduction of strategic investors)

  • Public Gas Corporation DEPA (65% under State control, sale of shares)

  • TRAINOSE (100% under State control, sale to strategic investor)

  • Nickel mining industry LARCO (55% under State control, sale to strategic investor)

  • Hellenic Horse Racing Corporation (100% under State control, sale to strategic investor)

  • Parnitha Casino Mont Parnes (49% under State control, sale to strategic investor)

  • Hellenic Communication Organisation OTE (16% under State control, sale of shares)

  • Frequency Spectrum-Mobile Telephony (100% under State control, sale of concession SPV)

  • Hellenic S.A. (100% under State control, sale of concession SPV)

  • Real Estate Investment-Portfolio I (100% under State control, sale of concession SPV)

Anticipated Transactions in 2012

Estimated Revenue: 5.5-5.7 billion Euros

  • Athens International Airport (55% under State Control, sale of strategic stake)

  • Egnatia Odos Motorway (100% under State Control, sale of concession SPV)

  • Hellenic Post (90% under State Control, sale to strategic investor)

  • Ports-Portfolio I (77-100% under State Control, sale of concession SPV)

  • Athens Water Supply and Sewage Company EYDAP (61% under State Control, sale to strategic investor)

  • Thessaloniki Water Supply and Sewage Company EYATH (74% under State Control, sale to strategic investor)

  • Hellenic Vehicle Industry S.A. ELBO (51% under State Control, sale to strategic investor)

  • Consignment Fund (100% under State Control, sale of banking operation after consignment activity spun-off)

  • Public Power Corporation DEH (51% under State Control, sale of shares)

  • Hellenic Football Prognostics Organisation OPAP (34% under State Control, sale to strategic investor)

  • Hellenic Motorways (100% under State Control, sale of concession SPV)

  • Regional Airports-Portfolio I (100% under State Control, sale of concession SPV)

  • Hellenic S.A.-Part II (100% under State Control, sale of concession SPV)

  • Real Estate Investment-Portfolios II and III (100% under State Control, sale of concession SPV)

  • Frequency Spectrum-Digital Dividend (100% under State control, sale of concession SPV)

Anticipated Transactions in 2013

Estimated Revenue: 4.5-5.5 billion Euros

  • Participation in Banks Alpha, Piraeus, Attiki (sale of shares through ATHEX)

  • Agricultural Bank of Greece (76% under State control, sale to strategic investor)

  • Hellenic Postbank (34% under State control, sale to strategic investor)

  • Regional Airports-Portfolio II (100% under State control, sale of concession SPV)

  • Ports-Portfolio II (77-100% under State control, sale of strategic stakes)

  • Real Estate Investment-Portfolio IV (100% under State control, sale of concession SPV)

  • Frequency Spectrum-Digital Dividend I (100% under State control, sale of concession SPV)

Opportunity Type: Market Pointers

Tender deadline: 31/12/2015

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