DOCSLIB.ORG

Unipetrol: from Ashes Like a Phoenix! Team D Ondřej, Pavel, Robert K., Robert Š., Tomáš Executive Summary

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Unipetrol: from Ashes Like a Phoenix! Team D Ondřej, Pavel, Robert K., Robert Š., Tomáš Executive Summary CFA Institute Research Challenge 2016 Prague, 3/2/2016 Unipetrol: From Ashes Like a Phoenix! Team D Ondřej, Pavel, Robert K., Robert Š., Tomáš Executive Summary Main features Company profile . Largest downstream group in CZ Market Cap CZK 29.0bn EBIT CZK 8.5bn . Operator of 339 fuel stations in CZ Net Cash CZK 6.8bn . Part of PKN Orlen (63%) 52-week price range CZK 119 – 195 Average daily volume CZK 10.8m 230 Price Target CZK 206 Free float 15% as of 17/12/2016 210 190 Market Price CZK 160 Recommendation 170 as of 17/12/2015 Current Price: 150 in CZK per share CZKperin 160 CZK 130 Target Price: 110 206 CZK BUY Upside: 29% Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Business Description Downstream Retail Refining Filling stations network PetChem Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Business Description Downstream Retail Refining Filling stations network PetChem Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Financials Breakdown 2015E Revenues and EBIT (CZK) Revenues by country Slovakia Other Revenues 62bn 30bn 9bn Poland 9% 8% 2% 11% 70% EBIT 0.2bn 8.1bn 0.3bn Germany Czech Republic 0% 20% 40% 60% 80% 100% Refining Petrochemistry Retail Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Industry Overview & Competitive Positioning Industry & Competitors TOTAL NETHERLANDS 3,965,000 TOTAL BELGIUM 2,460,000 PKN ORLEN 700,000 Dow Chemical Co. 560,000 Shell 560,000 PKN ORLEN TOTAL GERMANY 544,000 5,757,265 OMV AG MOL Group 450,000 OMV AG 220,000 500,000 Steam cracker ethylene production in kt MOL Group 660,000 Unipetrol operations Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Investment Summary Investment Summary Key drivers: 1. Crude oil price 2. Steam cracker overreaction crude oil represents 3. Modernization and M&A 62% of total 4. Macro environment costs Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Investment Summary Key drivers: Brent crude oil price (USD/bbl) 1. Crude oil price 140 OPEC defends 2. Steam cracker overreaction 120 market share 3. Modernization and M&A 100 80 4. Macro environment 60 40 20 oversupply 2m bbl/day 0 Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Investment Summary Key drivers: Avg. annual oil price forecast (USD/bbl) 1. Crude oil price 2. Steam cracker overreaction 120 100 3. Modernization and M&A 80 -47% 4. Macro environment 60 40 20 0 2008 2010 2012 2014 2016E 2018E Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Investment Summary Key drivers: Avg. annual oil price vs. EBIT margin 1. Crude oil price 2. Steam cracker overreaction 120 10% 100 8% 3. Modernization and M&A PE3 unit increases 6% 80 EBIT margin 4. Macro environment 4% 60 2% 40 0% 20 -2% 0 -4% 2008 2010 2012 2014 2016E 2018E Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Investment Summary Key drivers: Steam cracker accident 1. Crude oil price . August 2015 – steam cracker caught on fire 2. Steam cracker overreaction . October 2016 – fully operational 3. Modernization and M&A CZK Damage & lost profit 14bn 4. Macro environment Unrecoverable cost: Management expectation 2bn Market reaction 7bn CZK 1bn Our estimation 6bn upside Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Investment Summary Key drivers: M&A activities 1. Crude oil price . 100% stake in Česká rafinérská (April 2015) 2. Steam cracker overreaction . 68 OMV stations (reaching 20% share in retail) 3. Modernization and M&A Refining capacity 4. Macro environment 2016 2013 4.45 +95% 8.7 mt/y mt/y Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Investment Summary Key drivers: PE3 Investment 1. Crude oil price . New polyethylene (PE) unit 2. Steam cracker overreaction . Large investment project (CZK 8.5bn) 3. Modernization and M&A Polyethylene units capacity 4. Macro environment 2019 2017 320 +47% 470 kt/y kt/y Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Investment Summary Key drivers: GDP Growth 1. Crude oil price 3,9% 2. Steam cracker overreaction 2,6% 2,6% 2,0% 3. Modernization and M&A 2,2% 2,2% 2,2% 4. Macro environment 1,6% 1,7% 1,5% 1,6% 1,6% 1,6% 0,9% 2014 2015E 2016E 2017E 2018E 2019E 2020E Czech Rep. EU 15 Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Financial Analysis Profitability Analysis EBIT margin Unipetrol vs. peers 12,0% 10,0% Steam cracker & Margin rationalization 8,0% PE3 → ↑ efficiency EBIT margin 6,0% ↑ oil price 2011 – 2014 -0.3% 4,0% 2015 9.5% 2,0% 2020E 2.2% 0,0% 2011 2012 2013 2014 2015E 2016E 2017E 2018E 2019E 2020E -2,0% -4,0% Unipetrol Peers median Peers LT avg. Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis CAPEX and Dividend Potential Cumulative FCF 2016 – 2020 (CZK bn) 15.1 22.0 2.2 0.4 3.7 12.5 13.6 0.0 6.8 Net cash Petchem Retail Refining Deprec. CAPEX Income Change Accum. 2015E EBIT EBIT EBIT tax & in NWC Cash Non core 2020E Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Valuation Valuation 50% Discounted cash flow model . 10-year forecast . EBIT estimated by segments ? . Adjustments for CAPEX, Depreciation, and NWC Peer group valuation ? 50% Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Discounted Cash Flow 2014 2015 2016E 2017E 2018E 2019E 2020E Crude Oil price (USD/bbl) 99.0 52.5 48.5 47.3 50.0 52.0 56.0 EBIT margin 2.1% 9.5% 4.5% 2.7% 2.9% 3.5% 2.5% WACC calculation Free cash flow (CZK bn) Risk-free rate 2.7% 2,5 Beta 0.76 2,0 Risk premium 3.9% 1,5 Size premium 2.2% Cost of Equity 8.8% 1,0 Cost of Debt 2.6% 0,5 Equity weight 63% 0,0 Debt weight 37% 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E WACC 6.3% Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Valuation 50% Discounted cash flow model 194 CZK Peer group valuation ? . 13 European downstream companies . EV/Sales valuation . EV/EBITDA inappropriate multiple – volatility 50% Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Multiples Pricing EV/Sales Unipetrol vs. peers median 0,45 0,40 0,35 0,30 EV/Sales 0,25 Historical discount -6% 0,20 LTM discount 48% 0,15 0,10 2011 2012 2013 2014 LTM EV/Sales Unipetrol EV/Sales peers Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Multiples Pricing LTM EV/Sales peers median 0.41x 36 330 37 278 5 852 30 478 6 800 Enterprise Steam EV adjusted Net cash Equity value value unadj. Cracker 219 CZK Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Target Price DCF Analysis 50% 12-month target price 194 CZK 206 CZK 219 CZK 50% Upside: 29% Multiples Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Risk Analysis Risk Matrix Polish Elections Regulatory Long-term Environment Competitiveness MEDIUM MEDIUM HIGH Steam Crude Oil Probability FX Risk Cracker Price Shutdown Russia/Ukraine Labour Union Macro LOW LOW Conflict LOW MEDIUM HIGH Impact Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Main Risk: Steam Cracker Shutdown Steam cracker shutdown Planned steam cracker utilization . Postponed reconstruction 100% 80% . Full coverage expected by management 60% . Additional potential upside 40% 20% 0% 4Q14 2Q15 4Q15 2Q16 4Q16 Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Main Risks: Oil Price Positive risks Negative risks . China slowdown . Curtailing production in the US . Iran comeback . US-RUS-OPEC agreement . US storage capacity utilized . Geopolitical risks Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Main Risks: Corporate Risk Polish elections Shareholder structure . Changes in PKN long-term strategy Others 13% . New management J&T Group 24% 63% . Activist shareholder . Pressure on dividend payout J&T Group PKN Orlen Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Conclusion Recommendation 1. Low crude oil prices 2. Steam cracker overreaction BUY 3. Modernization and M&A 4. Macro environment Industry & Investment Financial Company Overview Valuation Risks Conclusion Competitors Case Analysis Appendix Contents: . Stock Price Development . ROIC Decomposition . Company Structure . Beta Calculation . Map of Distribution System . DCF Model . SWOT Analysis . Comparables List . Porter 5 Forces . Comparable Companies . Multiples Valuation . Oil Supply & Demand Factors . EV/EBITDA . Steam Cracker Accident . Sensitivity Analysis . Refining Utilization Ratio . Refining and PE Capacity . Risk Matrix . Refining Shutdowns . Number of Fuel Stations Appendix: Stock Price Development Back to contents Unipetrol stock price (CZK) and daily volumes (CZK m) Steam Cracker Accident 700 J&T Bank ceases acquiring 190 shares
Load more

Recommended publications
  • MOL Hungarian Oil and Gas Public Limited Company EUR 750,000,000 2.625 Per Cent
    MOL Hungarian Oil and Gas Public Limited Company EUR 750,000,000 2.625 per cent. Notes due 2023 Issue Price: 99.214 per cent. The EUR 750,000,000 2.625 per cent. Notes due 2023 (the Notes) are issued by MOL Hungarian Oil and Gas Public Limited Company (the Issuer or MOL). Unless previously redeemed or cancelled, the Notes will be redeemed at their principal amount on 28 April 2023 (the Maturity Date). The Notes will bear interest from and including 28 April 2016 (the Issue Date) at the rate of 2.625 per cent. per annum. Interest on the Notes will be payable annually in arrear on 28 April in each year, commencing on 28 April 2017 . Payments on the Notes will be made in euro. The Issuer may, at its option, redeem all, but not some only, of the Notes at any time at par plus accrued interest, in the event of certain tax changes as described under Condition 7.2 (Redemption for Taxation Reasons). A holder of Notes may, upon the occurrence of a Change of Control as described in Condition 7.3 (Redemption at the option of the Noteholders), require the Issuer to redeem the Notes at par plus accrued interest. The Notes mature on 28 April 2023. This prospectus (the Prospectus) has been approved by the Central Bank of Ireland, as competent authority under Directive 2003/71/EC (which includes the amendments made by Directive 2010/73/EU) (the Prospectus Directive). Such approval relates only to Notes which are to be admitted to trading on a regulated market for the purposes of Directive 2004/39/EC and/or which are to be offered to the public in any Member State of the European Economic Area.
    [Show full text]
  • Joint Report 2020
    Joint report 2020 on occupational health, safety and environmental protection Contents 1. Introducing the ORLEN Unipetrol Group .............................................................................3 2. Important milestones of the ORLEN Unipetrol Group in 2020 ...........................................................3 3. Role of employees ...............................................................................................3 4. Communication with the public ....................................................................................4 5. Integrated management systems policy ..............................................................................4 6. Integrated management systems ...................................................................................4 7. Responsible Business in Chemistry programme – Responsible Care. 5 8. Compliance with environmental protection regulations .................................................................5 9. Integrated pollution prevention. 6 10. Overview of valid integrated operating permits ......................................................................7 11. Emissions into the environment ....................................................................................7 11.1 Wastewater discharge .....................................................................................7 11.2 Waste management .......................................................................................9 11.3 Air protection. .11 11.4 CO2 emissions and emission allowances
    [Show full text]
  • 1. Mission, Vision and Objectives of the Unipetrol Group
    1. Mission, vision and objectives of the Unipetrol Group Introduction Unipetrol is the leading refinery and petrochemical group in the Czech Republic and a major player in Central and Eastern Europe; since 2005 it has been part of Central Europe’s largest refining and petrochemical group, PKN Orlen. Unipetrol Mission: We strive to ensure long-term and permanent value growth for our shareholders. We want to achieve this by focusing on three strategic business segments: • Crude oil refining and wholesale • Petrochemical production • Retail distribution of motor fuels The company’s main goals in 2009 One of the top priorities will be to increase profitability through strict cash management and working capital reductions. With regard to the current economic crisis, the management of Unipetrol is preparing further operating cost cuts and capital expenditure reductions. The company is planning to modify its product portfolio, which will feature fewer types of polyethylene and polypropylene, and to enter into product swaps with PKN Orlen. Unipetrol also intends to launch fuels with a higher added value, such as aviation fuel kerosene, and promote a more competitive pricing policy. Other goals include completion of the expansion of available capacities and production volumes. Code of Conduct The members of the Unipetrol Group are aware of their responsibility to all the stakeholders – their employees, customers, shareholders, trade and social partners, and the public. Therefore, with the Code of Conduct we commit to clear principles, which form the basis for our business and social conduct and for forming corporate culture in the Unipetrol Group companies. The Unipetrol Group observes laws, directives, internal policies, and ethical values in all business areas.
    [Show full text]
  • Joint Report 2019
    JOINT REPORT 2019 ON OCCUPATIONAL HEALTH, SAFETY AND ENVIRONMENTAL PROTECTION Content 1. Introducing the Unipetrol Group ................................................... 3 2. Important milestones of the Unipetrol Group in 2019 ................................. 3 3. Role of employees ................................................................ 4 4. Communication with the public .................................................... 4 5. Integrated management systems policy ............................................. 4 6. Integrated management systems ................................................... 5 7. Responsible Care ................................................................. 5 8. Compliance with environmental protection regulations ................................ 6 9. Integrated pollution prevention .................................................... 6 10. Overview of valid integrated operating permits ...................................... 7 11. Emissions into the environment. 7 11.1 Wastewater discharge. 7 11.2 Waste management. .10 11.3 Air protection .............................................................11 11.4 CO2 emissions and emission allowances trading ...............................14 11.5 Other greenhouse gases ....................................................14 12. Management of primary raw materials and energy sources ...........................15 13. Environmental investments .......................................................18 14. Environmental operating costs ....................................................19
    [Show full text]
  • Annual Report 2020
    Annual Report 2020 ORLEN Unipetrol RPA s.r.o. 1 CONTENTS 1 CONTENTS ................................................................................................................... 2 2 COMPANY INFORMATION AND OVERVIEW OF ACTIVITIES ..................................... 3 2.1 EXECUTIVES ......................................................................................................... 4 2.2 MANAGEMENT ...................................................................................................... 4 3 FINANCIAL RESULTS ................................................................................................... 4 4 RISK MANAGEMENT .................................................................................................... 4 5 ANTICIPATED DEVELOPMENTS ................................................................................. 5 6 EVENTS AFTER THE BALANCE SHEET DATE ............................................................ 6 7 OTHER INFORMATION ................................................................................................. 6 7.1 REASEARCH AND DEVELOPMENT ...................................................................... 6 7.2 KEY ENVIRONMENTAL ACTIVITIES ..................................................................... 8 7.3 EMPLOYMENT RELATIONS .................................................................................. 9 7.4 SUBSIDIARIES AS OF 31 DECEMBER 2020 ........................................................10 7.5 INFORMATION ABOUT FOREIGN BRANCHES ...................................................11
    [Show full text]
  • Informality Reigns the Country: the Case of the Czech Republic1
    inForMALitY reiGns tHe CoUntrY: tHe CAse oF tHe CZeCH rePUBLiC1 Nicole Gallina Criminal networks have infiltrated the Czech justice system. Czech Security Information Services BIS, 2007 Abstract: This work focuses on informal politics for the political elite level in the Czech Republic and proposes an actor-based view. It considers the relationship between formal and informal structures and the functions of informality. I analyse areas highly affected by informality: the justice system and anti-corruption agencies as well as state ministries and state monopolies distributing large amounts of money, and identify patterns of informality. Additionally, the work shows the effect of informality for the European level. The work concludes with a rather pessimistic view on the effects of informal politics in a democratic country. Keywords: Informality, Political Elite, Justice System, (anti-)Cor- ruption, the Czech Republic Introduction At least 200 Czech state prosecutors sighed with relief at the end of October 2010: Finally, the general state prosecutor, Renata Ves- ecká had resigned from her office. This would finally put an end to the instrumentalisation of the state prosecution. The destructive informal networks that had developed between the state prosecu- tion and politics had used the justice and political system for their personal gains, and impeded independent agencies from fulfilling their function as control institutions. The Czech Republic has some democratic traditions; however it is still a country in transition. One important aspect is that the for- malisation of politics and of the political system is outweighed in certain situations – for instance, should future possibilities arise to generate financial gain or power advantages.
    [Show full text]
  • Weil, Gotshal & Manges
    PSG\JAN05\EP\K2_OVERVIEW(01).PPT Disposal of KAUCUK, a.s. Milestone in Restructuring of UNIPETROL Group Francois Vleugels – CEO, UNIPETROL, a.s. Dariusz Marzec – CIO, UNIPETROL, a.s. January 30, 2007 0 Agenda • UNIPETROL ongoing portfolio strategy Francois Vleugels, CEO, Unipetrol, a.s. • Disposal of KAUCUK, a.s. Dariusz Marzec, CIO, Unipetrol, a.s. 1 Asset Portfolio Strategy Expansion, Restructuring and Divestments Activities • UNIPETROL, a.s. (“UNIPETROL”) strategy UNIPETROL Portfolio Strategy focuses on core businesses to maximize the Keep and expand presence on the home value of its assets in the interest of the Czech market in core businesses shareholders Refining Petrochemicals • Processing of crude oil - to be kept and Fuel retailing successively expanded Potentially divest/cease production • Restructuring of retail assets with potential Ammonia, urea, acquisitions of other networks - a way to achieve Oxo-alcohols higher profitability and scale in fuel marketing Ethanol production Divest non-core assets • Keeping control and optimizing its petrochemical Specialty chemicals business Plastics processing • Heavy distillates processing business is being Agrochemicals restructured aiming at financial recovery and Subscale units and old technologies increase in profitability SBR and styrenics businesses 2 Clear Strategies for Key Assets in Priority Businesses Business Strategy • Increase of stake in Ceska rafinerska if other shareholders decide to divest their shareholdings Refining • Restoring financial stability of PARAMO
    [Show full text]
  • The Mineral Industry of the Czech Republic in 2014
    2014 Minerals Yearbook CZECH REPUBLIC U.S. Department of the Interior December 2017 U.S. Geological Survey THE MINERAL INDUSTRY OF THE CZECH REPUBLIC By Elena Safirova In 2014, the Czech Republic was estimated to have been the Government Policies and Programs fifth-ranked producer of kaolin (with about 9% of the world’s production) and the ninth-ranked producer of feldspar (2.0% Members of the lower chamber of the Czech Parliament of the world’s production), by tonnage. The country did not ordered the Government to ban gold production in the produce metal ore, and the Government faced opposition to Czech Republic. This measure was proposed by the Parliament gold projects owing to environmental concerns. The country Committee on Environment in response to requests for mining produced crude steel, pig iron, rolled and semimanufactured licenses to mine gold in 13 towns, including Eseniki, which is steel products, and secondary lead and aluminum metals located in northern Moravia, and the Kashper Mountains. The in 2014. Mineral fuel production included coal, which was committee recommended that the Government keep intact the important to the country’s domestic and regional markets; decree issued in 1999. The decree states that gold production uranium, which was consumed predominantly at domestic and processing are undesirable activities because of their nuclear powerplants; and a small amount of crude oil and environmental impact. The Government was to prepare an natural gas (World Steel Association, 2015; Flanagan, 2016; amendment to the Law on Gold Mining and to prepare a new Tanner, 2016). bill on exploration for gold.
    [Show full text]
  • Annual Report 2019
    Annual Report 2019 UNIPETROL RPA, s.r.o. 1 CONTENTS The Annual Report of UNIPETROL RPA, s.r.o., is prepared in accordance with the provisions of Section 21 of Act 563/1991 Coll., on Accounting, as amended. 2 COMPANY INFORMATION AND OVERVIEW OF THE RESULTS Company: UNIPETROL RPA, s.r.o. al Code: 436 70, Czech Republic Reg. No.: 275 97 075 Share capital CZK 11,147,964,000 registered on 5 August 2014 UNIPETROL RPA, s.r.o. 2 Company formation The merger of CHEMOPETROL, a.s., with its registered o District, Postal Code: 43670, ID: 25003887, its registered o , resulted in the formation of a successor company, Unipetrol RPA, s.r.o. As a result of the merger of the above companies effective as of 1 January 2007, the assets, including the rights and obligations arising from the labour relations of the acquired companies CHEMOPETROL, a.s. and This information was entered in the Commercial Register on 1 August 2007. The sole shareholder is joint-stock company UNIPETROL, a.s., with its registered office at Praha ntil 30 September 2018, the registered office ha 4, Postal Code 140 00). The Company is part of the consolidation group, UNIPETROL, a.s. The majority shareholder of UNIPETROL, a.s. is Polski Koncern Naftowy ORLEN S.A. Principal objects of business activities: Unipetrol RPA is a leading Czech producer in the field of refinery, petrochemical, and agrochemical raw materials, which is also reflected in the abbreviation RPA: refinery, petrochemistry, agrochemistry. The Company primarily supplies motor fuels, fuel oils, bitumen, liquefied petroleum products, oil hydrogenates, other refinery products, olefins and aromatics, agrochemicals, carbon black and sorbents, and polyolefins (high-density polyethylene and polypropylene).
    [Show full text]
  • Index 81607 Deed 22006 "Eni S.P.A." HELD on MAY 12, 2016
    The English text is a translation of the Italian. For any conflict or discrepancy between the two texts the Italian text shall prevail. Index 81607 Deed 22006 MINUTES OF THE ORDINARY SHAREHOLDERS’ MEETING OF "Eni S.p.A." HELD ON MAY 12, 2016 * * * * * THE ITALIAN REPUBLIC * * * * * On this twenty-sixth day of the month of May of the year two thousand sixteen in Rome, Piazzale Enrico Mattei n. 1. Appearing before me PAOLO CASTELLINI, Notary Public, registered with the Unified Notary District of Rome, Velletri and Civitavecchia, with my office at Via Orazio no. 31, is: - EMMA MARCEGAGLIA, born in Mantua on December 24, 1965, domiciled for the purposes of her position in Rome, Piazzale Enrico Mattei no. 1, Chairman of the Board of Directors of "Eni S.p.A.", having its registered office in Rome at Piazzale Enrico Mattei no. 1, with share capital of €4,005,358,876.00, fully paid up, R.E.A. no. RM-756453, listed in the Company Register of Rome, taxpayer ID no. 00484960588, certified email address [email protected]. Ms. Marcegaglia, whose identity I have confirmed, has asked me to prepare, in accordance with Article 2375 of the Italian Civil Code, the minutes to the The English text is a translation of the Italian. For any conflict or discrepancy between the two texts the Italian text shall prevail. Ordinary Meeting of the Shareholders of “Eni S.p.A.”, held on May 12, 2016 in Rome at Piazzale Enrico Mattei no. 1, from 10:10 am to 4:21 pm, that she chaired.
    [Show full text]
  • Case No COMP/M.7311 - MOL / ENI CESKA / ENI ROMANIA / ENI SLOVENSKO
    EN Case No COMP/M.7311 - MOL / ENI CESKA / ENI ROMANIA / ENI SLOVENSKO Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 24/09/2014 In electronic form on the EUR-Lex website under document number 32014M7311 Office for Publications of the European Union L-2985 Luxembourg EUROPEAN COMMISSION Brussels, 24.9.2014 C(2014) 7010 final In the published version of this decision, some information has been omitted pursuant to Article 17(2) of Council Regulation (EC) No 139/2004 PUBLIC VERSION concerning non-disclosure of business secrets and other confidential information. The omissions are shown thus […]. Where possible the information omitted has been replaced by ranges of figures or a general description. MERGER PROCEDURE To the notifying party: Dear Sir/Madam, Subject: Case M.7311 - MOL / ENI CESKA / ENI ROMANIA / ENI SLOVENSKO Commission decision pursuant to Article 6(1)(b) of Council Regulation No 139/20041 (1) On 20 August 2014 the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/20042 by which MOL Hungarian Oil and Gas Plc. ("MOL", Hungary) acquires within the meaning of Article 3(1)(b) of the Merger Regulation sole control over the undertakings Eni Česká Republika, s.r.o. ("Eni Ceska", Czech Republic), Eni Romania S.R.L. ("Eni Romania", Romania) and Eni Slovensko, spol. s.r.o. ("Eni Slovensko") by way of purchase of shares. MOL, Eni Ceska, Eni Romania and Eni Slovensko are together referred to as the "Parties" while ENI Ceska, ENI Romania and ENI Slovensko are together referred to as the "Target Companies".
    [Show full text]
  • Mineral Commodity Summaries of the Czech Republic
    MINERAL COMMODITY SUMMARIES OF THE CZECH REPUBLIC (STATE TO 2008) (Data deadline: August 31, 2009) Ministry of the Environment Czech Geological Survey – Geofond October 2009 Reviewed by: Phillip C. F. Crowson Arnošt Dudek (except the chapters Geological evolution of the area of the Czech Republic and Regional geological terms) Dušan Ďurica Philippe Gentilhomme Jiří Pešek Marian Radetzki Martin Sivek Анатолий П. Ставский (Anatoly P. Stavskiy) Miroslav Šedina Friedrich-Wilhelm Wellmer Compiled by: Jaromír Starý Pavel Kavina Mirko Vaněček Ivo Sitenský Jana Kotková Tereza Hodková Graphic design: Ludmila Richterová [email protected] www.geofond.cz ISSN 1801-6707 CONTENTS page EXPLANATORY NOTES .................................................................................... 7 LIST OF ABBREVIATIONS, SYMBOLS AND TECHNICAL UNITS ……………………………... 8 EXCHANGE AND INFLATION RATES OF CURRENCIES IN WHICH MINERALS ARE PRICED ........ 13 MINERAL RESERVE AND RESOURCE CLASSIFICATION IN THE CZECH REPUBLIC ............... 14 INTRODUCTION ............................................................................................... 23 MINERAL BASE OF THE CZECH REPUBLIC AND ITS DEVELOPMENT IN 2008 ............................................................... 27 ECONOMY AND MINERALS ............................................................................ 35 DEVELOPMENT OF THE CZECH AND WORLD ECONOMY AND IMPORTANCE OF RAW MATERIALS ................................................................. 36 GLOSSARY TO SELECTED ECONOMIC TERMS ...........................................................
    [Show full text]