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The Croatian Privatization Fund on behalf of the GovernmentofCroatia has announced the sale of shares ofMETALNA OPREMAd.d.SENJThere are 29,543 shares or 63,57% of total shares offeredforsale throught the public tender managed by the CPF.Thenominalvalue of a single share is HRK 700.Company OverviewMetalnaOpremad.d. is a joint stock company whose core activity ismetalprocessing and fabrication of various types ofmetalproducts.Approximately 60-65% of the Company’s revenues
arederivedfrom sales to 3.Maj shipyard while approx. 30-35% ofrevenues arederived from a non-marine production program.Equipmentand itemsfabricated for marine applications include: engineroomfoundations, cargo hatches, ship doors, bollards,non-structuraltanks, masts, rudder stocks and blades, ship cranes,etc.Production of marine equipment is reliant on individualcontractsfrom “3.Maj”. Non-marine production program includes avariety ofmetal structures for industry and transport applications,as wellas production of metal parts of components for wastewaterpurification.Metalna Oprema d.d. is located on two seteindependentsites in the town of Senj and occupies a total land areaof 31,616m2.The Company’s production process includes: cutting,bending,pressing, drilling, punching, grinding, welding,assembly,sandblasting, anti-corrosion protection and painting. Mainpiecesof equipment include CNC pantograph with plasma, hydraulicpresses,bending machines, welding equipment, drilling, grinding,lathemachines, locksmith equipment and equipment foranti-corrosiontreatment.Corporate structureMetalna Oprema d.d. is ajoint stockcompany registered at the Commercial Court of Karlovac,under thename Metalna Oprema d.d. with the identification number03/647-2,and registration number 020020546. The headquarters ofMetalnaOprema d.d. is in Senj, Croatia, at Kaetana Knezica 20.Atthe endof financial consolidation process (May 28, 2003) MetalnaOpremad.d. had a nominal capital of HRK 37,174,400 divided into46,468 ofordinary shares each with nominal value of HRK 800. AtDecr 19,2003 the nominal value of the share was decreased from HRK800 toHRK 700 writing off accumulated losses resulting in arevisednominal capital of the Company HRK 32,527,600. The latestownershipstructure is presented in the table below:FinalShareStructureNumber of SharesSeries of SharesHRK% ofTotalCapitalDAB16,925A11,847,50036,4%MinistryofFinance12,618A-18,832,60027,2%TOTALSTATESECTOR29,543-20,680,10063,6%SmallShareholders16,925A11,847,50036,4%TOTAL46,46832,527,600100%Source:CompanyManagementShares from series A and A-1 are ordinary shareswith thesame centers.The latest decrease of nominal capital hasstill to beformally registered.FinancialsRecent financial resultsof MetalnaOprema d.d.Metalna Oprema d.d.(inHRK)2001200220032004(I-III)OperatingRevenues12,900,42815,118,82014,152,4443,947,497OperatingExpenseswithout Depreciation andValueAdjustments11,402,24112,937,40012,934,9433,600,926EBITDA1,498,1872,181,4201,217,501346,571Profit/(Loss)(884,069)24,766696,920151,728Source:CompanyManagementOn October 10, 2002 the Ministry of Finance andMetalnaOprema d.d. completed a debt for equity swap agreementtotaling HRK10,094,781.EmployeesManaging Director of the Companyand the sole mrof Management Board is Mrs. SanjaVukelic-Karadzija. At Decr 31,2003, the Company had 115 employeesall working in oneshift.Investment OpportunitiesThe Companyprovides the investor withthe following potentialadvantages/opportunities:？ CapableManagement Team;？ Skilledpersonnel;？ Good metal processingequipment;？ Production facilitiesin good condition with allnecessary infrastructure on the sitethat offers developmentpotential;？ Possibility of sale/relocationof the old productionsite;？ Highway connecting Zagreb-Split-Rijekadue to finish in 2years will be passing 20 km from Senj;？ Lowlevel of indebtednessand high liquidity ratios.The deadline forsubmission of bids: Novr29, 2004 by 14,00 Hours.For any furtherinformation, please contactus at the numbers below:HrvojkaSkokovic and Marija KrizicCroatianPrivatization Project / CroatianPrivatization FundTel: + 385 1 6060 779or + 385 1 45 96 336E-mail:investcroatia@cas-cpp.comFor anyfurther information on tenderprocedure please visit: www.hfp.Pleaseclick here if you would liketo receive information on privatizationopportunities in Croatia inthe future.
（信息来源：驻克罗地亚经商参处子站）
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