Eastern Europe
Admiralty International and its principals have completed the following assignments in Eastern Europe
Armenia: Enterprise Diagnostic Review and Restructuring
Admiralty performed commercial and financial diagnosis on financially distressed enterprises for the Ministries of Economy, Finance, Industry, Agriculture and Construction. Developed short-term action plans to achieve break even cash flows and commercial viability. Identified and contacted likely investors for viable enterprises. We are now in the process of raising capital for several enterprises. A World Bank project, followed by independent investment banking activities.
Armenia: Establishment of Investment Funds
Admiralty established, licensed and operated a voucher privatization fund and a fund management company. Annual return on investment exceeds 56%. Following that, Admiralty prepared for the establishment of a cash fund in Armenia and advanced discussions with both the largest bank in Armenia to act as paying and receiving agent and with the EBRD in London about co-investing. This second project was cancelled when the Government of Armenia cancelled its second voucher privatization program. An independent Admiralty International investment.
Armenia: Strategic Privatization Advisor
Admiralty was selected by the Government of Armenia to act as strategic investor in the privatization of 10 large enterprises, in collaboration with Merrill Lynch, London. Selected in competition against many of the world's top investment banks.
Armenia: Sale of ArmenTel
Admiralty identified prospective buyers, promoted, structured, negotiated and completed the sale of the national telephone company for the Government of Armenia, in collaboration with Merrill Lynch, London. ArmenTel was sold to OTE of Greece for over US$500 million cash and investment commitment.
Armenia: Sale of Yerevan Cognac Factory
Admiralty identified prospective buyers, promoted, structured, negotiated and completed the sale of the Yerevan brandy factory to Pernod-Ricard of France for over US$60 million cash and investment commitment, in collaboration with Merrill Lynch, London.
Armenia: Direct Investment in Bank Stock
Admiralty made direct investments in bank stock of three major banks. An independent Admiralty investment.
Armenia: Direct Investment in Electronics Factory
Admiralty made a direct investment in the stock of capacitor plant, representing 7% of company. We hold a seat on the board of directors. An independent Admiralty investment.
Armenia: Direct Investment in Wine and Champagne Factories
Admiralty made a direct investment in stock of recently privatized wine factory (over 1% of outstanding shares) and the champagne factory. Meeting with champagne plant to arrange recapitalization. An independent Admiralty investment.
Armenia: Direct Investment in Capital Markets
Admiralty made significant direct investments in Armenian Government Treasury Bills. An independent Admiralty investment.
Armenia: Import of European Products
Admiralty was retained to provide investment and import advice to a Dutch investor involved in importing meat products to Armenia.
Armenia: Enterprise Incubator Program
Conducted a feasibility study for an enterprise incubator program in Yerevan that was based on the Israeli model developed by the Office of the Chief Scientist.
Armenia: SME Credit Line
Managed a credit line for SMEs channeled through local commercial banks
Armenia: Financial Sector Reform and Savings Bank Privatization
Conducted a comprehensive review of the financial sector and advised the government on the privatization of the state-owned savings bank.
Bosnia and Herzegovina: Financial Sector Strengthening and Accounting Reform
Conducted a comprehensive review of the financial sector and advised the government on accounting reform to achieve compliance with IFRS.
Bulgaria: Privatization of the Wood and Silk Sectors
Admiralty was retained by the Ministry of Industry of the Government of Bulgaria for the privatization of the Wood and Silk Sectors, a project funded by the World Bank.
Bulgaria: Investment in Specialty Chemical Factory
Admiralty was retained by private owner of specialty chemical factory to find a foreign investor, based on introduction by Bulgarian Minister of Industry.
Bulgaria: Import of European Products
Admiralty was retained by a Dutch investor involved in importing meat products to Bulgaria to provide investment and import advice.
Bulgaria: Export Clients
Admiralty was engaged by Bulgarian and American clients involved in exporting wine (including Seagram Chateau and Estates, the owners of Mumm and Perrier Jouet Champagne in France and Sterling and Cuvee Mumm in California), as well as tea and computer software products.
Bulgaria: Privatization of State Owned Enterprises
Admiralty conducted a pilot program to develop and implement methodologies for privatization and private enterprise reform. This included assessing the enterprises, valuation, a survey of potential investors, recommending a privatization technique for each enterprise, preparing each enterprise for privatization, preparing the offering, formalizing investor interest, negotiating the sale with Government approval and preparing a final report. A World Bank project, followed by independent investment banking activities.
Bulgaria: Privatization of State-Owned Enterprises
Privatizing tourist resorts and non-ferrous mines in cooperation with major European investment bank. An EU Phare project.
Bulgaria: Real Estate Investments
Admiralty made central business district and residential real estate investments, including construction of new properties and rehabilitation of existing real estate. An independent Admiralty project.
Czech Republic: Financial Sector Reform and Capacity Building Program for Commercial Banks
Undertook a comprehensive review of the banking sector and designed a capacity building program for the country’s major commercial banks.
Georgia: Financial Sector Reform and Strengthening of Banking Supervision
Conducted a comprehensive review of the financial sector and provided recommendations for the strengthening of the supervision department of the National Bank of Georgia.
Georgia: Telecom Privatization
Consulted with Merrill Lynch International and Canadian Imperial Bank of Commerce on the privatization of Georgia Telecom.
Lithuania: Commercial Bank and Loan Portfolio Review
Admiralty acted as banking and financial specialists on a World Bank team evaluating the commercial viability of state owned banks and enterprises. Reviewed the lending portfolio of the state owned commercial banks to determine quality of loan portfolio and loan concentrations. Reviewed credit procedures and policies and level of loan loss provisioning. Also identified strong growth areas for the loan portfolio. Identified non-performing borrowers and levels of overall arrears.
Macedonia: Review of Stopanska Banka
Met senior bank officials. Reviewed bank prepared financial statements. Evaluated credit mechanisms, loan portfolios and problem loans. Examined funding mix and costs. Performed economic and commercial review of country's trading prospects, and bank major clients. Performed preliminary diagnostic evaluation on bank's viability. Recommended strategies for restructuring. Reviewed DFI strategies and possibilities. EBRD project.
Moldova: Establishment of Winery
Admiralty was retained to negotiate, structure and arrange funding for a US$12 million fully integrated grape growing, wine making, marketing and distribution company, in conjunction with International Finance Corporation (IFC) and Dutch investors, and coordinating related World Bank loan program and donor financing of farm services centers, laboratories, nurseries. An IFC and Admiralty joint project.
Moldova: Financial Sector Strengthening and Accounting Reform
Conducted a comprehensive review of the financial sector and assisted the government in drafting modern accounting and auditing laws compliant with IFRS.
Moldova: Advising the Agency for Restructuring
Special capacity building and institutional strengthening technical assistance was provided to the Government of the Republic of Moldova in the designing, training and mobilizing their Agency for Restructuring, as part of the World Bank and USAID funded project to the Romanian Agency for Restructuring within the Ministry of Economic Reform.
Poland: Restructuring and Privatizing State Agricultural Enterprises
A pilot European Community project to restructure and privatize agricultural companies. Project involved valuation of business, cost accounting, negotiation with trade unions, preparation of sales tender documents, and included advice on recommended changes in Polish commercial law. Funded by EC Phare.
Poland: Acquisition of Chemical Factory
Adviser to a large French public chemical company in their takeover of a large polyamide fiber factory in Poland. Project included work in France and Germany.
Poland: Sale of major manufacturing facility
Represented large New Zealand investor in the negotiation and structuring of a major manufacturing plant in Poland.
Romania: Restructuring programs for industrial activities
Admiralty participated in developing the restructuring programs for major industrial activities in Romania. Developed restructuring programs for 6 industrial activities in a 3-week period. Project of Admiralty International under a World Bank Mandate.
Romania: Advising to the Government
Admiralty acted as an independent advisor to the Minister of Finance (under a World Bank mandate related to the restructuring programs for 32 major industrial activities as a conditionality of the country's first Structural Adjustment Loan initiative), developed crisis management programs and short-term actions plans with representatives of various Ministries, State Owned Banks and management of 32 large-scale enterprises.
Romania: Advising to the Government
Independent Advisor to the Agency for Restructuring within the Ministry of Economic Reform, Government of Romania. The advisory was direct to the President of the Agency with a portfolio of over 200 industrial and agricultural enterprises. During this program, a special assistance was provided to the Government of the Republic of Moldova in designing, training and mobilizing their Agency for Restructuring. Project of the World Bank and USAID.
Romania: Assistance to SME in post privatization
Designed, launched and managed a 12-man team of specialists to assist SME's in post privatization. The program included developing and conducting training seminars in over 20 municipalities, assisting related government agencies and working directly with select enterprises in developing business plans and competing for investment funds. USAID Project.
Romania: Advising to the Ministry of Privatization
Advisor to three successive Ministers of Privatization. In the first year, the privatization results in direct foreign investment increased from $17 million the prior year to $483 million in cash sales to foreign enterprises with over $500 million in investment commitments. Also, 75% of all large-scale enterprise privatization since1991 was concluded, 12 of the 28 industrial sectors were over 80% privatized, and the SOEs in 10 of the 42 counties were over 90% privatized.
Romania: Managing the Romanian-American Capital and Trade Development Group
Designed, launched and managed the Romanian-American Capital and Trade Development Group. A special purpose group of 12 professionals mobilized to promote trade and investment between the U.S. and Romania. During this time, the Group directly advised on $191 million successful trade tenders in various sectors and $146 million in privatization investment commitments.
Romania: Advising to the Ministry of Industry
Advisor to the Minister of Industry and Resources on privatization and restructuring of the Ministry's portfolio in defense, mining and energy.
Romania: Investment in Valve Factory by US Company
Large US manufacturer and on-seller of valves is involved in direct investment in a Romanian manufacture and supplier of valves. Admiralty advised US management on investment laws and valuation methods for Romanian company.
Romania: Analysis of Commercial Bank Portfolios
Admiralty reviewed the international audits of Romania's six commercial banks. Evaluated loan portfolios and problem loans. Examined funding mix and costs. Recommended strategies for restructuring. Discussed direct foreign investment possibilities with local and international banks. Advised Central Bank on finance and accounting matters relating to the transformation of financial statements to Western standards. A World Bank project.
Romania: Diagnostic of 30 Industrial Enterprises
Admiralty reviewed economic recovery plans of 30 financially distressed state owned enterprises. Reviewed business plans, historic and projected financial statements and competitive positions of each enterprise. Developed capital restructuring plans, including suitable combinations of debt forgiveness and debt/equity swaps. Opportunities for DFI developed. This project required close involvement at senior levels with the Romanian Development Bank and the Romanian Commercial Bank. A World Bank project.
Romania: Action Plan Task Force for the Restructuring Commission of the State Ownership Fund
Admiralty developed and refined financial recovery action plans for designated industrial enterprises, in cooperation with the Ministry of Finance, various Ministry of Industry departments, Ministry of Labor and Social Protection, Ministry of Justice, Public Ownership Fund, Private Ownership Funds, the Council for Coordination, Strategy for Economic Reform, and major banks. Enterprises were slated for liquidation, downsizing, sectorial studies, technical assistance, management changes, etc. Strategies to attract foreign investment were developed and are now being implemented. A World Bank project.
Romania: Advisory Assistance to Restructuring Agency
Provided the senior advisor to the Romanian Agency for Restructuring for the last three years. In this capacity, we review short term action plans and financial recovery plays of state owned enterprises being restructured under the Agency's responsibility, supervise technical assistance work provided at the enterprise level, and maintain liaison with donor agencies. A USAID funded project.
Romania: Advisory Assistance to the State Ownership Fund
Provided long term advice to the Romanian State Ownership Fund, which owns the Government's 60% of all SOEs. We initiated and structured the financial recovery plays of state owned enterprises being restructured under the SOF's ownership. EU Phare funded.
Romania: Advisory Assistance to the Ministry of Privatization
Providing long term advice to the Romanian Ministry of Privatization. EU Phare funded.
Romania: Financial Sector Reform and Bank Privatization
Conducted a comprehensive review of the financial sector, conducted due diligence of the country’s state-owned banks and designed capacity building programs to prepare those banks for privatization.
Russia: Institutional Development of the Association of Private Farmers of Russia
A major European Union funded business re-engineering and business development program of support for the Association of Private Farmers of Russia (AKKOR). AKKOR represents about 280,000 private Russian farmers. This project included the evaluation of the current structure of the association, consultations with senior government officials and presentation of proposed plans of action. An European Union TACIS funded project.
Russia: Privatization of State Enterprises
Provided the Executive Director to the Technical Assistance Center for Medium to Large Enterprises in Voronezh, Russia. Responsible for identification, supervision and co-ordination of all restructuring projects undertaken by the Center. Projects included work with companies such as manufacturers of aluminum profiles, aircraft manufacture (TU 144, IL 86 and IL 96 Airbus), various electronic factories, sugar refinery, garment manufacturers, cement plant, tire manufacturer, mining equipment manufacturer and others. This contract was extended twice, and included also a trip to South Africa and Zambia to assist our Russian client to enter a new market for their mining equipment.
Russia: Organization of Personnel Department.
Conducted feasibility study for major international bank’s involvement in managing and re-engineering HR and operations aspects Russian regional bank.
Serbia: Financial Sector Reform and Bank Privatization
Conducted a comprehensive review of the financial sector, conducted due diligence of the country’s state-owned banks, designed capacity building programs to prepare those banks for privatization, and assisted the government in drafting modern accounting and auditing laws compliant with IFRS.
Slovak Republic: Capacity Building Program for Commercial Banks
Undertook a comprehensive review of the banking sector and designed a capacity building program for the country’s major commercial banks.
Ukraine: Due Diligence of the Savings Bank
Undertook comprehensive due diligence and valuation of the savings bank in conjunction with its first IAS audit and the preparation of its strategic Plan.