(story to be published in tomorrow's issue, March 13)
Electrical engine manufacturer Ana Imep, based in Pitesti, last year posted pre-tax profit amounting to 92.57 billion lei, against turnover standing at 614.01 billion lei. "In 1999, Ana Imep produced 2.91 million electrical engines, out of which 88 percent were destined to exports, that is 2.55 million electrical engines. Total value of exports operated by Ana Imep last year amounted to 35.5 million dollars," said Gheorghe Copos, general manager of Ana group. According to the above-quoted source, the main markets for the company in 1999 were Italy, Great Britain, Spain, Turkey, Russia, Argentina, Chile and China. For this year, Ana Imep management has in view a 4.5% increase in physical output, estimating that the threshold of three million engines will be thus overshot. According to Copos, this fact will trigger turnover exceeding 850 billion lei and gross profit amounting to approximately 125 billion lei. Investments the company plans for this year stand at 5.2 million dollars and will be mainly financed by non-banking sources. "The investment programme for 1999 had very clear objectives, amounting to approximately 20.5 million dollars, and it is projected to last until 2003," Copos stated. Investments to be performed this year will be mainly aimed at reducing direct and indirect costs, and creating a new product line in traditional and/or complementary sectors. Ana Imep has a share capital standing at 79.84 billion lei, divided into shares with a book value of 1,000 lei. The main shareholder of the company is Ana Group, which acquired the main stake (70.5 percent) in 1996, from the State Ownership Fund (SOF). The rest of the shares belong to foreign investment funds (that jointly own 10.11 percent of the stock), shareholders resulted from the mass privatisation programme (PPM) and small investors. The Pitesti-based company operates in the industrial field, being specialised in manufacturing electrical engines, generators and transformers. Ana Imep is a leader on the Romanian market of small power electrical engines. The main production lines manufacture household devices engines and also engines for auxiliary auto electrical equipment. Ana Imep shares have been traded on Rasdaq market since November 9, 1996, the average rate posted by these shares during the last trading session on March 8, being 1,110 lei/share. A number of 5,627 shares were traded on the Wednesday session, total value of transactions amounting to 6.18 million lei.
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