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Annual reports

Overview of 2009 and 2010

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2009. annual report2010 report

E-Star Plc. is a leading participant in the district heat generation and supply sector in Hungary, and since 2010 it is also an important player in the Romanian market. The scale of its projects is increasing steadily, and by 2011, the Company had the capacity to undertake the modernisation and long-term operation of district heating systems in towns with populations of over 10,000.

Management uses a number of financing sources to manage the Company`s rapidly growing funding needs related to its entry into international markets and to its dynamic pace of expansion.

• The 2009 business year was a good demonstration of our Company`s growth potential and internal resources, as despite the general shortage of funding caused by the world economic crisis, the group closed its best year to date with an EBITDA of HUF 1.475 million.
• During the secondary share offering of 2009, in which the Company raised capital of EUR 4 million, institutional investors such as OTP Bank, Aegon Insurance and Pension Fund, and Generali Fund Management Zrt. came to hold a stake in the company.
• In 2009-2010 E-Star Plc. (then RFV Plc.) expanded the range of banks financing its projects. The most important of these is Raiffeisen Bank, where we have a credit line of almost HUF 3.5 billion, while Commerzbank also provides us with a HUF 600 million credit facility. Besides these, RFV has a HUF 200 million credit line at FHB Bank.
• The financing for E-Star`s investments is mainly provided by domestic and international commercial banks.




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