The crisis caused a 60% decrease in the exports of "Organe de Asamblare"

"Organe de Asamblare" Braşov ended the year of 2009, with a profit of 36,688 lei, down 24.45% YOY, from 47.924 de lei. The company"s turnover decreased significantly (31.89%) from 12.561 million lei to 8.555 million lei.

It must be noted that the company"s exports also decreased significantly, by almost 60%, from 5.583 million lei to 2.339 million lei, with the company blaming the economic crisis exclusively for the contraction.

"Organe de Asamblare" Braşov was privatized in 1997, with a significant stake (39.93%) being sold at the time by the State Property Fund (FPS) to the Association of the Company"s Employees. In 2003, the state again became a majority shareholder of the company, after the cancellation of the Contract no. 949 / 1997 due to the fact that the Association of Employees failed to pay two consecutive installments. As a result, ownership of the shares of the Association reverted to AVAS. The inadequate financial situation of the company caused the board to take a series of measures, which included the increase of the company"s share capital. The successive share capital increases performed by SIF Transilvania in the 2003-2006 period, of 22.010 million lei and three million lei respectively helped SIF3 become a majority shareholder with a controlling interest. As a result, SIF Transilvania now owns 94.64% of the company, while AVAS controls a residual stake of 2.70%.

A new share capital increase of 6.667 million lei was performed this year, which caused the company"s share capital to grow from 27.253 million to 33.921 million lei. The aforementioned amount represents the equivalent value of the 2,669,950 shares subscribed by the SIF3.