Showing posts with label ENEL. Show all posts
Showing posts with label ENEL. Show all posts
EUROASIA: Privatization of Russia's electricity company enters home stretch
Published | 21-Apr-2008
A plan to privatize the world's largest electricity company is entering the home stretch, successfully it seems, in spite of its Rube Goldberg-like complexity and the general hostility toward privatization in Russia today. The plan's architects say they have raised $33.9 billion by creating a simple and obvious investment opportunity - the chance to sell heat and light to one of the world's coldest and darkest countries. The Russians say they have learned how to privatize their electricity market by watching the best example of failure: the Americans and Enron.
The Russian state electricity monopoly, Unified Energy Systems, will be disbanded June 30 after spinning off dozens of subsidiaries and floating a portion of shares in those companies on the Russian stock market, then selling the balance at auctions.
To attract buyers and investors, Russian officials promise they will also liberalize electricity tariffs for industrial consumers by next January.
"From a market point of view, it's very sexy," said James Fenkner, chairman of Red Star Management, a hedge fund based in Russia. "You are going, all of a sudden, from a system of government controlled inputs and outputs to a market based system with more potential for profit."
Red Star Management has invested in hydroelectric plants in Russia.
By Tuesday, Unified Energy had raised 797 billion rubles, or more than $33.9 billion, in spite of glum market conditions, according to the company spokesman, Stas Degtyarev. Though the company sells mainly to other utilities rather than portfolio investors, shares in newly privatized Russian electricity companies are now popping up in portfolios and on the books of hedge funds around the world.
To be sure, enthusiasm has been dampened not only by the complexity of the securities, but by memories of President Vladimir Putin's reversal of some oil industry privatizations, and concerns the same fate could await electricity investors. Also, many Russian power plants co-generate heat for residential buildings - a market whose rates will not be liberalized.
Generally, electricity privatization is fiendishly complex, and it has failed spectacularly before. But the Russians say they have learned from others' misfortune, especially the case of Enron.
"What happened in California, though it was unfortunate, helped us design restructuring," said Sergei Dubinin, the chief financial officer of Unified Energy Systems and a former Russian central banker. "We said, 'We can't do it that way.' "
The case for investing rests on a scarcity of electricity as Russia's economy grows and the belief that prices will explode after liberalization. Russia is the fourth-largest electricity market in the world, behind the United States of America, China and Japan.
The deals are low profile, but high-priced. OGK-1, for example, which owns power plants in western Russia and the Ural Mountain region, is expected to fetch about $7 billion at auction on April 17. On Monday, the Russian billionaire Mikhail Prokhorov bought 32 percent of TGK-4, with plants in smaller cities near Moscow, for $500 million at auction.
The gas-powered electricity plants have become acquisition targets for the European utilities like Enel of Italy and E.On of Germany; both have bought plants with intentions to invest money and expertise in energy savings in order to balance a projected rise in the price of natural gas in Russia.
For their part, portfolio investors have tended to bid up the price of power plants before large sales, then exit the stocks, making these shares more volatile than the average equity in the Russian stock market. Shares in the power and heat company TGK-5, for example, dropped 40 percent since its spin-off from Unified Energy.
Some investors have bought Russian hydroelectric capacity that taps the currents of the wide northern rivers. The cost of production, of course, will not rise with the price of gas. This was the approach taken by Red Star, Fenkner's hedge fund. But the government may increase a water tax for these plants .
Controversially, one outcome of Russian electricity privatization is likely to be a shift from natural gas to the relatively cheaper, but less clean-burning coal as plants seek savings - indeed, a Citigroup investor note has even recommended investors buy coal-fired plants.
One looming risk, however, is that Gazprom, the gas monopoly, will raise domestic prices for natural gas before the electricity market is fully liberalized, squeezing the profits of the electricity companies and their new owners. And, as one investor who did not want to be identified because his company deals with Gazprom, noted, "Gazprom is far more powerful than Enron ever was."
The Russian state electricity monopoly, Unified Energy Systems, will be disbanded June 30 after spinning off dozens of subsidiaries and floating a portion of shares in those companies on the Russian stock market, then selling the balance at auctions.
To attract buyers and investors, Russian officials promise they will also liberalize electricity tariffs for industrial consumers by next January.
"From a market point of view, it's very sexy," said James Fenkner, chairman of Red Star Management, a hedge fund based in Russia. "You are going, all of a sudden, from a system of government controlled inputs and outputs to a market based system with more potential for profit."
Red Star Management has invested in hydroelectric plants in Russia.
By Tuesday, Unified Energy had raised 797 billion rubles, or more than $33.9 billion, in spite of glum market conditions, according to the company spokesman, Stas Degtyarev. Though the company sells mainly to other utilities rather than portfolio investors, shares in newly privatized Russian electricity companies are now popping up in portfolios and on the books of hedge funds around the world.
To be sure, enthusiasm has been dampened not only by the complexity of the securities, but by memories of President Vladimir Putin's reversal of some oil industry privatizations, and concerns the same fate could await electricity investors. Also, many Russian power plants co-generate heat for residential buildings - a market whose rates will not be liberalized.
Generally, electricity privatization is fiendishly complex, and it has failed spectacularly before. But the Russians say they have learned from others' misfortune, especially the case of Enron.
"What happened in California, though it was unfortunate, helped us design restructuring," said Sergei Dubinin, the chief financial officer of Unified Energy Systems and a former Russian central banker. "We said, 'We can't do it that way.' "
The case for investing rests on a scarcity of electricity as Russia's economy grows and the belief that prices will explode after liberalization. Russia is the fourth-largest electricity market in the world, behind the United States of America, China and Japan.
The deals are low profile, but high-priced. OGK-1, for example, which owns power plants in western Russia and the Ural Mountain region, is expected to fetch about $7 billion at auction on April 17. On Monday, the Russian billionaire Mikhail Prokhorov bought 32 percent of TGK-4, with plants in smaller cities near Moscow, for $500 million at auction.
The gas-powered electricity plants have become acquisition targets for the European utilities like Enel of Italy and E.On of Germany; both have bought plants with intentions to invest money and expertise in energy savings in order to balance a projected rise in the price of natural gas in Russia.
For their part, portfolio investors have tended to bid up the price of power plants before large sales, then exit the stocks, making these shares more volatile than the average equity in the Russian stock market. Shares in the power and heat company TGK-5, for example, dropped 40 percent since its spin-off from Unified Energy.
Some investors have bought Russian hydroelectric capacity that taps the currents of the wide northern rivers. The cost of production, of course, will not rise with the price of gas. This was the approach taken by Red Star, Fenkner's hedge fund. But the government may increase a water tax for these plants .
Controversially, one outcome of Russian electricity privatization is likely to be a shift from natural gas to the relatively cheaper, but less clean-burning coal as plants seek savings - indeed, a Citigroup investor note has even recommended investors buy coal-fired plants.
One looming risk, however, is that Gazprom, the gas monopoly, will raise domestic prices for natural gas before the electricity market is fully liberalized, squeezing the profits of the electricity companies and their new owners. And, as one investor who did not want to be identified because his company deals with Gazprom, noted, "Gazprom is far more powerful than Enron ever was."
Source: International Herald Tribune| By Andrew E. Kramer
RUSSIA: Gazprom Given Choice of Enel Assets
Published | 09-Mar-2008
Gazprom may choose to buy a minority stake in one of five Italian power assets run by Enel in exchange for joint development of its domestic gas fields.Enel is willing to sell or swap assets in Italy for a maximum value of $200 million, chief executive Fulvio Conti said. Gazprom pledged to ensure that fuel from Enel's Russian gas fields arrives to the utility's newly acquired power generator, OGK-5, he said.
"We're hoping that a big part, if not 50 percent" of OGK-5's gas needs will be met with the fuel from Enel's Russian deposits acquired last year, Conti said.
Gazprom has yet to choose which asset it wants a stake in, Conti said. "We're in no hurry" to conclude a deal, he said.
Conti was in Moscow to announce the results of a tender offer for OGK-5 that increased his company's stake in the generator by 23 percent, to about 60 percent.
Source: Bloomberg
ENERGY POLICY: iT Considers European Energy Market Competition
Published | 25-Sep-2007The European Commission is set to publish a draft law on energy market competition that will separate the ownership of energy production from the ownership of distribution systems. If adopted, these new rules would have implications for the assets Russian state gas giant Gazprom owns in the European Union.
E.U. Competition Commissioner Neelie Kroes has been campaigning for the "unbundling" of production from distribution systems in E.U. energy markets. Her concern is with gas and electricity:
--The weaker version of the unbundling law involves separating the management of production and distribution activities into separate companies.
--The strong version, preferred by Kroes, entails separating not just management but ownership as well.
The rationale behind this approach is that competition does not function properly in the European electricity and gas markets. The Competition Commission argues these markets are dominated by a small number of vertically integrated companies, often with national monopolies. Furthermore, international competition is weak.
Liberalizing the gas and electricity markets across the E.U., along the lines already followed by the U.K., is seen as the way forward. The lobby group of industrial energy users, the International Federation of Industrial Energy Consumers (IFIEC), supports Kroes, as does the European Council. For advocates of the reform, the aim is to create a single European energy market.
A number of member states will oppose ownership unbundling. The heavyweight opponents are several large national champions, including:
--Italian companies Eni and Enel, both over 31% state-owned;
--Gaz de France, which will be GDF Suez after the merger with utilities company Suez, about 40% state-owned;
--Germany's powerful E.ON group, incluing E.ON Ruhrgas.
--Russia's Gazprom will also strongly resist the initiative.
The E.U. imports about 58% of its gas. Around half of that comes from Gazprom, whose monopoly on the export of Russian gas is entrenched in Russian law.
As a supplier of gas, Gazprom would present no problem for the Kroes strategy. In a speech to the IFIEC General Assembly in June, Kroes said long term supply contracts were not themselves a problem for competition, but they became a problem when they involved a dominant supplier accounting for a large part of the market.
Gazprom already has stakes in distribution businesses in several E.U. countries. It has also formed joint ventures in gas reservoirs and gas distribution hubs in Hungary, Belgium and Germany. The E.U. competition policy, if it followed the Kroes strategy, would require on principle that Gazprom be treated like all other vertically integrated energy businesses in Europe: It would have to divest itself of distribution assets. However, this plan would encounter three major problems:
--E.U. Links: Vertically integrated national champions in several E.U. states are already intertwined with Gazprom. Together, they can successfully resist any unbundling.
--No reciprocation: E.U. Trade Commissioner Peter Mandelson and German Chancellor Angela Merkel have voiced concerns that E.U. companies are being acquired by state-owned entities from non-E.U. countries, which do not open their own economies to acquisitions by E.U.-based firms. These concerns may prompt the commission to propose additional measures aimed at non-E.U. state companies, such as Gazprom.
--Russian sensitivities: The present Russian leadership appears to be highly sensitive to any action that could be interpreted as a threat to Russian interests. Restrictions on Gazprom's activities would be readily interpreted in Moscow as being anti-Russian. This would further spoil the already strained relations between Brussels and Moscow.
E.U. Competition Commissioner Neelie Kroes has been campaigning for the "unbundling" of production from distribution systems in E.U. energy markets. Her concern is with gas and electricity:
--The weaker version of the unbundling law involves separating the management of production and distribution activities into separate companies.
--The strong version, preferred by Kroes, entails separating not just management but ownership as well.
The rationale behind this approach is that competition does not function properly in the European electricity and gas markets. The Competition Commission argues these markets are dominated by a small number of vertically integrated companies, often with national monopolies. Furthermore, international competition is weak.
Liberalizing the gas and electricity markets across the E.U., along the lines already followed by the U.K., is seen as the way forward. The lobby group of industrial energy users, the International Federation of Industrial Energy Consumers (IFIEC), supports Kroes, as does the European Council. For advocates of the reform, the aim is to create a single European energy market.
A number of member states will oppose ownership unbundling. The heavyweight opponents are several large national champions, including:
--Italian companies Eni and Enel, both over 31% state-owned;
--Gaz de France, which will be GDF Suez after the merger with utilities company Suez, about 40% state-owned;
--Germany's powerful E.ON group, incluing E.ON Ruhrgas.
--Russia's Gazprom will also strongly resist the initiative.
The E.U. imports about 58% of its gas. Around half of that comes from Gazprom, whose monopoly on the export of Russian gas is entrenched in Russian law.
As a supplier of gas, Gazprom would present no problem for the Kroes strategy. In a speech to the IFIEC General Assembly in June, Kroes said long term supply contracts were not themselves a problem for competition, but they became a problem when they involved a dominant supplier accounting for a large part of the market.
Gazprom already has stakes in distribution businesses in several E.U. countries. It has also formed joint ventures in gas reservoirs and gas distribution hubs in Hungary, Belgium and Germany. The E.U. competition policy, if it followed the Kroes strategy, would require on principle that Gazprom be treated like all other vertically integrated energy businesses in Europe: It would have to divest itself of distribution assets. However, this plan would encounter three major problems:
--E.U. Links: Vertically integrated national champions in several E.U. states are already intertwined with Gazprom. Together, they can successfully resist any unbundling.
--No reciprocation: E.U. Trade Commissioner Peter Mandelson and German Chancellor Angela Merkel have voiced concerns that E.U. companies are being acquired by state-owned entities from non-E.U. countries, which do not open their own economies to acquisitions by E.U.-based firms. These concerns may prompt the commission to propose additional measures aimed at non-E.U. state companies, such as Gazprom.
--Russian sensitivities: The present Russian leadership appears to be highly sensitive to any action that could be interpreted as a threat to Russian interests. Restrictions on Gazprom's activities would be readily interpreted in Moscow as being anti-Russian. This would further spoil the already strained relations between Brussels and Moscow.
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RUSSIA: Gazprom and th electricity sector
Published | 18-Sep-2007Russian state-owned Gazprom's plans to become a leaders of the country's electricity industry took a step forward Tuesday as it prepares to take control of the company that supplies Moscow's electricity.
According to an announcement made by Mosenergo , Gazprom, which holds a majority stake in the multi-billion dollar company, has offered 6.50 roubles (25 cents) for the shares of minority stakeholders, 8.3% above the closing price of 6.00 roubles (23 cents) the day before. The news sent Mosenergo shares soaring by 1 cent, or 5.7%, to 24 cents in Moscow on Tuesday afternoon.
Gazprom , the country's leading exporter of natural gas, made the mandatory offer for the electricity company after it built up its stake in the company in July. Gazprom and its affiliate Gazprom bank, together hold 50.9% of the company, even though Gazprom officially holds 49.9%.
An analyst, requesting anonymity, told Forbes.com that the announcement had been expected. Gazprom had made its designs on the $5 billion company--which owns 17 power stations with a total capacity of nearly 11,000 megawatts--very clear.
The country's electricity sector is currently in the hands of Unified Energy Systems, a state-owned company. However, the Kremlin has embarked on a massive restructuring plan for the sector, which involves bringing in new investment by breaking up and selling off parts of the company.
The sale of UES, and the prospect of a foot in Russia's profitable energy sector, has attracted several foreign energy companies, despite the rough ride that they have been experiencing particularly in natural gas ventures. Germany's E.ON and Italy's Enel have both expressed interest in acquiring stakes in the sector.
According to an announcement made by Mosenergo , Gazprom, which holds a majority stake in the multi-billion dollar company, has offered 6.50 roubles (25 cents) for the shares of minority stakeholders, 8.3% above the closing price of 6.00 roubles (23 cents) the day before. The news sent Mosenergo shares soaring by 1 cent, or 5.7%, to 24 cents in Moscow on Tuesday afternoon.
Gazprom , the country's leading exporter of natural gas, made the mandatory offer for the electricity company after it built up its stake in the company in July. Gazprom and its affiliate Gazprom bank, together hold 50.9% of the company, even though Gazprom officially holds 49.9%.
An analyst, requesting anonymity, told Forbes.com that the announcement had been expected. Gazprom had made its designs on the $5 billion company--which owns 17 power stations with a total capacity of nearly 11,000 megawatts--very clear.
The country's electricity sector is currently in the hands of Unified Energy Systems, a state-owned company. However, the Kremlin has embarked on a massive restructuring plan for the sector, which involves bringing in new investment by breaking up and selling off parts of the company.
The sale of UES, and the prospect of a foot in Russia's profitable energy sector, has attracted several foreign energy companies, despite the rough ride that they have been experiencing particularly in natural gas ventures. Germany's E.ON and Italy's Enel have both expressed interest in acquiring stakes in the sector.
Via|Forbes|by Vidya Ram
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DEUTSCHLAND: E.ON is balancing its renewable portfolio and is looking Yuzhno-Russkoye field
Published | 09-Sep-2007E.ON is balancing its renewable portfolio with a number of different investments across Europe. E.ON has agreed to buy Energi E2 Renewables Ibericas, Dong Energy's wind farm business in Spain and Portugal, for E722 million. Currently, E2-I generates 260MW of electricity in Spain and Portugal from renewable sources.
This acquisition, along with a several others across Europe, should guard E.ON against the risk associated with developing renewables projects. 'Content German utility E.ON is set to become the fourth largest player in the Spanish power market as a result of the approved purchase of Spanish power utility Viesgo from Enel, and the acquisition of additional generation capacity from Endesa. Although E.ON lost out to Enel in the battle to acquire Endesa, in the subsequent forced divestiture of assets the firm has put together a very balanced portfolio of assets. Indeed, as a result of the forced sales, E.ON will now be able to draw upon 450MW of nuclear-generated electricity under a 10-year supply agreement, three power plants that can generate 1,475MW and a combined cycle gas turbine plant under development that will add another 800MW.
When these are supplemented with the newly acquired Iberian wind assets, this portfolio appears to provide E.ON with a very adaptable and profitable-looking mix of assets, as power demand continues to increase in Spain. E.ON is also investing in renewable projects in the UK and is a member of the consortium developing the London Array project.
The GBP1.5 billion wind power scheme will have 341 offshore turbines about 12 miles off the Kent and Essex coasts. The consortium behind it is made up of Shell WindEnergy, Core and E.ON UK Renewables. There are, however, two marked differences between E.ON's investment in Spain and its investment in the UK. Firstly, in Spain, the firm is merely buying assets, while in the UK it is taking on project risk by actively developing the wind farms. Secondly, and perhaps more importantly, are the different regulatory regimes under which renewable projects operate in the two countries.
In Spain, guaranteed returns are offered under feed in tariffs, while in the UK, renewable projects continue to struggle under the obligation certificate scheme. As a result of these distinct market differences, E.ON's policy of balancing its portfolio of generating assets in Spain and of spreading its project risk by developing renewable projects in other European countries, as well as the UK, looks promising. Via| Energy-Business-Review| by David Hiller
EON to round off Yuzhno-Russkoye talks this month
EON is keen to round off talks regarding a role in the project to develop the Yuzhno-Russkoye oil and gas field by the end of September. "During talks with (German) Gref (the Russian Economic Development and Trade Minister) we said that we are keen to bring the talks regarding entry into the project to their conclusion by the time Yuzhno-Russkoye goes on stream," the German energy concern's chief executive, Wulf Bernotat, told Interfax.
"It would be good if we could announce reaching a final agreement by September 29, when the official ceremony marking the launch of production at the field takes place," Bernotat said. "I gave Mr. Gref a friendly reminder that EON is not only Gazprom's biggest client inEurope but also its biggest private shareholder, and therefore we ought to finish what we have started," Bernotat said. Bernotat was in Moscow
This acquisition, along with a several others across Europe, should guard E.ON against the risk associated with developing renewables projects. 'Content German utility E.ON is set to become the fourth largest player in the Spanish power market as a result of the approved purchase of Spanish power utility Viesgo from Enel, and the acquisition of additional generation capacity from Endesa. Although E.ON lost out to Enel in the battle to acquire Endesa, in the subsequent forced divestiture of assets the firm has put together a very balanced portfolio of assets. Indeed, as a result of the forced sales, E.ON will now be able to draw upon 450MW of nuclear-generated electricity under a 10-year supply agreement, three power plants that can generate 1,475MW and a combined cycle gas turbine plant under development that will add another 800MW.
When these are supplemented with the newly acquired Iberian wind assets, this portfolio appears to provide E.ON with a very adaptable and profitable-looking mix of assets, as power demand continues to increase in Spain. E.ON is also investing in renewable projects in the UK and is a member of the consortium developing the London Array project.
The GBP1.5 billion wind power scheme will have 341 offshore turbines about 12 miles off the Kent and Essex coasts. The consortium behind it is made up of Shell WindEnergy, Core and E.ON UK Renewables. There are, however, two marked differences between E.ON's investment in Spain and its investment in the UK. Firstly, in Spain, the firm is merely buying assets, while in the UK it is taking on project risk by actively developing the wind farms. Secondly, and perhaps more importantly, are the different regulatory regimes under which renewable projects operate in the two countries.
In Spain, guaranteed returns are offered under feed in tariffs, while in the UK, renewable projects continue to struggle under the obligation certificate scheme. As a result of these distinct market differences, E.ON's policy of balancing its portfolio of generating assets in Spain and of spreading its project risk by developing renewable projects in other European countries, as well as the UK, looks promising. Via| Energy-Business-Review| by David Hiller
EON to round off Yuzhno-Russkoye talks this month
EON is keen to round off talks regarding a role in the project to develop the Yuzhno-Russkoye oil and gas field by the end of September. "During talks with (German) Gref (the Russian Economic Development and Trade Minister) we said that we are keen to bring the talks regarding entry into the project to their conclusion by the time Yuzhno-Russkoye goes on stream," the German energy concern's chief executive, Wulf Bernotat, told Interfax.
"It would be good if we could announce reaching a final agreement by September 29, when the official ceremony marking the launch of production at the field takes place," Bernotat said. "I gave Mr. Gref a friendly reminder that EON is not only Gazprom's biggest client in
Via| New Europe News
E.ON |
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EUROPE: [REPLY by Manuel Torres Laveaga] Decepcionantes resultados de Enel antes de tomar el control de Endesa
Published | 07-Sep-2007
Los resultados no son tan negativos como lo describe el osado corresponsal articulo, que parece mas de prensa rosa que financiero. A lo largo de este año Fluvio Conti esta inmerso en un plan de cabildeo dentro de las fronteras comunitarias como también en puntos estratégicos fuera de la Unión Europea. Ya lo afirmo no hace mucho tiempo el mismo Wulf Bernotat de E.ON, asegurando que en la Unión Europea en unos pocos años sólo quedarían tres eléctricas en Europa: E.ON | EDF | ENEL.
Fluvio Conti ya esta haciendo sus deberes, por una parte irrumpir en el mercado español aprovechando la batalla iberica entre ENDESA, Gas Natural y E.ON.
También, ha conseguido concertar importantes acuerdos con la empresa russa Gazprom, para garantizar el suministro de gas. Tenemos por delante un potencial gigante eléctrico europeo y no acepto el adjetivo de ¨ decepcionante ¨, ya que en este proceso de inversión le aseguran certidumbre a sus accionistas y a los proyectos de negocio emprendidos por los italianos.
|by Manuel Torres Laveaga|
Decepcionantes resultados de Enel antes de tomar el control de Endesa
La eléctrica italiana Enel, que mantiene junto Acciona una oferta sobre Endesa, obtuvo un beneficio neto de 1.982 millones de euros durante el primer semestre de 2007, un 0,2% más que en el mismo periodo del año anterior, informó hoy la compañía en un comunicado.
Las cifra de negocio de la compañía durante el primer semestre se redujo un 1,1% respecto del mismo periodo del ejercicio precedente, hasta 18.857 millones.
En cuanto al beneficio bruto de explotación (Ebitda), éste alcanzó los 4.462 millones de euros, un 2,3% más que en el primer semestre de 2006. Sin embargo, el resultado operativo se redujo un 12,1% respecto del mismo periodo del año anterior, hasta los 3.134 millones de euros.
El consejero delegado de Enel, Fulvio Conti, expresó su satisfacción ante estos resultados y aseguró que "la nueva dimensión internacional lograda, sumada a los programas de eficiencia y desarrollo activados en Italia en todas las divisiones, nos llevan a prever una mejora de los resultados operativos para todo el ejercicio 2007" con respecto al año anterior.
Via: Bolsa5
Las cifra de negocio de la compañía durante el primer semestre se redujo un 1,1% respecto del mismo periodo del ejercicio precedente, hasta 18.857 millones.
En cuanto al beneficio bruto de explotación (Ebitda), éste alcanzó los 4.462 millones de euros, un 2,3% más que en el primer semestre de 2006. Sin embargo, el resultado operativo se redujo un 12,1% respecto del mismo periodo del año anterior, hasta los 3.134 millones de euros.
El consejero delegado de Enel, Fulvio Conti, expresó su satisfacción ante estos resultados y aseguró que "la nueva dimensión internacional lograda, sumada a los programas de eficiencia y desarrollo activados en Italia en todas las divisiones, nos llevan a prever una mejora de los resultados operativos para todo el ejercicio 2007" con respecto al año anterior.
Via: Bolsa5
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