It seems that the government has changed the plans for these companies. Signs were a few new tactics. Without a doubt, the most important was the abandonment of the placing on the stock exchange chemical ZAK. Kędzierzyńska company debut was on the floor in June. However, the government withdrew those plans, even though the company in connection with the planned debut on the Warsaw Stock Exchange, the expenditure already incurred. Officially, the reason for the stock exchange was worse prosperity.
- Everything indicates that we have yet to pause. Procedures relating to the IPO (the Initial Public Offering English – Initial Public Offering) has shown that abstinence is the debut issue of ZAK’s indicated – Deputy Minister of the Treasury considers Krzysztof Zuk.
What is it, exactly explains ZAK’s president Krzysztof Jałosiński.
- At this time, the priority is the privatization of three chemical companies (ZAK-u,-u and zat Ciechu – Assign. Aut.) And in this context, it was considered that the issue of shares in ZAC-could delay this transaction – Jałosiński says.
The President estimates that the cost of preparing share issue by ZAK was several million zlotys, but stresses that sometimes these types of costs you may incur for a higher purpose, which in this case would be successful privatization of the whole group of chemical companies.
- In September, should be whether the sale of three companies was successful. If so, I do not think that was the issue of shares ZAK-u. Of course this can not be ruled out, it will be longer, however, the responsibility of the new owner – the President Jałosiński.
Investors coming
A new concept for the government to sell a whole package of Zakłady Azotowe Tarnów, Ciechu and kędzierzyńskiego ZAK-u, which are still under the control of the Treasury, the foreign investor. Until recently, this appeared to be unrealistic. The reason was simple – the chemical industry was considered to be obsolete and in need of investment.
- It is important to note, however, that the chemical synthesis of a large company operating in the country representing nearly 40 million population. And that means strong demand and the demand for chemicals. It is also pointed out that the consumption per capita in Poland is among the lowest in the European Union. That means gigantic and very forward-looking market – evaluate the situation Jerzy Majchrzak, director of the Polish Chamber of Chemical Industry. – It may encourage investors – he adds.
It is almost certain that when it comes to the integration of the chemical industry, it will be carried out by a foreign investor. Of the Polish companies with such a step might well be tempted only PKN Orlen and PGNiG. However, PKN Orlen, after the declaration of a desire to get rid of Anwilu, resigned from such options. The role of the integrator it is not interested in PGNiG.
- A few months ago we wanted to play the role of integrator of the Polish chemical industry for good and for evil, but the industry turned to this idea with great caution. Everything has its time and today the situation has changed – SZUBSKI says Michael, the head of PGNiG’s.
According to him, the company will no longer buy any new assets in the chemicals sector and does not take into account the leading role to play in the consolidation of the industry.
- As for the purchased shares Azotowe Tarnow, it is for us a medium-term investment. It comes up with when we are able to achieve premium assumed in the purchase of emissions during the last year on the stock market – the president of gas tycoon.
If they do not, then who? Unofficial treasury in the Ministry told us that there are German and Arab investors.
About the company involved is not known. Once already German PCC (owners of the Bank) is very close to buying zat-u-u and ZAK. Then, almost ready storpedował PiS agreement, not one of the recent signing of required documents.
The game also features more Exotic investors. Perhaps the outcome of the spring visit of Prime Minister Donald Tusk in Qatar will be the sale of the Polish chemical company to one of the local investors.
Since this has to do with yards, why not the much better and more perspective in chemical plants. In particular, the benefits for Polish companies could be significant. Access to cash, and assurances of raw material is only the most important.
Good condition, higher price
Despite the crisis, the industry is in quite good (except Policami) the situation and can cope quite well with niesprzyjającym environment.
- It is too early to speculate on whether that’s the end of the crisis. Industrial production continues to reduce, prosperity in key sectors for us are not returned to full form, and there are still restrictions on access to finance. On the other hand, falling prices of raw materials – said Ryszard Kunicki, president Ciechu.
The effects are beginning to bring the action initiated by the Board Ciechu even before the crisis – the restructuring and consolidation of the group.
Introduced at the beginning of the year to reduce operating costs by 71 million and spending on investment 121 million will ensure improvement in the indicators of liquidity, debt and the level of working capital.
In the first quarter of the investments made in kind Ciechu closed by the amount of 87 million €. – After the expected reduction of expenditure, the total investment in kind in this year will amount to 290 million €. It is possible, however, that in fact they are still tens of millions less – recognizes Ciechu head.
Nevertheless Ciech Chemical Group in the first quarter of 2009 reached 33 million net profit in the income in excess of 971 million €. The income of the period to only 6 percent. less than in the corresponding period last year.
There may also complain ZAK. – The first quarter was a success. The second is the decline in traditional sales, because it is not conducive to the holiday. On the other hand, is increasing demand for our products by Oxo alcohols. Overall, the situation is so bad – President stresses Jałosiński.
However, before too optimistic warns Director Majchrzak. – Remember that a lot will depend on what is going on in the German economy. If there is a situation not improve, but unfortunately we could feel the chemistry – she says.
Soundness of the companies could cause the price of the acquisition of their shares will be more attractive. A is important for the budget. For now, it is difficult to say when the decisions may be possible.
We know, however, that if everything could be a positive end, it would be an end to several epic already betting on the future of the great chemical synthesis, or at least most of them.