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Privatisation Plan & Investment Opportunities. Tomasz Zganiacz – Director, Capital Markets Department. 8 July 2013. Main goals Privatisation to date Future p rivatisation. 1. Main goals. Ministry of State Treasury main goals. Privati s ation.

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slide1

Privatisation Plan & Investment Opportunities

Tomasz Zganiacz – Director, Capital Markets Department

8 July 2013

slide2

Main goals

Privatisation to date

Future privatisation

ministry of state treasury main goals
Ministry of State Treasury main goals

Privatisation

  • Therewere260 companies earmarked for privatisation in 2012-2013
  • As of May 2013, 120companiesalready sold

Capital markets

  • Development of Poland’scapitalmarkets and strengthening the role of Warsaw as a regionalfinancialcentre

Supervision of state holding companies

  • Shares in 150 companies (including strategic companies - not for privatisation)
  • Professional corporate governance and management

Energy projects

  • Sharesinthe 4 biggest energy companies
  • Plannedcapex of EUR30 – 37bn for energy production and distribution in 10 years

Strategic projects

Shale gas

  • Production of shale gas on a small scale is planned for 2014, with industrial production by 2015

Polish InvestmentsProgramme

  • Fund-like structure
  • Aims to stimulateinvestmentsintoinfrastructure throughco-investments with the private sector

4

slide6

Objectives of privatisation

Privatisation objectives are multidimensional and multifaceted

transformation of the Polisheconomy

enhancing the economy’scompetitiveness

assurance of Statebudgetrevenues

development of aneffective and flexible private sector

development of capitalmarkets to attractissuers and investors

greateraccessto capital by companies

slide7

Privatisationmethods

Types of privatisation

Indirect privatisation

involves sale of shares held by the Treasury

Assumes earlier commercialisation,

i.e. the transformation of a state-owned enterprise into a company wholly owned by the Treasury (sole shareholder)

Directprivatisation

involves disposal of all assets of a state-owned enterprise

The direct nature of the privatisationresults from implementation of the process,withoutpriorcommercialisation

ownership transformation 1990 201 2
Ownership transformation 1990 - 2012

8453number of state-owned enterprises as of 31 December 1990

5995

number of state-owned enterprises whichunderwentownershiptransformation*

1753

commercialisation

1934

liquidation

As of end of 2012 therewere:

70 registered state-owned enterprises

23active state-owned enterprises

* as of 31December 2012

2308

direct

privatisation

slide9

Key transactions to date

Poland - one of the largest number of IPOs and ABOs in Europe (2009-2013)

34.3% stake sold by the MoT in a $1.9bn IPO. Largest CEEMEA IPO since April 2010, 5th largest CEEMEA equity offering ever

ABB of the leading global copper product: 10% of MoT shares ($723m). It was the largest ever ABB in CEE region

12.1% stake offered by the Government in a $112m IPO.

11.75% stake offered by the Government and BGK in a $1.6bn ABO

Second stage of privatisation. Sale of 16.05% MoT shares on the WSE through Fully Marketed Offer ($379m)

7.0% stake offered by the Government in a $940m ABO

IPO of a leading energy group ($830m), despite challenging market conditions

IPO of the largest Polish energy group ($2.1bn). Ranked as the largest IPO in Europe for 2009

IPO of Poland’s leading insurance company ($2.7bn). The largest IPO in Europe since 2007. Largest ever IPO in CEE region

A 63.8% stake sold by the government into the market for $422m

11.9% stake offered by the Government in a $449m ABO

IPO of Polski Holding Nieruchomości, one of the leading real estate company in Poland

(PLN239m)

50% stake sold by the Government in a $220m IPO on the WSE

Rights issue of

PKO BP

,

the

A

51

.

6

%

stake

IPO of the

The remaining stake in TP S.A., telecomcompany was sold on the WSE on 5 August 2010 ($292m)

largest Polish

Sale of

10

%

of

Completion of

of the second

leading thermal

ABB of a

42

%

10

.

8

%

stake

bank by assets

shares of

privatisation

largest utility

10

%

stake sold

7

.

0

%

stake

coal miner

stake sold by

offered by the

(

$

1

.

6

bn

).

leading oil

&

gas

through sale of

company in

by the

offered by the

(

$

166

m

).

the MoT and

Government in

Opening of rights

company

46

.

7

%

shares

Poland was

Government in

Government in

Reopening of

state bank BGK

a

$

1.3 bn

issue market for

through ABB on

through ABB

floated on the

$

1

.

2

bn ABO

a

$

799

m ABO

IPO market in

(

$

119

m

)

ABO

financial

WSE

(

$

142

m

)

(

$

395

m

)

WSE on

30

Europe

institutions in

June

(

$

1

.

3

bn

)

Poland

slide10

Privatisation transactions – completed

Privatisation revenues 2001-2013YTD (EUR bn) 1)

Public sector contribution to Poland’s GDP2)

Allocation of privatisation revenues

Entrepreneurs' Restructuring Fund -15% of privatisation revenues

Restitution Fund - resources from the sale of the Treasury’s 5% stakes in companies formed as a result of commercialisation

State Treasury Fund - 2% of privatisation revenues

National Science and TechnologyFund - 2% of privatisation revenues

Demographic Reserve Fund - 40% of gross privatisation revenues net of Restitution Fund

1) exchange rate 1 €= 4.1432PLN; 2) Polish Central Statistical Office

slide12

Polish Privatisation Plan 2012–2013

Privatisation Plan

  • ca. 260 companies earmarked for privatisation (e.g. energy, food, transport, metallurgy, chemicals, services, coal mining, real-estate, defence, agriculture)
  • The Ministry intends to sell off all of its holdings in 85% of companies included in the Privatisation Plan
  • As of May 2013, 120 companies already sold
  • 86 companies in which the State has a majority % remain to be privatised (mainly in transport and machinery sectors) mostly via public privatisation procedures
    • H.Cegielski , the only EU manufacturer of two-stroke marine diesel engines with sales of PLN 65mln
    • Fabryka Przewodów Energetycznych Bedzin, manufacturer of copper and aluminium wire with sales of PLN 96mln
  • The Ministry will retain majority/controlling stakes in companies of strategic importance (mainly energy, financial and defence companies)
  • Privatisation proceeds in 2012 of €2.2bn, target €1.2bn in 2013

Privatisation methods

Capital markets

Trade sale

  • IPO and follow-on offerings pipeline
  • Civic Shareholding
  • The intention is to retain decision-making and intellectual capital creation in Poland
  • Negotiations following a public invitation, public tender, public auction
  • Direct sale to secure know-how and consolidated ownership
  • Price is the only selection criterion
  • Additional investor commitments

12

slide13

Privatisation via the stock exchange

  • Privatisation Plan 2012-2013
    • Many companies earmarked for privatisation are already listed on the WSE
    • Timeframe dependent on market conditions
  • Key sectors
    • Chemical
    • Energy
    • Financial institutions
    • Mining
slide14

Strategic companies

  • Strategic companies
  • The Treasury has identified corecompanies which are considered to be of strategic importance to the country
  • The Treasury will sell tranches but will retain majority/controlling stakes
  • The priority is to increase corporate governance standards, professionalism, transparency and quality in those companies
  • Priorities
  • Professional management and supervisoryboard selection procedures
  • Compensation and incentiveschemes for management
  • Corporate governance
  • WSE’sCode of Best Practice for listed companies
  • Apply bestpractice in corporategovernance
  • To assure professional management and supervision of companies
  • The goal is to create long-term value for all shareholders of publicly listed state-owned companies
contact us
Contact us

General Information

Tel. (+48) 22 695 90 01/02

E-mail:investor@msp.gov.plwww.msp.gov.pl

PrivatisationDepartment - Trade Sale

Tel. (+48) 22 695 87 22

Fax (+48) 22 695 88 18

E-mail: dpr@msp.gov.pl

Capital MarketsDepartment

Tel. (+48) 22 695 97 04

Fax (+48) 22 695 87 01

E-mail:drk@msp.gov.pl