Transcript Prezentacja programu PowerPoint

Privatisation Plan & Investment Opportunities
Tomasz Zganiacz – Director, Capital Markets Department
8 July 2013
1. Main goals
2. Privatisation to date
3. Future privatisation
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1. Main goals
Ministry of State Treasury main goals
►
Privatisation
►
There were 260 companies earmarked for privatisation in
2012-2013
As of May 2013, 120 companies already sold
Capital markets
►
Development of Poland’s capital markets and strengthening
the role of Warsaw as a regional financial centre
Supervision of
state holding
companies
►
Shares in 150 companies (including strategic companies - not
for privatisation)
Professional corporate governance and management
►
Energy
projects
Strategic
projects
Shale gas
Polish
Investments
Programme
►
►
Shares in the 4 biggest energy companies
Planned capex of EUR30 – 37bn for energy
production and distribution in 10 years
►
Production of shale gas on a small scale is planned
for 2014, with industrial production by 2015
►
Fund-like structure
Aims to stimulate investments into infrastructure
through co-investments with the private sector
►
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2. Privatisation to date
Objectives of privatisation
Privatisation objectives are multidimensional and multifaceted
transformation of the Polish economy
enhancing the economy’s competitiveness
assurance of State budget revenues
development of an effective and flexible private sector
development of capital markets to attract issuers and investors
greater access to capital by companies
6
Privatisation methods
Types of privatisation
Indirect privatisation
Direct privatisation
involves sale of shares held by the
Treasury
involves disposal of all assets of a
state-owned enterprise
Assumes earlier commercialisation,
i.e. the transformation of a stateowned enterprise into a company
wholly owned by the Treasury (sole
shareholder)
The direct nature of the
privatisation results from
implementation of the process,
without prior commercialisation
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Ownership transformation 1990 - 2012
8453
number of state-owned enterprises as of 31 December 1990
5995
number of state-owned enterprises which
underwent ownership transformation*
1753
2308
1934
commercialisation
direct
privatisation
liquidation
As of end of 2012 there were:
70 registered state-owned enterprises
23 active state-owned enterprises
* as of 31 December 2012
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Key transactions to date
Poland - one of the largest number of IPOs and ABOs in Europe (2009-2013)
IPO of a
leading energy
group ($830m),
despite
challenging
market
conditions
ABB of the
Second stage of
IPO of the
IPO of Poland’s
A 63.8% stake
leading global
privatisation.
largest Polish
leading insurance
sold by the
copper product:
Sale
of
16.05%
energy group
company ($2.7bn).
government
10% of MoT
MoT
shares
on
($2.1bn). Ranked
The largest IPO in
into the market
shares ($723m). It the WSE through
as the largest
Europe since 2007.
for $422m
was the largest
Fully
Marketed
IPO in Europe
Largest ever IPO
ever ABB in CEE
Offer ($379m)
for 2009
in CEE region
region
Nov '08 Jun '09 Nov '09 Jan '10
IPO of the
leading thermal
coal miner
($166m).
Reopening of
IPO market in
Europe
Rights issue of
PKO BP , the
largest Polish
bank by assets
($1.6bn).
Opening of rights
issue market for
financial
institutions in
Poland
12.1% stake
11.9% stake
offered by the
offered by the
Government in a Government in a
$112m IPO.
$449m ABO
Feb '10 Mar '10 Apr '10 May '10 Jun '10 Aug '10 Oct '10
Sale of 10% of
shares of
leading oil &gas
company
through ABB on
WSE ($142m)
Completion of
privatisation
through sale of
46.7% shares
through ABB
($395m)
ABB of a 42%
stake sold by
the MoT and
state bank BGK
($119m)
A 51.6% stake
of the second
largest utility
company in
Poland was
floated on the
WSE on 30
June ($1.3bn)
Mar '11 May '11 Jun '11
The remaining
stake in TP S.A.,
telecom company
was sold on the
WSE on 5 August
2010 ($292m)
10.8% stake
offered by the
Government in
a $1.3 bn
ABO
34.3% stake sold
by the MoT in a
$1.9bn IPO.
Largest CEEMEA
IPO since April
2010, 5th largest
CEEMEA equity
offering ever
Feb '12
10% stake sold
by the
Government in
$1.2bn ABO
11.75% stake
offered by the
Government
and BGK in a
$1.6bn ABO
7.0% stake
offered by
the
Government
in a $940m
ABO
Jul '12
7.0% stake
offered by the
Government in
a $799m ABO
Nov '12
Jan '13
50% stake sold
by the
Government in
a $220m IPO
on the WSE
Feb '13
IPO of Polski
Holding
Nieruchomości,
one of the
leading real
estate
company in
Poland
(PLN239m)
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Privatisation transactions – completed
Privatisation revenues 2001-2013YTD (EUR bn) 1)
Allocation of privatisation revenues
1.
Entrepreneurs' Restructuring Fund -15% of privatisation revenues
2.
Restitution Fund - resources from the sale of the Treasury’s 5% stakes
in companies formed as a result of commercialisation
3.
State Treasury Fund - 2% of privatisation revenues
Public sector contribution to Poland’s GDP 2)
>75%
26%
19%
4. National Science and Technology Fund - 2% of privatisation revenues
5.
Demographic Reserve Fund - 40% of gross privatisation revenues net of
Restitution Fund
1) exchange rate 1 €= 4.1432PLN; 2) Polish Central Statistical Office
1989
2000
2010
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3. Future privatisation
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
 IPO and follow-on offerings
pipeline
 Civic Shareholding
The intention is to retain
decision-making and intellectual
capital creation in Poland
Trade sale
 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
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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
Market Current Target
cap. (€m)* stake stake
No. Company
Sector
1
Ciech
Chemicals
325
39%
0%
2
Grupa Azoty
Chemicals
1,940
33%
0%
3
ENEA
Energy
1,447
52%
0%
4
PGE(a)
Energy
7,785
62%
50%
(a)
5
PKO BP
Financial
10,301
31%
25%
6
PZU(a)
Financial
9,230
35%
25%
7
WSE
Financial
407
35%
0%
8
PHN S.A.
Real Estate
258
75%
0%
2,156
56%
34%
(b)
9
JSW
Mining - Coal
10
Energa
Energy
Not listed
84%
0%
11
Weglokoks
Trading - Coal
Not listed
100%
0%
Mining - Coal
Not listed
100%
50%
Mining - Coal
Not listed
100%
50%
(b)
 Financial institutions
12
Kompania Węglowa
 Mining
13
Katowicki Holding Węglowy(b)
* as of May 2013
(a) Strategic companies
(b) Companies under the supervision of the Ministry of Economy
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Strategic companies
Strategic companies
 The Treasury has identified core companies
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 supervisory
board selection procedures
 Compensation and incentive schemes for
management
 Corporate governance
 WSE’s Code of Best Practice for listed
companies
Market
cap. (€m)*
Current
stake
Target
stake
Energy
7,785
62%
50%
Tauron
Energy
1,798
30%
25%
PKO BP(a)
Financial
10,301
31%
25%
PZU(a)
Financial
9,230
35%
25%
KGHM
Metals &
Mining
6,960
32%
32%
PGNiG
Oil & Gas
8,573
72%
72%
PKN Orlen
Oil & Gas
5,356
28%
28%
Grupa Lotos
Oil & Gas
1,310
53%
53%
Company
Sector
PGE(a)
Note:
* as of May2013
(a) Strategic companies included in the Privatisation Plan
Apply best practice in corporate governance
 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
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”Polish Investments” Programme
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Contact us
General Information
Tel. (+48) 22 695 90 01/02
E-mail: [email protected]
www.msp.gov.pl
Privatisation Department - Trade Sale
Tel. (+48) 22 695 87 22
Fax (+48) 22 695 88 18
E-mail: [email protected]
Capital Markets Department
Tel. (+48) 22 695 97 04
Fax (+48) 22 695 87 01
E-mail: [email protected]