While earlier, during a press conference, President KHW Zygmunt Łukaszczyk used the term of “positive financial result” for March, then representatives Holding clarify that this result will be positive – to the assumptions of the technical-economic plan.
“forecast profit before tax for March indicates that it will be better in relation to the plan by approx. 0.5 million zł. According to the forecast financial results obtained from coal sales for March will be approx. 10 million zł better than was the plan “- gave Jaros. Stated that the final result of the company tax for March will be negative, but significantly better than planned.
During the Thursday among others, said the conference Łukaszczyk Holding the situation and about some of the assumptions of the agreement signed in the last days of the financial institutions. This agreement sets out the rules of the financial restructuring of the company; envisages roll over debt and increase bond program zł 200 million.
The information Łukaszczyka that signed contracts KHW and agreements with financial institutions – mainly from BGK banks and PKO BP and Barclays – whose conditions at the current price and cost conditions, allow the declaration that “KHW has provided liquidity in the long term.”
Holding among others negotiated an extension or rolling repayment obligations under the bond program. The first tranche of repayment provided for in the second half of 2016., And an essential part – in 2018. The effects of this are also new overdraft zł 80 million (previous lines of credit has expired) and increased the bond program by 200 million zł (to a level of 1,224 zł billion).
Łukaszczyk stipulated that the agreement with the banks is associated with the consistent implementation of the provisions adopted by the end of Feb. recovery plan for the KHW. Here are the key issues related to the extinguishment of certain mining capacity (in part Murcki-Staszic mine called. The gifts of God movement), as well as the transfer to the Company Restructuring Mines traffic unexploited mine Myslowice Myslowice-Merry.
According Łukaszczyka Mysłowic to SRK transfer could take place in late April and early May, with the first tranche of approx. 300 employees. According to the agreement to SRK is also a hit Christmas gifts in November. Until then, there will be extracted from the previously prepared coal seams. In God’s work Darach approx. 1.9 thousand. people.
From the anonymous survey aimed to answer, how many employees the company is interested in a package of protective solutions provided for the plants transferred to SRK that is less than 1.1 thousand. people. The Board ensures that everyone will want to continue to work in KHW, he will have a job.
Łukaszczyk pointed that after the transfer of both movements to SRK in 2016. Holding is to be based on the movement of the mine Mysłowice Cheerful Cheerful, on motion Staszic Murcki-Staszic mine, and on the evening of the mine, which to the depletion of coal mine would be connected with the underground transport Staszic and allow ore to the surface. Wieczorek mine surface elements would then be in the short term (4-5 years) excluded from the production and disposed of.
“These two mines – Cheerful and Staszic – would be in the future for KHW long-term period. These mines even at the price slump quietly indulge in Polish energy market can handle “- found Łukaszczyk.
A little difficult the situation is in the Wujek, which consists of two unconnected infrastructure-movements: Uncle and Silesia. “Both movements are still a problem, because they are not able to get a positive result. They implemented cost regime will lead to the end of the movement as a result of “zero-minus’” – said the president.
In this context, announced the implementation of Wujek “regime even greater cost.” This will mean eliminating the maximum extent possible on filling the operation (to a greater extent than the so-called. Way to attack protects the surface against mining damage). This should reduce production costs by approx. 100 zł per tonne.
Holding also intends to explore coal quality parts mined in motion Silesia, in terms of its certification as coking coal type 34 (a coal deposits, which uses elsewhere owned JSW Boar-Szczygłowice mine). If the parameters are confirmed, KHW would be able to start the extraction much more expensive than coal coking coal on a scale million tonnes per year.
Regardless of the issues related to mining KHW began the privatization process belonging to the Thermal Power Plant. Started among ZEC valuation principles of privatization and negotiations with the social (by Łukaszczyka are close to completion). Holding wants to sell the ZEC in late June and early July .; now the company has a lien still under zł 100 million loan taken out by KHW.
Today KHW mined close 11 million tons of coal per year, of which approx. 25 percent. so valuable. assortments thick, which dates back to the market price of 540 zł per tonne net. Is holding piles of approx. 800 thousand. tons of coal. The whole company’s debt – bank debt in the form of loans or bonds and long-term contracts entered into or lease – more than 2.5 billion zł.
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