Along with the assets of the mine to the company’s restructuring will go approx. 2.5 thousand. people with more than 24-thousand crew JSW.
Information about the restructuring plans of the company gave in Warsaw on Friday its president Thomas Gawlik, who during a press conference commented on last year’s results of the company, faced with financial problems. JSW Group closed last year a record net loss of close to 3.3 billion zł.
Jas-Mos is now part of the mine Borynia- Zofiówka-Hawks. The Company estimates that in that part of the mine remained even 23 parts of carbon from which to extract suitable for approx. 12 – is called. Residual deposits to be exploited until 2021, using the infrastructure of the mine Zofiówka, with further employment approx. 1.6 thousand. employees from more than 3 thousand. currently employed in the Jas-Mos.
The Company intends to use the so-called adjustment. mining law
President Gawlik said that in total, along with a separate so-called non-productive assets. Traffic Jas-Mos (about two-thirds of the underground infrastructure and two windows) to SRK is expected to pass a total of approx. 2.5 thousand. people with JSW. Thus, the company wants to take advantage of the so-called adjustment. mining law; NSD crew can take advantage of covers – leave mine or one-time severance payments.
transition employees to SRK to be voluntary and on their departure must agree to the employer – the chairman of JSW ensures that the company complies with the employees in 2011. 10-year guarantee of employment. Currently there are no plans to transfer to SRK other assets JSW.
sale of minority shareholdings
JSW also plans to raise funds through the sale of minority stakes in selected companies of the group; As for the Hawks Energy Company (SEJ), which is interested in buying PGNiG Termika, as well as the company JSW coke and coking plant Victoria in Walbrzych.
– talking with our partners – the Industrial Development Agency, the Fund Restructuring and Society of Financial Silesia – in the interest of the minority shares in these companies, in order to achieve a certain level of cash, allowing us to build a buffer and get the time, we could lead optimization measures at the level of the JSW – Gawlik said.
The process of valuation of assets
JSW would finalize all currently negotiated transactions to the end of June, with the proviso that the formal procedures can last for about a month longer. When asked about the amount of funds that JSW wants to get out of the planned transaction, Gawlik said that the process of valuation of assets by investors and due diligence; did not refer to the amount of 1 billion zł, exchanged earlier by the representatives of the Ministry of Energy; at this stage the president acknowledged any estimate of the amounts to be premature.
on Thursday finalized a sale to PGNiG Termika 100 percent. shares in PEC-u, belonging to the company so far SEJ. The investor will pay for the shares of 190.4 million zł.
JSW also applied for funds from the Fund for Restructuring to launch modernization investments in processing plants and mines Budryk Knurów-Szczygłowice.
– I hope that by the end of June we will get these funds, which will allow you to run the modernization of processing plants; investments have lead to a change in product mix in these mines, especially the transition to a greater extent for coking coal, which will move to revenue at our website – explained Gawlik.
Hotel and holiday resorts to take
To raise funds JSW also trying to sell the hotel in Gdynia and three holiday centers and the office of the company Polish coke; They not yet were willing to buy them.
Gawlik estimated that the restructuring actions taken will allow the company “output on track” and achieve positive cash flows at the end of this year. Until the end of June developed to be restructuring agreement, to which the company is committed in the December agreement with the banks. – Deadline June is maintained; I hope that by the end of June we will be able to communicate with our bondholders and sign a contract restructuring – assured the President.
his opinion, last year was the most difficult in the company’s history. Capital Group closed the year with a net loss of 3 billion 285.2 million zł. Weighed on the result mainly write-downs amounting to over 3.2 billion zł related to the impairment of assets of coal and coke.
The company must reduce costs
– In the past year, the disadvantage group JSW work continuing global economic downturn, significantly falling from quarter to quarter prices of basic products JSW, the break in the extraction associated with a two-week strike, the threat of loss of liquidity and risk putting banks in a state of maturity debt bonds issued – the company said, which took action to lower costs and limiting the outflow of cash. Among others thanks to the agreement with the social, precedent to certain benefits, the company wants to save approx. 600-700 mln zł per year.
in 2015. JSW mines produced 16.3 million tons of coal, including 11.2 million tons of coke and 5.2 million tons of coal for energy purposes. Total coal sales amounted to 16.6 million tonnes. Coke sales decreased by 3.5 per cent., While its production was higher by 5.1 percent. reaching 4.2 million tons. On average, the price of coke fell by nearly 3 per cent., Which resulted in a decrease in revenues in this segment by 12.5 percent.
PAP, abo
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