– We’re talking to the Industrial Development Agency, the Polish development projects and the Society of Financial Silesia about the possibility of placing minority stakes, with an option to repurchase. Assuming that the market will improve, we want to have in the future the opportunity to buy these shares – said on Thursday the president, participating in one of the debates of the European Economic Congress in Katowice.
sale of minority shares
According to earlier information, JSW also plans to raise funds through the sale of minority stakes in selected companies of the group – the company JSW coke and coking plant Victoria in Walbrzych.
earlier, PGNiG Termika for more than 190 million zł already bought jastrzębski PEC – he said Gawlik, the transaction is closed, without the possibility of a share buyback. The case of purchase by PGNiG Termika Energy Corporation Hawks (JSW) is currently being negotiated. “We are discussing with PGNiG Termika, we have submitted an offer, we are in negotiations,” – said the president, when asked whether the company JSW also could redeem in the future.
JSW has no plans to sell other assets than coke and energy. Previously, for sale exposed as such. Hotel and holiday centers of the company from the JSW group, but they were traders.
The difficult market situation
According to Gawlik, maintains difficult market situation, manifested primarily by low coal prices; at the moment there are no signs of rapid changes in the market environment. – Awaits us a year and half very difficult market situation; Our forecasts assume an upward trend, but it will not be as dynamic as we expected – said the president.
In his view, the process of restructuring the group JSW to be seen in three time perspectives: short, where the foundation is to provide financial liquidity, the medium where you need to optimize performance of all areas of the company and the long-term, aimed at stable growth of the company.
Today – he said Gawlik – management actions focused on two areas: the planned sale of selected assets of coke and energy and cost optimization to adapt them to current coal prices. – Activities include all areas: production, sales, purchasing, and associated with the optimization of our assets – said the president.
The remuneration system should be changed
According to Gawlik also system remuneration should be adapted to the changing market realities. He recalled that this year the visible effects are contained in the autumn of last year an agreement with the social, which agreed to suspend the payment of certain benefits for a specified period of time.
President of JSW confirmed that part of the restructuring, the company will provide to the Company Restructuring mines part of the former mine Jas-Mos, where he ends possible to profitably extract coal. As reported earlier, 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. Departures of employees (with the use of social protection in SRK) will be voluntary. Gawlik reminded that JSW valid 10-year employment guarantees, granted to employees in 2011.
– Our restructuring program, understood in three time perspectives, covers all areas of the company. The most important are internal actions that consistently execute and we will pursue in the future – provided Gawlik.
When asked to comment on recent information, the minister of energy, that JSW would require a capital injection in the form of a new issue of shares at the end of the year, with pre-emptive rights existing shareholders, Gawlik said that the company is trying to balance mainly due to cost optimization and sale of selected assets. – We believe that the zbilansujemy – said the president, when asked about the potential emissions when acquired by optimizing capital will be insufficient. Do not commented on the need of the issue.
The group JSW closed last 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, which has taken steps to reduce the costs and limiting the flow of cash, including thanks to the agreement with the social, a suspending certain benefits, 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 tonnes of coking 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 per cent., 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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