1 / 25

The Israel Business Conference, December 20 10

PO LAND of Opportunities Polish P rivati s ation Programme. The Israel Business Conference, December 20 10. Poland in a snapshot. Location: Central Europe Capital: Warsaw Population: 38.1 million Currency: złoty (PLN) Member of the European Union since 2004

garvey
Télécharger la présentation

The Israel Business Conference, December 20 10

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. POLAND of Opportunities Polish PrivatisationProgramme The Israel Business Conference, December 2010

  2. Poland in a snapshot • Location: Central Europe • Capital: Warsaw • Population: 38.1 million • Currency: złoty (PLN) • Member of the European Union since 2004 • Size: 8th largest economy in the EU, 21st largest economy globally(c,d) • GDP growth (Q3 of 2010): 4.2 % (a) • Unemployment rate (Q3 of 2010): 11.5 % (a) • Inflation rate (Q3 of 2010): 2.2 (a) • FDI inflow (Jan.-Sept. 2010): EUR 5.3 bn(b) GDP growth in Q3 2010 in selected EU countries (a) (c) Source: (a)Polish Central Statistical Office (b) National Bank of Poland (c)Eurostat (b) IMF

  3. Poland – attractive direction for investors During the crisis year 2009 Poland was the only country in EU to avoid recession • In the City of London Corporation “2010 World Financial Centers” ranking, in the category ‘regional financial centre’ Warsaw ranked higher than cities such as Moscow, Budapest and Athens. • WSE ranks 1st in the CEE region in terms of the number of listed foreign issuers (28). • Warsaw is the sole city in the region which was listed in the TOP 20 most favourable locations for investors (U.N. World Investment Prospectus Survey 2010.12); it also ranked 2nd in the 2009 European Cities Monitor (Cushman&Wakefield) ranking. September 2009

  4. Media about Polish Privatisation (1) • ‘The country has become the EU’s largest building site, thanks in large part to the €67 bn in structural funds flowing into Poland during the 2007-2013 budget cyckle. The signs of activity are visible everywhere, from the south-easten border with Ukraine, site of the future A4 highway linking the region to Germany, to the outskirts of Warsaw, where a new bridge is being thrown across the Vistula River’ Financial Times, Buoyant future hangs in the balance, November 2010 • ‘Last year, Poland’s decision to cut its income – tax rate, and the resultant economic stimulus, helped it become the only European Union country to dodge recession. But it also sowed the seeds of a ballonooning deficit.’ The Wall Street Journal, Poland’s Treasury seeks to Rebrand Warsaw, October 2010

  5. Media about Polish Privatisation (2) • ‘Die Aktienverkäufe in Warschau und die weiter steigende Kurse waren nur möglich , weil in Polen ein Aktienfieber unter den Privatanleger augebrochen ist und gleichzeitig internationale Anleger das Land entdeckt haben. Dies geschah, nachdem Polen im Jahr 2009 ein einziges Land in Europa ein nennenswertes Wirtschaftswachstum von 1,7 Prozent aufweisen konnte. Analysten erwarten auch für das kommende Jahr eine Fortsetzung mit Wachstumsraten von möglicherweise mehr als 4 Prozent’’ Frankfurter Allgemeine Zeitung ,Polen sieht sich als China Europas, November 2010 • ‘Poland has been one of the bright spot in European ECM in 2010, with the country seemingly able to withstand to volatile secondary markets that have let to many deals being cancelled across the rest of EMEA’ International Financing Review, Poland pays up, November 2010 September 2009

  6. Upcoming events in Poland – the chance of success • EUR67bn(a) up to 2013 • Accelerates spending and investment decisions • Balanced guarantee-based package worth • EUR 22.7 bn • Increased currency stability • Huge spending plans until 2012:9 (expressways, highways,trains)for roads EUR30 bn(b)for rail EUR7.5 bn(c) Source: a) National Cohesion Strategy, p. 116 b) Ministry of Infrastructure – the Programme for National Roads Construction 2008-2012 c) Ministry of Infrastructure – Master Plan for the Polish Rail Transport until 2030 – Scenario 3 (optimistic) 6 PLN/EUR: PLN 4.02 as of 2nd December, 2010

  7. Privatisation Plan for the years 2008-2011 Unique investment opportunities

  8. Privatisation Plan – key facts The Privatisation Plan for 2008-2011fulfills Prime Minister Donald Tusk’s November 2007 inaugural commitment to increase the pace of privatisation Prepared by Minister of Treasury Aleksander Grad, the 4-year privatisation acceleration program was adopted by the Council of Ministers on April 22, 2008 One of the most ambitious privatisation plans in the world: offers flexible, various privatisation procedures adapted to specific company characteristics envisages privatisation of 802 state companies from over 30 business sectors and producing revenues of PLN 37 bn (USD 13.1 bn*). At the moment revenues have reached PLN 33.5 bn (USD 11.7 bn*) When: What: PLN/USD : average yearly exchange rate for 2008: PLN 2.41 and for 2009: PLN 3.12. For 2010 exchange rate set at PLN2.97 * Calculation based on average exchange rate for 2008,2009 & 2010

  9. Privatisation Plan – key facts bn (USD 13.1 bn*). At the moment revenues have reached PLN 33.5 bn (USD 11.7 bn*) Privatisation in figures (2010 YTD): 398 projects are being carried out 361 projects have been completed so far privatisation revenues in 2010 PLN 26 bn (USD 8.75 bn) Result: • Significant decrease of government presence in the economy • (The government‘s aim is to reach the level of 10% of public sector contribution to Polish economy) Status: Public sector contribution to Polish GDP (a) > 75% PLN/USD : average yearly exchange rate for 2008: PLN 2.41 and for 2009: PLN 3.12. For 2010 exchange rate set at PLN2.97 * Calculation based on average exchange rate for 2008,2009 & 2010

  10. Privatisation plan -sectoropportunities • Privatisation is being implemented in accordance with the government’s plans and strategies for each sector • Investment opportunities extend to a variety of companies: • selected for privatisationfrom over 30 sectors • located throughout the country • with different shareholding structures Wide variety of companies Financial Petroleum Mining -Lignite Power/Energy Chemicals Metallurgy Defense Metals Shipbuilding Machines Electronics Electrical Engineering Freight and Forwarding Rock Based Raw Materials Transport Sea Transport/Ports Construction and Materials Distilleries Agriculture Agricultural Products Foods Animal and Plant Husbandry Timber and Paper Clothing and Clothing Materials Printing and Publishing Furniture Mining - Coal Health Resorts Tourism Pharmaceuticals Commerce Telecommunications Service Companies Enterprise Agencies Others 10

  11. Privatisation revenues 2007-to date 1991-1996 1997-2006 Privatisation revenues are allocated to PLN/USD: PLN 3.07 as of 2nd December, 2010 *According to Commercialisation and Privatisation Act

  12. Privatisation model - Trade sale 12

  13. Trade sale: privatisation procedures Trade sale – overview Publiclyannouncedoffer Public tender • Addressed to trade investors as well as financial investors • the bulk of privatisation projects concern the following industries transport (53), machines (34), construction (24), food-procesing (24) and chemicals (10) • most companies are intended for privatisation in the central part of Poland (15), and in the Silesia region (9) • since November 2007, most privatisation projects have been implemented through negotiations (29 projects), public auction (24), public tender (22) • public auction is the fastest privatisation procedure Negotiationsundertaken on the basis of a public invitation Admission of the bid submitted by an entityannouncing the call Publiclyannouncedauction 13 PLN/USD: PLN 3.07 as of 2 nd December, 2010

  14. Trade investors taking part in Privatisation Plan Between April 2008 and October 2010 investors from 13 countries acquired shares in 30 companies for the total amount of over PLN 2 billion FIN 1 transaction worthUSD 0.02 million SWE 4 transactionstotalling USD 0.42 billion NED 4 transactionstotalling USD 146.7 million GBR 2 transactionstotalling USD 14.9 million GER 6 transactions totalling USD 13.8 million LUX 3 transactionstotalling USD 1.0 million FRA 2 transactionstotalling USD 56.5 milion USA: 3 transactionstotalling USD 0.06 million) HUN 1 transactiontotalling (USD 28.4 million) ESP 1 transaction worth USD 0.52 million AUT 3 transactions worth USD 31.7 million CAN:: 1 transaction worth USD 6.5 million ISR: 6 transactions worth (USD 25.7 million) CYP 2 transactions totalling USD 2.9 million Source: a)Ministry of Treasury, transactions completed between 22 April 2008 and 31 August 2010 (excluding transactions concluded in the capital markets) PLN/USD: PLN 3.07 as of 2 nd December, 2010

  15. Examples of trade sale transactions (1) Pharmaceutics Polfa Pabianice Sold to Zakład Farmaceutyczny Adamed Pharma (Polish pharmaceutical company) Energy PGE Zespół Elektrociepłowni Bydgoszcz (power plant) Transactionworth: PLN 959 013, 36 (USD 312 382.08)* Sold to a mainshareholder PGE S.A. PGE Elektrociepłownia Gorzów (power plant) Transactionworth: PLN 10 585 157, 37 (USD 3 447 933.99)* Future opportunities in sectors: Health Resorts Road transport Real Estate Machines Chemicals PLN/USD: PLN 3.07 as of 2nd December, 2010

  16. Examples of trade sale transations (2) Road transport PKS- passengertransportationcompanies 6 transactionstotalling: PLN77 million(USD 25 million)* Sold to Israeli trade investor- Mobilis (subsidiary of Egged) Egged, the leading public transport operator in Israel, established in January 1933, when four public transport companies were merged into on. Egged provides about 55% of public transport services throughout the country. September 2009

  17. Privatisation model – Capital market 17

  18. Transactions on capital markets (main market) Transactions on capital markets – overview Initial Public Offering ( IPO) Secondary Offering (Follow-on Offering) Largest privatisations in Poland conducted through WSE(a) AcceleratedBook-Building(ABB) Rightsissue Note: Blue colour shading indicates privatisation processes concluded over the last two years. PLN/USD: PLN 3.07 as of 2nd December, 2010 * since November 2007 till December 2010

  19. Offered to US investors Key transactions on capital markets IPO of Poland’s leading insurance company ($2.7bn ). The largest IPO in Europe since 2007. Largest ever IPO in CEE region IPO of the Warsaw Stock Exchange – leading European stock exchange. First listing- Nov. 9th. ($424 million) Sale of 10% of shares (almost $1.4 bn). The biggest ABB transaction in the history of capital markets in Poland IPO of a leading energy group ($830m), despite challenging market conditions ABB of the leading global copper producer: 10% of MoT shares ($723m) Second stage of privatisation. Sale of 16.05% MoT shares on the WSE through Fully Marketed Offer ($379m ) IPO of the largest Polish energy group( $2.1bn). Ranked as the largest IPO in Europe for 2009. Nov-08 Jun-09 Nov-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Aug-10 Oct-10 Nov-10 Rights issue of PKO BP, the largest Polish bank by assets ($1.6bn). Opening of rights issue market for financial institutions in Poland Sale of 10% of shares of leading oil&gas companythrough ABBon WSE ($142m) ABB of a 42% stake sold by the MoT and state bank BGK ($119m) Completion of privatisation through sale of 46.7% shares through ABB ($395m) IPO of the leading thermal coal miner ($166m). Reopening of IPO market in Europe The remaining stake in TP S.A., a telecommunications company was sold on the WSE on 5 August 2010 ($292m*) A 51.6% stake of the second largest utility company in Poland was floated on the WSE on 30 June ($1.3 bn) 19 *PLN/USD: PLN 2.83 as of 19 October, 2010

  20. Privatisation - futureopportunities on capital market PKO BP Bank the leader of the Polish banking sector. In addition to its core banking activity PKO BP offers specialised services, i.a. various financial products, leasing funds, investment fund units, electronic payment services – it was listed on the WSE in 2004 PZU – insurance Poland's largest insurance group; leading company providing life and non-life insurance. The Company was floated on the Warsaw Stock Exchange in May 2010. It was the 2nd largest IPO in Europe in 2010 YTD LOTOS- petroleum concern activity in the field of crude oil extraction and processing as well as distribution and sale of wide range of petroleum products. The deadline for submitting written replies expires on 4 February 2011 DIPSERVICE, TON AGRO – real estate lease of properties from companies’ portfolio, lease of office space in the Warsaw area; The companies also acquire properties and prepare them for commercial investment purposes.. It is expected that the new real estate holding, comprising i.a. these companies will make a debut on the WSE in 2011 BGZ Bank one of the leading banks on the Polish market, providing services for the agriculture/farming and food processing sector, as well as for inhabitants of rural areas and small towns. IPO of the company is planned for 2011-2012 20

  21. Warsaw Warsaw as a regional Financial Center of Central – Eastern Europe

  22. Warsaw - Regional Financial Centre Number of new companies to establish their presence in the cities within the next five years (b) • Warsaw is Poland’s business capital and one of the largest and most important urban centers in Central and Eastern Europe • As stated in 2010 World Financial Centers ranking prepared by City of London Corporation, Warsaw has surpassed cities like Moscow, Budapest and Athens as a regional financial centre Moscow 35 • Owing among others to the privatisation activities of the Ministry of Treasury, the Warsaw Stock Exchange is doing well, and therefore the largest global financial institutions cannot afford not to have a local office in Warsaw. J.P. Morgan, HSBC, BNP Paribas, Credit Suisse, UBS, Deutsche Bank, Master Card, Citigroup, Nomura, ING, Merrill Lynch, Goldman Sachs, and Morgan Stanley. Warsaw 36 London 25 Paris 27 Bucharest 30 Foreign direct investment (FDI) for the period of 1998-2007 (in USD billion*) (c) • Viewed as regional safe haven Poland maintained high level of FDI inflow, which in 2009 amounted to EUR 8.4bn(d), the highest in CEE. In H2 2010, the inflow of FDIs exceeded EUR 5.3bn(d). It is forecasted that the FDI inflow in the whole of 2010 will exceed EUR 10bn(e). (a) Based on FT Global 500 (b) 2009 European Cities Monitor report by Cushman & Wakefield (c) OECD Factbook 2009 (d) National Bank of Poland (e) Ministry of Economy & PAIiIZ forecasts 22 22 PLN/USD: PLN 3.07 as of 2 nd December, 2010

  23. Foreign companies & foreign investorsat Warsaw Stock Exchange • Warsaw Stock Exchange lists many companies from the CEE region, such as: • Kernel(Ukraine's largest vertically integrated agro-industrial company) • New World Resources (producer of coal, the largest hard coal mining company in the Czech Republic) • Astarta Holding (an agro-industrial holding and one of the leaders of the Ukrainian sugar sector) • CEZ(leader on the Central and Southeastern European electricity market) • Asseco Slovakia (co-founder of international Asseco Group, the fifth largest IT Group in Europe) Foreign companies Break-down of equity turnover at WSE (in %)(a) Foreigninvestors 23 23 (a)Investors in stock exchange turnover H1 2010 - presentation

  24. WSE is attractive for the world’s top tier international financial institutions Global investment banks present in Warsaw: • Currently WSE has 28 domestic & 20 foreign Exchange Members including Credit Suisse, Goldman Sachs, HSBC Bank, J.P Morgan, Merrill Lynch, Societe Generale, UBS, Citigroup, Deutsche Bank(a) • Poland becomes increasingly important for the foreign financial institutions as evidenced, among others, by the following initiatives: • In May 2010 Credit Suisse re-opened its brokerage office in Warsaw • Goldman Sachs plans to open its office in Warsaw in the second half of 2010 following the motion approval by FSA (Financial Services Authority) • Citigroup opened an investment banking office in May 2010 • In May 2010 UBS announced plans to strengthen its presence in Poland by expanding investment banking operations • Morgan Stanley announced plans to open an office in Warsaw by the end of 2010 once regulatory approvals are secured. On 12 August 2010 Morgan Stanley became the latest member of the WSE (a) WSE internet portal, 28 September 2010 24 24

  25. Investor Relations & Contact information Ministry of Treasury of the Republic of Poland Tel. (+48 22) 695 90 01 Tel. (+48 22) 695 90 02 Fax (+48 22) 629 98 38 E-mail: investor@msp.gov.pl This presentation contains only introductory information which does not constitute any invitation or offer to sell, invest or trade, nor does it constitute any invitation to place any offer to purchase, invest or trade the securities. The information presented herein is up to date as on 8December 2010. This presentation can be distributed only as a complete document. The Ministry of Treasury of the Republic of Poland does not recommend services of any organisation using this document as part of their informational and advertising activities. Investor Relations website Investor Relations Centre www.msp.gov.pl/en

More Related