Polish Business Survey
Opel claims it will deliver
Opel has announced that it is now going to act more aggressively to get a larger slice of the delivery vehicle market. It currently has only the Combo model available here but soon intends to offer other models as well such as Movano and the Vivaro which will be produced in association with Renault. This vehicle was presented to the public a few days ago at Frankfurt during the 58th delivery vehicle fair.
PKP expects loan
The near bankrupt State owned railway operator Polskie Koleje Państwowe (PKP) is expecting negotiations to be finished this month with banks concerning a PLN300m loan to pay its debts to the social security organism ZUS. A bill to restructure and privatise the railways will end its way on the presidential desk on 30 September although its realisation depends on all bills being paid.
Banking institutions are not keen to lend money to the PKP. The chance of getting their money back will depend on the restructuring plan but this is only likely to succeed at a big social cost costing the jobs of 30,000 people which could be interrupted by trade union action. Therefore even government guarantees of the loan may not be sufficient.
Investors interested in beer
Szczecin based Muli is rumoured to be interested in obtaining the Krotoszyn brewery, one of the fastest growing beer manufacturers in Poland. Branch investors from Germany, France and Canada have already shown interest in the brewery together with western financial institutions.
However Muli is likely to be the favourite to become the investor in the brewery which can produced 25m litres of beer per year. Muli is currently working with the brewery in canning operations.
No-one Ster crazy
Systems integrator Ster-Projekt, which is quoted on the Warsaw stock exchange, has announced that it is to cease looking for a strategic investor. Ster-Projekt is hoping to make a PLN8.4m profit this year on a PLN212m turnover.
Life goes out
Life insurance companies entering the market in this country are increasingly handing over management of investment funds to companies specialised in this field which they themselves create. Of the 33 life insurance companies in Poland, 21 offer products from investment funds. The rest will soon offer such products.
Safe banking promoted
The Polish national bank Narodowy Bank Polski (NBP) together with the union of Polish banks (ZBP) is to form a company called Centrast which will give certificates to financial institutions to indicate that their electronic apparatus is safe for customers to use. The company will start to function at the end of next month and will initially have a capital of PLN21m.
Counting the cost of clients
Last year the cost of a pension fund getting one client came to between PLN123 to over PLN1,000. The purchase of Norwich Union fund by Sampo would suggest that one client costs around PLN1,550. However if one were to assume that the Finnish company were buying only the client list whose contributions had already been paid then the cost of each client goes up to PLN2,470.
Stock market entry foreseen
Port Eko-Cynk, a subsidiary of the Szczecin shipyard has announced that it will enter the Warsaw stock market. A final decision will be made at the beginning of next year. In order to do this the company will increase its capital value from under PLN50m up to PLN80m.
Getting hard
In three days time Ekocem, whose main shareholder is the German Klšsters, will open a new cement and concrete producing facility in Dąbrowa Górnicza. The value of this investment will be over PLN150m. Apart from Klšsters which has a 75 percent share other investors include Huta Katowice Investment Group with a 19.9 percent stake and steel mill Huta Katowice which has a 5.1 percent holding.
Sanwil to downsize
Przemyśl based Sanwil has announced that it not only intends to reduce employment at its factory but also sell off surplus property. Last year it lost nearly PLN3m on a PLN30m turnover. The company is heavily dependent on export markets to the former USSR.