Cefarm Centrala Farmateuczyna of Warsaw, a state-owned medicine distributor, is not evaluated high. People say that its main assets are buildings and the company is badly-managed by managements changed too often by the state.
“This year will be a good one. We are losing the market of selling medicine to wholesalers but we are gaining in sales to drugstores and hospitals”, Marek Zacko, the company’s CEO said.
Last year, Centrala Farmaceutyczna had a small net loss and PLN 680m (EUR 210.1m) of sales. This year, it plans over PLN 700m of sales and nearly PLN 10m of net income. In the first quarter, it generated PLN 337.5m of sales and PLN 6.6m of net income.
The ministry of the treasury wants to privatize the company in the years 2009-10. Marek Zaczek promises to regain the market position the company has once had. But he adds that a minority investor could be helpful. The company eyes four smaller wholesalers with PLN 350-400m of joint sales. It will need PLN 100m for acquisitions. Cefarm wants to take a credit but it also would need a financial investor. It has already chosen a suitable candidate.
“It is a fund which has invested in different sectors, including power sector and homebuilding industry. It has analyzed our offer and is interested”, Cefarm CEO believed.
(PLN 1 = EUR 0.309)