Overview messages from companies
Asseco Slovakia Group expects 2009 revenues to develop at a similar level as in 2008 or slightly higher, which is accompanied by a similar level of profit margins – the company informed the President Jozef Klein. According to the President to increase the chances of involvement in Asseco Poland Asseco Slovakia to 100 percent. are small, because rozmijają expectations of the shareholders as to the parity.
“We expect that this year we will be able to reach a similar level of income as in the past, or minimally improved. The return should also be maintained at a similar level. However, if you manage to improve revenue and profitability to increase, as will be more visible effects of the restructuring” – said at a meeting with journalists Klein.
In the first half of 2009, Asseco Slovakia has developed a group of 58.54 million of revenue to 58.96 million in the corresponding period of 2008, operating profit fell to 5.07 million from 6.89 million euros and net profit to 4 , 85 mn euro 5.18 million.
Klein explained that the main cause of decline in profit at the operational level is worse Uniquare results of the Austrian company, due to lack of contracts and lower sales of licensed products for ERP.
The President also pointed to a very cautious approach to the implementation of new customers of IT projects, which is a direct result of economic crisis.
The current order book of Asseco Slovakia in the second half of 2009, including the signing of contracts expected in the near future is 51.06 million. Including the revenue realized in the first half of this represents a 77 percent. sales by the group in 2008 and 79.2 percent. market consensus for 2009, which provides revenues of EUR 138.35 million.
In the second half of the year, Klein has the signing of two contracts by Uniquare and better sales in the ERP segment.
Asseco Poland previously reported on the possibility of the use of its own shares to increase to 100 percent. involvement in Asseco Slovakia. If this operation to be successful, Asseco Slovakia would be withdrawn from trading on the WSE.
In the assessment of Klein may be a very difficult operation, because of problems in the agreement of shareholders of both companies on the share exchange parity.
The speech President Asseco Slovakia shows that Slovak companies, shareholders expect about 0,52-0,55 Poland Asseco shares for one share Asseco Slovakia. Informal discussions with shareholders of Asseco Poland indicates that they are able to accept shares of Asseco Poland 0,39-0,41 per share Asseco Slovakia.
Klein did not rule out that if there would be a swap-and Asseco Slovakia will have a free means to launch a program of buying their own shares, which was enacted in November 2008
Available funds may be needed to complete the planned acquisition.
Talks with two companies of the Hungarian, one Austrian and two companies from Slovakia. Hungarian market is a priority and we want to buy at least one company by the end of the year “- said the president.
Hungarian companies are achieving at the level of income 3-3,8 million, but are characterized by high profitability that is between 22 percent., And 33 percent. at the operational level.
In a Hungarian company Asseco Slovakia carry out due diligence, and the second offered.
Klein also indicated possible further changes in the group. He informed that they still planned to sell the company Slovanet and that in future it is possible to make the kind of Asseco Uniquare roof.
BPH
Bank BPH, which in the second quarter due to high restructuring costs was 52.2 million net loss on hopes that the reduction in operating costs in the first half of the year should have a positive impact on results in the second half.
“Action taken by the bank for the reduction of operating costs in the first half of this year. Should have a beneficial effect on the results of the Bank in the next half of the year” – is written in the report of the bank.
The Bank reported on Friday that its net loss in the second quarter of 2009 amounted to 52.2 million to 28 million net profit a year earlier. The first quarter of 2009 net loss amounted to 33.8 million.
“In sum, the Bank noted in the first half year 2009 consolidated net loss of EUR 85.9 million, resulting primarily from restructuring costs and higher financing costs and an increase in provisions for impairment” – is written in the report.
“Restructuring process undertaken in the short term effect of higher costs, inter alia because of expenses associated with reductions in the amount of 62.4 million” – added.
The costs of operation and general management in the first half of year 2009 amounted to 482.4 million and were higher by 21 percent. to the same period the previous year. In the second quarter of year 2009 costs amounted to 233.7 million, a year earlier was 205.4 million €.
The result of the bank’s interest in the second quarter amounted to 93.5 million against 117.8 million a year earlier.
Net commissions in the second quarter of 2009 amounted to 111 million against 95.1 million a year earlier.
Write-downs in the second quarter amounted to 27 million PLN, while in the first quarter of 16.5 million, a year earlier 9.2 million.
Net ROE for the first half year 2009 was -10.78 percent. while the first half of 2008 year 7.29 percent.
Cost to income during this period increased to 109.84 percent. with 80.55 percent. and the rate of loans to deposits to 95.14 percent. with 86.54 percent.
The share of loans from the loss of value is 5.3 percent., While 4.2 percent a year earlier.
Capital adequacy ratio fell to 11.8 percent. with 12.3 percent.
Receivables from customers increased in the first half of 2009, compared to the corresponding period of 2008 years by 6.7 percent. to 9.48 billion PLN. The commitment to customers fell by 2.9 percent. to 9.97 billion PLN.
The Bank reported that the number of its retail customers rose to more than 765 thousand., A corporate to 1473.
INTER CARS
Inter Cars Group had in the first half of 2009 year 42.18 million net profit to 29.3 million in the corresponding period last year. The income group increased by 16 percent. rdr to 982.5 million – the company reported half-year report.
Profit from operating activities Inter Cars has increased by 49 percent. rdr to 70.5 million, as a result of the increase margin on sales.
Inter Cars emphasizes that in the first half 2008 results include the operating costs of JC Auto at 8 million. In addition, at that time, the results improved by over 4 million sale of real estate. “After taking the above factors, net profit in the first half of 2009 would be higher than the profit in the first half of 2008 by 116 percent.” – Written in the report.
The company advises that the increase in revenue year on year is the result of strong domestic demand and growth of foreign orders. Export sales increased by 19 percent. rdr.
The company has indicated that in all foreign markets saw sales increases, with the largest increase recorded in Hungary, the company (88 percent.), Lithuania (45 percent.) And Croatia (41 percent).. Revenues from the domestic market accounted for around 76 percent. of the whole group.
The company, with 69 percent. decrease in revenues from the sale of trailers and buildings noted feber subsidiary company, but, according to the company, you can see the first signs of economic improvement.
Inter Cars reported that work continues on optimizing costs. Works well on the optimization of rotation, which by reducing the need to finance inventory should reduce the financial cost incurred.
POLAND MINT
WZ Mint of Poland is to decide on the issue of bonds with a maximum value of 280 million – the company has indicated in the resolutions for the general projects scheduled for 17 September.
The issue price of bonds is equal to the nominal amount and is 100 thousand. €.
Bonds to be issued within one year after the adoption of the resolution and are to be redeemed within five years from the date of issuance.
“The measures derived from the issuance of bonds will be used by the company to the investment objectives set by the management of the company” – is written in the draft resolution.
NOVA PA
The new PA will build a number of shops to Tesco for EUR 15.4 million. Construction is to be completed by 25 February of the year – the company announced Friday in Communication.
“The contract is the construction of passage retail – service at Tesco Supermarket. The contractor undertakes to perform the said works and give them contracting authority, after obtaining the name and on behalf of the contracting authority permission to use” – is written in the communication.
The agreement provides for a contractual penalty for defaulting of 0.5 percent. salary for each day of delay
POLICE
Chemical Plant Police intend to seek strategic partners for its subsidiaries, who wzmocniliby their market position – inform quoted Friday in Communication Tomasz Zielinski, vice president and board of director of strategy and development in the Police.
“We recognize that companies of the holding ZCh Police are important in the functioning of the main plant. Plans for the restructuring of the group have sought to enhance the effects of the companies. Now begins the process of creating the concept of the holding” – said Zielinski.
“The management board intends to build scenarios in consultation with companies and trade unions” – he adds.
According to the preliminary plan, the parent company will seek industry partners for their subsidiaries, which could strengthen them both capital, and in terms of competence.
In this way the company could provide enhanced services not only for the Police, but also in the broad market.
“The intention is to win ZCh Police for the trade partners of the group, who could exploit the potential of the operators both in the tasks towards ZCh Police and as part of its activities, even on the market nationwide. For the company it may be the opportunity to refine their bids, technical resources, and, maintaining the continuity of work – Tomasz Zielinski added.
For now, however, the Board of policki przesądził not yet, what size package of subsidiaries will want to offer to potential investors.
Companies at 100 percent. Polic are subsidiaries of companies such as engineering technical Automatik, Center for the company, which provides electric service, Remach – performing repair work, concept – the work involved in design and Transtech, which provides transport services.
RAFAKO
RAFAKO, starting from the second quarter should show a slight increase in sales year on year – the company informed the President of the PAP Wiesław Różacki. Currently, the portfolio of contracts the company is close to 2 billion €. Production capacity is used at 100 percent. For now, you do not see any reduction in pressure on margins, as previously the company was concerned.
“The second quarter was a success. The sale returned to normal levels. We had the first quarter decline in sales year on year, but since the second quarter, sales should return to a comparable level with mild trend” – Różacki said.
The first quarter of group revenues fell to 209.6 million from 260.4 million in the corresponding period last year. Net income rose to 8.8 million while the PLN from 2.2 million the previous year.
“Blocking of some economies in the second half of 2008 and 2009 years our industry will touch 2010 and 2011 years, but we do not have problems with the ongoing activities. We are in the happy situation that our results for 2010, the crisis will not be visible in practice, because We have almost a full order book, and there are still prospects for further orders “- he added.
Although wyhamowanie had little economic impact on the activities of RAFAKO, the company still maintains a large reserve of investment activity and do not consider expansion or by acquisition.
The President estimates that RAFAKO currently has orders worth almost 2 billion €. The portfolio is kept up to date. “There seems to be going down below 1.5 billion in the portfolio is virtually impossible. Maybe in around November for a moment they are, but at the end of the year we expect several new contracts. Portfolio should not only be completed, but also significantly extended” – said.
The company wants to expand its business territory. Is already delivering on its contract in Azerbaijan is anxious about the Far Eastern market, and intend to rebuild its position in the countries of former Yugoslavia, as well as in Greece and Hungary. Currently, exports constitute about 40 percent. revenues. The structure between domestic and foreign sales varies, depending on the ongoing contracts, in the range of 20 to 40 percent.
RAFAKO is also included in the new product area. Intends to be a broader segment of the environment.
“This is a process. Some technologies, such as desulphurization, already use. The next steps are before us. I think the program is a great reduction of nitrogen oxide from exhaust gases in power stations. Pozyskaliśmy In this case, the technology already, just waiting for the opening of the market. I think the breakthrough in 2009 and 2010 will bring the first order “- Różacki said.
The company also wants to actively work in the field of municipal waste disposal. “This is already the final phase of preparation of several projects in the country, and it seems that with the beginning of 2010 should be first, contracting in this area” – assesses the President.
Currently, capacity used RAFAKO be 100 percent. As estimated Różacki, this state persists until mid second quarter of next year. As informed the President, if the needs of production growth, the company would be able to increase production by 30 percent., By way of outsourcing and co-operation
