POLAND. Investors who wish to purchase 26.83% of stocks in the Baltona trading company can make their offers with the state-run Privatisation Agency until 18 March. The offer is for 150 nominal shares at a minimum price of PLN800 (US$204) per share. At the same time the Agency is also selling off stakes in other industrial companies such as Kaszarnia (milling equipment) and Energosprzet (transport and construction).
The company needs an injection of cash to complete its restructuring programme by 2005. The programme is aimed at making Baltona less dependent on duty free sales, which now account for 60% of revenues and which will go when Poland joins the EU on 1 May.
The Alfa Center investment group and Polish Airports (PPL) respectively have 51.88% and 11% stakes in Baltona. Alfa Center is said to be not interested in increasing its stake, due to a lack of funds. Gebr Heinemann is the group’s supply partner.
PHZ Baltona is Poland’s largest duty free retailer and wants to invest in a chain of laundrettes. The company has been making profits for a few years and says it is continuing to invest. Last year Baltona opened the first laundry service together with Electrolux in Swinoujscie. The 57-year old group also has a strong business in ship supplies and catering. The company had approximately PLN95.5 million (US$24.4 million) of revenues and PLN2.2 million (US$560,000) of net profits in the year 2003.
Baltona operates duty free shops located at Warsaw Okęcie International Airport, Gdańsk Rębiechowo, Wrocław Strachowice, Katowice Pyrzowice, Kraków Balice and Poznań Ławica airports plus Szczecin Goleniów airport (duty paid) and three border shops at Świecko, Olszyna and Świnoujście
A company statement said: “Baltona” is strongly committed to remaining in the duty free market – in the area of duty free trade and ship supply, diplomatic and consular corps supply and export of goods to Europe, North America and the Middle East.
“Our company has also started some new activities recently. Firstly, the tourist [services] department – operating within the existing company’s structures – and secondly the industrial laundry for ships calling at the ports of the West Pomeranian region as well as tourist and seaside locations. The owner of the laundry is our subsidiary company Baltona Serwis.”
“The +15% growth in revenues [last year] was mainly the result of opening new shops at the airports in Wroclaw and Poznan. Also, the growing number of passengers at domestic airports was beneficial,” said Baltona chairman Stanislaw Debicki.
