The agreement provides for the transfer of shares of ENEVIA, the energy division of ZSNP, and a participating interest of ZSNP in the distribution network Teplo s.r.o. The transaction is subject to approval by the Anti-Monopoly Office of the Slovak Republic.
"We acquired the stake in ZSNP with the intention to revive and prepare the individual plants for entry of strategic investors. The premises of ZSNP already host renowned companies, such as The FAGOR Ederian Group or SAPA AB. Dalkia, one of the energy leaders in Europe, will now be the next," said Jozef Oravkin, partner of Penta Private Equity Group, which holds 96% of the shares of ZSNP.
"We are ready to offer a long-term prospect for ENEVIA, to bring further development and increase the effectiveness of its services," said Vincent Barbier, general director of Dalkia a.s.
ENEVIA is engaged n the production and distribution of electricity, heat, natural gas, pressurised air, industrial and drinking water. It operates waste water treatment plants and the sewage network for the industrial park. ENEVIA with around 100 employees is the only central generator of heat for the town of Ziar nad Hronom.
About Enevia energy division
|Supplied volume total||Unit of measurement||For the year of
|Electricity||kWh||64 000 000|
|Pressurised air||m3||50 000 000|
|Natural gas||m3||8 000 000|
|Drinking water||m3||250 000|
|Industrial water||m3||700 000|
|Waste water drained||m3||830 000|
|Total sales revenues||EUR||20 000 000|
After selling the ENEVIA division, the Penta private equity group prepares also the sale of FINALCAST as the production plant producing aluminium alloy casts with emphasis on products with high share of value added; FINALCAST also provides heat processing and impregnation services. Negotiations with first potential buyers are already underway.
Restructuring of ZSNP
Takeover by Penta in the second half of 2002 – privatisation; for 2002, ZSNP reported a loss of EUR 74 million.
The main problems of ZSNP faced at that time included the threat of bankruptcy due to outstanding overdue payables of more than EUR 6 million, excess number of staff (3,600 employees); sludge field as an environmental burden; high debt exposure; non-existence of development strategy.
Penta restructured the company both financially and operationally in 2003 and 2004, it defined the core and non-core activities and enabled entry of strategic investors. Already in 2004, ZSNP reported a profit of EUR 4.6 million.
At present, ZSNP is a consolidated and stable company, with 2008 profit of EUR 34 million. There are about 180 entities with 4,700 employees operating in the industrial park created by Penta.
ZSNP is implementing a project for the rehabilitation of the sludge field, which is due to be completed in 2012, with total project cost amounting to about EUR 50 million.
The rehabilitation of the sludge field is the biggest investment project focused on the removal of old environmentally damaged sites carried out by the private sector in Slovakia.