HYDROKOMPLEKS GORLICE
AUGUST 2016 – DEBT REDUCTION
Location – Poland - Gorlice
• Fuel storage facility
• Refinery
• Oil pipeline
• Pipeline of finished products
Gorlice – Glimar – Map of Facility
38-320 Gorlice
Ul. Wyszyńskiego 2 GLIMAR
REFINERY
Gorlice Glimar – the list of the land registry
Glimar – 23 land registers – 62, 0751 hectares
Liabilities:
• Capped mortgage: 1.000.000.000 PLN
• Total value of debt: 498.000.000 PLN
Agreement between:
BPH i Bank Polska Kasa Opieki S.A. – leader of the consortium
Kredyt Bank S.A.
Bayerische Hypo-und Verainsbank A.G.
National Fund for Environmental Protection and Water Management
Preliminary agreement for sale for around: 100.000.000 PLN
MORTGAGE
BY CURRENT OWNERSHIP STRUCTURE
Glimar S.A. Strzyżów
5 land registers 4,1458 ha
Glimar
ISAD SP. Z O.O.
23 land registers 62,0751 ha Refinery
32 land
registers MORTGAGE
Szypuła Bożena TO BANKS
4 land registers 0,8677 ha
Psychosomatic Clinic Glimar Hotel
Warsaw 4 land
4 land registers 3,5600 ha registers
Totally 70,8486 ha
Szypuła Bożena
Concubine of Mr. Grzegorz Wojtaszek
Glimar Refinery Gorlice – 4 land registers
Glimar Hotel Wysowa
Health and Rehabilitation Center
Psychosomatic Clinic Warsaw 4 land registers
Gorlice Glimar – Real Estate Valuation
Method of debt enforcement proceedings
Janian Panek
Court expert
Authorisation no. 2818
Value – 625 500 200 PLN
1 Euro = 4,2 PLN - 149 000 000 Euro
Map of property division
Gorlice Glimar – Real Estate Valuation
Replacement method
Method of debt enforcement proceedings
Janian Panek
Court expert
Authorisation no. 2818
Value = 1 728 767 161 PLN
1 euro = 4,2 pln = 411 600 000 EURO
HYDROKOMPLEX current condition August 2014
Gorlice Glimar – Real Estate Valuation
Method od elimination of scrap
Janian Panek
Court expert
Authorisation no. 2818
Value = 200.050.100 PLN
1 euro = 4,2 pln = 47.630.900 EURO
Map - Scrap
Debt Reduction
Investments certificates
Procedure for debt reduction – 20 steps
01. Extract from the commercial books as an enforceable title 11. The second auction
02. The only creditor in mortgages in the first place 12. The second auction for 2/3 of evaluation value
03. Order of enforcement in court in Gorlice 13. Participating in auction must pay 10% of the starting price
04. Decision to initiate enforcement proceedings 14. We can bid for claims
05. Appointment of property manager 15. Nobody’s at the auction
06. Appointment of court expert for evaluation – Janina 16. RNG DEPT buys liabilities
Panek
07. Property valuation 17. Court in Gorlice – decision of depressed
08. Description and valuation of real estate 18. Court in Gorlice - decision of awarding
09. The first auction 19. Deletion form land registers any encumbrances
10. First auction for ¾ of evaluation value 20. RNG- DEPT as a owner in land registers
Technological model A – raw material
Work in two regimes oriented on oil bases with wild range
of viscosity. Plant operation time – 8 000 hrs annually
50% 50%
Variant I Variant II
Base oil 150N Base oil 500N
225.000 tones per year 166.811 tones per year
Raw material feedstock is Raw material feedstock is
a mixture a mixture
75 000 tones per year 75.000 tones per year
Wide petroleum fraction Wide petroleum fraction
+ +
150.000 tones a year 91.811 tones a year
Vacuum oil Vacuum oil
vgo hvgo
Strategy for products – model A
Solvents Segment Oil Segment Base Oils Segment
Group II and Group III
Pentane fractions White Spirit
Wide hexanes fraction Fraction 190-215=D60 Base oil VG10
Low-sulfur gasoline Fraction 215-240=D80 Base Oil 150N/125 VI
extraction Fraction 240-260=D100 Base Oil 500N/110 VI
Fraction 110+ Fraction 260-300=D120 Base Oil 100N/95-112 VI
Fraction 160-190=D40
Evaluation parameters for the product – model A
• Minimal variant : NPV = 243 million PLN
Specification
FCFE free flow for owners (intermediate version)
Net Profit
• Optimal variant: NPV= 358 million PLN
Specification
FCFE free flow for owners (intermediate version)
Net Profit
TECHNOLOGICAL MODEL B – desulphurisation D2
Desulphurisation D2 aiming at getting EN-590
22.06.1015
Plant operation time – 8 000 hours annually
quantity 500.000 tons/year
Purchase price 1920 pln/ton
cost of desulurisation 450 pln/ton
Selling price of ON base 2950 pln/ton
Selling price of EN-590 3560 pln/ton
Spread minus costs 1190 pln/ton
Profit (pln/year) 595 000 000
Gorlice-Glimar- ISAD – Head Offices
Glimar hotel Wysowa
Center for rehabilitation
