Other Activities
Matrix
The PGNiG Group’s current structure results from the specific conditions in which it operates, its history and transformations. The objective behind the equity structure review is to assess the economic rationale for maintaining interests in certain companies supplementary to the Group’s core operations. Furthermore, the PGNiG Group’s assets include a number of non-core properties (land, buildings and other spaces), which generate costs. Given the scale of this problem and the costs incurred by the Group, systematic action must be taken to optimise the maintenance costs of such properties and intensify their sale.
To address these issues, on 15 April 2014 the PGNiG Management Board passed a resolution launching the Matrix Project, which had been put into motion by Waldemar Wójcik, Vice-President of the Management Board.
The Project’s business objective is to limit PGNiG’s involvement in operations unconnected with the Group’s strategy, thus freeing resources for its core activities. The scope of the Matrix Project covers two areas:
- the sale of non-core or rarely used property of the PGNiG Group companies,
- the optimisation of PGNiG’s equity involvement in companies unrelated directly to the Group’s core operations.
The involvement of qualified PGNiG Group staff is crucial for the implementation of the Matrix Project’s objectives − such employees will join project teams and materially contribute to their work.
The Matrix Project is related to the PGNiG Group Efficiency Improvement Programme launched in June 2014, particularly to its item 15, ‘Divestment of Assets and Equity Interests.
Steps taken with respect to property
As regards property, the following steps have been taken:
- a preliminary list was made of non-core property assets owned by PGNiG and its subsidiaries;
- at the current stage of the review, the team identified 481 properties not used by the Group for its core operations, including 167 properties classified as assets with high or medium sale potential.
Given the effects of the economic slowdown, as well as the current trends and outlook for the property market, it is vital that PGNiG adopt an appropriate sale model.
Based on a request for information (RFI) drafted by the project team, a procurement procedure was launched for advisory services consisting in the development of a sale strategy for non-core properties.
As part of the Matrix Project, the Group will:
- identify, classify and define action plans concerning non-core properties of the PGNiG Group,
- define and prepare an itemised list of non-core properties,
- develop action plans for individual groups of properties and specific steps with respect to priority properties,
- develop a Non-Core Property Management Strategy for the PGNiG Group and implement a sale model for non-core properties,
- develop an optimal sale model for non-core properties,
- set up a team responsible for managing the sale of non-core properties of the PGNiG Group.
