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Impel – strategic acceleration

30 f 2011



The Impel Group - the largest group of companies providing services for business in the domestic market - achieved in the first half of 2011 sales revenue of PLN 593.8 million, representing an increase by more than PLN 60 million, i.e. 11.3%, as compared to the first half of 2010. The Group generated an operating profit of PLN 26.5 million.


Wojciech Rembikowski, Vice-President of IMPEL S.A., comments that "The results of the first half of the year indicate that our Group has accomplished an increase in revenue, with the proclaimed consistency. The operating profit totalled PLN 26.5 million, which is in line with expectations. The Polish economy is all the time subjected to the problems experienced by the European Union states, which has a direct impact on the functioning of domestic companies and enterprises. Managers of Polish companies, facing the uncertainty about the future, sense it is necessary to accelerate restructuring processes. We are able to respond to such expectations and needs and to present solutions related to service and work management. Service recipients' focus on costs and still very strong competition in this sector trigger price pressure, which, in consequence, reduces margins."


The first half of 2011 is another period in the 21-year history of Impel characterised by maintaining an increase in revenue from sales. In comparison with the first half of 2010, the sales figure is higher by over PLN 60 million, i.e. by over 11%. The Impel Group's Facility Management recorded an increase in revenue from sales, whereas the Security maintained its results at the level comparable to the corresponding period. The above segments still represent the two largest areas of the company's operation. The Facility Management, consisting mainly of cleaning and facility management services, generated revenue from sales of PLN 294 million, i.e. PLN 47 million more than in the first half of the last year. This segment shows the highest rate of revenue growth, going up to over 16%. In the Security Business Unit revenue from sales reached the level of PLN 200 million. In terms of segment reporting, a dynamic sales increase, going over 20%, was recorded by the Distribution segment, including catering, laundry, rental and delivery logistics services, whose revenue in the first half of the year increased by PLN 20 million and exceeded PLN 98 million.


Danuta Czajka, Vice-President of the Management Board of Impel S.A., emphasizes that "New acquisitions are searched for consistently. Acquisitions of companies providing services to entities representing the heavy industry and power sector - Arcelor Mittal Poland and Dalkia Łódź S.A. as well as Agrobud BHP, a logistic and trading company, and Brokers Union, an insurance broker, focus our attention on new entities. It is a feasible way of increasing revenue and consolidating the sector. We improve our restructuring competence. Increasingly often we are a business partner for our clients, and not only being just a service provider, owing to which our Group stands out among numerous competitors. Technological advancement, availability of state-of-the-art IT solutions and experienced staff are the factors that establish the market position and ensure the potential for further growth."


This year, the Management Board of Impel S.A. has decided to divide the shares of Impel S.A. by way of separating the property development activity from Impel S.A. and transferring it as a whole to Vantage Development S.A. The adopted Share Exchange Ratio means that on the Reference Day, in exchange for a part of assets of Impel S.A., in the form of organised and independent Zakład Ecoimpel, transferred to VD S.A., ISA shareholders will acquire the Division Shares, issued or granted in connection with the Division, observing the exchange ratio of 1:3.2109. A long-term analysis of the value of Impel's shares shows that they are measured by the market with a high discount with regard to the value of international publicly traded companies running a comparable business. As a result of the division, Impel's price will be adjusted downwards, for which the shareholders will be compensated by receiving shares of Vantage Development S.A. Impel will apply to the WSE Management Board to determine the price adjustment of Impel's shares for their first listing after the division on the basis of the relation between the value of Zakład Ecoimpel, separated from Impel, stated in the Division Plan as PLN 184,230,572 and the value of Impel, stated in the Division Plan as PLN 611,630,000, i.e. by 30.12%. It is expected that the price should return to its level from before the division, and thus the company will be measured properly, as the process of division in itself will have no impact on the Group's operating activity and financial results; the Impel Group's structure will be simplified and the Group will focus on its core activity.


Danuta Czajka, Vice-President of the Management Board of Impel S.A., explains that "Owing to the separation of the property development activity we will obtain its reliable market valuation. At present, it is perceived in the context of outsourcing activity, i.e. with a business profile with which it should not be combined, due to its different business model specificity and resulting measurement. Meetings with investors clearly indicate that the value of the property development activity is underestimated when measured as part of the outsourcing activity. Listing of VD S.A.'s shares on the WSE will unblock the possibility of obtaining the market valuation of the company's results. The bank of land held by VD (over PLN 358 million) offers very good prospects for developing the company's value. Separating the property development activity, transferring it to VDSA and then listing VDSA on the WSE will make it possible to measure the company's performance through benchmarking with comparable listed property development companies. Such situation enables investors to take decisions based on a transparent picture. Listed VD S.A.'s shares will ensure more flexibility for the Management Board of the property development company in making decisions concerning external financing for future projects. In the future, the Management Board of VD SA does not exclude acquisitions in the sector undergoing year-to-year changes. Should a decision be made on acquiring another entity, listed VD S.A.'s shares could form a tool for transaction settlement." 


The Impel Group has maintained its leadership position in the area of cleaning services, increasing the revenue produced by this activity. Since the beginning of the year Impel Cleaning has been implementing new hospital contracts throughout Poland. Furthermore, we expand our presence in the area of handling services (providing ground services for passenger transport). The cooperation with Enter Air airlines, consisting in the provision of comprehensive handling services at the Ławica airport in Poznań, which started on 1 May 2011, has brought on the cooperation with another Client - Polskie Linie Lotnicze LOT.


Wojciech Rembikowski, Vice-President of Impel S.A., adds "Since May Impel Airport Partner has been proving handling services to Enter Air charter airlines. On 1 July 2011, Impel Airport Partner started (also at the Ławica airport in Poznań) the cooperation with Polskie Linie Lotnicze LOT. Bringing in PLL LOT was possible owing to the effective implementation ensured for the Company's first Client - Enter Air airlines, gaining by the Impel Group reliability on the market in the new service area as well as offering by Impel Airport Partner cost-effective solutions. I would like to emphasize that the Impel Group, which is the owner of Impel Airport Partner, has been the first private entity in Poland that started handling services at a local airport. Impel Airport Partner provides its services with utmost care and respecting all safety rules."  


The Security Group, despite the increasing price pressure on the market, keeps developing and improving its competence in ensuring security at mass gathering events in Poland. Impel Security Polska is one of the largest and most experienced domestic companies representing this business.


Wojciech Rembikowski, Vice-President of Impel S.A., points out that "The Company has proven and qualified staff, trained in ensuring security at mass events. We have our field branches in the cities which will host Euro 2012 matches in Poland. Therefore, we are going to take part in tenders for ensuring security during Euro 2012 events. In order to provide the service that meets the highest standards, defined by UEFA, we have decided to start right now the training to improve our employees' competence under the programme organized by the Polish Football Association and the European Stadium and Safety Management Association (ESSMA): "Stewarding - the highest quality of event organisation". We hope that owing to our efforts we will be well prepared to do the task. The acquired competence has enabled us to obtain a licence for training security staff from other companies. The programme takes account of all aspects related to the stewards' job, relying on the best European practices, and it conforms to the Polish provisions of law, included in the Act on Safety at Mass Events of 20 March 2009 and in the Regulation of 23 March 2010 on the requirements that should be met by security managers, event security staff and staff providing information. Stewards will be responsible for granting aid and providing information to people taking part in events organized at stadiums and in football supporters' zones. Stewards' tasks will also include checking tickets, inspecting luggage, giving information about the location of catering points, medical points or toilets, and showing spectators their places in the grandstand sectors".   


The programme is aimed at ensuring maximum security at the football stadiums hosting EURO 2012 matches, and also at providing the best quality organisation of all mass events in Poland. Impel gained its first experience of ensuring safety at the Euro 2012 stadiums during the open door event at the National Stadium in Warsaw, on 24 July this year, where safety was ensured by Impel Security Polska. Seventy five thousand inhabitants of Warsaw and tourists visited the stadium. Impel has gained the relevant experience by ensuring safety at volleyball matches of Gwardia Wrocław, Premier League football matches played by the Wisła Kraków team, Premier League speedway matches with Unia Leszno taking part, Tour de Pologne, the ‘Fight of the Century' Gołota vs. Adamek or the Ski Jumping Summer Grand Prix in Zakopane.


Impel – strategic acceleration (80 kB)
The Impel Group – the largest group of companies providing services for business in the domestic market – achieved in the first half of 2011 sales revenue of PLN 593.8 million, representing an increase by more than PLN 60 million, i.e. 11.3%, as compared to the first half of 2010. The Group generated an operating profit of PLN 26.5 million.