Strony o zakończeniu sporu wokół PTC

Ministerstwo Skarbu Państwa wydało własny komunikat dotyczący rozwiązania sporu wokół PTC:

Skarb Państwa bliski ugodowego rozwiązania kolejnych sporów z inwestorami zagranicznymi

Po ponad dziesięciu latach bliski zakończenia jest spór dotyczący praw udziałowych w Polskiej Telefonii Cyfrowej, operatorze sieci Era, w wyniku zawarcia ugody pomiędzy skonfliktowanymi stronami, m.in. Vivendi, Deutsche Telekom i Elektrim.

Na tle inwestycji w Polskiej Telefonii Cyfrowej Vivendi wystąpiła z roszczeniem a Deutsche Telekom zapowiedziała wystąpienie z roszczeniem, których łączna suma wynosiła 34 miliardy złotych. Na mocy odrębnej ugody zawartej ze Skarbem Państwa inwestorzy całkowicie zrzekają się swoich roszczeń. Ponadto, znajdujący się obecnie w upadłości Elektrim, będący dłużnikiem Skarbu Państwa zapłaci na jego rzecz kwotę 389,9 milionów złotych. Wykonanie ugody wymaga jeszcze spełnienia warunków o charakterze formalnym.

Minister Skarbu Państwa aktywnie uczestniczył w wypracowaniu formuły ugody. Zakończenie w ciągu ostatnich kilkunastu miesięcy kolejnych dwóch tak znaczących sporów przyczyni się do wzmocnienia wiarygodności Polski, jako rzetelnego partnera w międzynarodowych relacjach ekonomicznych, w pełni respektującego międzynarodowe standardy obowiązujące w zakresie ochrony inwestycji.

Jest to kolejny krok w uporządkowaniu historycznych spraw Skarbu Państwa. Jestem przekonany, że przełoży się to pozytywnie na postrzeganie Polski, a tym samym na relacje z inwestorami - powiedział Aleksander Grad.

Komunikat Vivendi:

Paris, December 15, 2010

Agreement to end the telecommunications dispute in Poland

Vivendi signed an agreement today with Deutsche Telekom, Mr. Zygmunt Solorz-Zak (the main shareholder of Elektrim) and the creditors of Elektrim, including the Polish State and Elektrim’s bondholders. The aim of this agreement is to put an end to the litigation surrounding the PTC share capital ownership.

As a result, Vivendi would receive approximately €1.250 billion and would give up any rights to the shares of PTC. Deutsche Telekom would be recognized as the sole owner of PTC and Elektrim would exit bankruptcy thanks to the repayment of all its creditors. The book value of Vivendi’s PTC shares was reduced to zero in 2006. This agreement is subject to the completion of several legal steps in Poland, and should be finalized during the first quarter of 2011.

Komunikat Deutsche Telekom:

Press Release

Bonn, Warsaw, December 15, 2010

Deutsche Telekom enters into an agreement to secure undisputed ownership over Polish mobile operator PTC

Deutsche Telekom Vivendi and Elektrim sign agreement to settle all legal disputes concerning PTC.
Pursuant to the agreement Deutsche Telekom to increase its stake in PTC to 100 percent, making it the sole shareholder of PTC.
As part of the agreement Deutsche Telekom to pay an additional EUR 1.4 billion to Elektrim and Vivendi
Including the first sum of EUR 0.7 billion already paid in 2006 Deutsche Telekom to pay a total of EUR 2.1 billion for a 51 percent stake of shares in PTC and the final settlement of all litigation
This results in an EBITDA to enterprise value relation of the whole transaction of below 4.

Deutsche Telekom has entered into an agreement with the French company Vivendi, the Polish company Elektrim and creditors of Elektrim, among which the Polish State and Elektrim's bondholders, to secure 100 percent, undisputed ownership of the Polish mobile operator Polska Telefonia Cyfrowa (PTC). The agreement between the three parties has been signed today. Closing of the transaction is subject to conditions.

The agreement essentially includes the following stipulations:

Initially Deutsche Telekom held 49 percent of the shares in PTC. In 2005 Deutsche Telekom exercised a call option for further 48 percent of the shares in PTC (increasing its stake to 97 percent) and in 2006 made an initial payment in the amount of EUR 0.7 billion to Elektrim. Deutsche Telekom will now make a second payment on the purchase price for such 48 percent of the shares in PTC to Elektrim.

In addition, Deutsche Telekom will acquire the last outstanding 3 percent of PTC by purchasing the two interim holding companies Carcom and Autoinvest. The interests in these two holding companies are held by Elektrim (49 percent) and Vivendi (51 percent).

In consideration thereof, Deutsche Telekom will pay a total of EUR 1.4 billion to Elektrim and Vivendi. The larger portion of this payment will go to Elektrim as the remainder of the purchase price for the 48 percent of the shares in PTC being the subject of the call option. The payment by Deutsche Telekom will also include the purchase price for Vivendi’s and Elektrim’s shares in the two holding companies. A smaller portion of DT’s total payment will be in consideration of a settlement of all remaining legal disputes among the parties involved.

The agreement now reached will – once closing has occurred - conclusively settle all legal disputes between the three parties before various courts and arbitral tribunals – some of which have lasted for years – and ensure a 100 percent shareholding in PTC for Deutsche Telekom.

“This is a good day for the Polish mobile communications market and our Polish customers. The absolute legal certainty that is now recognized by all parties is a clear message regarding PTC’s strategic development and paves the way for the future”, said Deutsche Telekom CFO Timotheus Höttges, adding, “We have untangled the knot.”

Based on the payments now agreed and the first purchase price payment following the exercise of the 2005 call option, the total price of the acquisition of a 51-percent-stake in PTC is approximately EUR 2.1 billion. Taking into account the Polish company’s cash balance of approximately EUR 1.5 billion and based on the adjusted EBITDA expected for 2010, this results in a multiple of the transaction of below 4.

In terms of customers and service revenues, PTC is currently the third-largest mobile operator in the largest mobile communications market in Central and Eastern Europe and lies just two percentage points behind the market leader. PTK Centertel and Polkomtel – the two main competitors of PTC in the polish mobile communications market – as well as PTC had practically the same shares of the market in the first half of 2010: PTK Centertel: 31 percent; Polkomtel: 30 percent; and PTC: 29 percent. In the first nine months of 2010, PTC achieved an EBITDA margin of 37 percent, which was high compared with its Polish peers.