On September 4, Marek Maślanka, who heads the informal supervisory group of Manufaktura Piwa Wódki i Wina, published a report on the company’s situation on LinkedIn. As he admits at the beginning, in some areas the calculations may be imprecise, because knowing the exact amounts would require an in-depth analysis of data from several accounting systems up to 4 years ago. Nevertheless, he estimates that the state of finances presented in the report does not differ from the real amounts by more than +/- 5%. Therefore, the margin of error may amount to as much as PLN 9 million.
The report was signed by Mr Marek Maślanka. It does not mention the name of any accounting firm or independent auditor who would be involved in checking the company’s finances. An external, professional audit was to assess the technical condition of the brewery in Tenczynek.
According to the report, the Manufaktura Piwa Wódki i Wina group is indebted to PLN 166 million, to which PLN 11 million of interest can be added (as stated, only part of it is due and the rest has been frozen). PLN 21.9 million of debt are bonds, PLN 1.7 million are bills of exchange, and the rest of the amount is loans.
Details regarding the obligations of Manufaktura Piwa Wódki i Wina:
According to the report, BSB options, which are currently mostly contingent liabilities, may also turn into debt. As detailed, we are talking about:
PLN 37.2 million of shares in companies from the MPWiW group – of which PLN 3.6 million was submitted for buyout, PLN 22.3 million related to the operational merger with Doctor Brew (PLN 2.6 million was submitted for buyout), PLN 9 million regarding Niechanowo Brewery.
Debt servicing costs range from 9.5% to 240% per annum. The bond interest rate ranges from 9.5% to 11% depending on the series (13.5-14% commission). Loan crowdfunding interest rates range from 10% to 16%, of which not less than 14% in most tranches, and the commission for Crowdway is 3.5%. The interest rate on other loans is 12% or 18.25% + 11% commission. In terms of percentage, the highest costs are generated by a payday loan taken by a group and a loan company not liable to name, which costs 20% per month, i.e. 240% per annum for commission and interest.
Manufaktura Piwa Wódki i Wina also owes its employees almost PLN 2 million in overdue payments. Unpaid salaries for July and August are not included in this amount. As listed in the report, employees did not receive:
200 thousand PLN for March, 322 thou. PLN for April, 398 thousand. PLN for May, PLN 1.072 million for June.
More beer and vodka for export
A lot of space in the report is devoted to the technical audit of the Tenczynek Brewery and the Distillery in Niechanów, detailing the necessary investments (without specifying their exact costs). The company is to use 20% of its beer production capacity and have the potential to produce approximately 30,000 hl of vodka, i.e. 6 million 0.5-litre bottles per shift.
According to Marek Maślanka, the sale of the group’s products remains at the level of PLN 5 million per month. As he admitted, some consumers question the high prices, but apparently they may be lowered after the launch of the vodka production machine. 15 new products of Manufaktura Piwa Wódki i Wina are to be at various stages of implementation, including the Polish Vodka brand, intended for export.
As stated at the end of the report, the company’s problem since the beginning of its existence is the lack of working capital in the amount adapted to the scale of production. The mistakes of the management were also not without significance.
– Some business decisions were taken by the management board prematurely or with too much delay, which worsened the company’s position towards financial institutions. Analyzing the contracts and service rules, I believe that the company’s difficult situation was often used by financing institutions, wrote Marek Maślanka. – After consulting the restructuring supervisor (around September 15), I will provide information on the direction of the arrangement proposals. In my opinion, the approval of the arrangement and partial relief of the company’s debts – mainly by converting the subsidiaries’ debts into capital – will have a key impact on the further fate of the company and create a real chance to get out of the current situation – he added.
Bankier.pl has been writing about the crisis in Janusz Palikot’s companies since the first reports about their financial problems appeared. Last week, a businessman informed us that talks with potential investors were nearing an agreement. Once again, however, he refused to give the exact date, citing the good of the negotiations. The deadline set by the court for preparing an arrangement with the investors of Manufaktura Piwa Wódki i Wina expires on November 5. According to the company’s assurances, its project is to be presented by the end of September.
2023-09-04 13:35:00
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