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PKP Cargo Plans IPO in 2010

March 2008.

PKP Cargo hopes that it can schedule the IPO for as early as 2010, company's president Wojciech Balczun informed according to Railway Market-CEE Review.

PKP Cargo's investment needs for the comming years are estimated by the president at at least few billion PLN.

"I cannot defenitely confirm the IPO in 2010, but I defenitely want this to happen" - said Balczun.

According to the presindent the stock exchange is one of means of getting new investment resources, although the company seeks other ways pararelly.

Our investment needs are enormous, few billion PLN only in the comming years - said Balczun, stressing that these are only primary estimations and his company is currently revising its strategy to verify investment needs. The new plans should be ready by autumn 2008.

Balczun psaid PKP Cargo will verify its investment plans for 2008, estimated originally at PLN 1 billion (EUR 283m).

The president presented the initial financial results for 2007. The estimated net income was PLN 12m (EUR 3.4m) with PLN 6 billion turnover. The company lifted 144.8m tonnes, 4.5m less year-to-year.

In 2008 we want to transport 146-146.5m tonnes - Balczun declared.

In mid-2007 the former government assued an IPO planned for 2010 would be worth PLN 700m. It was not clear though if - apart from selling the shares owned by the mother company (PKP S.A.) - PKP Cargo would also run an IPO.

In April 2007 Polish government adopted the strategy for rail transport by 2013, which envisions partial privatisation of PKP Cargo and PKP Intercity. the privatiosation would be conducted via the stock exchange market with the state saving majority stakes in both companies.

In 2007 the PKP Group net loss dropped to PLN 100m, from PLN 710m in 2006. According to earlier plans the group was supposed to balance its acconts in 2007.

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