Think Railways

The White Paper published by PKP SA presents in detail the evolution of the privatization process of PKP CARGO SA, starting with the Initial Public Offering (IPO), emphasizing all transactions, important events and actions taken in the course of its implementation.

The document provides information on economic and legal aspects of PKP CARGO and as well the obligations imposed on the company by the privatisation act. In addition, it delivers an analysis of the economic situation, including the status of capital markets in Poland and the world, a description of how to carry out this type of transactions, not omitting information about other privatizations conducted in Poland and the experience PKP SA in privatizing companies from  PKP Group.

At the request of PKP SA an audit of the privatisation process was undertaken by PwC Polska Sp. z o.o. A summary of the audit report "Analysis of selected aspects of  IPO PKP CARGO SA " was also included in the White Paper.  The report confirms that the public offering of the Company was carried out in a consistent manner with the issued Company Prospectus  and in accordance with market standards.

The White Paper also provides a description of the Company's operations. Information about PKP CARGO before being listed  Warsaw Stock Exchange is also offered in the document.

Facts & Figures from the PrivatisationWhite Paper  

PKP CARGO is the second largest freight transport  rail operator by performance in the EU. In 2011, the Company's share of the total transport performance on the EU market amounted to 8.1% (according to Data provided by the Company and the European Commission).

Rail Freight Operators performace (bn tkm)	2011	2010
DB Schenker Rail	112	105.8
PKP CARGO	34	31.6
Rail Cargo Austria	27	25.9
Fret SNCF	23.2	22.8
CD Cargo	12.1	11.9
ZSKK Cargo	7.3	7.7

Market share (transport performance %, june)	2013	2012	2011	2010
PKP	59.7	60.3	62.9	70
CTL	7.4	6.7	7.2	6.9
Lotos Kolej	7.4	8.2	7.1	7.0
PKP LHS	6.5	6.8	6	-
DB Schenker Rail Polska	5.2	5.4	6.4	7.8
Other	13.8	12.6	10.4	8.3

Source* UTK

The Polish railway freight market is the second (after the German market ) largest in EU. According to data from the Central Statistical Office, in 2012 the total transport performance by rail in Poland amounted to 48.9 bn tonne-km and the total  volume of goods amounted to 230.9 million tons. At the same time, according to the UTK (Office of Rail Transportation), in June 2013, 55 rail freight operators were licensed (from 53 in 2013).

MODERNIZATION OF RAILWAY INFRASTRUCTURE (mln EUR)	2011	2010	2009	2008	2007
UE 27	30.674	38.320	46.216	43.866	46.345
Austria	-	1.537	1.593	1.900	636
Belgia	3.239	2.929	2.462	2.666	2.588
Czech Republic	-	-	499	407	317
Hungary	745	728	708	815	810
Poland	438	417	340	277	341
Slovakia	-	-	-	286	266
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Additional info: -  - World Bank Case Study - Poland
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