The government plenipotentiary for CPK has transferred the shares of Polish Airports (PPL) to Centralny Port Komunikacyjny (CPK)
The move brings together the main assets and investment processes for airport infrastructure in Poland, making the new CPK Capital Group dominant in the central-European region. The transformation process has been completed, and the CPK Group will be responsible for coordinating and obtaining financing for investment tasks related to the construction of the new transfer hub.
This will create a strong capital group that manages the most important state-owned airport assets
The moves brings together the competences and tasks related to the strategic planning and management of Poland's national airport infrastructure
Centralny Port Komunikacyjny is preparing to build a new airport, for which it already has, among other things, a concept design, an environmental decision, a General Plan, aviation arrangements and over 1,000 hectares of real estate. CPK is also a railway investor, and preparing the construction of approximately 2,000km of new railway lines. These include 500km of high-speed rail (HSR) lines, the design for which is already at an advanced stage.
The takeover of PPL ensures a coherent development of the Polish aviation sector
Polish Airports (“Polskie Porty Lotnicze” in Polish) owns and manages, among others, Chopin Airport in Warsaw, and airports in Radom (east-central Poland) and Zielona Góra (in western Poland). It also holds shares in most regional airports in Poland, including Kraków, Katowice, Gdańsk, Poznań, Wrocław and Rzeszów.
“The integration of PPL into CPK will bring a number of positive results. Firstly, this will create a strong capital group that manages the most important state-owned airport assets. Secondly, the consolidation will make the CPK Capital Group dominant in our European region. Thirdly, this move will improve the construction of CPK's infrastructure, which will ensure the continuation of Chopin Airport's functions in a new location, to a better standard, while guaranteeing an increase in the number of jobs,’ said Marcin Horała, deputy minister of funds and regional policy and government plenipotentiary for CPK.
PPL has shares in most of Poland's regional airports, among them Kraków, Katowice, and Rzeszów
The consolidation of PPL and CPK has led to the concentration of competencies and responsibilities for the planning and management of the country's airport infrastructure in one capital group. Similar airport management solutions operate in Sweden (Swedavia Group) and France (Aéroports de Paris - ADP).
“The takeover of PPL ensures a coherent development of the Polish aviation sector. It enables us to better integrate investment activities and the objectives of the CPK programme, to prepare for the transfer of civil traffic and to test the technologies that will subsequently be used at the new airport,” said Mikołaj Wild, CEO of CPK.
PPL's entry into the CPK capital group’s structures is the fulfilment of the provisions of the Act on streamlining the CPK investment process and completes a process that began in October last year. In April this year, PPL was transformed into a commercial law company (moving away from the archaic formula common among state-owned enterprises).
The funds from the bond issue will be used to continue the preparation, design, and construction of CPK
“The integration with CPK has created a group that can take full advantage of Poland's geographical location and the potential of the growing aviation market in this part of Europe. Today, Chopin Airport employs top-class professionals with unique knowledge in specialised service areas, which can also be used for the benefit of the emerging airport infrastructure,” said Stanisław Wojtera, CEO of PPL.
The contribution of PPL's shares, which are worth PLN 6.4bn (€1.4bn), and last week's issue by the Ministry of Finance of bonds for CPK worth PLN 3.6bn (€0.8bn) increased its share capital to nearly PLN 11.5bn (€2.5bn). All the newly created shares were taken up by the State Treasury. The funds from the bond issue will be used to continue the preparation, design, and construction of CPK.
Images: Centralny Port Komunikacyjny
