BOT power plants plan to raise EUR 1 billion in the stock exchange

APA - Austria Presse Agentur
24-03-2005, 19:05

Warsaw (Puls Biznesu) – BOT, state-owned enterprise consisting of three power plants and two mines, had PLN 289 m (EUR 69.9 m) of net income last year, against sales of PLN 6.8 billion, preliminary data show. Good results were possible thanks to positive exchange rates. Besides, the company increased electric energy sales by 4 percent, which in turned increased sales by 2.

Warsaw (Puls Biznesu) – BOT, state-owned enterprise consisting of three power plants and two mines, had PLN 289 m (EUR 69.9 m) of net income last year, against sales of PLN 6.8 billion, preliminary data show. Good results were possible thanks to positive exchange rates. Besides, the company increased electric energy sales by 4 percent, which in turned increased sales by 2.7 percent. Operating income amounted to PLN 654 m, while gross income reached PLN 2.1 billion.

BOT plans its IPO in 2007. Before, the company would like to cut operating costs by 20 percent. It plans to cut jobs (today it employs 26,500 people). Zbigniew Bicki, BOT CEO hopes that the company could raise up to EUR 1 billion in the stock market. He hopes that the Ministry of Treasure will add distribution companies to BOT group, which would give the company a 20-percent share in the distribution market.

BOT was founded last year. It has 69 percent in three power plants, Belchatow, Opole and Turow, whose joint capacity amounts to 8,000 MW. Two mines are in the group, too. BOT has 27 percent market share in the electric energy market.

(PLN 1 = EUR 0.242)Poland/Enterprises/Energy

 

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Podpis: APA - Austria Presse Agentur

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